Summary report and accounts - UIA Mutual · 2014. 6. 20. · 2012 SuMMAry report And ACCountS 03 to...

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


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.


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


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)


£40,000donAted to ChArity in 2012


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.”


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


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


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


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)


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

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Transcript of Summary report and accounts - UIA Mutual · 2014. 6. 20. · 2012 SuMMAry report And ACCountS 03 to...