Chief Executive Report

Being inclusive means that we try to provide solutions for as many people as possible and that can be clearly evidenced in the product and proposition enhancements delivered in 2022. We promote equality and diversity within the organisation and recognise that the Society’s people are its most valuable asset. This commitment was once again evidenced in 2022 as we completed our submission to the HM Treasury’s Women in Finance Charter. The charter seeks to ensure gender balance at all levels across Financial Services firms. We are very proud that the Society’s submission was again able to demonstrate that equality and inclusion, including gender diversity, are very prominent in the Society. The Society is also an Accredited Living Wage employer as certified by the Living Wage Foundation alongside which we provide a comprehensive set of employee benefits.

Future Trends

2022 has seen the U.K. Income Protection market return to growth and the Society’s products and propositions remain highly valued by the intermediaries that recommend them. The Society experienced a significant level of transformation and the Board dedicated considerable time and effort analysing and understanding the Income Protection market, the Society’s propositions and the associated risks and opportunities. The changes made in 2021, and throughout 2022, have been exceptionally well received by the market and the Society has experienced a growth in membership and a significant growth in market share.

The wider U.K. Protection market, incorporating mortality and critical illness solutions, reduced in 2022. Many of the large corporate Protection providers operate across all areas of the Protection market and this decline may result in increased competitive activity in the U.K.’s Income Protection market in 2023. The Society will continue to work with intermediary partners to further develop, and enhance, our products and propositions to ensure that we can continue to grow. A key element of the Society’s proposition is that we are people led and that we passionately care about our members as individuals and our advisors as partners.

Conclusion

The Society has made substantial progress towards its strategic priorities in 2022 and the changes that we have delivered have received fantastic feedback from our members and from our intermediary partners. The improvements to the Society’s products, propositions and services in 2022 have been matched by improvements to our controls and governance and as a result the Society is stronger, more resilient and capitalising on its significant potential for growth. These achievements are testament to the capability, expertise, passion and determination of the Society’s people. The Society is very much people led and we are listening to the individual needs of our colleagues, members and advisors, and we will be there to support you because we care. I would like to express my sincere thanks to the Society’s people who have worked relentlessly for our success in 2022.

Finally, I would like to take this opportunity to thank all my Board colleagues for the time, effort, and expertise they bring to the Society. The Society’s Board have crucially supported the management of the Society’s capital strength to provide the foundation to create a strong and sustainable Society for the benefit of its members. I am grateful for the significant additional time commitment that the Directors have given to Society matters in 2022. I am very proud to be the Society’s Chief Executive Officer and I look forward to leading a Society that members value, that our partners want to work with and that our employees are proud to represent.

Simon Owens Chief Executive Officer 26-May-23