DOCSLIB.ORG

Friends Life Audited Consolidated Accounts 2013

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Friends Life Audited Consolidated Accounts 2013 Securing your tomorrow, today Annual report and accounts 2013 Resolution Limited is a Guernsey incorporated Company with a premium listing on the London Stock Exchange. The Company holds its investment in the Friends Life group, a provider of pensions, investment and insurance with a heritage of over 200 years, through Resolution Holdco No. 1 LP, a Guernsey registered Limited Partnership. Further details on our group structure can be found on pages 72 to 74. In March 2013 we sought shareholders’ approval for changes to the Company’s constitution that enabled the Group to adopt a simplified governance structure. In practice this meant unifying the board membership of both Resolution Limited and its key operating subsidiary, Friends Life Group plc. We also stated that the Company would no longer target a specific exit event, but would seek to secure maximum value from each part of the Group and retain its focus on rigorous financial discipline and generating returns. This annual report includes an update to the Company’s strategy. In May 2014 we will seek permission from our shareholders at the Annual General Meeting (AGM) to change the Company name to Friends Life Group Limited to align this with our trading brand. We have described our restructuring and transformation journey on the following pages. Finding your way around the 2013 annual report and accounts: Strategic report Governance IFRS financial statements Pages 04 – 69 Pages 70 – 125 Pages 126 – 236 04 Chairman’s statement 72 Company structure and the 128 Independent auditor’s report partnership model 06 Evolving customer needs 130 IFRS consolidated financial 74 How the Value Share works statements 08 Organised around our market 75 Chairman’s governance letter 136 Notes to IFRS consolidated 10 How we create value financial statements 76 Board of directors 12 Business environment changes 79 Compliance with Corporate 14 Group Chief Executive’s review MCEV financial statements Governance Code Pages 237 – 275 22 Key performance indicators 80 Leadership 237 Statement of directors’ 25 Chief Financial Officer’s review 84 Effectiveness responsibilities 32 Financial review 84 – Nomination Committee report 238 Independent auditor’s report 32 – Group results 86 – Effectiveness (continued) 239 MCEV consolidated financial statements 35 – Divisional performance review 91 Accountability 244 Notes to MCEV consolidated 52 – Corporate 92 – Audit Committee report financial statements 54 – Cash and capital 95 – Risk and Compliance 60 Corporate responsibility Committee report Additional information Pages 276 – 281 64 Risk management 97 Relations with shareholders 276 Definitions 98 Directors’ remuneration report 278 Abbreviations 100 – Remuneration policy 280 Shareholder information 108 – Implementation report 122 Directors’ report 125 Directors’ statement of responsibilities Resolution Limited Annual report and accounts 2013 01 Financial highlights eP+10% eP eP+28% Sustainable free surplus IFRS based operating profit MCEV operating profit eP eP eP eP+8% eEQXQFKDQJHG SXQFKDQJHG Available shareholder assets IGCA surplus Full year dividend per share eP eEQ S eP eEQ+3% eP Value of new business Assets under administration Run-rate savings achieved eP eEQ eP Operational highlights Ź 5HVWUXFWXULQJRIWKHWKUHH Ź ,QYHVWPHQWPDQGDWHV Ź 0DMRUQHZVWUDWHJLF EXVLQHVVHVLVFRPSOHWH SODFHGIRUeEQFRPPHUFLDO SDUWQHUVKLSZLWK6FKURGHUV FRVWVDYLQJVVHFXUHG UHDOHVWDWHDQG DQQRXQFHG Ź 6XFFHVVIXOGHOLYHU\RINH\ LQIUDVWUXFWXUHORDQV Ź 3URSRVHGFKDQJHRI ILQDQFLDOWDUJHWV Ź 'HOLYHU\RIVLPSOLILHG QDPHbWR)ULHQGV/LIH FRUSRUDWHJRYHUQDQFH *URXSb/LPLWHGWRDOLJQ Ź &RPSOHWLRQRIFLUFDeEQ structure WKHb&RPSDQ\ZLWKLWV ZLWKSURILWVDQQXLW\ UHDOORFDWLRQ WUDGLQJEUDQG Strategic report Pages 04 – 69 04 Chairman’s statement 06 Evolving customer needs 08 Organised around our market 10 How we create value 12 Business environment changes 14 Group Chief Executive’s review 22 Key performance indicators 25 Chief Financial Officer’s review 32 Financial review 32 – Group results 35 – Divisional performance review 52 – Corporate 54 – Cash and capital 60 Corporate responsibility 64 Risk management Strategic report Securing your tomorrow, today Our strategy is focused on meeting the needs of our customers, colleagues and shareholders by providing high quality propositions delivered by the best people, to ensure returns for our investors. Resolution Limited 04 Annual report and accounts 2013 Chairman’s statement A year of change This is my first report as Chairman of the Company in what Successfully has been a significant year of change for the organisation. The Company completed the final phase of the three-year restructuring programme, made a number of changes to its governance arrangements and achieved strong operating profits for the year. navigating This performance has been led by a motivated and committed executive management team, which has navigated the Company through a period of exceptional change, and turned its financial performance around. Under their guidance, Sustainable Free Surplus (“SFS”) has risen from less than £100 million in 2010 to change £331 million in 2013, and the value of UK new business has increased from a loss of £10 million to a profit of £184 million. Their disciplined focus has created shareholder value by delivering ‘cash today’ and ‘cash tomorrow’. Maintaining a strong balance sheet has enabled the Board to propose a final dividend of 14.09 pence per share (unchanged from 2012) making a total dividend for the year of 21.14 pence per share. 2013 was also significant in that we have achieved most of the key financial targets, and the Company has revisited its financial framework to ensure the way we measure the business performance supports the strategic direction of the Group. Further information on this is contained on page 29 . The executive management team has presided over a very ambitious restructuring programme. The three-year programme has had its challenges; separating IT infrastructures and undertaking customer migrations of legacy platforms is a complex process and not without risk to the control environment; however the executive management team has delivered against these operational challenges and secured the synergies six months earlier than anticipated. Where issues have arisen during the year which impacted the control environment, the team responded quickly providing remediating actions and procedures to minimise risks to customers and shareholders. Sir Malcolm Williamson Chairman Resolution Limited Annual report and accounts 2013 05 Strategic report Strategic Change of name Managing regulatory change Now that the restructuring programme has come to a close, the The regulatory background has been as challenging as the Board believes it is time to change the name of the Company to economic background. There have been significant changes in the Friends Life Group Limited. Becoming Friends Life, a name known to industry approach to customers as a result of the Retail Distribution over five million customers, is a logical step in our strategy to Review, the commencement of Auto-Enrolment Pensions and the consolidate our position as a sustainable provider of pensions, reviews into the operation of the annuity market. We are fully investments and insurance. As such we will ask shareholders for supportive of the efforts being made by the government and the Governance statements financial IFRS MCEV approval to change the name of the Company at the forthcoming FCA to help people achieve adequate retirement provision and to AGM, details of which are set out in the directors’ report within the give consumers confidence that the advice they are given and Governance section of this report. The Board and I recommend that products and services we sell are appropriate for their needs. shareholders vote in favour of these changes. We work across our teams to respond to these developments and deliver our ambition of providing high quality products and services for our customers. Board changes The Company is also embracing the changes required in preparing The Company and Friends Life Group plc (“FLG”) boards unified for Solvency II. It has invested significantly in its enterprise wide risk their membership in March 2013. We explain the changes in detail management approach, covered in the strategic report on pages 4 on page 81 and I encourage you to read about the structure of to 69. As part of the transformation process the Group undertook a the Group, on page 72. I took over as Chairman from Mike Biggs review of the governance structures in the organisation, in particular following the AGM in 2013 and I want to thank Mike for steering the the delegated authority framework and matters reserved for the Board through a period of change. I would also like to thank all of boards across the Group, underscoring our commitment to the the non-executive directors who stepped down in 2013. We took control framework and effective risk management. the opportunity to refresh the Board in May to provide further independent balance. I am therefore delighted to welcome both Roger Perkin and Marian Glen as independent non-executive Shareholder consultation directors. Roger brings considerable financial acumen to the Since my appointment I have met a significant proportion of our boardroom and Marian contributes corporate finance and merger top institutional shareholders and I hope to meet some of our and acquisitions expertise. retail shareholders at the AGM this year. The Chairman of the An effective board develops and promotes its collective
Load more

Recommended publications
  • Phoenix Group Holdings
    PROSPECTUS DATED 25 SEPTEMBER 2020 Phoenix Group Holdings plc (incorporated with limited liability in England and Wales with registered number 11606773) £5,000,000,000 Euro Medium Term Note Programme Under the Euro Medium Term Note Programme described in this Prospectus (the “Programme”) Phoenix Group Holdings plc (“Phoenix” or “PGH” or the “Issuer”), subject to compliance with all relevant laws, regulations and directives, may from time to time issue notes (the “Notes”). The Notes may be issued (i) as dated unsubordinated notes (“Senior Notes”), (ii) as dated subordinated notes with terms capable of qualifying as Tier 3 Capital (as defined in “Terms and Conditions of the Tier 3 Notes”) (“Tier 3 Notes”), (iii) as dated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Dated Tier 2 Notes”) or as undated subordinated notes with terms capable of qualifying as Tier 2 Capital (as defined in “Terms and Conditions of the Tier 2 Notes”) (“Undated Tier 2 Notes” and, together with the Dated Tier 2 Notes, the “Tier 2 Notes”). The Tier 2 Notes and the Tier 3 Notes are referred to collectively in this Prospectus as the “Subordinated Notes”. The aggregate nominal amount of Notes outstanding will not at any time exceed £5,000,000,000 (or the equivalent in other currencies). Payments of interest and principal under the Subordinated Notes may be subject to optional or mandatory deferral in accordance with the terms of the relevant Series (as defined herein) of Subordinated Notes. This Prospectus has been approved by the United Kingdom Financial Conduct Authority (the “FCA”), as competent authority under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) as a base prospectus (the “Prospectus”) for the purposes of the Prospectus Regulation.
    [Show full text]
  • Royal London Annual Report and Accounts 2020
    Mutually responsible Annual Report and Accounts for the year ended 31 December 2020 The Royal London Mutual Insurance Society Limited Registered Number 99064 Contents Strategic report Corporate governance 06 Our Purpose 70 Governance overview 08 Group overview and 2020 highlights 71 Board of directors 10 Chairman’s statement 74 Group Executive Committee 12 Group Chief Executive’s review 75 Corporate governance statement 14 Covid-19: Our response 83 Board Committee reports 16 Our business model: creating value 102 Directors’ remuneration report for stakeholders 121 Overview of directors’ responsibilities 18 Measuring our performance for the year ended 31 December 2020 20 The world we live in 22 Our strategy Financial statements 25 Our social impact 126 Report on the audit of the 29 Section 172 statement financial statements 30 Engaging with our stakeholders 136 Financial statements and notes 38 Responsible investment and stewardship 40 Climate change Other information 44 Non-financial information statement 224 Glossary 45 Business review 228 2021 financial calendar, registered 52 Financial review office and contact offices information 58 Risk overview 61 Principal risks and uncertainties 66 Longer-term viability statement 2 Royal London Group Annual Report and Accounts 2020 We are Royal London and we are proud to be a mutual. Founded in 1861, we are the UK’s largest mutual life, pensions and investment company. Driven by our Purpose At Royal London, we have reframed Protecting today, investing in tomorrow. our Purpose and strategy to respond Together we are mutually responsible. to the changes being experienced by our members and customers Customer-focused and those who advise them.
    [Show full text]
  • Recommended All-Share Acquisition of Friends Life Group Ltd (Scheme
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. PART II OF THIS DOCUMENT, TOGETHER WITH THE REST OF THIS DOCUMENT, COMPRISES AN EXPLANATORY STATEMENT IN COMPLIANCE WITH PART VIII OF THE COMPANIES (GUERNSEY) LAW, 2008 (AS AMENDED). This document relates to a proposed acquisition which, if implemented, will result in the cancellation of the listing of Friends Life Shares on the Official List and of trading of Friends Life Shares on the London Stock Exchange’s main market for listed securities. If you are in any doubt as to the action you should take, you should consult, and seek your own independent financial advice immediately from, your stockbroker, bank manager, solicitor, accountant, fund manager or other appropriate independent financial adviser authorised under the Financial Services and Markets Act 2000 if you are in the United Kingdom or, if not, from another appropriately authorised independent financial adviser. If you sell, have sold or otherwise transferred all of your Friends Life Shares, please send this document, together with any accompanying documents (but not the accompanying personalised Forms of Proxy or Forms of Instruction), as soon as possible to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected for onward delivery to the purchaser or transferee. If you have sold or otherwise transferred part of your holding of Friends Life Shares, please consult the bank, stockbroker or other agent through whom the sale or transfer was effected. The distribution of this document and any accompanying documents in jurisdictions other than the United Kingdom, the United States or Guernsey may be restricted by the laws of those jurisdictions and therefore persons into whose possession this document and any accompanying documents come should inform themselves about and observe any such restrictions.
    [Show full text]
  • Prospectus Re Aviva Offer for Friends Life
    This document comprises a prospectus (the ‘‘Prospectus’’) relating to the New Aviva Shares and has been prepared in accordance with the Prospectus Rules of the Financial Conduct Authority (the ‘‘FCA’’) made under section 73A of the Financial Services and Markets Act 2000 (as amended) (‘‘FSMA’’). The Prospectus has been filed with the FCA and has been made available to the public in accordance with the Prospectus Rules. The Directors of Aviva plc (‘‘Aviva’’ or the ‘‘Company’’) and the Proposed Directors, whose names appear on page 57 of this Prospectus, and the Company accept responsibility for the information contained in this Prospectus. To the best of the knowledge of the Company, the Directors and the Proposed Directors (who have taken all reasonable care to ensure that such is the case), the information contained in this Prospectus is in accordance with the facts and contains no omission likely to affect its import. Investors are advised to examine all the risks that might be relevant in connection with the value of an investment in the New Aviva Shares. Investors should read the entire document and, in particular, Part II (‘‘Risk Factors’’) for a discussion of certain factors that should be considered in connection with an investment in the Company, the Enlarged Aviva Group, the Ordinary Shares and the New Aviva Shares. 7JAN201521040362 AVIVA PLC (Incorporated under the Companies Act 1985 and registered in England and Wales with registered number 2468686) Proposed issue of up to 1,105,000,000 new ordinary shares of 25 pence each to be issued by the Company in connection with the proposed recommended all-share offer by the Company for the entire issued and to be issued ordinary share capital of Friends Life Group Limited to be implemented by way of scheme of arrangement under Part VIII of the Guernsey Company Law and Application for admission of the New Aviva Shares to the premium listing segment of the Official List and to trading on the London Stock Exchange’s main market for listed securities Joint Sponsors J.P.
    [Show full text]
  • Friends Life 2011
    Prospectus dated 18 April 2011 Friends Provident Holdings (UK) plc (incorporated in England and Wales with limited liability with registered number 06986155) £500,000,000 8.25 per cent. Fixed Rate Subordinated Notes due 2022 guaranteed by Friends Provident Life and Pensions Limited (incorporated in England and Wales with limited liability with registered number 04096141) The £500,000,000 8.25 per cent. Fixed Rate Subordinated Notes due 2022 guaranteed by Friends Provident Life and Pensions Limited (the ‘‘Guarantor’’) (the ‘‘Subordinated Notes’’) will be issued by Friends Provident Holdings (UK) plc (the ‘‘Issuer’’) on or about 21 April 2011 (the ‘‘Issue Date’’). Subject to satisfaction of the Issuer Solvency Condition (as defined herein) and to no Regulatory Deficiency Interest Deferral Event (as defined herein) having occurred, payments of interest on the Subordinated Notes will be made annually in arrear on 21 April in each year. The first payment will be made on 21 April 2012. Payments on the Subordinated Notes or under the Guarantee will be made without deduction for or on account of taxes of the United Kingdom to the extent described under ‘‘Terms and Conditions of the Subordinated Notes — 9. Taxation’’. Unless previously redeemed or purchased and cancelled, the Subordinated Notes will mature on 21 April 2022 (the ‘‘Maturity Date’’) and shall, subject to the satisfaction of the Issuer Solvency Condition and to no Regulatory Deficiency Redemption Deferral Event having occurred, be redeemed on the Maturity Date. Prior to any notice of redemption before the Maturity Date or any substitution, variation or purchase of the Subordinated Notes, the Issuer will be required to have complied with regulatory rules on notifications to, or consent from, (in either case, if and to the extent required) the UK Financial Services Authority (the ‘‘FSA’’) and to be in continued compliance with Regulatory Capital Requirements (as defined herein) applicable to it.
    [Show full text]
  • View Annual Report
    INSPIRING CONFIDENCE IN THE FUTURE PHOENIX GROUP HOLDINGS PLC ANNUAL REPORT & ACCOUNTS 2019 In this Report Key Performance Other Performance Indicators Indicators STRATEGIC REPORT What we do ������������������������������������������������� 2 The Phoenix Group timeline ������������������������ 4 £707m £116 m Chairman’s Statement ��������������������������������� 6 OPERATING COMPANIES’ IFRS PROFIT Group Chief Executive CASH GENERATION AFTER TAX Officer’s Report ������������������������������������������� 8 APM REM Cash ����������������������������������������������������������� 12 Resilience ��������������������������������������������������� 14 Growth ������������������������������������������������������� 16 Our Markets ����������������������������������������������� 18 £475m Our Operating Structure ���������������������������� 22 £3.1bn INCREMENTAL LONG-TERM Our Key Products �������������������������������������� 23 GROUP SOLVENCY II CASH GENERATION Our Business Segments ��������������������������� 24 SURPLUS (ESTIMATED) APM Our Business Model ���������������������������������� 26 Our Strategy and KPIs ������������������������������� 30 Business Review ��������������������������������������� 38 Risk Management ������������������������������������� 48 Reporting Statements ������������������������������� 58 161 % £158 m Stakeholder Engagement �������������������������� 60 GROUP SHAREHOLDER UK OPEN AND EUROPE NEW CAPITAL COVERAGE BUSINESS CONTRIBUTION RATIO (ESTIMATED) APM CORPORATE GOVERNANCE APM Chairman’s Introduction ����������������������������
    [Show full text]
  • Prospectus Dated 6 November 2012 Friends Life Group
    Prospectus dated 6 November 2012 Friends Life Group plc (incorporated in England and Wales with limited liability with registered number 06986155) US$575,000,000 7.875 per cent. Reset Perpetual Subordinated Notes guaranteed by Friends Life Limited (incorporated in England and Wales with limited liability with registered number 04096141) The US$575,000,000 7.875 per cent. Reset Perpetual Subordinated Notes guaranteed by Friends Life Limited (the “Guarantor”) (the “Subordinated Notes”) will be issued by Friends Life Group plc (the “Issuer”) on or about 8 November 2012 (the “Issue Date”). Subject to satisfaction of the Issuer Solvency Condition (as defined herein), to no Regulatory Deficiency Interest Deferral Event (as defined herein) having occurred and unless the Issuer exercises its option to defer interest payments, payments of interest on the Subordinated Notes will be made semi-annually in arrear on 8 May and 8 November in each year. The first payment will be made on 8 May 2013. Payments on the Subordinated Notes or under the Guarantee (as defined herein) will be made without deduction for or on account of taxes of the United Kingdom to the extent described under “Terms and Conditions of the Subordinated Notes — 9. Taxation”. The Subordinated Notes have no fixed redemption date and the Issuer shall only have the right to redeem the Subordinated Notes in certain circumstances. Prior to any notice of redemption or any substitution, variation or purchase of the Subordinated Notes, the Issuer will be required to have complied with regulatory rules on notifications to, or consent from, (in either case, if and to the extent required) the UK Financial Services Authority (the “FSA”) and (in the case of a redemption only) to be in continued compliance with Regulatory Capital Requirements (as defined herein) applicable to it.
    [Show full text]
  • Friends Life Annual Reports and Accounts 2014
    FRIENDS LIFE GROUP LIMITED (formerly Resolution Limited) ANNUAL REPORT AND ACCOUNTS 2014 Registered Company Number 49558 Registered as a UK Establishment with company number BR016431 Friends Life Group Limited PO Box 25 Regency Court Glategny Esplanade St Peter Port Guernsey GY1 3AP Contents Strategic report Chairman’s statement 2 Business model 3 Group Chief Executive’s review 4 Chief Financial Officer’s review 6 Business review 2014 Highlights 10 Cash today 11 Cash tomorrow 13 Returns 16 Operating expenses 20 Non-operating results 21 Cash and capital 24 Financing and interest costs 28 Discontinued operations – Lombard 29 Principal risks and uncertainties 30 Corporate responsibility 34 Non-financial key performance indicators 35 Governance Corporate governance report 37 Directors’ remuneration report 52 Directors’ report 67 Statement of directors’ responsibilities 71 IFRS financial statements Independent auditor’s report 73 IFRS consolidated financial statements 76 Notes to IFRS consolidated financial statements 83 MCEV financial statements Statement of directors’ responsibilities 189 Independent auditor’s report 190 MCEV consolidated financial statements 191 Notes to MCEV consolidated financial statements 196 Additional Information Definitions 230 Abbreviations 233 Shareholder information 236 FRIENDS LIFE GROUP LIMITED 1 Chairman’s statement Accelerating value creation On 2 December 2014, we announced that we had agreed the terms of a proposed offer by Aviva plc (“Aviva”) to acquire Friends Life Group Limited (the “Proposed Acquisition”). The combination of Friends Life’s existing customer base with Aviva’s will create the UK’s largest life insurer, and is an attractive opportunity to accelerate the delivery of the Friends Life strategy. The increased scale, brand recognition and resourcing, combined with the expected financial synergies and cost savings strongly supports our focus on generating value for our shareholders and policyholders.
    [Show full text]
  • Friends Life Group Plc Report and Accounts for the Year Ended 31 December 2011
    FRIENDS LIFE GROUP PLC REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2011 REGISTERED NUMBER: 06986155 REGISTERED OFFICE: Pixham End Dorking Surrey RH4 1QA WorldReginfo - f6d91396-e21d-489e-9a4b-b46355eed759 REPORT OF THE DIRECTORS The directors present their report to the shareholder for the year ended 31 December 2011. On 1 July 2011 Friends Provident Holdings (UK) plc changed its name to Friends Life Group plc ("FLG", "the Company" or "Friends Life"). The Company's ultimate parent company is Resolution Limited, a Guernsey-based public company with a primary listing on the London Stock Exchange. Principal activities The principal activity of the Company is that of a holding company for acquisitions in the life assurance and pensions sector. The Company was formed in 2009 as the intermediate holding company for the acquired businesses of Friends Provident, AXA UK Life Business and BUPA Health Assurance ("BHA"). The combination of the Company and its subsidiary companies is referred to as the Group. The Group's principal activities comprise manufacturing and administering life and pensions products in the UK and related international markets. These encompass the UK protection market, the UK group pensions and vesting annuity market and international savings & investments, pensions and protection markets. As detailed in note 3 on page 73, for management purposes, the Group is split into three operating segments: (i) UK, comprising the Friends Provident UK Life and Pensions Business, the AXA UK Life Business and BHA; (ii) International, comprising Friends Provident International and the overseas life assurance businesses within the UK Life and Pension Subsidiaries; and (iii) Lombard.
    [Show full text]
  • Friends Life Group Limited
    5 March 2015 Friends Life Group Limited Results for the year ended 31 December 2014 Strong cash performance Sustainable free surplus £373 million, up 15% (2013: £325 million) and marginally ahead of guidance Continued strong performance in Corporate Benefits, positive net fund flows of £0.6 billion, taking assets under administration to £22.0 billion; significant improvement in underlying free surplus, up to £29 million (2013: £11 million) IFRS based operating profit before tax of £556 million, up 38% (2013: £402 million) MCEV operating profit before tax of £498 million, down 7% (2013: £535 million); mainly due to reduction in VNB Value of new business down £47 million to £132 million (including £32 million reduction in Retirement Income VNB) as predicted trends continue Capital position robust Available shareholder assets £1,066 million IGCA(i) surplus £2.3 billion, coverage ratio 240% Economic capital surplus(i) £3.7 billion, coverage ratio 196% Full year dividend of 31.15 pence per share subject to completion of the Proposed Acquisition by Aviva plc (2013: 21.14 pence per share)(ii) Business highlights Successful reallocation of £760 million of annuities from with-profits funds, resulting in a sustainable free surplus (“SFS”) benefit of circa £7 million per annum from 2015 Recapture of £1.6 billion of assets backing annuities in November, resulting in a SFS benefit of circa £13 million per annum from 2015 Further reallocation of £665 million of annuities completed in the first quarter of 2015 resulting in a SFS benefit of
    [Show full text]
  • 2012 07 AKG Offshore with Profits Bond Report
    JULY 2012 OFFSHORE LIFE OFFICE WITH PROFITS BOND REPORT OFFSHORE LIFE OFFICE Copyright WITH PROFITS BOND REPORT © AKG Actuaries & Consultants Ltd (AKG) 2012 This report is issued as at a certain date, and it remains AKG's current assessment with current ratings until it is superseded by a subsequently issued report or subsequently issued ratings (at which point the newly issued report or ratings should be used), or until AKG ceases to make such a report or ratings available. The report contains assessment based on available information at the date as shown on the report’s cover and in its page footer. This includes prior regulatory data which may have an earlier date associated with it, but the report also takes into account all relevant events and information, available to and considered by AKG, which have occurred prior to this stated cover and footer date. Events and information subsequent to this date are not covered within it. All rights reserved. This report is protected by copyright. This report and the data/information contained herein is provided on a single site multi user basis. It may therefore be utilised by a number of individuals within a location. If provided in paper form this may be as part of a physical library arrangement, but copying is prohibited under copyright. If provided in electronic form, this may be by means of a shared server environment, but copying or installation onto more than one computer is prohibited under copyright. Printing from electronic form is permitted for own (single location) use only and multiple printing for onward distribution is prohibited under copyright.
    [Show full text]