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(582KB) A clear plan for improvement
Standard Life has changed a lot over the past three years. We’ve restructured our business, become a successful plc – and we are focusing our strengths on becoming a leading asset managing company. We are now working in areas of the market where profit margins are higher. And we have cut our costs and increased profitability. But there’s still more that we can do to drive value for our shareholders.
Some of our main developments in 2007
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We brought together our UK life and pensions, banking and healthcare operations into a new UK Financial Services division, to help us create stronger customer propositions, work more efficiently and improve profitability. |
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Group Corporate Centre costs were down to £57m in 2007 from £89m in 2006 – meeting our commitment to reduce these costs to the 2005, and pre demutualisation, level. We're also continuing to make cost savings across the Group through our Continuous Improvement Programme, and we have reduced expenses in our UK life and pensions business while continuing to develop products. |
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In Canada, we created our first Centre of Excellence – all our branded communication materials will be designed and produced in our studio in Montreal. This means we can both work more efficiently and focus our future investment on one world class design facility. Your Shareholder News is an example of this working in practice. |
What we have planned for 2008
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Already this year, on 14 February, we announced we had reinsured more than half of our pre demutualisation UK immediate annuity portfolio to Canada Life International Re. This reduces the risk to our shareholders associated with greater than expected improvement in the life expectancy of annuitants by reinsuring that risk in respect of £6.7bn of annuitant liabilities. The transaction will also have the effect of releasing cash from reserves and reducing capital requirements. |
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We invest in finding out what our customers want and developing innovative products to meet their needs. We will continue to refine and enhance our market leading products, like SIPP (Self Invested Personal Pension) and Wrap (online asset managing platform). |
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We are encouraging our people into a 'global' way of thinking so that we get the best out of our organisation. For example, we are taking the skills we have in the UK and Canada and using them to help build a healthcare operation in our Indian joint venture. Teams in the UK and Canada are working together to develop technology and member communications for Defined Contribution Pension Schemes. And we are adapting the institutional investment manufacturing capability of Standard Life Investments to bring innovative investment solutions to individuals with substantial amounts of investable assets. |