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Our model of a Risk, Savings and Investment Management business is different from others in our sector. We think that's important and we think it gives us several strategic advantages. The biggest of those advantages is synergy and I'd like to explain what we mean when we talk about synergies within the Legal & General business model.
It is simply this: we believe that our combination of Risk, Savings and Investment Management works better together and adds more value together than any of the three components could on its own. Synergy matters because it is what enables us to deliver better products and do a better job for customers by deploying all our resources right across the company for the individual customer or corporate client.
I don't believe that individuals or companies, for that matter, separate their various financial requirements. They benefit from dealing with a counterparty like Legal & General who can understand and address the broader picture.
Utilising synergies benefits both parties, the customer and us, too. For example, individual customers of our Savings division benefit from [LGIM]'s institutional fund management expertise. Customers who have had a good pensions' experience with our Savings division are likely to look favourably on an annuity proposition from our Risk division when the time comes to annuitise. And corporate customers looking to execute a pension buyout benefit from the combination of risk longevity expertise and LGIM's investment skills. A package which we can deliver as a result of utilising synergies and sharing skills and resources across the three divisions.
There is also a synergy between each operating division and the corporate centre. Each business benefits from shared central resources, the strength of the balance sheet and risk management and the powerful Legal & General brand being prime examples.
So our view of synergies is not complex, it's common sense. Each of our businesses can and does help the others and this adds value to the Group as a whole.