1. Protection market overview Protect Association Maxine Udall and Ron Wheatcroft, 20 May 2016

2. Maxine Udall and Ron Wheatcroft | 20 May 2016 Term assurance -1.8% – Term only+ 2.4% – Term with CI - 9.7% Critical illness - 7.6% – Accelerated CI - 9.8% – Stand-alone CI + 46.5% Income protection + 10.7% Whole life + 7.3% – Guaranteed acceptance + 7.4% – Non-linked+ 8.2% – Unit-linked- 46.1% Term & Health Watch 2015 in summary VolumePremium Term assurance -1.7% – Term only-0.3% – Term with CI -3.4% Critical illness -2.4% – Accelerated CI -4.1% – Stand-alone CI +43.7% Income protection +14.4% Whole life +12.4% – Guaranteed acceptance +13.3% – Non-linked+10.9% – Unit-linked+2.3% 2

3. Maxine Udall and Ron Wheatcroft | 20 May 2016 Distribution split *Directly-authorised refers to any business of that nature, including IFAs. It isn't pure IFA business. 3 Distribution by product line, % market share 2015*TiedDirectly -authorisedDirectBancassurance Term assurance 11.969.29.29.7 Critical illness (CI) 14.970.84.39.9 Income protection (IP) 17.979.60.42.1 Distribution by product line, % changes 2015/2014TiedDirectly-authorisedDirectBancassurance Term assurance 29.8-0.7222.1-46.8 Critical illness (CI) 76.83.3255.4-54.3 Income protection (IP) 0.711.3256.0-79.9

4. Maxine Udall and Ron Wheatcroft | 20 May 2016 Total new term sales split between term and term with CI, 2011-2015 by volume 4 New term sales with a CI benefit represent 32.1% of total new term sales in 2015 (34.9% in 2014).

5. Maxine Udall and Ron Wheatcroft | 20 May 2016 Product type201320142015 % change 2015/2014 LTA without CI 508,884 522,649 555,9076.4 Relevant life - 16,372 21,79033.1 LTA with CI 201,502 211,694 203,945-3.7 DTA without CI 234,492 239,001 225,582-5.6 DTA with CI 220,487 232,043 196,174-15.5 FIB without CI 29,417 25,748 24,680-4.1 FIB with CI 1,022 2,770 2,8543.0 Other term without CI 20,836 29,165 24,766-15.1 Other term with CI 9 6 881,366.7 Total 1,216,649 1,279,448 1,255,786-1.8 Total new individual term sales split by LTA, DTA, family income benefit and other term sales, 2013-2015 by volume 5

6. Maxine Udall and Ron Wheatcroft | 20 May 2016 Distribution channel 20112012201320142015 % Change 2015/2014 Directly-authorised 878,320 941,983 759,492 891,415 868,629-2.6 Tied 593,167 481,201 172,825 117,169 149,24427.4 Direct 16,619 50,220 45,563 36,586 115,663216.1 Bancassurance - 238,769 234,278 122,250-47.8 Total 1,488,106 1,473,404 1,216,649 1,279,448 1,255,786-1.8 Total new individual term sales by distribution channel, 2011-2015 by volume 6

7. Maxine Udall and Ron Wheatcroft | 20 May 2016 Product type201320142015 % Change 2015/2014 Term with CI423,020446,513403,061-9.7 Whole life with CI653718387-46.1 Stand-alone CI22,00618,20826,67946.5 Total445,679465,439430,127-7.6 New individual stand-alone CI and CI written as an acceleration of life cover, 2011-2015 by volume 7

8. Maxine Udall and Ron Wheatcroft | 20 May 2016 Product 20142015 % Change 2015/2014 IP to “retirement age” (excluding LPT)63,339 66,1674.5 Income protection 1 year limited payment term2,200 2,3838.3 Income protection 2 year limited payment term17,329 33,27192.0 Income protection 5 year limited payment term9,402 2,360-74.9 Income protection 'other' limited payment term4,619 3,121-32.4 New individual IP sales split by duration of limited payment term, 2014 – 2015 by volume 8 Majority written to "retirement age" 38% of written on a limited payment term basis (34% in 2014)

9. Maxine Udall and Ron Wheatcroft | 20 May 2016 Product type *20112012201320142015 Guaranteed acceptance385,132314,869246,326243,181261,137 Non-linked14,24526,23026,44130,09232,550 Unit-linked1,3053,011656718387 Total400,682344,110273,423273,991294,074 New WL sales, unit-linked, non-linked and guaranteed acceptance plans, 2011-2015 by volume 9 - Guaranteed acceptance plans, usually targeted at the over 50s market or with the express purpose of paying for a funeral or expenses on death - Fully-underwritten non-linked products, such as those designed to mitigate inheritance tax - Unit-linked products.

10. Maxine Udall and Ron Wheatcroft | 20 May 2016 Group Watch 2016 10 In 2015, the number of people covered increased by almost 310,000  Long-term DI  1.3% (+27,644)  Death benefits  2.4% (+209,503)  Critical illness  15.0% (+71,426) Benefits in force have grown too  Long-term DI  4.2% (+£2.6bn per annum)  Death benefits  5.2% (+£54.7bn)  Critical illness  11.4% (+£3.2bn)

11. Maxine Udall and Ron Wheatcroft | 20 May 2016 Premiums have gone up too  Long-term DI  2.1%(+£13.6m)  Death benefits  3.6%(+£45.3m)  Critical illness  17.2%(+£12.5m) A generally good picture for scheme numbers  Long-term DI  0.0%(-8)  Death benefits  5.0%(+2,425)  Critical illness  7.8%(+222) Group Watch 2016 11

12. Maxine Udall and Ron Wheatcroft | 20 May 2016 Group death benefits – number of people covered, 2011- 2015 12 20112012201320142015 Registered7,299,3397,468,7477,724,9067,765,2817,971,060 Excepted 311,479 344,889 334,742391,438490,911 DISP 594,166 575,943 514,132494,870399,121

13. Maxine Udall and Ron Wheatcroft | 20 May 2016 Non-pension life cover Critical illness Mortgage market Income protection Messages 13

14. Maxine Udall and Ron Wheatcroft | 20 May 2016 14

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