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I’m pleased to share that our Mastertrust has reached £40 billion in assets under management, not long after hitting £100 billion AUM in Workplace Savings and £200 billion AUM in DC assets. This growth underscores our commitment to the DC pensions market. Our scale enables us to offer a broad range of investment opportunities, a digital experience based on deep member insight, service excellence and robust governance from the Mastertrust Trustees. We're committed to delivering long-term value for our members, working in partnership with our clients and advisers. Thank you to everyone across L&G - DC & Workplace Savings that has played a part in hitting this significant milestone.

Today’s Retail deep-dive offers a lens into the future of our business - and I’m proud that DC & Workplace Savings is central to this. The responsibility for retirement savings is evolving. The onus is no longer solely on employers, but it’s now a commitment that is shared with individuals. That shift means organisations like ours must build strong relationships with both employers and employees. We’re ready to capture this DC opportunity and accelerate growth. As the leading UK asset manager, we manage over £200bn in assets, with a 24% market share. More than half of these assets come through our Workplace business, supporting 5.7 million pension scheme members. Looking ahead, we expect assets in Workplace DC schemes to nearly double by 2034, reaching over £1.5 trillion. It’s an exciting time to be part of a business that’s not just responding to change - but leading it.

Our Retail business is crucial to L&G's strategy and one of our greatest strengths. We serve over 12 million customers across every stage of life, building wealth for generations using the power of L&G. We’re a leader in the markets we operate in; helping people navigate their big life moments since 1836. That heritage gives us trust, resilience and a strong brand familiarity few can match. Innovation is key to that longevity and intrinsic to our legacy. Through insight and technology, we’ve adapted to demographic shifts and changing behaviours to ensure we’re ready to support our customers. Today, the UK is in the early stages of a once-in-a-generation transformation in retirement savings and habits. As the growth of DC accelerates, our scale, complemented by the cumulative strength of L&G as a whole, uniquely positions us to capture this opportunity. And when customers choose L&G, their retirement savings stay within the Group – managed by our asset management division. Our other key Retail business areas; Annuities, Lifetime Mortgages and Protection, where we have strong intermediary relationships, also deliver outstanding service and deliver a reliable source of earnings, cash and capital for the Group. I’m proud to be reintroducing Retail to investors in a deep-dive today, revealing the next phase of our growth.

To help our 5.7 million members pay more attention to their pension, we know we need to meet them in the digital spaces that they use every day, like on their smartphone. That’s why we developed the L&G app. Our app gives members the ability to access their pension in their pocket whenever they like, helping them feel more engaged with their money and ultimately more likely to create stronger retirement outcomes. According to the BehindLogin Experience Awards, it makes “pensions feel less like admin and more like progress”, winning ‘Most Engaging’ in the BehindLogin Experience Awards which is great to see! The L&G App is now the highest-rated workplace pension app in the UK, with 4.8 stars on iOS and 4.9 stars on Android. Genuinely fantastic news and a testament to the hard work of our dedicated teams, who’ve been laser-focused on enhancing the user experience and building features that help people better understand their money. We've achieved so much in our first year, and we’re only just getting started! We’ve been listening to feedback and will continue to build out the app, creating member-focused digital experiences that will empower people to take control of their financial future.