FRIENDS FIRST IN objectives? He says clarity is key and something that has formed part of his management style since being appointed to the senior position. “I try to ensure that our goals and plans are very clear at the beginning of the year and highlight how each member within each team will be contributing to exceed these goals,” he explains. “Setting that clear vision of goals, their context and rationale and why they are important, allows each individual to ‘own’ the delivery of their respective aspects of the goal. I have seen this approach deliver greater incidence of exceeding the target rather than dragging everyone kicking and screaming over the line. I also believe the collective standard should be aimed at exceeding targets, as achieving them is so limiting. It is important then to regularly celebrate success and, I must say, we have a team who are always willing and able to celebrate!” GLOBAL SHIFTS It seems you can’t talk to anyone in business these days without asking about Brexit, regardless of the industry in which they operate. While Hughes acknowledges that it will likely have a negative impact on those that rely heavily on the UK market for export, he does see opportunity for Ireland too. “Brexit opens up significant opportunities for Ireland to position itself as a major English speaking hub for companies that want to access the EU market,” he says. “We have already seen a number of financial services companies investigating this possibility and it will be interesting to see how this affects our industry in the coming months.” The other major global event of late that is making markets nervous and businesses take notice has of course been the election of Donald Trump as US President. While the media will undoubtedly be falling over themselves to release report cards on his 100 days in office, Hughes believes it is still too soon to have a clear indication of what InBUSINESS | Q1 2017
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his economic policies mean for businesses here. “It is still too early to predict how his policies and his effectiveness of delivering on them will impact the international markets and indeed our economy,” he says. “What is certain is that uncertainty stunts decisions and by inference growth. The recent decision by Eli Lilly in Cork to defer a a200 million investment in its existing plant until clarity in the Trump policies on the pharma industry is developed is evidence of this corporate stalling. Hopefully this indecision is shortlived and inward investment in our economy reignites later in 2017.” Of course it’s mostly guesswork when it comes to such global affairs that are beyond our control, but those that are within Hughes’ remit hold much more certainty. Friends First, with its 300 staff, will continue to build on its upward trajectory following a successful 2016 and look to expand operations in the months ahead. It will also, according to Hughes, stick to what it does best and that’s innovate with product and service offerings and help its customers look after their life protection, pension and investment needs. “Over the past two years, Friends First has recruited upwards of 30 staff across all areas of the business and at all levels within the business to expand our already highly experienced and professional staff,” he says. “This expansion is set to continue in 2017 with over 15 roles currently planned and this number is being driven by business needs. “The final milestone of 2016 came when, following a number of years of financial and structural support from our shareholder Achmea, Friends First paid its first significant dividend of a10m across the water to a grateful and patient parent. This was the most tangible demonstration of our improved performance as a company since the financial crisis and has given Achmea more confidence to invest in our business in the years ahead.”
Friends First has been helping Irish customers look after their life protection, pension and investment needs for over 180 years. InBUSINESS takes a look at the numbers behind one of Ireland’s most established companies.
OVER
CUSTOMERS
EMPLOYS OVER
PEOPLE IN IRELAND
MANAGES ASSETS WORTH
IN 2016, CUSTOMERS PAID
IN PREMIUMS INTO THEIR LIFE PROTECTION, INVESTMENT AND PENSION PLANS
ITS PARENT COMPANY, THE DUTCH INSURANCE GROUP, ACHMEA, IS ONE OF THE LARGEST MUTUAL INSURERS IN THE WORLD AND THE
LARGEST MUTUAL IN EUROPE
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