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Strategy

Our strategy is right for the times

In 2008 our priorities were to reposition the group, to refocus on our key core markets and to increase the profitability and cash generation characteristics of our business. Our 2009 priorities are the next steps that will move us closer to achieving our strategic aim, taking account of the changed economic background.

Our five medium term strategic objectives

• Improve profitability
• Improve cash generation
• Build and maintain confidence
• Deliver customer satisfaction
• Deliver distributor satisfaction

Strategic priorities

Complete the repositioning of the group

How we will do this:

• Deliver the additional cost savings necessary to achieve the annualised £40 million target by the end of 2009
• Demerge our 52% shareholding in F&C Asset Management during 2009
• Deploy a communications programme to enhance confidence in Friends Provident

Focus on quality business

How we will do this:

• Target growth in our selected markets, both internationally and in the UK, but aiming to grow international business at a faster rate than in the UK
• Pursue initiatives within our selected markets that will drive increased cashflow and returns from new business
• Focus on customer retention through the new profit centres created in 2008

Maintain and improve our competitive strengths

How we will do this:

• Invest in our key IT platforms to improve the service delivery both to customers and distributors
• Utilise the insights into the needs of UK intermediaries and customers gained through our ownership of Sesame and Pantheon Financial
• Strengthen relationships with our distributors and develop additional relationships to broaden our distribution both in the UK and internationally

Think differently as an organisation

How we will do this:

• Deliver a company-wide cultural development and engagement programme, and continue to develop our processes to drive organisational alignment and focus
• Enhance our customer insight and focus, building on the FSA's Treating Customers Fairly principles
• Refine the enhanced financial discipline introduced in 2008, and drive the culture of financial discipline throughout our business