Our business

The Group is an established provider of retirement income products and services to individual and corporate clients.

We positively disrupt markets where we can become a leader, deliver great outcomes for customers and high-quality returns for shareholders.

We are a specialist in our chosen markets serving four distinct groups.

Individuals: providing retirement income

People who have built up defined contribution pension savings throughout their career and want a guaranteed income, flexible income or a combination in retirement.

Market value of DC savings: > £1 trillion

Homeowners: accessing property wealth

People aged 60+ who want to access wealth locked up in their property.

Property wealth owned by people aged over 50: £2.3 trillion

Corporate clients: solving problems for companies

We develop scalable retirement-focussed solutions for banks, building societies, life assurance companies, pension scheme trustees, other corporate clients and for their customers, clients and members.

Trustees and scheme sponsors: providing member security and de-risking pension liabilities

Defined Benefit pension schemes de-risking their liabilities by securing member benefits with an insurance contract. Addressable market: > £600 billion.

Marketed products

Defined Benefit De-risking Solutions (“DB”)

Solutions for pension scheme trustees to remove the financial risks of operating pension schemes and create certainty that members’ pensions will be paid in the future.

Guaranteed Income for Life (“GIfL”)

A solution for a person (or a couple) who want the security of knowing  they will receive a guaranteed income for life.

Flexible Pension Plan (“FPP”)

A solution for a customer wanting to retain greater flexibility of their pension savings and enabling irregular withdrawals.

Care Plans

A solution for people moving to residential care who want the security of knowing a regular payment will be made to the care provider for the rest of their life.


A solution for people wanting to support a residential mortgage, for business or inheritance tax planning purposes or simply to have financial peace of mind.

Lifetime Mortgages (“LTM”)

Solutions designed for people who want to release some of the value of their home.

Professional services

A regulated financial advice service for people who want a personal recommendation on how to use their pension savings, or when considering releasing some of the value from their home.

Support for organisations wanting to deliver whole-of-market shopping around services to source retirement income products for their customers, employees or pension scheme members.

Our strategy

  1. Grow our addressable markets and broaden our distribution reach
  2. Increase profitability through superior risk selection
  3. Ensure expenses are aligned with the capital model
  4. Improve cost and efficiency of capital
  5. Reduce dependency on any single business line or market

Strategic enablers

  1. Developing and engaging our people
  2. Establishing and strengthening our brand
  3. Delivering a customer experience built on our customer understanding that delivers our brand promise
  4. Continuously evolving and enhancing our longevity intellectual property and customer insight
  5. Building our digital capabilities


  • Progressive multi-channel distribution
  • Automated underwriting
  • Leading service, brand and reputation
  • Flexible business and infrastructure


  • Unrivalled proprietary data
  • Experienced medical team
  • Next generation underwriting system: PrognoSysTM


  • Capital efficient model
  • Investment management strategy
  • Financial risk management


By managing our resources effectively and creatively we create profits, which benefit shareholders through dividend payments and share value.
Dividends paid in 2016: £21 million.

Retail customers

We improve our retail customers’ lives by providing products and services that are simple to use and better value than our competitors’. Number of customers at 31 December 2016: 0.5 million.

Business customers

We deliver effective solutions to our business customers to solve the challenges and capture the opportunities of our corporate customers and their clients.


We develop, recognise and reward our colleagues to secure a skilled and motivated workforce. Staff numbers at 31 December 2016: 1,045.


When our business is profitable and sustainable, the communities where we operate benefit through job creation and tax payments to national and local governments. Corporation tax paid in 2016: £36 million.


As we create value we help our suppliers and other businesses succeed and support job creation beyond our business. Payments made to suppliers in 2016: £84 million.

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