Reflecting on 2022

It’s Christmas this weekend – where has the year gone? As we look forward to the big day, I’d like to take a moment to look back on what has been a brilliant, but challenging year.

At the start of 2022, we brought together two parts of our organisation - Insurance and Retirement - to form one division: Retail. Operating as #OneRetail has allowed our teams to share best practice, drive value and ultimately create a joined-up customer experience across the business.

We have an important role to play in improving the lives of our customers and creating value for shareholders. Inclusive capitalism means investing for good, which is why we’ve made strategic and socially responsible investment choices in Moneyhub , Gen H and Onto . These Fintech firms are paving the way to help more people find financial freedom, navigate the home buying and financing ecosystem and access renewable energy technologies.

This year, we launched a number of key research pieces, including the #EquityEconomy, which delves into how equity release – which has seen an annual increase of 24% - is making a positive impact in communities across the country. Our #DeadlinetoBreadline research highlighted the role of advisers in improving financial resilience for clients, with the average working household just 19 days from the breadline. More recently, we looked at the rising #CostofChristmas – up 7.3% compared to 2019 - and shared ways that people can enjoy the holidays without creating additional financial pressures for the New Year.

After the pandemic years, 2022 marked a full return to in-person events. We celebrated with many exceptional businesses and their leaders when we hosted the Business Quality Awards. The fantastic work the intermediary community do is sometimes overlooked, which is why it’s all the more important that we use the BQAs to celebrate excellent end-to-end customer experience, putting intermediaries firmly at centre stage.

Our own hard-working teams within Retail have collected their fair share of accolades too. Across the division, we’ve won 37 awards this year, including a Five Star rating from #FASA for Home Finance, Outstanding Group Income Protection from COVER Magazine , as well as Best Annuity Provider and Life Insurance Provider of the Year from Moneyfacts Group plc .

In personal news, I was delighted to be appointed as part of the Advisory Group for the? Money and Pensions Service just last month. I look forward to working closely with Sir Hector Sants and my colleagues to help transform financial wellbeing in the UK and create better outcomes for individuals, businesses and the economy.

A particular highlight for me this year was the opportunity to visit Northern Ghana. As a guest of Savannah Education Trust, we opened a newly built school in a village that had never had access to education before. It was truly humbling to see how happy the children and parents were, knowing how much these resources will transform their lives.?

But of course, this year has brought its own fair share of difficulties. The invasion of Ukraine has created global unrest and uncertainty. We mourned the sad death of Her Majesty Queen Elizabeth II, who gave 70 years of service to the Commonwealth. And the economic situation in the UK has left many people struggling with rising living costs. Legal & General has donated ￡1.5 million to charities working to support the people of Ukraine, and ￡250,000 to support organisations making a difference to communities in the UK, including Age UK , Citizens Advice , SANE and Trussell . We have also given additional cost-of-living payments to around a third of our people to support them during this tough winter.

As we look forward to 2023, we will continue to challenge each of our existing businesses to harness the benefits of tech, data and customer-centric innovation. Our Workplace Pensions business will continue to be a key focus, making sure we win new schemes, delight existing clients and improve customer engagement. And last but not least, we will expand our mortgage offering and continue to invest and develop our portfolio of fast-growing Fintech businesses.

It’s been an incredibly busy year for everyone, and I couldn’t be prouder of the brilliant team we have built in Retail and the work they do to create brighter financial futures for people every day.

A special thanks goes out to my own Executive team: Ali Crossley , Claire Parker , Craig Brown , Katharine Photiou , Lorna Shah , Marco Groot Wassink , Mark Holweger , Morgan Spillane , Nimol Rajkumar , Paula Llewellyn , Steve Davis , Stephen Griffiths , Wian Pieterse and my EA, Denise French .

But now it’s time to take a well-deserved break.

To all my connections and colleagues, I wish you and your families a wonderful Christmas. Enjoy the time off with your loved ones - and see you next year.

Bernie