summary report and accounts - uia mutual · 2014. 6. 20. · 2012 summary report and accounts 03 to...
TRANSCRIPT
2012Summary report and accounts
03 Agenda
04 Board of Directors
06 Chairperson’s Statement
11 Summary Financial Statements
12 Summary Directors’ Remuneration Report
14 Where to f ind us on the day
119th AnnuAl GenerAl
MeetinG
Contents
AgendaTheAnnualGeneralMeetingofUIA(Insurance)Limited(theCompany)willbeheldonthe1stFloorattheMuseum of liverpool,PierHead,LiverpoolWaterfront,L31DGonTuesday,18 June 2013 at1.00pm(or15minutesafterthecloseofthemorningsessionoftheNationalDelegateConferenceofUNISON,iflater),toconsiderthefollowingbusiness:
2012 SuMMAry report And ACCountS 03
to consider and, if thought fit, to pass the following resolutions by a simple majority of votes cast:
1 ToreceivetheannualreportoftheBoard,theauditors’reportandtheauditedfinancialstatementsfortheyearended31December2012.
2 Toapprovetheremunerationreportfortheyearended31December2012.
3 ToauthorisetheBoardtore-appointMazarsLLPorappointnewauditorsoftheCompanyfortheyearended31December2013.ToagreethattheremunerationoftheselectedauditorsbedeterminedbytheBoard.*
4 Tore-electIanCracknellasamemberoftheBoard.
5 Tore-electAndrewWainwright-BrownasamemberoftheBoard.
6 Tore-electMarionSaundersasamemberoftheBoard.
7 Tore-electBenTerrettasamemberoftheBoard,havingbeenappointedasaDirectorsincethe2012AGMandpursuanttoRule71oftheCompany.
8 Tore-electEleanorSmithasamemberoftheBoard,havingbeenappointedasaDirectorsincethe2012AGMandpursuanttoRule71oftheCompany.
9 Tore-electLuciaMcKeeverasamemberoftheBoard,havingbeenappointedasaDirectorsincethe2012AGMandpursuanttoRule71oftheCompany.
10ToelectBobAbberleyasamemberoftheBoard.
11TotransactanyotherbusinesspermissibleundertheRulesoftheCompany.
ByorderoftheBoard
AGM2013 An
nual
Gen
eral
Mee
ting*Audit tender
FollowingarequestattheAGMheldattheHermitageHotelon19June2012,wehavecommencedaprocesstoreviewourexternalauditprovision.InviewofthetimingrequiredtosendoutnoticeoftheAGM,wehavenotyetcompletedourreviewandareunfortunatelynotinapositiontorecommendanauditfirmtoourmembers.However,wehavenarrowedourinitialchoiceofsixfirmsdowntothreeandthesefirmswillbepresentingtoourAuditCommitteeon22July2013.AdecisionwillbemadeatthismeetingandputtothefullBoardforapprovalon24July2013,withthedecisiondueforratificationbyyou,ourmembers,attheAGMin2014.
ian CracknellChiefExecutiveOfficer8March2013
Chairperson
GerryGallagher*
GerrywasappointedaNon-ExecutiveDirectorin2003andChairpersoninJune2011.From1974to2010GerrywasamemberofpolicestaffwithDurhamConstabulary,andformanyyearsasTradeUnionSideSecretaryoftheConstabularyPoliceStaffGroup.
GerrywasamemberoftheNationalExecutiveCouncilfrom2000to2010whenhesteppeddownafterservingasUNISONNationalPresident2009-2010.
HeisalsoaNon-ExecutiveDirectorofUIA(InsuranceServices)Ltd,UIA(CallCentres)Ltd,UIALotteryManagementServicesLtd,UniserviceLtdandUIA(Trustees)Ltd.HeisamemberoftheAudit,theRiskandtheNominationsandRemunerationCommittees.
GerrywillretirefromtheBoardatthe2013AnnualGeneralMeetinginaccordancewiththerulesoftheSociety.
Chief executive officer
IanCracknellMAFIDMFIoD
IanwasappointedCEOdesignateinFebruary2012andbecameCEOinJune2012,followingtheretirementofIanTempleton.IanhasbeenwithUIAsinceFebruary1997andwasformerlyMarketingDirectorofUIA(Insurance)Ltd,appointedin1998.HeisalsoaDirectorofUIA(InsuranceServices)LtdandofallotherSubsidiaries.
IanhasworkedforanumberoffinancialservicesorganisationsincludingSunLifeofCanada,AIBBanksLtd,Cardif,LombardandLloydsTSB.HehasanMAinstrategicmarketingandisaFellowoftheInstituteofDirectMarketing.
Finance director
BenTerrettBAFCACertCII
BenisaFellowoftheInstituteofCharteredAccountantsinEnglandandWales,havingqualifiedasaCharteredAccountantin1998.Heworkedingeneralpracticeuntil2004,whenhebegancontractingasanInternalAuditorfortheAuditCommission.Benjoinedthe
UIAGroupinFebruary2005,wherehebegantheprocessofsettinguptheInternalAuditfunction.HewasappointedInternalAuditandComplianceManagerinMarch2010,withresponsibilityforComplianceOversight.
BenwasappointedtothepositionofFinanceDirectorwitheffectfrom1July2012,receivingFSAapprovalfortheroleon10July2012.BenistheCompanySecretary.HeisalsoaDirectorofUIA(InsuranceServices)Ltd.
non-executive directors
PeterDodd*
PeterwasappointedaNon-ExecutiveDirectorin2009.HeisChairoftheNominationsandRemunerationCommittee,andamemberoftheRiskCommittee.
PeterworkedforthePostOfficefor23years,andthenfortheCommunicationWorkersUnionfor10years.HehasheldpositionswithintheCWUfrom1976to2007.HeisaDirectoroftheMechanicsCentreLtd,anEmploymentTribunalMember,alaymemberoftheNationalInstituteforHealthResearchandagovernoroftheCentralManchester&UniversityHospitalsFoundationTrust.
MikeHayes*
MikewasappointedaNon-ExecutiveDirectorin2007.HeisamemberoftheAuditandNominationsandRemunerationCommittee.MikeisanengineeringassistantwithCardiffCityCouncil.HewaselectedtotheNECofUNISONin2003,andiscurrentlyChairofUNISON’sFinanceandResourceManagementCommittee.
LuciaMcKeever*
LuciawasappointedaNon-ExecutiveDirectorin2012,receivingFSAapprovalon19June2012.SheisVicePresidentofUNISON,andaTrusteeoftheirpensionscheme.ShehasbeenChairofUNISONArmaghDungannonHealthBranchsince1993,involvingchairinganumberofUNISONnationalconferences,andrepresentingbothstaffandtheunionatdifferenttimesinhercareer.
04 uiA (inSurAnCe) Group SuMMAry report And ACCountS 2012
Board of directors
BobNewton*BScFIAFIoDCDir
BobwasappointedaNon-ExecutiveDirectorin2007.HeistheChairoftheRiskCommitteeandisamemberoftheAuditCommittee.HeisaFellowoftheInstituteandFacultyofActuaries,aFellowoftheInstituteofDirectors,aCharteredDirectorandamemberoftheCharteredInsuranceInstitute.
HeisalsoaDirectorofCo-operativeBankingGroupLtd,Co-operativeBankplc,ReclaimFundLtd,andChairofCISGeneralInsuranceLtd,Co-operativeInsuranceSocietyLtdandSilentairGroupLtd,andisanadvisortoHeirtraceLtd.
Bobhasmorethan40years’experienceintheinsuranceindustryhavingheldexecutivedirectorpositionswithGeneralAccident(UK),CGUInsurance,AvivaandNFUMutualInsuranceSociety.
MarionSaunders*
MarionwasappointedaNon-ExecutiveDirectorin2010.SheisamemberoftheAuditCommittee,theNominationsandRemunerationCommittee,andtheRiskCommittee.
SheiscurrentlyalaymemberontheCounciloftheCharteredInsuranceInstitute,aNon-ExecutiveDirectorofLondonStrategicHousing,amemberoftheInformationRightsTribunal,andamemberoftheConductandCompetencyCommitteeoftheNursing&MidwiferyCouncil.
Marionhaschairedadultandchildrensafeguardingboards,suchasthePrimaryCareTrustforsevenyears,following25yearsinlocalgovernmentwheresheheldbranchofficerpostswithinNalgo.MarionisaretiredUNISONmember.
GeoffreyDShears*MALLB
GeoffreywasappointedaNon-ExecutiveDirectorin2012,followingnominationbyUnite.HereadLawattheLondonSchoolofEconomicsandtookaMaster’sdegreeinIndustrialRelationsattheUniversityofWarwickbeforejoiningW.H.Thompson,thetradeunionlawyers,in1971.
GeoffreyisasolicitorandmemberoftheLawSociety.HeremainedwithThompsonsthroughouthislegalcareer,becomingJointManagingPartnerin1996andCEOin2000.In2009,heleftthefirmasExecutiveChair,andisnowPresidentofUnionSolidarityInternational.HehasbeenTreasureroftheInstituteofEmploymentRightssince2001,andisVicePresidentoftheCentreforLabourandSocialStudies.GeoffreyisamemberofUniteandtheGMB,andanhonorarymemberoftheNUM.
EleanorSmith*
EleanorwasappointedtotheBoardintheSummerof2012,receivingFSAapprovalon19June2012.SheisaqualifiedandregisteredNurseandisemployedbytheBirminghamWomen’sHealthcareTrust.EleanorisapastPresidentofUNISON,andstillmaintainsanactiveroleasUNISONBranchSecretary,whilstactingasthestaffsideLeadNegotiatorfortheHealthcareTrust.Previously,EleanorhadbeenaSchoolGovernors’Chairfortwelveyears,andConstituencySecretaryforherLocalLabourParty.
AndrewWainwright-Brown*ACISFCII
AndrewwasappointedaNon-ExecutiveDirectorduring2010.HechairstheAuditCommittee,andisamemberoftheRiskCommittee.HeisanAssociateoftheInstituteofCharteredSecretariesandAdministrators,andaFellowoftheCharteredInsuranceInstitute.
In2008,Andrewsemi-retiredfromthepositionofDeputyManagingDirector&C.O.O.ofBritishMarine(asubsidiaryofQBE)aftera28-yearcareerintheinsuranceindustry,duringwhichheheldseniorexecutiveandfinancepositionswithanumberofmajorinsurers.InadditiontohisrolewithUIA,heactsasaconsultantandexecutivecoachtobusinessesintheinsurancesector.*Non-Executive
2012 SuMMAry report And ACCountS 05
IampleasedtoreportthatthefutureofUIAisingoodhandsasunderIanCracknell’sleadershiptheCompanyhashadanothersuccessfulyear.IanhasforgedanewteamtohelpUIAachieveevengreatersuccessinthefuture.Ourchallengein2012wastocontinuethegoodprogressthathadbeenmadeinpreviousyearstobuildonoursuccessforthebenefitofourpolicyholders.Inaddition,toensurethatUIAremainedfinanciallystrongandcapableofcontinuingtodeliverqualityhouseholdandothergeneralinsuranceproductstoourmembers,intothefuture.
new BoArd AppointMentSAsIandevelopedhisteamduringthecourseoftheyear,IamverypleasedtosaythatBenTerrettwasappointedtotheroleofFinanceDirector
andCompanySecretary.BenisaqualifiedaccountantandhasworkedatUIAforovereightyears,inthecapacityofInternalAuditandComplianceManager.Hebringsawealthofknowledgeandexperiencetotherole,particularlyinrelationtotheregulatoryenvironmentthatweoperatewithin.
Sincethe2012AGM,wealsowelcomedEleanorSmithandLuciaMcKeevertotheBoardinthecapacityofUNISONnominatedDirectors.EleanorisapastPresidentofUNISONandLuciaisaVicePresidentoftheunion.
FinAnCiAl perForMAnCeOverthelastfewyears,wehavestriventoachieveourobjectivesinchallengingmarketconditionsforbusinessandconsumeralike.However,ourfinancial
GerryGallagherwillbesteppingdownatthisyear’sAGM,after10yearswithUIA,thelasttwoasChairoftheorganisation.DuringthisperiodhehasseenUIAtransformedintothemodern,forward-lookingcompanythatitistoday,andonethathascontinuedtoprosperthroughtheglobaleconomiccrisis.
06 uiA (inSurAnCe) Group SuMMAry report And ACCountS 2012
Chairperson’s Statement
resultsshowaconsiderabledegreeofsuccess,withsolidnewbusinessfiguresandgrowthenjoyedinthenumberofmemberstakingoutourpoliciesfromkeytradeunionpartnerships,suchasUnite.Thiscontributedtoearnedpremiumsofover£22millionduringtheyear. Drivenbyacontinuedlowfrequencyinclaims,ourunderwritingpositionremainsverystrongand,buoyedbyasolidinvestmentperformance,deliveredasurplusofover£3millionduringtheyear. Theseexcellentresultshavefurtherstrengthenedourcapitalposition,providinguswithverystrongfoundationsonwhichtobuildourfuturestrategy.
StronG pArtnerShipS UIAhasaproudhistorywithinthetradeunionmovement,andweremaincommittedtobuildingonthisheritagetoofferproductsandservicestomeettheneedsofbothtradeunionmembersandlike-mindedconsumers.
Ourrelationshipswithourtradeunionpartnersremain
“our financial results show a considerable degree of success, with solid new business figures and growth enjoyed in the number of new members taking out our policies from key trade union partnerships.”
verystrong.Iamdelightedtoreportthat,earlyin2013,wehaveenteredintoanewpartnershiptopromoteourproductstomembersofGMB.
A new BrAnd For A new MArketWehaveafirmbeliefinourstatusasanindependentandfinanciallystrongmutualinsurancecompany.Weknowthatourmembersarelookingforfairness,transparencyandsuperiorservicefromtheorganisationthattheychoosetohavearelationshipwith.ThisissomethingthatwestrivetoofferthroughUIAInsurancetoourtradeunionpartners,butwealsowanttoofferlike-mindedcustomerstheopportunitytohavearelationshipwithus.In2013,wewillthereforebelaunchinganewbrandtomeettheirneeds,called‘TogetherMutualInsurance’.Growthfromthisnewmarketwillspreadtheever-increasingcostofrunningamoderninsurancecompanyinaheavilyregulatedmarket,allowingustocontinuetogivegreatvaluetoourtradeunionmembers.
£22millioneArned preMiuMS in 2012
2012 SuMMAry report And ACCountS 07
MeetinG the needS oF our MeMBerS Firstandforemostourpriorityistoensurethatweprovideourmemberswithexcellentcustomerservice.Weknowthatourmembershaveachoiceofwheretoplacetheirinsurance,butwetakeprideinthefactthateightoutofevery10memberschoosetokeeptheirpolicieswithusyearonyear.
Weregularlytakethetimetotalktoourmembersand,whilstwearenotcomplacentabouttheservicethatweprovide,ithasbeenpleasingtonotethatinregularsurveysconductedduring2012,eightoutof10saidthattheywerehappywiththeservicethattheyreceivedfromus.Moreimportantly,whentheyhadtoclaimontheirpolicies,nearlyallsaidthattheywerehappywiththeservicethattheyreceived,andwouldcontinuetorenewtheirhouseholdinsurancewithUIA.
Wecontinuetoseekwaysofenhancingthequalityofreportingtoourmembers.
In2013,wewillprovidememberswiththeabilitytodownloadorstoretheirpolicydocumentsonline,andIwouldencourageeveryonetotakeadvantageofouremailreportingserviceswheneverpossible,ratherthanchoosingtoreceiveprintedcopiesoftheAnnualReportandAccounts.
CoMpetitive inSurAnCe produCtSDuring2012,welaunchedanewrangeofhomeinsuranceproductsdesignedtomorecloselymatchtheneedsofourmembers.TherangeincludedaClassicpolicyforthoselivinginsmallerproperties,aFlexipolicytomeettherequirementsofmostofourmembers,andaSignaturepolicythatincludedmorecomprehensivecover,includinglegalexpensesandhomeemergencyinsurance.Iampleasedtosaythatourmembershavewelcomedthenewchoicesthathavebeenmadeavailabletothem,andthetake-upofthenewproductrangehasbeensuccessful.
“eight out of every 10 customers said they were happy with the service from uiA, and would continue to renew their insurance.”
Chairperson’s Statement (continued)
08 uiA (inSurAnCe) Group SuMMAry report And ACCountS 2012
£40,000donAted to ChArity in 2012
2012 SuMMAry report And ACCountS 09
ChAritABle ACtivitieSWehavecontinuedtofundthegoodworkoftheUIACharitableFoundationthroughourcommitmenttodonatingashareofourpost-taxprofits.In2012,weapproveddonationsofover£40,000tomorethan40charitiesandvoluntaryorganisations.
In2013,wearelookingtoreviewtheguidelinesfortheFoundationtoensurethatweareworkingcloselywithourtradeunionpartners,ourstaffandourmemberstosupportcausesthatareofspecificinteresttothem.
Weareparticularlyinterestedinworkingwithcharitieswhichcandemonstrateastrategyforchangeoveraspecifictimeframe,supportedthroughtheachievementofprojectobjectivesthatcanbemonitoredandevaluated.
riSk MAnAGeMent And CApitAl requireMentSInMay2012,weundertookareviewofourRiskManagementprocessand,inparticular,ourapproachtothenewSolvencyIIregime.Ourfirstobjectiveunderthisreviewwastoensurethatmembers’needscontinuedtobeprotected,butwealsowantedtoensurethatourresponsestotheinitiativewereproportionatetothenatureandcomplexityoftheCompany.
Incompletingthisreviewwedecidedtofollowmanyotherinsurersanduseindustrystandardcalculationstodetermineourcapitalrequirements,enablingustomeettherequirementsofourpolicyholders,bycomplyingwiththeregulations,butalsoenablingustohaveamoreefficientcostbase.
Attheendoftheyear,ourcapitalstoodat£32m,whichisover£13minexcessoftheminimumsetbyourregulator.
AspartoftheSolvencyIIregulationswearerequiredtoreportnotjustonourcapitalrequirements,butwealsohavetosubjectthiscapitaltostresstestsandscenariostoensurethatwecanmeettheneedsofourpolicyholdersunderextremeevents.During2012,wethereforedevelopedourOwnRiskandSolvencyAssessment(ORSA),whichisaprocessthatseekstoalignourbusinessstrategies,policiesandprocedurestotherisksweface,andallocatecapitaltothoserisks.TheresultingdocumentformsablueprintforourbusinessandwillbesubmittedtotheRegulatorduring2013.
“uiA is in a strong position to build for the future, and will be investing in new technology during 2013 to help us become even more efficient at meeting the needs of policyholders.”
10 uiA (inSurAnCe) Group SuMMAry report And ACCountS 2012
equippinG uiA For the FutureTheeconomicoutlookfortheforeseeablefuturewillremainachallengingoneforbothindividualsandbusinessesalike.UIArecognisestheimpactthattherecessionandGovernmentcutbacksinpublicservicesarehavingonmanyofourcustomers.Itisthereforeimperativethatwecontinuetoprovidethemwithaccesstoqualityandvalueformoneyinsuranceproducts,deliveredwithserviceexcellence.
UIAisinastrongpositiontobuildforthefuture,andwillbeinvestinginnewtechnologyduring2013tohelpustobecomeevenmoreefficientinthewaythatwemeettheneedsofourpolicyholders.
TheUIABoardisthereforeconfidentthatwehavetheplansinplace,andfinancial
strength,toprosperinthischallenginglandscape,andcontinuetodevelopthebusinessforthebenefitofourmembers.
ACknowledGeMentSFinally,asIstepdownfromtheBoard,IthankthepeoplethatIhaveworkedwithatUIAoverthelast10years,includingBoardmembersbothpastandpresent,allofwhomhaveaddedtothesuccessthatwecontinuetoenjoy.IwouldliketogiveUIAmyverybestwishesforthefuture.
Chairperson’s Statement (continued)
Gerry GallagherChairoftheBoard7March2013
Summary Financial StatementsThesefinancialstatementsareaimedatgivingmembersasummaryoftheprogressbeingmadebytheGroup.Theydonot,however,containalltheinformationtoallowascompleteanunderstandingoftheGroupaswouldbeprovided
bythefullauditedAnnualReportandAccounts,whichareavailabletomembersfreeofchargebywritingtotheCompanySecretary,UIA(Insurance)Limited,KingsCourt,LondonRoad,Stevenage,Herts.,SG12TP,
orviaourwebsite:www.uia.co.uk.
ThesesummaryfinancialstatementshavebeenpreparedonthebasisoftheaccountingpoliciessetoutintheGroup’s2012AnnualReportandAccounts.
noteS:1 Thepremiumspayablebymembers
duringtheyearfortheirpolicies,netofreinsurancecosts.
2 Claimsincurredrepresentstheamountpaidouttomembersonclaimstogetherwithmovementsonassociatedclaimsprovisions,netofreinsurancerecoveries.
3 ExpensesincurredbytheCompany,includinggeneraladministrationandacquisitioncosts.
4 Thenetresultofoursubsidiarycompanies.
5 InterestanddividendsearnedontheinvestmentsheldbytheGrouptogetherwithanyincreaseordecreaseinthevalueofthoseinvestmentsduringtheyear,netoftaxation.
6 Theactuarialgainsandlossesrecognisedonthepensionscheme.
7 ThevalueoffinancialinvestmentsheldbytheGroupincludingequities,bonds,giltstrips,unittrustsandcashondeposit.
8 Otherassetsincludetangibleassets,premiumandreinsurancedebtors,prepaymentsandcashatbank.
9 ReservesrepresenttheaccumulatedsurplusoftheGroupsetasidetocovertheoperationoftheGroupinfutureyears.
10Technicalprovisionsrepresentamountssetasidetocoverclaimsandpremiumswrittenbutnotyetearned.
11Otherliabilitiesincludecreditors,accrualsandreinsurancepayable.
12UIA’sshareoftheliabilityoftheUNISONdefinedbenefitpensionschemeinrespectofUIAgroupemployees.
2012£m
2011£m
Earnedpremiums,netofreinsurance 1 22.2 22.3
Claimsincurred,netofreinsurance 2 (9.8) (10.3)
Expenses 3 (11.9) (10.0)
underwriting result 0.5 2.0
Resultofsubsidiaries 4 0.2 0.1
Netinvestmentreturn 2.5 (1.1)
net surplus for the year 3.2 1.0
Actuariallossonpensionscheme 6 (1.1) (1.7)
total recognised gains and losses for the year 2.1 (0.7)
FinAnCiAl poSition At the end oF the yeAr
Assets
Investments 7 45.8 43.8
Otherassets 8 38.4 38.3
84.2 82.1
liabilities
Reserves 9 27.8 25.7
Technicalprovisions 10 34.0 35.4
Otherliabilitiesandprovisions 11 17.7 17.1
Pensionliability 12 4.7 3.9
84.2 82.1
NOTESreSultS For the yeAr ended 31 deCeMBer
SuMMAry oF Group FinAnCiAl reSultS
£84.2 milliontotAl ASSetS At the end oF 2012
2012 SuMMAry report And ACCountS 11
ThisremunerationreportsummarisestheGroup’spolicyinrelationtotheremunerationoftheBoardofDirectors.Thefullreport,whichcanbefoundinthe2012AnnualReportandAccounts,explainshowtheGrouphasappliedtheAnnotatedCombinedCodeforMutualInsurersasregardstheBoardofDirectors’remuneration.NomemberoftheBoardisinvolvedinthedeterminationof,orvotesonanymatterrelatingto,hisorherownsalary.
TheGroup’sremunerationpolicyisstructuredtofacilitatetherecruitment,motivationandretentionofgoodqualityExecutives.
TheremunerationoftheExecutiveDirectorscomprisessalary,anannualperformancereward,adeferredperformanceaward,definedbenefitpensionandtheprovisionofacompanycar.Remunerationreflectsindividualexperienceandresponsibility.TheCompanyusesexternalinformationto
validatesalarylevels.FeesfortheNon-Executive
DirectorsaredeterminedbytheBoard.Thefeesforindustryexpertsaresetusingexternalbenchmarks.Nootherremunerationispaidapartfromthesefees,exceptforauthorisedexpensesincurredwhileundertakingcompanybusiness.
ThetablebelowsetsouttheremunerationreceivedbyeachoftheDirectorsfortheirservicestotheGroupfortheyearended31December2012.
SALARy/FEES PERFORMANCEREWARD
OTHERBENEFITS
COMPENSATIONFORLOSSOFOFFICE
TOTAL
2012£
2011£
2012£
2011£
2012£
2011£
2012£
2011£
2012£
2011£
ExECUTIVES
IanCracknell 116,142 92,094 16,740 15,300 9,404 31,714 - - 142,286 139,108
AndrewGay1 36,360 112,851 8,700 11,100 2,774 39,556 - - 47,834 163,507
IanTempleton2 85,024 166,602 26,200 14,500 7,545 57,014 26,966 - 145,735 238,116
BenTerrett3 31,815 - - - 3,745 - - - 35,560 -
NON-ExECUTIVES
LesBayliss4 - 917 - - - - - - - 917
MalcolmCantello5 9,500 20,000 - - - - - - 9,500 20,000
PeterDodd 19,000 12,500 - - - - - - 19,000 12,500
GerryGallagher 36,000 20,500 - - - - - - 36,000 20,500
BobNewton 25,717 25,250 - - - - - - 25,717 25,250
MarionSaunders 18,535 12,500 - - - - - - 18,535 12,500
GeoffreyShears6 12,535 - - - - - - - 12,535 -
AndrewWainwright-Brown
26,717 25,250 - - - - - - 26,717 25,250
BoArd oF direCtorS – reMunerAtion
Summary directors’ remuneration report
12 uiA (inSurAnCe) Group SuMMAry report And ACCountS 2012
1 AndrewGayresignedon30April2012.
2 IanTempletonresignedon29June2012.
3 BenTerrettwasappointedon25July2012.
4 LesBaylissresignedon31January2011.
5 MalcolmCantelloresignedon19June2012.
6 GeoffreyShearswasappointedon9May2012.
noteS:
Theincreaseinaccruedpensionduringtheyearistheresultofboththeadditionalserviceaccruedandtheimpactoftheincreaseinsalaryonthepastaccrual.
Thetotalaccruedpensionat31December2012shownaboveisthepensiontowhicheachdirectorwouldbeentitledonleavingservice,butdeferredtoretirementage.
Theincreaseinaccruedpensionisthedifference
betweentheaccruedpensionatthestartandendoftheyear.
AcopyofthefullRemunerationReportisavailableintheGroup’sAnnualReportandAccountsfortheyearended31December2012,whichisavailablefromtheCompanySecretary,UIA(Insurance)Limited,KingsCourt,LondonRoad,Stevenage,Herts.,SG12TPorviaourwebsite:www.uia.co.uk.
the remuneration of the executive directors comprises salary, an annual performance reward, defined benefit pension and the provision of a company car. remuneration reflects individual experience and responsibility. the Company uses external information to validate salary levels.
BoArd oF direCtorS – penSionS
PENSIONENTITLEMENT yEARSOFSERVICE ACCRUEDPENSIONASAT31DECEMBER2012
INCREASEINACCRUEDPENSION
£ £
ExECUTIVES
IanCracknell 15 29,022 7,322
AndrewGay 14 52,924 1,246
IanTempleton 14 40,339 3,648
BenTerrett - 6,708 1,233
2012 SuMMAry report And ACCountS 13
where to find us on the day
TheMuseumofLiverpoolisatthePierHeadonthewaterfrontclosetoLiverpoolcitycentreandtheLiverpoolOnecomplex.
By rAil:Themuseumisabouta20minutewalkfromLiverpoolLimeStreetstation–thecity’smainlinetrainstation.JamesStreetstationistheclosestandisonlyacoupleofminuteswalkaway,butisonlyservedbytheWirralLinetrains.Moorfieldsstation,whichisservedbytheNorthernandWirralLines,isabouta5minutewalkaway.
By BuS:ThenearestbusstationisatParadiseStreet,neartheLiverpoolOnecomplex.SomebusservicesalsodropoffatthePierHead,rightbythemuseum.
By CAr:FollowsignpostsfortheAlbertDockfromthemotorwayandothermainroutesintothecitycentre.
CAr pArkinG: TheCapitalcarparkisonlyacoupleofminutes’walkfromthemuseum.IthastwoentrancessituatedonTheStrandandjustoffOldHallStreetandhasmorethan1,000undercoverspaces.
1st Floor Museum of liverpool pier head liverpool waterfront liverpool l3 1dG
tel: 0151 478 4545 www.liverpoolmuseums.org.uk
tuesday 18th June 2013 at 1.00pm (or 15 minutes after the close of uniSon business)
14 uiA (inSurAnCe) Group SuMMAry report And ACCountS 2012
RiverMersey
A5036
MeRsey tunnels
Mann Island
stRand st ChavassePark
Ferry terminal
Merseyside Maritime Museum
liverpoolJames st
A57
Museum of liverpool
A5046
tateliverpool
WateR stst. nICholas Pl
Canada blvd
liverpoollime st
For all your insurance needs, choose uia
* Lines are open Monday to Friday 8.30am to 8pm and Saturday 9am to 1pm. For quality and protection purposes your call will be recorded. UIA exchange information with other insurance companies and police to prevent fraud. 1. Compared to the standard price you would be quoted if you called us. This only applies to home (building and contents) and travel insurance. Online discounts are subject to discontinuation at any time. UIA (Insurance) Ltd is authorised and regulated by the Prudential Regulation Authority and the Financial Conduct Authority. UIA (Insurance Services) Ltd is authorised and regulated by the Financial Conduct Authority. UIA Pet Insurance is arranged and administered by BDML Connect Ltd and underwritten by Zenith Insurance PLC. Car and Travel Insurance is arranged and administered by Heath Lambert Ltd. Registered office: 9 Alie Street, London E1 8DE. Registered number 1199129 England and Wales. Home Emergency is arranged and administered by ARAG plc. Registered office: 9 Whiteladies Road, Clifton, Bristol BS8 1NN. Registered in England number 02585818. ARAG PLC is authorised to administer this insurance on behalf of Brit Insurance Ltd. All these companies are authorised and regulated by the Financial Conduct Authority.
UIA InsUrAnce Is owned And rUn for the benefIt of Its polIcyholders, so we cAn gIve yoU A better deAl
call Free for a quote*reference aFF13
or buy online at www.uia.co.uk0800 064 8424
home InsUrAnce• Up to £75,000 contents cover• Up to £1 million buildings cover• Additional 5% discount by
combining contents and buildings insurance
• Spread the cost with interest-free monthly instalments
home emergencyOnly available when purchasing a Home Insurance policy• Cover for just £30 a year• Gives you peace of mind in the
event of a domestic crisis• Areas of cover include heating,
plumbing and pest control• 24/7 claims service• Up to £1,000 per claim
trAvel InsUrAnce• 5% online discount 1
• Single trip or annual cover• Standard and premier cover
cAr InsUrAnce• 40% discount on RAC Breakdown
Cover (when you buy a UIA car insurance policy)
• Key replacement cover up to £1,000 (terms and conditions apply)
• Personal injury benefit up to £2,500 (terms and conditions apply)
• Up to 65% no-claims discount
pet InsUrAnce• Competitive cover for cats and dogs• Range of cover levels available from
bronze to gold• Premiums tailored to you and your
pet’s individual circumstances• Unlimited access to a range of
helplines including legal advice
UIA(Insurance)LtdKingsCourtLondonRoadStevenageHertfordshireSG12TP
01438 761 776www.uia.co.uk