Acorn Spotlight
January 2025
Introduction
by Keith Butler
Ask Acorn Chief Executive
Reflecting on 2024: A Year of Transformation
As we reflect on 2024, this edition of the Acorn Spotlight celebrates a year of exceptional milestones, teamwork and progress. Earlier this year, during a short visit to Corfu, I was struck by the Greek concept of philotimo - a cornerstone of their culture that embodies honour, pride and a deep sense of responsibility to others. At its heart, philotimo inspires people to strive for excellence, contribute selflessly and leave a meaningful legacy. These values resonate profoundly with Acorn Life Group’s journey in 2024, as we launched Ask Acorn, achieved record-breaking milestones and deepened our commitment to innovation and responsibility.
A Year of Milestones
2024 has been a historic year, highlighted by:
• The successful launch of Ask Acorn has transformed our distribution model and opened new avenues for growth.
• The Top 50 advisers averaged 2.8m CCSA Net Issue, showcasing the power of dedication and opportunity within Ask Acorn. This performance highlights not only the dedication of our advisers but also the opportunities created through our evolving distribution model and the strong support framework provided by our teams.
• General Insurance New Business Income grew by 35%, reflecting the strength of our teams and the potential of our offerings.
• Industry recognition as one of Ireland’s Best Places to Work and as a recipient of the Deloitte Best Managed Companies award, affirming our commitment to excellence in both culture and management.
• December delivered our best Life and Pensions Sales and Net Issue Month since the early 2000s, with adviser productivity reaching an all-time high of 370,000 CCSA.
• For the full year, Business Written climbed to 207m CCSA (up 12% from 2023) and Net Issue reached 164m CCSA (up 15%)—the highest since 2007.
Innovating for the Future
• Digital Transformation: Implementing the New Governance Model and progress on the Group IT Strategy ensured we remained agile and futurefocused, creating seamless experiences for customers and advisers. These innovations have already improved customer engagement and will continue to add value.
• Product Excellence: PRSAs continued to shine, complemented by exceptional fund performance, protection enhancements and ongoing product development.
Responsibility Beyond Business
This year, our ESG initiatives reflected a commitment to creating lasting value for all stakeholders. From transitioning to electronic correspondence to upgrading our Head Office windows to eco-friendly alternatives, we’ve deepened our focus on sustainability. In 2024, we reached a milestone in our commitment to giving back, reserving significant charitable contributions from our profits. These contributions, to be distributed in 2025, reflect our pledge to create a lasting and positive impact in the communities we serve.
Looking Ahead to 2025
As we move into 2025, our path forward is clear:
• Innovation: Driving digital advancements to enhance our offerings and client experiences.
• Growth: Targeting a minimum 10% increase in new business, fuelled by product enhancements that meet evolving customer needs and expand our market presence.
• Social Responsibility: Deepening our commitment to supporting communities through meaningful charitable initiatives and fostering a culture of responsibility and inclusion across our organisation.
Thank You to the Acorn Family
Like philotimo, our achievements this year have been guided by the belief that honour and purpose drive lasting success. Every milestone we’ve reached is a testament to the collective pride, resilience and dedication of the Acorn family. To every adviser, manager, branch supports and Head Office - thank you for living the values of philotimo through your work. Your dedication, teamwork and passion have made 2024 a year to remember.
As we look ahead, let us continue embodying philotimo by striving for excellence, fostering collaboration and making a meaningful impact in the lives of our customers and communities. Together, we’re building a brighter future.
Warm regards,
Keith Butler Chief Executive
A love of honour
Branch of the year 2024
by Vivian O’Callaghan Branch Manager
As we close the chapter on another exceptional year, I am delighted to celebrate the proud achievement for the Cork branch that is winning the Ask Acorn Branch of the Year for 2024. This feat reflects not just the Cork Team’s consistent success but also the spirit, resilience, and teamwork that define our branch. 2024 was not without its challenges. Q1 began with a rocky start, and we found ourselves at minus 220 points Net Issue at January month-end. However, true to the Cork spirit, the team turned the tide and, in stark contrast, ended the year on a high note with a phenomenal Net Issue of 7.2 million in the month of December. This achievement is a reflection of every team member’s dedication, the guidance of our support staff, and the trust our clients continue to place in us.
Francis Howard: Landing in fourth place with 4,998,528 CCSA, Francis deservedly returned to the Top 10 after an incredible year of growth, increasing his production by a truly remarkable 65%. This accomplishment was accompanied by another milestone as Francis also achieved his first MDRT Top of the Table award, a well-deserved recognition for his hard work and commitment to excellence.
Kay O’Sullivan: Finishing sixth with 4,491,019 CCSA, Kay’s Top 10 credentials are well and truly cemented as she earns her third Top 10 finish in four years. Her remarkable performance reflects her unwavering dedication to her craft and the trust her clients place in her expertise. As usual, Kay’s work ethic and resilience was an inspiration to the team.
While the collective success of our branch is truly a team effort, and I would argue that every member of the Cork team is a Distinguished Advisor, certain individual accomplishments deserve special recognition. This year, three of our advisors earned places in the company’s Top 10, an extraordinary achievement that highlights the talent within our team.
Declan O’Neill: With a stellar performance, Declan secured the top spot with an awe-inspiring Net Issue of 6,729,586 CCSA, up 25% on last year. This marks his seventh Advisor of the Year award, a testament to his consistent excellence. 2024 was also a breakthrough year for Declan, as he achieved his first MDRT Top of the Table award, solidifying his position as the leader in the field.
These individual accolades inspire us all to aim higher and push the boundaries of what we can achieve together, but it wasn’t just our Top 10 advisors who shone in 2024. The Cork branch demonstrated depth and diversity in its achievements in attaining –in addition to the two Top of the Tables already mentioned – two MDRT Court of the Table qualifiers and nine Full MDRT qualifiers, underscoring the exceptional standards our team consistently meets. I look forward to individually acknowledging each of these colleague’s achievements on stage at the Annual Meeting.
Professional development also remains a cornerstone of our branch’s culture, with eleven Professional Development Allowance recipients. I am particularly looking forward to joining a strong Cork contingent at the MDRT conference in Miami this June, showcasing the global standard of excellence we uphold.
In 2024, we also welcomed two experienced new members to the Cork team: Chris Long and Jim Hegarty, both joining us from the Fermoy branch. Chris and Jim have quickly proven to be outstanding additions to the team, bringing fresh perspectives and enthusiasm that have already enriched our success.
Behind every high-performing team is a strong foundation of support, and the Cork branch is no exception. I want to extend my heartfelt thanks to Marion Horgan, our branch administrator, who ensures that our operations run seamlessly; Siobhan Cronin, the Regional Assistant Branch Manager, whose guidance and expertise provide invaluable support; the incredible Sales Support team of Breeda Heelan, Laura Delaney, Olivia Sheehan, and Edel Sheehan, who play an indispensable role in enabling our advisors to excel.
Each of you has contributed immensely to the success of our branch, and I am deeply grateful for your hard work and dedication.
I also want to express my gratitude and appreciation to Willie Murphy for his continued support in 2024.
A final but equally important thank you goes to everyone at Head Office in Galway. Your support, leadership, and resources are integral to the achievements of the Cork branch.
On a personal note, as I reflect on this incredible year, I am filled with gratitude and pride. Gratitude for the team that I have the pleasure of working with every day and pride as I reflect in their successes. To me, winning the Branch of the Year award is a fitting testament to the enduring commitment of the Cork team to growth, excellence, and service.
As we all know, success is not a destination - it’s a journey. With the momentum of 2024 behind us, I am excited for what lies ahead. Together, we will continue to innovate, adapt, and exceed expectations, setting even higher standards for 2025 and beyond. In closing, I’d like to wish everyone in the Acorn family health and happiness in 2025.
Vivian O’Callaghan BCL QFA RPA Cork Branch Manager
Reflecting on 2024 from a General Insurance and Customer perspective
by Barry O’Sullivan
As we step into 2025, it’s important to reflect on the incredible successes of 2024 - a year of transformation, resilience, and progress. From launching our new brand, Ask Acorn to delivering our new organisational structure that position us for the future, this past year has been a roaring success and a testament to the dedication and expertise of everyone across the Acorn Life Group.
General Insurance New Business & Renewal
One of the highlights of 2024 has been the continued growth in General Insurance New Business (GINB) income, which rose by an impressive 35% compared to 2023. This marks the third consecutive year of GINB growth exceeding 20%, showcasing the strength of our offerings and the trust our customers place in us.
Renewals remain at the core of our General Insurance business, contributing approximately two-thirds of income. In 2024, we achieved a home insurance retention rate of 80%, despite strong market competition, and car insurance retention was 86% for the year, peaking at 89% in November.
Across new business and renewals, we managed an impressive 184,000 phone calls, quoted 32,000 customers for car or home insurance, and successfully sold or renewed over 20,000 policies.
Strategic Achievements: Launching Ask Acorn and Distribution 21
2024 marked the successful launch of our new brand, Ask Acorn, providing a fresh identity that resonates with our customers and reflects our commitment to being the “solution to customers’ problems by “Asking Acorn and its done”. Alongside this, we made significant progress in Distribution 21, our strategic plan for meeting the needs of 21st-century customers.
Central to this was the development of a Group Marketing Function and the implementation of our new distribution model, which has created new growth opportunities and a stronger connection with our customers.
Evolving to Meet Customer Needs
As customer expectations continue to change, we are committed to delivering greater convenience and control. In the coming years, our focus on developing digital capabilities and self-service options will empower customers to manage their policies seamlessly, while still benefiting from the personalised service they value. These advancements will enable us to meet the evolving demands of a dynamic world, reinforcing trust and strengthening customer engagement.
Technology will be at the heart of this transformation and these innovations not only position us to stay agile and competitive but also ensure we continue to provide exceptional outcomes that meet and exceed our customers’ expectations.
Looking Ahead with Confidence
As Keith noted in his reflection, our achievements in 2024 were driven by shared values of pride, responsibility, and purpose. These values form the foundation of our vision as we embrace the opportunities of 2025. Together, we will build on this year’s progress, drive innovation, and continue delivering for our customers.
Wishing you and your families a Happy New Year filled with health, happiness, and success.
Regards,
Barry O Sullivan Chief Operations Officer – Ask Acorn Group Chief Customer Officer - Acorn Life Group
"Every great brand is like a great story. It has a beginning, a middle, and an evolution."
– Kevin Plank