From building homes to transforming our towns and cities, inclusive capitalism is already at work

Our purpose is to improve the lives of our customers, build a better society for the long term and create value for our shareholders. This inspires us to use our long-term assets in an economically and socially useful way to benefit everyone in our communities.


Operating profit (£m)

Net release from operations (£m)

Earnings per share (p)

Return on equity


Solvency II capital coverage ratio (shareholder basis)


Worldwide employee engagement index


Adjusted profit before tax


Sir John Kingman

Chairman’s statement

“We have a proven operating model, a strong balance sheet with surplus regulatory capital and a robust risk management process. This, coupled with our long-term focus, gives us confidence in future growth and the ability to navigate economic and political events.”

Sir John Kingman Chairman
Nigel Wilson

Chief Executive Officer’s Q&A

“Inclusive capitalism is central to our strategic growth and our long-term, sustainable success.”

Nigel Wilson Group CEO
Jeff Davis

Group Chief Financial Officer’s Q&A

“Together, our five businesses form a mutually reinforcing business model with unique synergies in pension de-risking, insurance, asset manufacturing and asset management, enabling us to deliver a return on equity of c.20%.”

Jeff Davies Group CFO

Our strategy is driven by six growth drivers that affect everyone.

In responding to these drivers, our strategic priorities are set to deliver sustainable profits as well as positive social and environmental outcomes.

Our business model is aligned with our strategy, ensuring we derive maximum benefit for our stakeholders.

Ageing demographics

Globalisation of asset markets

Investing in the real economy

Welfare reforms

Technological innovation

Addressing climate change

Our business model enables us to capitalise upon our strengths and capabilities.

We aim to be leaders in four key areas: retirement, insurance, investment management and capital investment. We benefit from scale in each of our businesses.

It is the combination of our strengths and the synergies we achieve from our businesses working together that sets us apart.

Driving international growth

In 2019, international assets under management continued to grow. We also saw a number of significant pension risk transfer transactions in North America and we continued to expand insurance distribution channels, as well as our digital capabilities. Our business is becoming increasingly international and we expect this to continue into 2020 and beyond.

Working in our customers’ interests

For over 180 years we have provided financial services to customers across the UK and, more recently, the US, Asia and Europe. Our business is built on understanding people, how long they live, what risks they are comfortable with and their changing needs throughout life. We are experts in safeguarding people’s financial futures.

We design and distribute our retail products so they become more accessible, transparent and simpler to purchase by innovating product design. And we create great outcomes for all our customers by building the right culture across our business.

Working towards a net zero carbon future

We recognise the seriousness of the climate crisis. As a very long-term business we want to ensure that the environment supports communities and businesses throughout this century and beyond. We can make a positive difference to climate change because of our scale and influence.

Transforming towns and cities

We use our long-term capital to create sustainable communities, applying our capabilities across commercial property, housing, clean energy and innovation.

From the delivery of diversified homes for all demographics, to the regeneration of cities and improved infrastructure, your pension assets, along with our shareholder capital, are deployed to transform the economy and build better futures.