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Strategy matters - January 2008

Strategy matters contains articles on key strategic issues facing the financial services sector today.

We thought we would start 2008 with an edition of Strategy matters that covers some of the key themes for the year ahead, and also updates you on some of the projects that kept the Insurance and Financial Services Strategy Group busy in 2007.

The four areas we have chosen to discuss in brief are: variable annuities, equity release, the Retail Distribution Review and the protection market. Variable annuities have been topical throughout 2007 and we see this continuing as an area of interest. Focus is very much on the retired marketplace in general, with a great deal of activity and interest continuing around the equity release market. The big news for those involved in distribution is the Retail Distribution Review. However, we will have to wait longer than expected to see the outcome of all the discussions. And finally, the protection market seems set for a difficult year ahead, although it is not without opportunities.

As always, we hope to see many of you in 2008. You will be receiving invitations to our strategy debating forums in spring and autumn. These events are always well attended and the feedback is positive, so if you would like to see industry experts getting hot under the collar about key subjects, please do come along!

Variable Annuities
The last few years have seen the gradual introduction of variable annuities in Europe.
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Equity Release
The equity release market has seen steady growth for many years now and, despite being relatively flat for the last few years, it continues to grow.
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Retail Distribution
Along with the Christmas decorations and New Year’s resolutions, the Retail Distribution Review (RDR) has been safely tucked away with the Financial Services Authority (FSA); the consultation period over – at least for the time being.
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Protection
The long term protection market (that is, life cover, critical illness and income protection) seems set for a challenging 2008, with external influences suggesting some significant threats for product providers.
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2007 Review
2007 was a busy year for the Insurance and Financial Services Strategy Group at Watson Wyatt.
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About Watson Wyatt
Strategy matters is brought to you by Watson Wyatt’s Insurance & Financial Services’ Strategy Group.
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To get in touch with us regarding issues raised in Strategy matters, contact  Andy Sanders or Colette Dunn.