DOCSLIB.ORG

Scottish Widows Limited Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Scottish Widows Limited Annual Report Scottish Widows Limited Annual Report and Accounts 2020 Member of Lloyds Banking Group SCOTTISH WIDOWS LIMITED (03196171) CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS CONTENTS PAGE(S) Company Information 3 Group Strategic Report 4-15 Directors’ Report 16-20 Independent Auditors’ Report to the Member of Scottish Widows Limited 21-30 Consolidated Statement of Comprehensive Income for the year ended 31 December 2020 31 Balance Sheets as at 31 December 2020 32 Statements of Cash Flows for the year ended 31 December 2020 33 Statements of Changes in Equity for the year ended 31 December 2020 34 Notes to the Financial Statements for the year ended 31 December 2020 35-118 2 SCOTTISH WIDOWS LIMITED (03196171) CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS COMPANY INFORMATION Board of Directors N E T Prettejohn (Chair) J R A Bond W L D Chalmers K Cheetham J E M Curtis J C S Hillman* J F Hylands A Lorenzo* C J G Moulder S J O’Connor G E Schumacher * denotes Executive Director Company Secretary J M Jolly Independent Auditors PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 2 Glass Wharf Temple Quay Bristol BS2 0FR Registered Office 25 Gresham Street London EC2V 7HN Company Registration Number 03196171 3 SCOTTISH WIDOWS LIMITED (03196171) CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS GROUP STRATEGIC REPORT The Directors present their strategic report on Scottish Widows Limited ('the Company') and its subsidiary undertakings (together referred to as 'the Group') for the year ended 31 December 2020. The Company is limited by share capital. The Group contributes to the results of the Insurance and Wealth Division of Lloyds Banking Group. Scottish Widows was founded in 1815, and since then we have been focused on helping customers protect themselves today whilst preparing for a secure financial future. Our objective is to be the best insurance and retirement savings business for customers; providing simple, trusted, value for money products accessible through our customers’ preferred channels. As we look to the future, we see the external environment evolving rapidly. The rapid pace of technological change, new regulation and increased competition are driving significant changes in customer needs and expectations. As a customer- driven business, we see these as opportunities. Our strategic plan responds to all of these challenges and transforms the Group for success in a digital world. We have identified the following strategic priorities for the Insurance and Wealth Division of Lloyds Banking Group, focused on the financial needs and behaviours of the customer of the future, and the Division's progress against those priorities are: Delivering a leading customer experience • Achieved 5 stars for the fifth consecutive year in the Financial Adviser Service Awards in Investments, and Pensions and Protection, together with the Editor’s Achievement Award for 30 years’ Consistent Service • Being the first major pensions and insurance provider to target halving the carbon footprint of its investments by 2030 on its path to net zero by 2050 • Commenced £2 billion investment in BlackRock's Climate Transition fund which delivers around 50 per cent carbon reduction compared to benchmark; helping customers save for retirement, whilst investing in sustainable businesses • Announced commitment to divest at least £440 million from companies that do not meet our ESG standards • Achieved Group Strategic Review target of 15 per cent market share of Workplace business, up from 10 per cent at start of 2018 Digitising the Group • Launched the Scottish Widows app in the fourth quarter to approximately 500,000 customers. Customers are able to engage with their retirement planning, representing a key strengthening of our proposition • Single Customer View expanded to include stockbroking portfolios with 6.5 million customers able to access their Insurance and Wealth products alongside their bank account (up from over 5 million at the end of 2019) Maximising the Group’s capabilities • Grew open book assets under administration by £46 billion, or 68 per cent, over the two-year period to 31 December 2020 to £113 billion, narrowly missing the Group Strategic Review £50 billion growth target despite challenging market conditions • Further exceeded Group Strategic Review target set in January 2018 of 1 million new pension customers, with 1.5 million now added • Completed migration to Schroders Personal Wealth. Continue to strive to become a top 3 financial planning business Our strategy will enable us to transform ourselves into a digitised, simple, low risk, customer focused, UK financial services provider. Our strong foundations, differentiated business model and our great, highly engaged team will enable sustainable success in a digital world and ensure we continue to help Britain prosper. Our Insurance Strategy will create a scalable and efficient business and deliver value for money propositions for our customers that are aligned to clear and growing customer needs. Principal activities The principal activity of the Group is the undertaking of ordinary long-term insurance and savings business and associated investment activities in the United Kingdom. The Group also has freedom of services overseas through branches, which administer a relatively small amount of business, principally in Germany. This business is administered through a subsidiary, Scottish Widows Europe S.A. (SWE). The Group offers a wide range of life insurance products such as annuities, pensions, whole life, term life and investment type products through independent financial advisors, the Lloyds Banking Group network and direct sales. The Group also reinsures business with insurance entities external to the Group and Lloyds Banking Group. 4 SCOTTISH WIDOWS LIMITED (03196171) CONSOLIDATED AND COMPANY FINANCIAL STATEMENTS GROUP STRATEGIC REPORT (continued) Result for the Year The result for the year ended 31 December 2020 is a Group loss after tax £(196) million (2019 loss: £(21) million). The result is reflective of market conditions during the year following Covid-19 impacts, but also reflects the effect of assumption changes, principally expense assumptions. The United Kingdom leaving the European Union The UK / European Union (EU) Trade and Cooperation Agreement (TCA) means a disorderly Brexit has been avoided. While the TCA contains limited, high-level provisions on financial services, further detail is expected to emerge during this year, and the Group will continue to monitor developments closely. Activity to respond to potential risks include the transfer of business to a European subsidiary in 2019 to ensure continuation of certain business activities, customer communications, market volatility scenario exercises, contingency planning and monitoring of emerging European Economic Area (EEA) regulatory requirements. Covid-19 Our business has primarily a UK focus and the outbreak of Covid-19, in line with its global impact, is expected to continue to adversely impact the UK economy as well as causing volatility in global financial markets. As the situation continues to evolve, so does our assessment of the risks and the degree to which they might crystallise. The Company’s resilience to such events is regularly reviewed through stress and scenario testing; plans to continue to operate critical business processes are in place and are being reviewed in light of the Covid-19 outbreak. Note 37 provides further details of the impact on market risk (note 37 (c) (1)), insurance underwriting risk (note 37 (c) (2)), credit risk (note 37 (c) (3)) and capital risk (note 37 (c) (4)). Climate Change Strategy Lloyds Banking Group’s unique position within the UK economy means that the successful transition to a more sustainable, low carbon economy is of strategic importance to us. Lloyds Banking Group supports the aims of the 2015 Paris Agreement, the UK government’s Net Zero target and Ten Point Plan for a Green Industrial Revolution; and the recommendations of the Taskforce on Climate-Related Financial Disclosures (TCFD). Our ambition Lloyds Banking Group has set seven leadership ambitions to support the UK’s transition to a sustainable future, those that directly apply to the Group are: • Pensions and investments: Be a leading UK pension provider that offers our customers and colleagues sustainable investment choices, and challenges the companies we invest in to behave more sustainably and responsibly • Our own footprint: Be part of a leading UK bank in reducing our own carbon footprint and challenging our suppliers to ensure our own consumption of resources, goods and services is sustainable The Group has announced a target of reaching net zero carbon emissions across our investment book by 2050, with an intermediate target of halving our investments’ relative carbon footprint by 2030. We cannot rely on mass carbon offsetting schemes; instead we have committed to driving carbon reduction in the real economy to achieve net zero goals. We intend to reach the target through proactive investment in climate solutions, selective divestments and using our influence through stewardship to drive the transition to a low carbon future, following the Institutional Investors Group on Climate Change (IIGCC)’s Net Zero Investment Framework. Pensions and Investments The Group has focused on building robust foundations for future Responsible Investment (RI) activity, launching our Responsible Investment Framework in March 2020 and developing Stewardship and Exclusions Policies. These have a
Load more

Recommended publications
  • Dublin International Funds
    Kames Capital Investment Company (Ireland) Plc (An open-ended umbrella investment company with variable capital and segregated liability between sub- funds) (Registered Number 442106) Semi-Annual Report and Unaudited Financial Statements for the financial period from 1 November 2018 to 30 April 2019 Kames Capital Investment Company (Ireland) Plc Semi-Annual Report and Unaudited Financial Statements for the financial period from 1 November 2018 to 30 April 2019 Table of Contents Page Directory 2-3 General Information 4-7 Investment Manager’s Report 8-28 Statement of Comprehensive Income 29-36 Statement of Financial Position 37-44 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 45-50 Notes to the Financial Statements 51-113 Portfolio of Investments 114-160 Portfolio Changes 161-179 Securities Financial Transactions Regulations 180 1 Kames Capital Investment Company (Ireland) Plc Semi-Annual Report and Unaudited Financial Statements for the financial period from 1 November 2018 to 30 April 2019 Directory Board of Directors Mr. Mike Kirby* (Irish) Mr. Andrew Bell* (British) (resigned 13 December 2018) Ms. Bronwyn Wright** (Irish) Mr. Stuart Donald* (British) (appointed 9 April 2019) Investment Manager, Promoter Kames Capital Plc and Distributor Kames House 3 Lochside Crescent Edinburgh EH12 9SA United Kingdom Aegon Investment Management BV*** AEGONplein 50 2591 TV The Hague Netherlands Depositary Citi Depositary Services Ireland Designated Activity Company (DAC) 1 North Wall Quay Dublin 1 Ireland Administrator
    [Show full text]
  • Part VII Transfers Pursuant to the UK Financial Services and Markets Act 2000
    PART VII TRANSFERS EFFECTED PURSUANT TO THE UK FINANCIAL SERVICES AND MARKETS ACT 2000 www.sidley.com/partvii Sidley Austin LLP, London is able to provide legal advice in relation to insurance business transfer schemes under Part VII of the UK Financial Services and Markets Act 2000 (“FSMA”). This service extends to advising upon the applicability of FSMA to particular transfers (including transfers involving insurance business domiciled outside the UK), advising parties to transfers as well as those affected by them including reinsurers, liaising with the FSA and policyholders, and obtaining sanction of the transfer in the English High Court. For more information on Part VII transfers, please contact: Martin Membery at [email protected] or telephone + 44 (0) 20 7360 3614. If you would like details of a Part VII transfer added to this website, please email Martin Membery at the address above. Disclaimer for Part VII Transfers Web Page The information contained in the following tables contained in this webpage (the “Information”) has been collated by Sidley Austin LLP, London (together with Sidley Austin LLP, the “Firm”) using publicly-available sources. The Information is not intended to be, and does not constitute, legal advice. The posting of the Information onto the Firm's website is not intended by the Firm as an offer to provide legal advice or any other services to any person accessing the Firm's website; nor does it constitute an offer by the Firm to enter into any contractual relationship. The accessing of the Information by any person will not give rise to any lawyer-client relationship, or any contractual relationship, between that person and the Firm.
    [Show full text]
  • UK DB Bulk Pensions Insurance 3Rd Edition
    MARKET REVIEW 2017 HEALTH WEALTH CAREER UK DB BULK PENSIONS INSURANCE MARKET REVIEW THIRD EDITION, JUNE 2017 1 UK DB BULK PENSIONS INSURANCE 2 MARKET REVIEW 2017 CONTENTS 01 02 03 FOREWORD INTRODUCTION 2016 WAS A RECORD YEAR,AS £21 BILLION OF BULK ANNUITY TRANSFERS TOOK PLACE 04 05 06 LONGEVITY SWAPS — TAKING ACTION GETTING MORE OUT INCREASING RANGE OF AND FOCUSING ON OF YOUR BUY-IN OPTIONS FOR EFFICIENT THE END GAME LONGEVITY RISK TRANSFER 07 08 09 MERCER PENSION RISK ACHIEVING ACCOUNTING INVESTMENT EXCHANGE® — CREATING A SETTLEMENT OF BILLIONS CONSIDERATIONS CLEAR LINE OF SIGHT TO A OF POUNDS OF PENSION WHEN TRANSACTING POTENTIAL ‘END GAME’ LIABILITY, RAPIDLY A BULK ANNUITY AND AFFORDABLY 10 11 12 SCENARIOS OF FUTURE MEDICAL UNDERWRITING — MEDICAL UNDERWRITING MORTALITY NOT JUST BULK ANNUITIES — A KEY TO UNLOCKING BUT ALSO VALUATIONS OPPORTUNITIES OR THE KEY TO PANDORA’S BOX? 13 LIST OF BULK ANNUITY AND LONGEVITY SWA P TRANSACTIONS 1 UK DB BULK PENSIONS INSURANCE 01. FOREWORD WELCOME TO THE THIRD EDITION OF UK DB BULK PENSIONS INSURANCE — MARKET REVIEW. In our fast-moving, volatile economic and political world, it is now even easier than it was to miss the right deal or the right opportunity to transfer pension risk, whether that’s a buy-in, buyout or a longevity swap. Keeping in touch with the latest developments in the UK DB risk transfer market is important for all stakeholders, so we have sought Andrew Ward Mercer UK Leader to bring you more of the latest information in this Risk Transfer l Strategic Solutions Group market review, including all the latest deal statistics covering 2016 — articles 3, 4 and 13 and our view on where the market is headed in 2017 and beyond.
    [Show full text]
  • Scottish Widows Retirement Saver
    SCOTTISH WIDOWS RETIREMENT SAVER TERMS AND CONDITIONS Important information about Zurich pension funds Terms and conditions PAGE 18 PAGE 3 14. CHARGES AN INTRODUCTION TO THE RETIREMENT SAVER PAGE 20 WHAT IS THE RETIREMENT SAVER? 15. DISINVESTMENT STRATEGY THE PURPOSE OF THE PLAN PAGE 21 AUTO ENROLMENT 16. TAKING BENEFITS FROM YOUR PLAN SERVICES PROVIDED PAGE 25 17. WHAT HAPPENS IF YOU DIE BEFORE TAKING BENEFITS PAGE 4 WHO PROVIDES THE RETIREMENT SAVER? PAGE 26 18. LEAVING YOUR EMPLOYER WHAT INVESTMENTS ARE AVAILABLE UNDER THE RETIREMENT SAVER? 19. TRANSFERRING TO ANOTHER PENSION SCHEME EMPLOYER SELECTED THIRD PARTY SERVICE PROVIDER 20. ENDING YOUR PLAN PAGE 5 21. CHANGES WE CAN MAKE TO THE TERMS AND CONDITIONS TERMS AND CONDITIONS PAGE 27 1. YOUR CONTRACT WITH US 22. CORPORATE ACTIONS PAGE 6 PAGE 29 2. WHAT WE ASK YOU TO DO 23. GENERAL TERMS AND CONDITIONS PAGE 7 PAGE 30 3. OUR RESPONSIBILITIES 24. LAW PAGE 8 PAGE 31 4. WHO CAN HAVE A PLAN? 25. COMPENSATION 5. YOUR RIGHT TO CANCEL OR OPT OUT 26. HOW TO COMPLAIN PAGE 9 PAGE 32 6. MANAGING YOUR PLAN 27. DATA PRIVACY 7. PAYMENTS INTO YOUR PLAN 28. OUR REGULATOR PAGE 11 29. ANTI-MONEY LAUNDERING AND FRAUD 8. INVESTMENT OPTIONS 30. SANCTIONS PAGE 13 31. HMRC PRACTICE 9. CASH DEPOSITS 32. HOW TO CONTACT US PAGE 14 10. BUYING AND SELLING ZURICH PENSION FUNDS PAGE 33 PAGE 15 APPENDIX 1 – DATA PRIVACY NOTICE 11. BUYING AND SELLING WIDER MARKET INVESTMENTS PAGE 35 PAGE 16 APPENDIX 2 – OUR ORDER EXECUTION POLICY 12. SWITCHING AND REDIRECTION PAGE 38 PAGE 17 13.
    [Show full text]
  • Scottish Widows to Review Asset Management Arrangements and Terminate Partnership Agreements with Standard Life Aberdeen
    Thursday 15 February 2018 SCOTTISH WIDOWS TO REVIEW ASSET MANAGEMENT ARRANGEMENTS AND TERMINATE PARTNERSHIP AGREEMENTS WITH STANDARD LIFE ABERDEEN Scottish Widows and Lloyds Banking Group’s Wealth businesses have decided to review their asset management arrangements and have therefore given notice to Standard Life Aberdeen plc (“Standard Life Aberdeen”) to terminate their partnership agreements with Aberdeen Asset Management plc (“Aberdeen”). Scottish Widows and Wealth entered into the partnership with Aberdeen following the sale of Scottish Widows Investment Partnership in 2014. This included long-term contracts for the management by Aberdeen of over £100bn of assets on behalf of Scottish Widows and Wealth. These contracts enabled Scottish Widows and Wealth to terminate the contracts in the event that Aberdeen was subject to a change of control with a material competitor. Aberdeen recently completed a merger with Standard Life plc, which is a material competitor of Scottish Widows and also of Wealth. At the time, Scottish Widows and Wealth agreed to delay a decision regarding the exercise of their termination rights for a period of six months following completion of the merger, during which period the parties agreed to discuss in good faith ways to build a successful relationship and address the competition issue. As no agreement has been reached, Scottish Widows and Wealth have decided to terminate their partnership agreements with Standard Life Aberdeen and to review their long-term asset management arrangements. Aberdeen has delivered good service and performance and Scottish Widows and Wealth would welcome their participation in the review if Standard Life Aberdeen is able to resolve the competition issue.
    [Show full text]
  • Clerical Medical Investment Group Limited
    BANK OF ENGLAND PRUDENTIAL REGULATION AUTHORITY WRITTEN NOTICE Major changes to an approved internal model To: Clerical Medical Investment Group Limited (FRN 181655) Scottish Widows pic (FRN 191517) Halifax Life Limited (FRN 171881) Lloyds Bank General Insurance Limited (FRN 202091) St Andrew's Insurance pic (FRN 202932) St Andrew's Life Assurance pic; (FRN 189101) Scottish Widows Annuities limited (FRN 191518) Scottish Widows Unit Funds Limited (FRN 202648) Clerical Medical Managed Funds Limited (FRN 110350) Pensions Management (SWF) Limited (FRN 110422) (the "firms") Of: 25 Gresham Street London EC2V 7HN Reference Number: 2254736, 2254738, 2254788, 2268112, 2268115, 2268116, 2268151, 2268157, 2268186 & 2268228 Date: 5 December 2015 DECISION: (1) In accordance with Regulation 48 and 49 of the Solvency 2 Regulations 2015, the Prudential Regulation Authority (the "PRA") has decided to approve a major change to the full internal model approved in the Written Notice - Internal model approval dated 5 December 2015 (the "Original Notice"). (2) This Written Notice replaces the Original Notice so that the full internal model approval covers the calculation of the firms' group and certain solo Solvency Capital Requirements (SCR) as set out in Annex 1. (3) This approval is granted on the basis of the information set out in the firm's major model change application received on 12 August 2015 and supplementary documentation received on 10 September 2015. (4) This approval is conditional on completion of a transfer under Part VII of the Financial Services and Markets Act 2000 in connection with Claim No 4616 of 2015 before the High Court of lustice in respect of the transfer of the insurance business of Scottish Widows pic, Halifax Life Limited, St Andrew's Life Assurance pic, Scottish Widows Annuities Limited, Scottish Widows Unit Funds Limited, Clerical Medical Managed Funds Limited and Pensions Management (SWF) Limited to Clerical Medical Investment Group Limited (the 'Part VH transfer').
    [Show full text]
  • Our Investments
    Wood Pension Plan Investment Policy Implementation Document – May 2021 (replaces March 2021) 1. Introduction The Statement of Investment Principles (“SIP”) of the Wood Pension Plan (the “Plan”) sets out the guiding principles upon which the Plan’s investments are based. The purpose of this Investment Policy Implementation Document (“IPID”) is to provide details of the specific investments in place alongside other information relevant to the management of the investments. Investment policy can be considered in two parts; the strategic management, the setting of which is one of the fundamental responsibilities of the Trustee, and the day-to-day management of the assets, which is delegated to professional investment managers. The Plan provides two types of benefit; one linked to final salary (Defined Benefit Section) and the other of a money purchase type (Defined Contribution Section). 2. Strategic Management - Defined Benefit Section The benchmark allocation of the Plan’s assets between the major asset classes is detailed in the table overleaf. The benchmark allocation will be reviewed by the Trustee on an ongoing basis in line with any changes to the Plan’s investment strategy. Page 2 Benchmark Asset Class Allocation (%) Benchmark Return-Seeking Assets 15.0 Global Listed Equities 15.0 MSCI AC World (NDR) Index 1 Private Equity - 2 n/a Mid-Risk / Cashflow Matching 30.0 Assets Property - 3 n/a Corporate Bonds – UK Buy & 10.0 iBoxx Sterling Non-Gilts Index Maintain – RLAM4 Corporate Bonds – Global Buy & 10.0 Barclays Global Aggregate Corporate Maintain - PGIM4 (GBP Hedged) Index Corporate Bonds – Global Buy & 10.0 ICE BofA Merrill Lynch Sterling Non Gilts Maintain - AXA4 Index Liability Matching Assets 55.0 Liability-Driven Investment 55.0 n/a Total 100.0 1 Global equity benchmark at total Plan level.
    [Show full text]
  • PAF Corporate Licence Holders - Listed Alphabetically PDF Created: 03 09 2020
    PAF Licensing Centre PAF ® Corporate Licensees: PAF Corporate Licence Holders - Listed Alphabetically PDF created: 03 09 2020 Company Name. Corporate Licence Holder AGF Holdings UK Ltd Allianz Management Services Ltd Allianz Business Services Allianz Management Services Ltd Allianz Cornhill Engineering Inspection Services Limited Allianz Management Services Ltd Allianz Cornhill Equity Investments Limited Allianz Management Services Ltd Allianz Cornhill Holdings Limited Allianz Management Services Ltd Allianz Cornhill Insurance Company Pension Fund Trustees Allianz Management Services Ltd Limited Allianz Cornhill Insurance Plc Allianz Management Services Ltd Allianz Cornhill Management Services Limited Allianz Management Services Ltd Allianz Engineering Inspection Services Limited Allianz Management Services Ltd Allianz Equity Investments Ltd Allianz Management Services Ltd Allianz Holdings Allianz Management Services Ltd Allianz Insurance Plc Allianz Management Services Ltd Allianz International Limited Allianz Management Services Ltd Allianz Pension Fund Trustees Limited Allianz Management Services Ltd Allianz Properties Limited Allianz Management Services Ltd Allianz UK Ltd Allianz Management Services Ltd British Reserve Insurance Company Limited Allianz Management Services Ltd Buddies Enterprises Limited Allianz Management Services Ltd Domestic Insurance Services Limited Allianz Management Services Ltd Fairmead Distribution Services Limited Allianz Management Services Ltd Fairmead Insurance Limited Allianz Management Services Ltd Fairmead
    [Show full text]
  • Scottish Widows Financial Services Holdings Annual Report
    Scottish Widows Financial Services Holdings Annual Report and Accounts 2020 Member of Lloyds Banking Group SCOTTISH WIDOWS FINANCIAL SERVICES HOLDINGS (SC199548) FINANCIAL STATEMENTS CONTENTS PAGE(S) Company Information 3 Strategic Report 4-6 Directors’ Report 7-8 Independent Auditors’ Report to the Member of Scottish Widows Financial Services Holdings 9-11 Statement of Comprehensive Income for the year ended 31 December 2020 12 Balance Sheet as at 31 December 2020 13 Statement of Cash Flows for the year ended 31 December 2020 14 Statement of Changes in Equity for the year ended 31 December 2020 15 Notes to the Financial Statements for the year ended 31 December 2020 16-28 2 SCOTTISH WIDOWS FINANCIAL SERVICES HOLDINGS (SC199548) FINANCIAL STATEMENTS COMPANY INFORMATION Board of Directors N E T Prettejohn (Chair) J R A Bond W L D Chalmers K Cheetham J E M Curtis J C S Hillman* A Lorenzo* C J G Moulder S J O’Connor G E Schumacher * denotes Executive Director Company Secretary J M Jolly Independent Auditors PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors 2 Glass Wharf Bristol BS2 0FR Registered Office 69 Morrison Street Edinburgh Midlothian EH3 8YF Company Registration Number SC199548 3 SCOTTISH WIDOWS FINANCIAL SERVICES HOLDINGS (SC199548) FINANCIAL STATEMENTS STRATEGIC REPORT The Directors present their strategic report on Scottish Widows Financial Services Holdings (the "Company”) for the year ended 31 December 2020. The Company is registered in Scotland and is a private unlimited company. The Company contributes to the results of the Insurance and Wealth Division of Lloyds Banking Group. Principal activities The Company’s principal activity is that of an intermediate holding company.
    [Show full text]
  • Lloyds Investment Funds Limited
    LLOYDS INVESTMENT FUNDS LIMITED Annual Report and Audited Financial Statements For the year ended 30th September 2014 Lloyds Investment Funds Limited Contents Company Information 2 Investment Objectives and Policy 3 Directors’ Profiles 4 Report of the Directors 5 Report of the Investment Manager 7 Report of the Custodian to the Members of Lloyds Investment Funds Limited 12 Report of the Independent Auditor 13 Balance Sheets 14 Statements of Comprehensive Income 18 Statements of Changes in Net Assets Attributable to Holders of Participating Redeemable Preference Shares 20 Cash Flow Statements 22 Investment Dealing 26 Investment Portfolios 27 Euro High Income Fund 27 European Fund 30 High Income Fund 32 International Fund 37 North American Fund 40 Sterling Bond Fund 43 UK Fund 46 Investments Purchased and Sold 48 Summary of Material Portfolio Changes 49 Notes to the Financial Statements 53 Distribution Table (Unaudited) 78 Performance Record (Unaudited) 82 Net Asset Value per Share (Unaudited) 85 Notice of Meeting 86 Form of Proxy 87 1 Lloyds Investment Funds Limited Company Information Registered Office Investment Manager PO Box 160, 25 New Street, Aberdeen Asset Investments Limited St Helier, (formerly Scottish Widows Investment Partnership Limited), Jersey, JE4 8RG, Bow Bells House, Channel Islands. 1 Bread Street, London, Principal Place of Business EC4M 9HH. PO Box 311, 11 - 12 Esplanade, St Helier, Jersey, JE4 8ZU, Custodian Channel Islands. Capita Trust Company (Jersey) Limited, PO Box 532, 12 Castle Street, Directors St Helier, c/o Registered Office Jersey, JE2 3RT, R. D. Willcox (Chairman) Channel Islands. I. M. J. Hardy B. C. James Secretary N. R.
    [Show full text]
  • The Clerical Medical with Profits Fund Principles and Practices of Financial Management (PPFM)
    For existing clients’ information only The Clerical Medical With Profits Fund Principles and Practices of Financial Management (PPFM) Clerical Medical closed to new business in Hong Kong on 1 January 2005. This document has been produced in accordance with UK regulatory requirements and may refer to products which have not been available for sale in Hong Kong. It has not been produced to promote or encourage further investment. On 31 December 2015 Clerical Medical Investment Group Limited, which contains the Clerical Medical With-Profits Fund was renamed Scottish Widows Limited. This document describes the principles and practices that Scottish Widows Limited uses for the financial management of the Clerical Medical With-Profits Fund – the PPFM. The PPFM describes how we meet our responsibilities to with-profits policyholders and respond to changes in the business and economic environment. The PPFM consists of principles and practices. The principles are enduring statements of the standards we adopt in managing the Clerical Medical With-Profits Fund. The practices work within the overall framework of the principles. They help a policyholder (we use the word ‘you’ in the rest of this document) understand the risks and benefits from holding a Clerical Medical with-profits policy. Also available are customer-friendly versions of our PPFM which describe what a with-profits investment is and how we run it. This is called the ‘With-profits summary’, or in Europe the ‘GGF guide’. It is aimed at policyholders and their advisers. The PPFM covers similar ground, but goes into greater detail, focusing on the standards, methods and controls we adopt to ensure we run with-profits robustly and fairly.
    [Show full text]
  • Annual Report / Shareholder Update
    Lloyds Bank plc Report and Accounts 2017 Member of Lloyds Banking Group Lloyds Bank plc Contents Strategic report 2 Directors’ report 7 Directors 10 Forward looking statements 11 Independent auditors’ report 12 Consolidated income statement 21 Statements of comprehensive income 22 Balance sheets 24 Statements of changes in equity 26 Cash flow statements 28 Notes to the accounts 29 Subsidiaries and related undertakings 146 Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England no 2065 Lloyds Bank plc Strategic report Principal activities Lloyds Bank plc (the Bank) and its subsidiary undertakings (the Group) provide a wide range of banking and financial services through branches and offices in the UK and overseas. The Group’s revenue is earned through interest and fees on a broad range of financial services products including current and savings accounts, personal loans, credit cards and mortgages within the retail market; loans and capital market products to commercial, corporate and asset finance customers; life, pensions and investment products; general insurance; and private banking and asset management. Business review As a result of the requirements of the ring-fencing regulations, the Bank expects to sell its subsidiary, Scottish Widows Group Limited, to its ultimate holding company during 2018. At the time of preparation of the 2016 report and accounts this sale had been expected to take place during 2017, however due to external factors the Group currently expects the transaction to complete in 2018. This is only an internal reorganisation within the Lloyds Banking Group, but due to the significance of the Scottish Widows entities they have been classified as discontinued operations for the purposes of the Bank’s consolidated statutory reporting.
    [Show full text]