Our strategy

Our strategy is designed to create sustainable economic value for our customers and our shareholders. It is focused on three long-term opportunities:

  • The significant protection gap in Asia;
  • The transition of US baby boomers into retirement; and
  • The UK ‘savings gap’ and ageing population in need of returns and income.

Proactive risk management

Balance sheet strength and proactive risk management enable us to make good our promises to customers and are therefore key drivers of long-term value creation and relative performance. We have continuously strengthened our capital position since 2008, in spite of the financial crisis and the challenging macroeconomic environment that followed. Management actions that have been taken over this period include:

  • The sale of our capital-intensive Taiwan agency business in 2009, improving our IGD capital position;
  • The establishment of £1.9 billion of credit default reserves1 in the UK annuity business; and
  • Controlling sales of US variable annuities in a manner which appropriately balances value, volume, capital generation and balance sheet risk.


  1. On a statutory (Pillar 1) basis.

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