Capital Markets Event 2016 - Conclusions and Q&A

Our Climate Transition Plan

Transforming to a net zero carbon economy is perhaps the greatest challenge the world has ever faced. Significant action is required in the next decade to have any chance of reaching the goal by 2050, which scientists believe is critical to limit global warming to 1.5C. Our Climate Transition Plan sets out not just what our climate commitments are, but how we plan on getting there. We consider both what we can do as a company, and also how we are dependent on policymakers, companies, and customers to play their part. Over such a long term plan there are many unknowns, and we will need to overcome many challenges and react to changes in our external environment.

Summary of our new strategy

We are focusing and simplifying our business, mapping our capabilities to the most compelling near-term market opportunities, and building for long term growth.

António Simões: our partnership with Meiji Yasuda

We’ve announced the sale of our US Protection business, the creation of a long-term strategic partnership to support growth in PRT and asset management, and updated our guidance on anticipated shareholder returns over next three years, including a £1bn share buyback from the proceeds of the transaction.