Making a difference through inclusive capitalism

Annual Report Quick Read 2020

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)

*2019 has been restated to reflect a rellocation of divisional-related project expenditure from Group investment projects which reduced Net release from operations by £18 milion. There is no impact on total Operating profit.

Earnings per share (p)

Return on equity


Solvency II capital coverage ratio (shareholder basis, unaudited)


Employee satisfaction index


Profit before tax


Adjusted profit before tax


Sir John Kingman

Chairman’s statement

“What we do through inclusive capitalism makes a significant difference.”

Sir John Kingman Chairman
Nigel Wilson

Chief Executive Officer’s Q&A

“Our ambition will be delivered by balanced growth.”

Nigel Wilson Group CEO
Jeff Davis

Chief Financial Officer’s Q&A

“Our commitments to customers are underpinned by a strong balance sheet.”

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.

Environmental, social and governance issues are central to inclusive capitalism and are inherent to all six growth drivers.

Ageing demographics


Investing in the real economy

Welfare reforms

Technological innovation

Addressing climate change

Our business model is highly synergistic.

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

Our businesses work together to deliver our strategic purpose and generate value for our shareholders, customers and communities.

Making a difference

We are robust, resilient and relevant. 2020 has been a year unlike any other. Our clear vision of inclusive capitalism allowed us to respond quickly to the immediate onset of Covid-19 as well as invest in the long-term economic recovery.

We are building back better. We understand that long-term investment in innovation and in communities must go beyond the few places already benefiting from it.

Care and ageing

Tackling the economic and social challenges of us all living longer helps drive our business forward and support people across the UK in living happier, healthier lives in later life.

Journey to net zero

Global temperatures are currently on a trajectory to increase by nearly 4°C above pre-industrial levels.

Our strategy means that by addressing climate change we can positively impact the world around us and deliver long-term, secure returns for shareholders.

Jobs and growth

Since the emergence of Covid-19, UK unemployment has risen and is likely to rise further over the next 12 months. It is essential that financial institutions continue to invest in the real economy. We use pensions funds and savings to support projects that create jobs, housing and vital infrastructure.