BOARD AGENDA: KEY AREAS OF FOCUS IN 2011.


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STRATEGIC OBJECTIVES

REGULATORY CHANGE

TALENT MANAGEMENT

CORPORATE AND SOCIAL PURPOSE

The Board constantly reviews the Company’s strategic objectives and in 2011 focused on developing deeper relationships with customers and promoting a brand that customers would recommend. There was also increased focus on capital management and building the Company’s organisational capability and productivity.

In light of the evolving regulatory framework and in particular, [Solvency II] and the FSA’s Retail Distribution Review, the Board is regularly updated on regulatory changes. The Board closely monitors the Company’s plans and responses to regulatory changes in order to ensure the Company is fully prepared to respond to, and comply with, regulatory change including the opportunities change presents.

The Board is committed to enhancing talent in the Company and recognises the importance of identifying, retaining and developing talent to grow leaders for the future.

The Board has considered the Company’s talent management strategy at various Board meetings this year.

The Board has a strong focus on the corporate and social responsibility of the Company. It has closely followed debate on welfare reform and regularly considers propositions to develop products and services that deliver the right benefits to the right people in the right way. For more information on the Company’s view on corporate social responsibility please see the CSR/Sustainability section.

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