Who we are
Insurance & Investment is one of the UK’s largest providers of investment products, offering multi-brand life, pensions, mutual funds and general insurance products.
Multi-channel, multi-brand
Insurance & Investment manufactures and distributes a range of life, pensions, investment and general insurance products. The division uses its multi-channel, multi-brand operating model to maximise both distribution reach and product and pricing flexibility. Whilst low cost access to the large HBOS Retail customer base is a core strength, the division also enjoys strong 3rd party distribution relationships with partners and intermediaries.
Personal Lines Insurance
Our General Insurance business focuses on Household, Repayment and Motor Insurance. The Retail branch network is our core distribution channel for Household Insurance. However, increasingly sales are being made through partners and intermediaries and direct to customers via e-commerce and telephone channels. Our Repayment Insurance products are distributed through the Retail branch network and a number of large 3rd party relationships.
Motor Insurance
The esure and First Alternative joint ventures underwrite all of the Group’s Motor Insurance under the esure, First Alternative, Sheilas’ Wheels, Halifax and Sainsbury’s Bank brands. Distribution is largely through esure’s direct channels as well as in Sainsbury’s supermarkets and via our Retail branch network.
Investment Business
Our Investment businesses focus on manufacturing and distributing investment funds, bonds and pension products. This business mix covers over 80% of the UK life, pensions and investment market. We have chosen not to actively market annuities given the longevity risk and capital requirements of these products - instead offering our customers access to products from other providers via an in-house independent annuity service.
Distinct distribution channels
Our Investment businesses have three distinct distribution channels: Bancassurance, Intermediary and Wealth Management. In Bancassurance, Halifax branded business is distributed principally through branch-based personal financial advisers with high net worth business sold under the Bank of Scotland Investment Service (‘BOSIS’) brand. In Intermediary, we distribute Clerical Medical branded products and, in Wealth Management, we own a 60% stake in St James’s Place (‘SJP’), a leading player in the wealth management market.
