Directors’ Report 37
Directors’ Report
Statements and Reviews
Rachel Small
Company Secretary
The directors of Liverpool Victoria Friendly Society
Limited present their annual report together with the
accounts for the year ended 31 December 2012.
Our Businesses
Business activities and future prospects During 2012, the key objectives and priorities were:
LV= is an incorporated friendly society that, together l Achieving the profit and enterprise value target
with various subsidiaries, carries out insurance and results for each business unit;
financial services business in the United Kingdom, l Completing the transformation of the general
through LVFS and its subsidiaries. These activities insurance business into a mature cash
Risk Management
cover with-profits assurance, life protection (both generative business;
term and whole of life), annuities, equity release, l Sharing the financial returns from our trading
motor, home, pet and travel insurance. The directors businesses with members via a mutual
consider that all the activities undertaken by the bonus scheme;
group during the year were within its rules and any l Completing the implementation of a major
relevant regulatory permissions. new system for the management of general
insurance claims;
Corporate Governance
A review of the business for the year ending l Further enhancing our enterprise risk
31 December 2012, recent events and likely management framework, operating at all times
future developments is included below. to required regulatory standards;
Our members l Completing our programme to achieve
+6,000 The board sets objectives and priorities supported by
key performance indicators (KPIs) and targets, which
compliance with the requirements of Solvency
II and the new regime established by the Retail
Distribution Review; and
2012 1,133,000 it monitors on a regular basis throughout the year.
l Achieving progress towards our goal to be
2011 1,127,000 Britain’s best-loved insurer.
Our Accounts