Scottish Widows

Scottish Widows Limited

Company type	Subsidiary
Industry	Financial services
Founded	1815 (1815)
Headquarters	Edinburgh , Scotland, UK
Key people	Chirantan Barua (Chief Executive) Scott Wheway (Chair)
Products	Life insurance Pensions Investments Savings
Number of employees	3,500 (2011)
Parent	Lloyds Banking Group
Website	www.scottishwidows.co.uk

Scottish Widows is a life insurance and pensions company located in Edinburgh, Scotland.

Operating as part of Lloyds Banking Group since 2009, Scottish Widows provides life insurance, pensions and investments services to almost 6 million customers, through independent financial advisers, direct to customers and through Lloyds Banking Group branches and online services. It has Assets under Administration of £203 billion and annualised annuity payments of over £1.1 billion.

In 2023 Scottish Widows was rated as a five-star organisation by Defaqto for workplace pensions and pensions, drawdown, critical illness and life assurance.

Embracing technological advancements, Scottish Widows has leveraged digital solutions to enhance its services and improve customer experience. This approach has enabled the company to streamline processes, increase accessibility, and provide personalised financial guidance.

Scottish Widows is known for publishing an annual Retirement Report, and Women & Retirement Report (now in their 19th year) which provide insight and analysis on retirement-related topics among different age groups and demographics.

History

Scottish Widows Headquarters, Morrison Street, Edinburgh

Scottish Widows was set up in 1815 to take care of women and children who lost their fathers, brothers and husbands in the Napoleonic Wars, taking its name after the people it was founded to look after.

In 1999, Lloyds TSB agreed to buy the society for £7 billion. The society demutualised on 3 March 2000 as part of the acquisition.

In April 2009, following the creation of Lloyds Banking Group, it was announced that the sales team of Clerical Medical would be merged into that of Scottish Widows, and the Clerical Medical brand would eventually be phased out.

In November 2013, Lloyds Banking Group sold its asset management division, Scottish Widows Investment Partnership (SWIP) to Aberdeen Asset Management in a £660m deal.

In 2017 Lloyds Banking Group announced the acquisition of Zurich Insurance Group’s UK workplace pensions and savings business, enhancing Scottish Widows’ offering and broadening its participation in the financial planning and retirement segment whilst delivering a modern, flexible workplace savings platform.

In 2021 Lloyds Banking Group announced the acquisition of Embark Group a fast-growing investment and retirement platform business, modernising the way in which Scottish Widows works with advisers. In 2023 a new Scottish Widows Platform was launched, based on Embark Group technology.

Brand

The Scottish Widow first appeared in a television advert directed by David Bailey in 1986. Since then, Scottish Widows has made 10 adverts featuring the Scottish Widow.

Four models have portrayed the Scottish Widow, a hooded character featured in the company's advertising. The original Widow, chosen to portray the company's brand values in the 'Looking Good' commercial in 1986, was Deborah Moore, daughter of actor Roger Moore. In 1994, Amanda Lamb took over the role. Hayley Hunt became the third Scottish Widow in 2005. In 2014, the company announced that the fourth Scottish Widow would be Amber Martinez.

Responsible Investment

In 2021, Scottish Widows became the first major pensions and insurance provider to target halving the carbon footprint of its investments by 2030 on a path to net zero by 2050. In 2022 it launched its climate action plan detailing how this would be achieved, becoming the first major UK pensions and insurance provider to clearly outline its decarbonisation targets.

External links

• Official website