Relationship with our Stakeholders

Eagle Star recognises that apart from Shareholders, our Stakeholders can be defined as customers, business partners, suppliers, employees, the environment and the community in which we operate.

Eagle Star strives to meet and understand the needs of its Stakeholders. Integrating socially responsible business practices includes having specific policies in place with regard to all our Stakeholders and continually evaluating and improving those relationships.

Customers and Business Partners

We want our customers to protect for the present and plan for the future. To achieve this we focus on our strength and expertise in pensions, financial protection and investment. 80% of our business is carried out through a distribution channel that offers customers independent advice and choice between our products and those of other providers. Our customers and business partners want products and services that suit their needs and to conduct business with a company who behaves responsibly.

According to a Consumer Attitude Survey towards Corporate Responsibility carried out in 2002 by Business in the Community, Ireland, 7 in 10 Irish consumers say a company's commitment to social responsibility is important when buying a product or service and "companies who are transparent and accountable will benefit through enhanced customer loyalty and confidence - respecting corporate responsibility and being seen to do so will ultimately impact on the bottom line" Brian Geoghan, Director, IBEC, March 2003.

Customer Dialogue

We are always communicating directly with our customers through regular correspondence about the products they have purchased, promotional literature, our website and interaction with our staff. This is how customers form an opinion of the company they deal with. In order to improve in terms of what our customers expect from us, we partake in industry opinion surveys e.g. the Life Insurance Market Research Association (LIMRA) Broker Survey the Irish Broker (IBA) Service Excellence Survey and the Professional Insurance Brokers Association (PIBA) Broker Survey.

Eagle Star encourages ongoing dialogue with broker representative bodies and encourages feedback through our team of broker consultants as part of our general customer communications in order to ensure the highest standard of customer satisfaction.

The Irish Brokers Association (IBA) and the Professional Insurance Brokers Association (PIBA) are representative bodies for insurance brokers in Ireland. IBA and PIBA represent members' interests to the Irish Financial Services Regulatory Authority (IFSRA), the Government, legislators, the insurance industry and the media.

The findings of the IBA and PIBA surveys which are summarised in the Marketplace section of this report, are a very good benchmark against which insurers' service to customers and the broker market can be measured.

LIMRA is a member-owned organisation that provides marketing, research and information facilities for over 800 financial service organisations around the world, including Eagle Star Life in Ireland. Being a member company, which contributes to LIMRA's research activities, gives us access to valuable information on the various drivers of our industry and the views of important Stakeholders like consumers and insurance intermediaries.

Eagle Star also surveys the general public directly. In 2003, it commissioned Lansdowne Market Research to do two separate surveys on Eagle Star's brand awareness and brand image as a pension/PRSA provider.

Employees

We want to attract and retain the best people. Corporate Responsibility matters because:

According to An Tanaiste, Mary Harney, TD (February 2004), "a happy workplace is not only good for employees but is also essential for the long-term future of their organisation. Research has shown that companies that respect and value their employees by providing a pleasant working environment are generally more productive, share greater profits and are less likely to experience industrial disputes". Embedding Corporate Responsibility in the Company DNA, BITC Ireland.

Suppliers

Suppliers like to deal with a company who has integrity and honours terms and conditions of payment. Our commitment to the IBEC code of practice on 'Prompt Payments' ensures that we meet high internal standards and pay suppliers promptly.

Community

In 2003/2004 we have endeavoured as a company to have a positive impact on the community in which we live and work. This report is the beginning of documenting our community activity. We plan to develop this further by linking community needs to our business objectives and thereby benefit both.

Environment

Eagle Star is working to improve our capability to contribute in this area, in balance with long-term business development, particularly in providing environmental benefits through the area of internet technology, where Eagle Star is a market leader. We remain constant in our goal of finding ways to integrate environmental awareness where possible.

Now we will examine how we currently act responsibly under four key headings: Marketplace, Workplace, Community and Environment.