Annual Report 2020
Our vision is to create a world where insurance is personal, inclusive and a force for good.
To deliver this we need to build an insurance company of the future with technology and data at its core, adapting to an ever-changing world to deliver more for customers at speed.
As we navigated the challenges that 2020 presented, we focused on supporting our customers, the wellbeing of our people, contributing to society and stepping up our plans to tackle climate change.
Plus we are embracing sustainable practices because we believe they create a better corporate culture, more reliable products and greater long-term sustainability for our shareholders.
Penny James, Chief Executive Officer
Including our Covid-19 response highlights
Profit before tax
Solvency capital ratio1,3,4
Return on tangible equity1
Combined operating ratio1,2
Dividends and capital returns5
(Includes £195.5m special dividend to replace the cancelled 2019 final dividend) (2019: £128.6m adjusted4)
Customer benefited from support measures
Over £7million donated to charities and good causes
Worth £350 to say thank you to our people
carbon neutral via offsetting
2. A reduction in the ratio represents an improvement as a proportion of net earned premium, while an increase in the ratio represents a deterioration. See glossary on page 224 for definitions.
3. Estimates based on the Group’s Solvency II partial internal model.
4. The 2019 comparatives for dividends and capital returns and the solvency capital ratio have been adjusted to remove the cancelled 2019 final dividend and £120 million of share buyback. (The reported numbers were solvency capital ratio of 165% and capital returns of £447.0 million). See page 18 for further details.
5. See page 28 for the dividend policy.
An overview of our 2020 highlights
Building a sustainable future
A purpose based
Danuta Gray, Chair of the Board