Our product performance.

Our core responsibility as a business is to ensure that our products do their job for our customers.

Our business performs four very simple but important functions as a business to perform every day.

Socially useful products

To enable customers to save for a pension which will provide them with an income in retirement for life.
To provide investment and savings products which allow individuals and families to plan for the future.
To pay out valid claims when a customer becomes ill, is unable to work or dies.
To pay out valid claims when a customer's home and its contents are lost or damaged due to a variety of causes.

Our business is designed to reflect the risk, savings and investment needs of our customers at various key stages of their lives. We believe that our products provide benefits to our customers and to society as a whole.

Our customers benefit from dealing with a company that can understand their financial requirements; there is also a public policy benefit. We provide an important social role through our products, which reduce the likelihood of people falling back on the State as a result of loss of income, homelessness or poverty in retirement.

Our Risk business helps protect customers against certain unforeseen events. Customers pay upfront premiums in return for insurance and protection products and to buy annuities to provide a retirement income. We work hard to deliver on our promises and pay all eligible claims, helping individuals to cope with the financial consequences of events such as bereavement, illness, damage to property or outliving their savings in old age.

Our Savings business helps customers with financial planning, savings and investments. Customers invest money through unit trusts, ISAs, bonds, index trackers and pensions.

Our Investment Management business (LGIM) invests money on behalf of its clients. We are the largest manager of UK sourced pension assets and one of the largest investors in the UK stock market.

Our International operations perform the same functions through our mature existing international businesses in the United States, France and the Netherlands, and joint ventures in selected emerging markets.


Our commitment to customers, whatever product or financial solution they have entrusted us with, is to provide the following:

  • To help our customers to improve their understanding of our products so they can decide which product is right for them.
  • To offer our customers clear information so they can reassure themselves that the product they bought remains right for them throughout their relationship with us.
  • To listen to and act upon customer feedback about our products and services.
  • To make it easier for our customers to do business with us.

Highlights include

  • The number of policies that we have responsibility for decreased by 4% 2011 versus 2010.
  • The ABI’s (Association of British Insurers) Customer Impact Scheme was discontinued in 2010. We have replaced this metric with the RDSI Brand Tracking Research showing the number of our customers who are likely to repurchase the same products or service from us in the future. This has risen from 61% in 2010 to 74% in 2011.
  • The number of complaints we received as an overall percentage of our policies has risen slightly from 0.47% in 2010 to 0.56% in 2011. This represents approximately a 1 in 185 customer complaints ratio.
  • We have increased the number of harder to reach customers that we are servicing in 2010 versus 2011 by 1.9%.
  • Our overseas subsidiaries are responsible for just over a million customers.

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