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Strategy

Aim:
Sustainable Growth and a 15% RoTE

Rearticulating our strategy

Making insurance much easier and better value for our customers

Our strategy supports our aspiration to be the leading personal and small business general insurer in the UK.

During 2014, we reviewed the components of our strategy to ensure that our business is continuing to evolve and address the constantly changing environment in which we operate.

This review reaffirmed the key building blocks of our strategic priorities and reinforced the UK as our core market. Customers remain at the heart of this strategy and we have a clear mission to make insurance much easier and better value for them.

We aim to achieve this through continuing to invest in firm foundations for the Group. This will enable us to serve our customers, efficiently and flexibly, with a range of products and services which meet their diverse long-term needs.

These foundations, which cover data and technology, culture and capability, and risk and capital management, are in our view the building blocks of a successful insurer.

Building on these foundations also allows us to develop products for the future and to continue to evolve our products and services to meet changing consumer needs.

We believe this strategy should allow us to target a 15% return on tangible equity at the same time as being a growing sustainable business. Future growth of the business should be assessed in the context of the cyclical market in which we operate. In this operating environment there will be times where growth is not the value maximising strategy. During these periods we will continue to have the discipline to make tough choices that are in the long-term interests of the Group.

Business model

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