‘A very strong market’ LLOYDS BANKING GROUP: INSURANCE BUSINESS
THE Lloyds Banking Group is well known for its retail and business banking brands such as Lloyds TSB, and the Bank of Scotland, which is one of the major banking providers in Scotland.
In addition to banking, the Lloyds Banking Group also provides other financial services, including wealth management and insurance operations. The Group’s insurance
business is a significant provider in the UK market, mostly under the iconic Scottish Widows brand with offices in Edinburgh and Bristol. In this sector, Lloyds is the UK’s
STANDARD LIFE
WITH a history that goes back to 1825, Standard Life is a UK’s leading financial services companies with substantial international business interests. From its headquarters in Edinburgh it provides life assurance, pensions and investment management to around six million customers. The Standard Life
group operates across the UK, European, Canadian, Indian and Chinese markets with total assets under administration of £200 billion at the end of June 2011. With a strong portfolio
in insurance and long-term investment products it’s no surprise
to learn that actuaries play a key role in the company’s operations. Standard Life employs around a 100 qualified actuaries and has a regular annual intake of graduate trainees to supplement this force. John Gill, Chief
Risk Officer for the UK business, said that Standard Life provides a great opportunity for actuaries to develop
in their careers – and he should know as in his 25 years with the company he’s held numerous roles including Finance Director and Chief Executive of Standard Life Bank and Group Actuary for Standard Life’s international product development arm. He explained: “We see
ourselves as a market leader in the
pensions and savings industry. “Because of the breadth of the
business we have, this offers great opportunities for actuaries to get involved in different elements of the organisation, whether it’s risk management, product development and marketing, or pure financial reporting. “We try to make sure our actuaries get as much exposure to as many parts of the business as possible. This gives them a really good understanding of the way the organisation works and it means they are well placed in the future to take on senior management roles.”
DIG DEEPER...
For more information, visit
www.standardlife.com
Actuaries are in demand
leading bancassurance provider and has one of the largest intermediary sales forces in the country.
The Group’s
insurance division consists of two
business units: Life, Pensions & Investments and General Insurance.
Stephen McGee recently
joined the Lloyds Banking Group as Chief Actuary for its Life, Pensions and Investment division and is responsible for the 100-strong actuary team in Scotland involved in making decisions about £130 billion worth of business.
He is based within the
Scottish Widows brand and says the demand for good qualified actuaries has never been better as increased UK regulation has highlighted the importance of the risk-related work that actuaries contribute to the success of the financial services sector.
For more information, visit
www.lloydsbankinggroup.com DIG DEEPER...
HYMANS ROBERTSON
HYMANS Robertson celebrated its 90th anniversary in 2011, representing an enviable heritage of actuarial advice and consultancy services to the occupational pensions market, in both the private and public sectors. It’s an independently run
partnership with offices in Glasgow, Edinburgh, London and Birmingham, providing investment and actuarial consultancy, pension scheme design and management, and third-party administration. It is also expanding into new areas of risk management consultancy. The firm’s expertise in defined benefit schemes was called upon by Lord Hutton recently in his Independent Commission into public sector pensions. Hymans Robertson is the market leader in public sector pensions consultancy. Managing Partner James
Entwisle said: “At heart, we are really analysts and risk managers. We look primarily at defined benefit schemes but we are equally capable of applying those skills to other areas of risk management.” That’s why the firm has launched its Enterprise Risk Management service to assist banks and life insurance businesses with risk management, and is developing its Club Vita subscription research database into longevity trend analysis. In addition to risk management skills, the firm puts a good deal of emphasis on communications. James said: “We help design and implement pension plans and the
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