The Effects of COVID-Driven Change on Financial Strategies of Leading UK Life Insurance Providers.

Purpose: This study determines the effects of COVID-19 on financial strategies of UK Life Insurers to advise on future strategic opportunities. Design/Methodology/Approach: A mixed methods design gathered data from financial statements of 4 leading UK Life Insurers, focusing on significant changes during 2019-2020. A convenience, probability sample of sector employees completed an online survey, distributed via snowball sampling to determine drivers of strategic change. Data was analysed using financial ratio and content analyses in a multi-level design. Findings: Analysis identified fluctuation of financial performance indicators during 2019-2021, prompting sector-wide strategic repositioning and disposals. The study finds increasing demand for flexibility, digitalisation, and accessibility with significant post-COVID investment in these areas. Practical implications: Financial and non-financial benefits of homeworking identified opportunities in flexibility and automation. Changing bargaining powers of stakeholders present opportunities for development of talent management strategies. Insurers may consider strategic repositioning to align projections, offerings, and shareholder return processes with business objectives and demand. Originality/value: Despite existing global studies, focused research on UK markets, considering both financial and non-financial data remains uncharted. This study creates value for UK Life Insurers seeking to improve financial strategy and determine key opportunities for post-COVID success.

Name dc:type.qualificationname

mphil

Level dc:type.qualificationlevel

masters

Grantor dc:publisher.institution

University of Wales Trinity Saint David

Year dc:date.issued

2023

Author dc:creator

• Prells, Nina

• HG Cyllid

Dc Identifier Grantnumber

UWTSD

OAI identifier oai:identifier

oai:repository.uwtsd.ac.uk:2671