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Strategic focus
Our aim is to provide genuine value for our shareholders over the long term, sustainable growth for Standard Life and a better financial future for our customers.
We want to bring about a fundamental change in the way people think about financial services, building their confidence and trust by offering them products that work for them – throughout their lives.
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A message from your Chairman
Sir Brian Stewart
2006 was a challenging but successful year for us. Standard Life
plc floated on the London Stock Exchange on 10 July, welcoming
over 1.5 million new shareholders who have chosen to play an
important part in the future of one of the UK’s largest and most successful financial services groups.
A new chapter
In May 2006, members of The Standard Life Assurance Company voted overwhelmingly in favour of demutualisation and flotation. The proposal was approved by the Court of Session in Scotland and the shares of Standard Life plc were listed on the London Stock Exchange on 10 July 2006.
Standard Life’s financial results for 2006 show excellent improvements in profitability across the Group. Our successful strategy of concentrating on higher margin products which require lower capital investment has delivered continued improvement in new business profitability and volumes. Worldwide new business sales were over 47% higher than last year on a PVNBP basis, with a particularly strong performance following flotation.
In tune with our customers and our environment
Across the Group, we have been making the most of a vital competitive advantage – our ability to understand and meet customers’ needs. This kind of thinking has always been a huge part of the culture of Standard Life, and we believe it continues to set us apart as a plc. We remain focused on developing solutions that fit in with people’s lives as they change, offering them financial flexibility and control.
Sustainable growth
Our aim is to provide genuine value for our shareholders over the long term, sustainable growth for Standard Life and a better financial future for our customers. We want to bring about a fundamental change in the way people think about financial services, building their confidence and trust by offering them products that work for them – throughout their lives.
More choice and flexibility
As well as reflecting our customers’ needs, our thinking is also in tune with the wider environment. The financial services industry has seen dramatic changes over the past few years – including exciting product developments like Self-Invested Personal Pensions (SIPPs) and the Wrap platform, where Standard Life is leading the field and winning awards. There have also been many regulatory changes designed to protect customers’ interests and help them save for the future.
Although these developments offer more choice and flexibility than ever before, they can leave people uncertain about how to take their financial planning forward.
Our aim is to make the most of this opportunity by building our customers’ trust in a simple, clear way – helping them to understand the potential of new financial products, and providing the information they need to make the right choices.
Treating customers fairly
Treating customers fairly remains very much part of our ethos. Our approach is consistent with the Treating Customers Fairly (TCF) principle of the Financial Services Authority (FSA).
The FSA expects all firms to be in the implementing stage of TCF by the end of March – and they have already confirmed that we are in this stage. We have developed plans and processes, allocated TCF resources and responsibilities and created capability among our employees.
Chairman's message, continued ...
Sir Brian Stewart
2006 was a challenging but successful year for us. Standard Life
plc floated on the London Stock Exchange on 10 July, welcoming
over 1.5 million new shareholders who have chosen to play an
important part in the future of one of the UK’s largest and most successful financial services groups.A new chapter
In May 2006, members of The Standard Life Assurance Company voted overwhelmingly in favour of demutualisation and flotation. The proposal was approved by the Court of Session in Scotland and the shares of Standard Life plc were listed on the London Stock Exchange on 10 July 2006.
Standard Life’s financial results for 2006 show excellent improvements in profitability across the Group. Our successful strategy of concentrating on higher margin products which require lower capital investment has delivered continued improvement in new business profitability and volumes. Worldwide new business sales were over 47% higher than last year on a PVNBP basis, with a particularly strong performance following flotation.
In tune with our customers and our environment
Across the Group, we have been making the most of a vital competitive advantage – our ability to understand and meet customers’ needs. This kind of thinking has always been a huge part of the culture of Standard Life, and we believe it continues to set us apart as a plc. We remain focused on developing solutions that fit in with people’s lives as they change, offering them financial flexibility and control.
Sustainable growth
Our aim is to provide genuine value for our shareholders over the long term, sustainable growth for Standard Life and a better financial future for our customers. We want to bring about a fundamental change in the way people think about financial services, building their confidence and trust by offering them products that work for them – throughout their lives.
More choice and flexibility
As well as reflecting our customers’ needs, our thinking is also in tune with the wider environment. The financial services industry has seen dramatic changes over the past few years – including exciting product developments like Self-Invested Personal Pensions (SIPPs) and the Wrap platform, where Standard Life is leading the field and winning awards. There have also been many regulatory changes designed to protect customers’ interests and help them save for the future.
Although these developments offer more choice and flexibility than ever before, they can leave people uncertain about how to take their financial planning forward.
Our aim is to make the most of this opportunity by building our customers’ trust in a simple, clear way – helping them to understand the potential of new financial products, and providing the information they need to make the right choices.
Treating customers fairly
Treating customers fairly remains very much part of our ethos. Our approach is consistent with the Treating Customers Fairly (TCF) principle of the Financial Services Authority (FSA).
The FSA expects all firms to be in the implementing stage of TCF by the end of March – and they have already confirmed that we are in this stage. We have developed plans and processes, allocated TCF resources and responsibilities and created capability among our employees.
Chairman's message, continued ...
Strategic focus
Our aim is to provide genuine value for our shareholders over the long term, sustainable growth for Standard Life and a better financial future for our customers.
We want to bring about a fundamental change in the way people think about financial services, building their confidence and trust by offering them products that work for them – throughout their lives.