Foreword
An important core value within Eagle Star is to 'Act with Integrity'.
Integrity is not a trade off against any other value or against any of our
financial or other goals. Rather, it and the principles that naturally extend
from it are necessary ingredients for reaching these goals.
Eagle Star Life became a founding member of Business
in the Community Ireland in 2000, to show a tangible commitment to Corporate
Responsibility and a determination to focus strategically on Corporate Responsibility
within the company through a process of systematic measuring. One of the first
steps on our path to incorporating Corporate Responsibility throughout our business
was the production of a full scope Corporate Responsibility report in 2003.
We hope this, our next publication will again give you a broad understanding
of our company, the policies and practices we have in place and our commitment
to continuous improvement in the area of Corporate Responsibility.
We have made good progress with most of our key Corporate Responsibility objectives
while we acknowledge that there is still room to improve and more to do in order
to respond to our Corporate Responsibility challenges.
Apart from the success in launching a Corporate Responsibility Report on-line
at the business leaders' conference 'Good Business, Better Impact' in March
last year we had some important business successes and developments which fit
well with our Corporate Responsibility ethos, e.g.
- In 2003 we were one of the first companies in the country to provide the
new Personal Retirement Savings Accounts. As a leader in the pensions market,
Eagle Star believes it has a corporate responsibility to support wider pension
provision. These products are intended by the Government to help those without
adequate cover to provide for their future retirement and PRSA's are an easily
accessible low cost option for everyone.
- In the September 2003 edition of Consumer Choice, all the Standard PRSAs
in the market were assessed under the categories: investment flexibility,
strategy review and performance; contribution flexibility; bonuses and rewards.
Each time a PRSA got a favourable mention under a category it was awarded
one point. Eagle Star's PRSA was the only product to receive a score of 5
points.
- In line with our Commitment to Corporate Responsibility, Eagle Star believes
that serving the customer is central to the future of its business and strives
to give them superior value and outstanding service. In 2003 this was recognised
by independent market research with Eagle Star winning the Irish Brokers Association
(IBA) and the Professional Insurance Brokers Association (PIBA) awards for
service excellence in the Life Insurance Industry.
Eagle Star's 2004 report aims to re-affirm our commitment to Corporate Responsibility,
going beyond our 'all encompassing' responsibility to our customers who entrust
Eagle Star with their long term financial planning, in the key areas of pensions,
investments and financial protection.
Our Impact as an Organisation
Eagle Star is proud to be a part of an industry whose pivotal role is to provide
financial protection for families. Life insurance protection in force in Ireland
at the end of 2002 was estimated at €198 billion.*
Insurance remains an important economic sector in its own right, providing
employment to well over 15,000 people in Ireland, maintaining investment funds
of approximately €25 billion in Ireland and paying out claims of €3,731
million.*
*Source: latest statistics available from Irish Insurance Federation 2002 Factfile.
As part of the Life Insurance industry, Eagle Star offers invaluable benefits
to the general public in the form of the peace of mind, security and the protection
which life and pension products offer.
Eagle Star Life encourages saving and in particular a high level of saving
for retirement. It builds trust and reputation through the design of its products,
the recognition of its responsibilities in the area of fairness and transparency
and the provision of an excellent service to the consumer.
We recognise our many responsibilities as a company in which people invest,
as a solution provider to our customers, as an employer of choice and as a good
corporate citizen of the wider community in which we operate. We are striving
to improve how we understand and manage these responsibilities, which is why
we are advancing our efforts in corporate citizenship in line with our values
of open, ethical and honest trading.
