^KLV#RUdDQLF#dURZWK#HQdLQH#LV#VXSSRUWHG#Ek#D#WKUHH0WLHUHG#
FDSLWDg#VWUXFWXUH/#ZKLFK#DggRZV#IRU#UHdXgDWHG#HQWLWLHV#WR#EH#
ZHgg#FDSLWDgLVHG/#DQG#IRU#IXQGLQd#RI#Dgg#SgDQQHG#LQLWLDWLiHV/#
ZKLgH#PDLQWDLQLQd#DQ#DGGLWLRQDg#gLhXLGLWk#EXIIHU#RI#EHWZHHQ#
\4#ELggLRQ#DQG#\5#ELggLRQ1#^KLV#ZDV#ERWK#WUXH#DW#WKH#HQG#RI#WKH#
ILQDQFLDg#kHDU#DQG#WKURXdKRXW#WKH#ILiH0kHDU#SgDQQLQd#SHULRG1#
^KH#UHhXLUHG#UHWXUQ#RI#ULVf0IUHH#.43(#FRQWLQXHV#WR#VHUiH#DV#
D#dXLGH#IRU#WKH#RUdDQLVDWLRQȇV#VWUDWHdLF#GHFLVLRQ0PDfLQd#DQG#
FDSLWDg#DggRFDWLRQ1#TQ#DQ#DddUHdDWH#EDVLV/#WKH#AURXS#
HjFHHGHG#WKLV#WDUdHW/#ERWK#FXPXgDWLiHgk#WR#GDWH/#DQG#IRU#WKH#
HjSHFWHG#UHWXUQ#RQ#FXUUHQW#QHZ#EXVLQHVV#DQG#DSSURiHG#
LQLWLDWLiHV1#^KLV#dLiHV#XV#FRQILGHQFH#WKDW#ZH#KDiH#D#UREXVW#
IUDPHZRUf#ZLWKLQ#ZKLFK#WR#PDQDdH#ULVf#DQG#FDSLWDg/#DQG#
GHgLiHU#RQ#RXU#DPELWLRQ1
ΖQ#WHUPV#RI#VRFLDg#LPSDFW/#WKH#AURXS#LV#QRZ#RSHUDWLQd#LQ#
49mFRXQWULHV#WKURXdK#VHiHQ#LQVXUHUV/#VHUiLQd#FgRVH#WR#
43mPLggLRQ#FgLHQWV/#ZLWK#RiHU#483#333#QHZ#PHPEHUV#DGGHG#
HDFK#PRQWK1#?QdDdHPHQW#gHiHgV#RiHU#WKH#SHULRG#ZHUH#
HjFHggHQW/#ZLWK#PRVW#PDUfHWV#HjSHULHQFLQd#`LWDgLWk#WDfH0XS#LQ#
HjFHVV#RI#73(1#?QdDdHG#`LWDgLWk#PHPEHUV#FRQWLQXH#WR#HjKLELW#
EHWWHU#KHDgWK#RXWFRPHV/#DQG#EHWWHU#GULiLQd#DQG#VDiLQdV#
EHKDiLRXU/#ZKLgH#WKH#gDXQFK#RI#`LWDgLWk#$FWLiH#\HZDUGV#KDV#
VHHQ#D#GUDPDWLF#LQFUHDVH#LQ#SKkVLFDg#DFWLiLWk#gHiHgV#dgREDggk1
2
A UNIQUE FOUNDATION
^KH#HQdLQH#IRU#HQDEgLQd#RXU#FRUH#SXUSRVH#LV#WKH#`LWDgLWk#
]KDUHG0`DgXH#ΖQVXUDQFH#PRGHg/#DQG#WKH#SHULRG#VDZ#
LPSRUWDQW#SURdUHVV#LQ#GHiHgRSLQd#WKH#DVVHWV#VXSSRUWLQd#LW1#
^KH#PRGHg#dXLGHV#DQG#LQFHQWLiLVHV#SHRSgH#WR#EHWWHU#KHDgWK#
DQG#GULiLQd#EHKDiLRXU/#WKHQ#PHDVXUHV#HQdDdHPHQW#LQ#WKHVH#
DFWLiLWLHV/#DQG#HQDEgHV#WKH#GkQDPLF#SULFLQd#RI#ULVf#
DFFRUGLQdgk1#ΖQGHSHQGHQW#UHVHDUFK#KDV#VKRZQ#WKDW#WKRVH#
HQdDdLQd#ZLWK#WKH#`LWDgLWk#]KDUHG0`DgXH#ΖQVXUDQFH#PRGHg#gLiH#
gRQdHU#DQG#KDiH#gRZHU#KHDgWKFDUH#FRVWV/#UHVXgWLQd#LQ#
LPSURiHG#SURILWDELgLWk/#D#SRUWLRQ#RI#ZKLFK#LV#FKDQQHggHG#EDFf#
LQWR#IXQGLQd#WKH#LQFHQWLiHV#WKDW#GULiH#SRVLWLiH#EHKDiLRXU#
FKDQdH/#WKHUHEk#FUHDWLQd#D#iLUWXRXV#FkFgH1#
TiHU#WKH#SDVW#kHDU/#WKH#`LWDgLWk#]KDUHG0`DgXH#ΖQVXUDQFH#
PRGHg#KDV#VHHQ#FRQWLQXHG#HjSDQVLRQ#LQWR#QHZ#PDUfHWV#
WKURXdK#SDUWQHUVKLSV#ZLWK#gHDGLQd#LQVXUHUV/#EHQHILWLQd#
PLggLRQV#RI#FgLHQWV#DQG#SRVLWLiHgk#LPSDFWLQd#WKH#GULiHUV#RI#
LQVXUDQFH#SURILWDELgLWk1#ΖQ#DGGLWLRQ#WR#*LVFRiHUkȇV#ZKRggk0
RZQHG#]RXWK#$IULFDQ#DQG#_J#EXVLQHVVHV/#`LWDgLWk#]KDUHG0
`DgXH#ΖQVXUDQFH#SDUWQHUV#LQFgXGH#CRKQ#BDQFRFf#LQ#WKH#
_QLWHG#]WDWHV/#NDQXgLIH#LQ#&DQDGD/#AHQHUDgL#LQ#?XURSH/
$Ζ$mLQ#$XVWUDgLD#DQG#]RXWK0?DVW#$VLD/#YLQd#$Q#LQ#&KLQD/#DQG#
]XPLWRPR#MLIH#LQ#CDSDQ1#TiHU#WKH#SDVW#kHDU/#WKH#PRGHg#
HjSDQGHG#LQWR#&DQDGD/#AHUPDQk/#$XVWULD#DQG#@UDQFH/#ZLWK#
VWDQGDgRQH#`LWDgLWk#$FWLiH#\HZDUGV#LQ#BRQd#JRQd/#NDgDkVLD/#
WKH#YKLgLSSLQHV/#]LQdDSRUH/#]UL#MDQfD#DQG#`LHWQDP1#aH#DgVR#
VDZ#WKH#gDXQFK#RI#VSHFLDgLVW#$XVWUDgLDQ#KHDgWK#LQVXUHU#
PkTZQ/#D#eRLQW#iHQWXUH#EHWZHHQ#*LVFRiHUk/#$Ζ$#$XVWUDgLD/#
DQG#ANB%$#MWG1#
$QRWKHU#LPSRUWDQW#GHiHgRSPHQW#RiHU#WKH#kHDU#KDV#EHHQ#WKH#
HIIRUW#LQiHVWHG#LQ#WKH#AgREDg#`LWDgLWk#OHWZRUf#+A`O,1#^KH#
PDQGDWH#RI#WKH#A`O#LV#WR#ERgVWHU#WKH#dgREDg#`LWDgLWk#
]KDUHG0`DgXH#ΖQVXUDQFH#SURSRVLWLRQ#DQG#GHgLiHU#RQdRLQd#
iDgXH#WR#LQVXUDQFH#SDUWQHUV#WKURXdK#GDWD0GULiHQ#LQQRiDWLRQ#
LQ#KHDgWK#LPSURiHPHQW1#^KH#QHWZRUf#LV#VXSSRUWHG#Ek#D#
FHQWUDgLVHG#\)*#IXQFWLRQ#WKDW#IRFXVVHV#RQ#SDUWQHUVKLS/#
SURdUDPPH/#GDWD/#SURGXFW/#DQG#EUDQG#DVVHWV#WR#dHQHUDWH#
iDgXH#IRU#SDUWQHUV/#DQG#GULiH#dgREDg#UHFRdQLWLRQ1#^KH#
SURdUDPPH#ZRUfVWUHDP/#IRU#HjDPSgH/#LV#HjSHULHQFLQd#
HQKDQFHPHQWV#LQ#WKH#DUHDV#RI#KHDgWKk#DdHLQd/#`LWDgLWk#IDPLgk/#
ZHLdKW#PDQDdHPHQW/#QXWULWLRQ/#DQG#PHQWDg#ZHggEHLQd/#ZKLgH#
LQ#WKH#EUDQG#VWUHDP/#ZRUf#ZDV#GRQH#WR#DGiDQFH#*LVFRiHUkȇV#
gHDGHUVKLS#LQ#RZQLQd#WKH#FDWHdRUk#RI#VKDUHG0iDgXH#
LQVXUDQFH1#?DUgLHU#WKLV#kHDU/#WKH#]KDUHG#`DgXH#ΖQLWLDWLiH#DQG#
@]A#+D#gHDGLQd#VRFLDg#FKDQdH#FRQVXgWLQd#ILUP,#UHgHDVHG#D#
ZKLWH#SDSHU#GHILQLQd#VKDUHG0iDgXH#LQVXUDQFH#DV#D#VXEVHW#RI#
VKDUHG#iDgXH/#DQG#IHDWXULQd#*LVFRiHUk#DQG#LWV#LQVXUDQFH#
SDUWQHUV#DV#SLRQHHUV#RI#VKDUHG0iDgXH#LQVXUDQFH1#^KLV#VHUiHV#
DV#DQ#LPSRUWDQW#LQGHSHQGHQW#HQGRUVHPHQW#RI#WKH#PRGHgȇV#
XQLhXHQHVV#DQG#LPSDFW1#
^KH#SHULRG#DgVR#VDZ#D#dURZLQd#VRSKLVWLFDWLRQ#LQ#WKH#
WHFKQRgRdk#DVVHWV#HPSgRkHG#Ek#*LVFRiHUk/#WKH#DddUHdDWH#RI#
ZKLFK#IRUP#WKH#EDVLV#RI#`LWDgLWk#]KDUHG0`DgXH#ΖQVXUDQFH1#@RU#
HjDPSgH/#ZLWKLQ#WKH#AgREDg#`LWDgLWk#OHWZRUf/#WKH#LQLWLDWLRQ#RI#
D#&RQWLQXRXV#NRUWDgLWk/#NRUELGLWk/#MDSVH#DQG#?QdDdHPHQW#
VWXGk/#EDVHG#RQ#73#PLggLRQ#gLIH#kHDUV#RI#EHKDiLRXU0gLQfHG#
PRUWDgLWk#DQG#PRUELGLWk#GDWD/#DLPV#WR#FUHDWH#D#FHQWUDgLVHG#
GDWD#DUFKLWHFWXUH#WR#VXSSRUW#EHVW#SUDFWLFH#VKDUHG0iDgXH#
SURGXFW#GHVLdQ#DQG#SULFLQd/#IRU#RSWLPDg#iDgXH#DQG#KHDgWK#
RXWFRPHV1#ΖQ#DGGLWLRQ/#`LWDgLWk#$FWLiH#\HZDUGV#Ȃ#RXU#SgDWIRUP#
IRU#WUDFfLQd#DQG#UHZDUGLQd#SKkVLFDg#DFWLiLWk#Ȃ#KDV#VHHQ#
SKHQRPHQDg#XSWDfH#DQG#HQdDdHPHQW#dgREDggk1#YLQd#$Q#MLIH#
KDV#UHDFKHG#517mPLggLRQ#PHPEHUV#LQ#RQgk#45#PRQWKV/#ZLWK#
KLdK#PHPEHU#HQdDdHPHQW#gHiHgV1#^KLV#KDV#UHVXgWHG#LQ#D#
VLdQLILFDQW#LQFUHDVH#LQ#SKkVLFDg#DFWLiLWk#DPRQd#PHPEHUV/#DQG#
VWURQd#gDSVH#DQG#FgDLPV#FRUUHgDWLRQV1#^KH#RUdDQLVDWLRQ#LV#
WKHUHIRUH#EXLgGLQd#D#SRZHUIXg#
insurtech
#DVVHW/#WR#EH#URXQGHG#
RXW#Ek#WKH#ILQWHFK#DSSURDFK#EHLQd#WDfHQ#LQ#RXU#LQWHQW#WR#
HQWHU#EDQfLQd1#
3
BRILLIANT BUSINESSES
^KLV#FULWHULRQ#RI#RXU#DPELWLRQ#VHWV#RXW#UHhXLUHPHQWV#IRU#RXU#
EXVLQHVVHV#WR=#
1.
%H#LQVXUdHQW#LQ#WKHLU#PDUfHWV#
2.
TIIHU#VXVWDLQDEgH#SURGXFWV#WKDW#PHHW#FRPSgHj#
FRQVXPHU#QHHGV#
61#
AHQHUDWH#HjFHggHQW#PHPEHU#HQdDdHPHQW#
71#
*HgLiHU#VXSHULRU#DFWXDULDg#GkQDPLFV#
5.
TIIHU#DQ#HjFHSWLRQDg#VHUiLFH#HFRVkVWHP#
6
Integrated Annual Report
2017
REVIEW FROM ADRIAN GORE, GROUP CHIEF EXECUTIVE
continued