Our in-force business is the £269 billion of assets we look after for our c.12 million existing customers, and it provides us with three unique competitive advantages: capital efficiency; customer access; and cost efficiency. It delivers high levels of predictable cash that both funds our dividend over the very long term and generates surplus cash to reinvest into both organic growth and inorganic growth through M&A.
Organic growth comes from meeting more of our existing customers’ needs as they save for, transition to, and secure an income in retirement. And we also acquire new customers, who we can then help through their savings lifecycles.
We have attractive M&A growth opportunities too, where we acquire new customers at scale and deliver better outcomes for them. And in the process, we transform the acquired businesses to deliver significant cost and capital synergies, creating significant shareholder value.
If our strategy is the what, then our strategic priorities are the how. These are the key programmes and initiatives that will differentiate us, building distinctive capabilities to win in our chosen markets, and support us in delivering on our strategy and our purpose. We have three strategic priorities as outlined below.