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Our Industry
The retail financial services industry is undergoing
a fundamental transformation as one of the biggest
demographic waves in history transitions out of the
workforce and into active retirement. Some estimates
suggest that, in the US and the UK alone, some £7 trillion
of assets could move into the retirement market over
the next five years, and there is also a significant and
growing retirement opportunity in Asia.
Not only are these people likely to live longer than
previous generations, but their needs are fundamentally
different from their predecessors. In particular, many are
looking for a more active lifestyle in retirement, but often
underestimate the savings required for this. In addition,
there is a move towards greater self-provision as a result
of declining state support. The increased cost of long-term
care is also a significant factor, as is the need to protect the
value of assets against inflation over longer periods of time.
We believe that this global retirement opportunity
will be a significant driver of growth and profitability over
the coming years, and that we have a set of assets and
capabilities which position us extremely well to capture
a disproportionately large share of that opportunity in our
chosen markets. These include our brands, our investment
and risk management skills, our product innovation and
our powerful distribution networks. |
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