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We owe it to our customers and shareholders not to be wasteful or profligate with their money. Nobody could ever have accused Legal & General of extravagance but in the current financial climate looking for value is more important now than ever.
In 2008, we took a number of steps to cut costs. These included a number of adjustments to operations, for example, some outsourcing of [IT] development. We've also been looking very carefully at how we could reduce upfront commission payments to intermediaries by moving to alternative fee structures. These initiatives, alongside improvements in processing and better use of technology, are making a big difference to the costs we incur in processing both new and existing business. Equally important, though, is that we don't deprive the business of growth opportunities or starve it of the investment necessary to upgrade our product range and improve customer service.
Actions such as these will enable us to trade successfully through these difficult markets, while still putting in place the building blocks which we anticipate will allow us to emerge stronger when the upturn eventually comes.