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Pearl Group Limited

The Pearl Centre
Lynch Wood
Peterborough
Cambridgeshire, PE2 6FY, England
United Kingdom
Phone: +44−870−897−0060
http://www.pearlgrouplimited.co.uk
 Table of Contents
The Basics................................................................................................................................................................................1
Key Information..........................................................................................................................................................1
Key Numbers..............................................................................................................................................................1

Officers and Employees.........................................................................................................................................................2

Corporate Officers.......................................................................................................................................................2
Board...........................................................................................................................................................................2

Biographies.............................................................................................................................................................................3
Jonathan Evans............................................................................................................................................................3
Hugh E. M. Osmond, Age 45......................................................................................................................................3
Jonathan Moss.............................................................................................................................................................3
Jan Straatman, Age 44.................................................................................................................................................3
David Baker, Age 40...................................................................................................................................................4
Ian Cormack, Age 59..................................................................................................................................................4
Alan McIntosh.............................................................................................................................................................4
Stephen Robertson......................................................................................................................................................5
Ray Treen....................................................................................................................................................................5
Manjit Dale..................................................................................................................................................................5
Michael D. Ross, Age 56............................................................................................................................................5
Ashok Gupta................................................................................................................................................................6
Tom Cross Brown.......................................................................................................................................................6

Industry Information.............................................................................................................................................................7

Competitors.............................................................................................................................................................................8
Top Competitors..........................................................................................................................................................8
All Competitors...........................................................................................................................................................8

Other Resources Available On Hoover's Online.................................................................................................................9

Additional Reports......................................................................................................................................................9

Company Financials.............................................................................................................................................................10
Annual Income Statement.........................................................................................................................................10
Annual Balance Sheet...............................................................................................................................................12

i
The Basics
The Pearl Centre
Lynch Wood
Peterborough
Cambridgeshire, PE2 6FY, England
United Kingdom
Phone: +44−870−897−0060
http://www.pearlgrouplimited.co.uk

When it comes to life assurance, you don't have to go plunging into vast oceans to find this pearl. Pearl Group Limited −−
a group of companies featuring Pearl Assurance, London Life Limited, and NPI Limited −− provides auto, homeowners,
travel insurance, and retirement services to customers in the UK. The company was formerly a member of Henderson
Group's Life Services division, but Henderson sold the division in late 2004. In 2007 Pearl Group upped, and then threw
around the weight of its substantial minority ownership of Resolution, in an effort to block Resolution's merger with
Friends Provident. Primary shareholders Sun Capital Partners and TDR Capital own the majority of the company.

Key Information

D−U−N−S Number 210227260

Company Registration Number 0001419
Doing Business As "Pearl Group Limited"
Private
Company Type
Subsidiary
Location Type Headquarters
Ultimate Parent Pearl Group Ltd.
Ultimate Parent
719003225
D−U−N−S
Year Of Founding or Change In Control 1864
Number Of Subsidiaries In UK 26
Key Numbers

Fiscal Year−End December

Sales (mil.) £360.0
Total Employees 102
Employees At This Location 102

1
Officers and Employees
Corporate Officers

Title Name Age

Chairman Mr. Jonathan Evans
Executive Director Mr. Hugh E. M. Osmond 45
Managing Director Jonathan Moss
Chief Investment Officer Mr. Jan Straatman 44
Director, Business Transformation Mr. David Baker 40
Board

Title Name Age

Chairman Mr. Jonathan Evans
Director Mr. Tom Cross Brown
Director Mr. Ian Cormack 59
Director Mr. Manjit Dale
Director Mr. Ashok Gupta
Executive Director Mr. Hugh E. M. Osmond 45
Director Mr. Alan McIntosh
Director Mr. Stephen Robertson
Director Mr. Michael D. Ross 56
Director Mr. Ray Treen

2
Biographies
Jonathan Evans

Chairman

Biography
Jonathan has been Chairman of the European Parliament's Delegation for relations with US Congress since 2004. He is a
Member of the European Parliament, is Conservative Spokesman on the Economic and Monetary Affairs Committee and
was formerly Leader of the Conservatives there. He served as Corporate Affairs Minister at the Department of Trade &
Industry, with responsibility for competition policy, monopolies and mergers and the insurance industry under the last
Conservative Government. He is a solicitor and was Director of Insurance with Eversheds in the City of London.

Source: Company Web Site, 2005

Hugh E. M. Osmond, Age 45

Executive Director

Other Company Affiliations

Company Title Salary Bonus

Capital Management and Investment PLC Chairman −− −−
Biography
Hugh founded and was Executive Chairman of Punch Group between 1997 and 2001. He led the acquisition and
integration of Bass Lease Co, Inn Business and Allied Domecq Retail Estate plus disposal of 550 pubs to Bass. He also
co−led the £18 million acquisition and market listing of Pizza Express in 1993 and remained on the board for 7 years.

Source: Company Web Site, 2005

Jonathan Moss

Title held since 2006: Managing Director

Biography
No detailed biographical information is currently on file.

Jan Straatman, Age 44

Title held since 2006: Chief Investment Officer

Biography
Jan Straatman is Chief Investment Officer Capital Markets of ABP Investments with responsibility for Equity and Fixed
Income. Before joining ABP Investments in September 2001, he was Head of Equity Investments and Director of Asset

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Management at Achmea Global Investors. Prior to that, he was Senior Vice President of GIM Capital Management in
Eindhoven and New York. Jan studied at the College for Business Administration and Economics of Eindhoven in the
Netherlands and went on to take an MBA at the Limburg Post−University Centre in Hasselt, Belgium.

Source: Company Press Release, November 28, 2006

David Baker, Age 40

Title held since 2006: Director, Business Transformation

Biography
David Baker has headed the work on closed funds at the FSA from February 2003 and has responsibility for supervision
of a diverse portfolio of life companies. David has been at the FSA for seven years with roles in Banking, Risk
Assessment and Retail Intelligence. David was also responsible for the FSA's 'Impact of an Ageing Population' work
programme. Prior to moving to the FSA, David worked for 10 years as an economist in international development.

Source: Company Press Release, January 19, 2006

Ian Cormack, Age 59

Director

Other Company Affiliations

Company Title Salary Bonus

Aspen Insurance Holdings Limited Director −− −−
Biography
Ian is a Senior Partner in Cormack Tansey Partners. He was Chief Executive Officer of AIG Inc's insurance financial
services and asset management in Europe from 1997 to 2000, and was Chairman of Citibank International plc and
Co−head of the Global Financial Institutions Client Group at Citigroup. He was also Country Head of Citicorp in the
United Kingdom from 1992 to 1996.

Source: Company Web Site, 2005

Alan McIntosh

Director

Biography
Alan co−founded and was Group Finance Director of Punch Group and has been Non−Executive Director of a number of
quoted and private companies, including Topps Tiles plc, American Port Services plc and Wellington Pub Company. He
qualified as a chartered accountant with Deloitte & Touche and has been focused on the life insurance sector since 2002.

Source: Company Web Site, 2005

4
Stephen Robertson

Director

Biography
Prior to founding TDR Capital, Stephen was a Partner at DB Capital Partners Europe. He was on the board of CenterParcs
until its exit in December 2004, and is currently on the board of Pizza Express. Stephen has over 15 years private equity,
mezzanine and leveraged finance experience and before that obtained a Masters degree in Economics from Aberdeen
University.

Source: Company Web Site, 2005

Ray Treen

Director

Biography
Ray qualified as a fellow of the Institute of Actuaries in 1966 and worked in pensions with Unilver plc. He joined Cornhill
Insurance, now Allianz Cornhill plc, in 1969, becoming Chief Executive in 1988 until his retirement in 2003. He now
holds a number of Non−Executive positions with various companies and charities.

Source: Company Web Site, 2005

Manjit Dale

Director

Other Company Affiliations

Company Title Salary Bonus

QSC AG Director −− −−
Biography
Prior to founding TDR Capital, Manjit was Managing Partner at DB Capital Partners Europe and has over 10 years
experience in private equity. He is currently Chairman of Pizza Express and was Chairman of CenterParcs until its exit in
December 2004. Manjit graduated from Cambridge University with an Honours Degree in Economics.

Source: Company Web Site, 2005

Michael D. Ross, Age 56

Director

Biography
Michael was Deputy Group Chief Executive of Lloyds TSB Group plc from 2000 to 2003, and acted as Non−Executive
Chairman of the Association of British Insurers from 2001 to 2003. Prior to this, he was Chief Executive for Scottish

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Widows Fund & Life Assurance Society / Scottish Widows plc where he worked for 39 years. He has been a Fellow of
the Faculty of Actuaries since 1969.

Source: Company Web Site, 2005

Ashok Gupta

Director

Biography
Ashok has over 25 years experience in the Life Insurance Industry, including positions as Director of Group Strategy at
CGU (now Aviva), Finance Director and Actuary of Scottish Amicable and Principal of Tillinghast Towers Perrin. He has
also built two successful technology−based businesses, one sponsored by Lloyd's of London. He has been a Council
member of the Faculty of Actuaries, and is currently a Non−Executive Director of Skandia UK.

Source: Company Web Site, 2005

Tom Cross Brown

Director

Other Company Affiliations

Company Title Salary Bonus

BlueBay Asset Management plc Independent Director −− −−
Quintain Estates and Development PLC Director −− −−
Biography
Tom was Global Chief Executive of ABN AMRO Asset Management (which managed some EUR 160 billion, with
offices in 30 countries around the world) from 2000 to 2003, as well as Chairman of ABN AMRO Asset Management in
the United Kingdom from 1997 to 2003. Prior to this, he was Chief Executive Officer of Lazard Brothers Asset
Management in London, where he spent a total of 21 years.

Source: Company Web Site, 2005

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Industry Information
Hoover's Industries
• Financial Services
♦ Asset Management

• Insurance
♦ Property &Casualty Insurance
◊ Auto & Other Vehicle Insurance
◊ Homeowners Insurance

Primary US SIC Code

• 6361: Title insurance

Primary NAICS Code

• 524126: Direct Property and Casualty Insurance Carriers

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Competitors
Top Competitors

• Aviva
• Legal & General Group
• Royal & Sun Alliance Insurance

All Competitors

• AXA UK
• Abbey National
• Aviva
• HBOS
• HSBC Holdings
• Legal & General Group
• Old Mutual
• Prudential plc
• Royal & Sun Alliance Insurance

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Other Resources Available On Hoover's Online
• News and Press Releases for Pearl Group (last 90 days)
• Investor Relations
• Financial Data Definitions
• Market Data Definitions
• Comparison Data Definitions
• Historical Financials & Employees Definitions

Additional Reports

These reports are available for purchase from our Trusted Partners. To see more reports, try our specialized report search.

Title Publisher Pages Price Date of Report

Asset Management: Financial Analysis Profiles BizMiner 9 £34.38 Jun 15, 2007
Asset Management: Marketing Research Profiles BizMiner 7 £49.32 Jun 15, 2007
Auto & Other Vehicle Insurance: Financial Analysis Profiles BizMiner 9 £34.38 Jun 15, 2007
Auto & Other Vehicle Insurance: Marketing Research Profiles BizMiner 7 £49.32 Jun 15, 2007
Homeowners' Insurance: Financial Analysis Profiles BizMiner 9 £34.38 Jun 15, 2007
Homeowners' Insurance: Marketing Research Profiles BizMiner 7 £49.32 Jun 15, 2007
Property & Casualty Insurance: Financial Analysis Profiles BizMiner 9 £34.38 Jun 15, 2007

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Company Financials
Annual Income Statement
(All pound amounts in millions except per share amounts.)

2005 2004 2003 2002 2001

Turnover 360.0 470.0 674.0 1,123.0 2,353.0
Domestic Turnover 360.0 470.0 674.0 1,123.0 2,353.0
Exports −− −− −− −− −−
Discontinued Operations −− −− −− −− −−
Cost of Sales 0.0 0.0 0.0 0.0 0.0
Gross Profit 360.0 470.0 674.0 1,123.0 2,353.0
Other Operating Income 2,249.0 1,400.0 1,979.0 2,687.0 3,900.0
Expenses 2,408.0 1,850.0 2,846.0 3,840.0 6,199.0
Selling, Distribution & Admin −− −− −− −− −−
General, incl. 64.0 90.0 105.0 301.0 347.0
Depreciation & Amortisation −− 5.0 0.6 2.2 9,746.0
Other Operating Charges 2,344.0 1,760.0 2,741.0 3,539.0 5,852.0
Operating Income 201.0 20.0 (193.0) (30.0) 54.0
Financial Income 0.0 0.0 0.0 0.0 0.0
Interest Receivable −− −− −− −− −−
Other Financial Income −− −− −− −− −−
Financial Charges 0.0 0.0 265.0 0.0 0.0
Interest Payable −− −− −− −− −−
Other Financial Charges −− −− 265.0 −− −−
Profit / Loss Before Taxes 201.0 20.0 (458.0) (30.0) 54.0
Taxation 35.0 5.0 (2.0) 5.0 8.0
Corporation Tax 0.0 (2.0) 22.0 11.0 8.0
Other Tax 35.0 7.0 (24.0) (6.0) 0.0
Profit / Loss after Taxes 166.0 15.0 (456.0) (35.0) 46.0
Extraordinary Items −− −− −− −− −−
Exceptional Items / Minority Interests −− −− −− −− −−
Net Profit / Loss (before Dividends) 166.0 15.0 (456.0) (35.0) 46.0
Retained Earnings at Start 831.0 816.0 1,272.0 1,328.0 1,385.0
Additions 166.0 15.0 (456.0) (35.0) 46.0
Net Income 166.0 15.0 (456.0) (35.0) 46.0
Other Additions −− −− −− −− −−
Deductions 70.0 0.0 0.0 21.0 75.0
Dividends 70.0 0.0 0.0 20.0 75.0
Other Deductions −− −− −− 1.0 −−

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Retained Earnings at End 927.0 831.0 816.0 1,272.0 1,356.0
Supplementary Info
EPS (Diluted) 0.0 0.0 0.0 0.0 0.0
Payroll (employees) 3.8 2.0 1.2 2.8 89.4
Salaries & Wages −− −− −− −− 81.0
Social Security Costs −− −− −− −− 7.0
Pension Costs −− −− −− −− −−
Other 0.0 −− −− 1.7 0.0
Directors Remuneration 3.8 2.0 1.2 1.1 1.4
Turnover Growth 0.0 0.0 0.0 (3,194.0) −−
Turnover Growth (%) 0.0% 0.0% 0.0% 0.0% −−
Gross Profit Margin (%) 100.0% 100.0% 100.0% 100.0% 100.0%
Operating Margin (%) 55.8% 4.3% (28.6%) (2.7%) 2.3%
Return on Equity 0.2 0.0 (0.2) (0.0) 0.0
Return on Assets 0.0 0.0 (0.0) (0.0) 0.0
Interest Cover −− −− (0.7) −− −−

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Annual Balance Sheet
(All pound amounts in millions except per share amounts.)

Current Assets 2005 2004 2003 2002 2001

Cash 83.0 117.0 4.0 8.0 8.0
Bank 83.0 117.0 4.0 8.0 −−
Deposits −− −− −− −− −−
Other −− −− −− −− −−
Debtors 42.0 86.0 29.0 88.0 68.0
Trade Debtors −− −− −− −− −−
Other Receivables 42.0 86.0 29.0 88.0 68.0
Inventories −− −− −− −− −−
Finished Goods −− −− −− −− −−
Work in Progress −− −− −− −− −−
Other −− −− −− −− −−
Method of Stock Evaluation −− −− −− −− −−
Other Current Assets 223.0 288.0 261.0 412.0 598.0
Prepayments 175.0 207.0 181.0 142.0 304.0
Tax Recoverable 1.0 −− −− 61.0 15.0
Marketable Securities / Investments 1.0 −− 68.0 83.0 168.0
Due from Group / Associates 38.0 43.0 12.0 2.0 42.0
Other 8.0 38.0 −− 124.0 69.0
Total Current Assets 348.0 491.0 294.0 508.0 674.0
Non Current Assets
Fixed Assets 110.0 −− −− −− −−
Land & Buildings (freehold) 66.0 −− −− −− −−
Leasehold 44.0 −− −− −− −−
Fixtures & Fittings −− −− −− −− −−
Plant & Equipment −− −− −− −− −−
Intangible Assets −− −− −− −− −−
Goodwill −− −− −− −− −−
Intangibles 0.0 0.0 0.0 0.0 0.0
Other Long Term Assets 15,339.0 15,051.0 15,485.0 16,779.0 18,029.0
Long Term Investments 15,015.0 14,828.0 15,221.0 16,461.0 17,726.0
Deposits 42.0 −− −− −− −−
Due from Group / Associates 53.0 −− −− −− −−
Other 229.0 223.0 264.0 318.0 303.0
Total Non Current Assets 15,449.0 15,051.0 15,485.0 16,779.0 18,029.0
TOTAL ASSETS 15,797.0 15,542.0 15,784.0 17,293.0 18,703.0

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Current Liabilities
Creditors −− −− −− −− −−
Short Term Debt −− −− −− −− −−
Bank Loan / Overdraft −− −− −− −− −−
Notes / Loans Payable −− −− −− −− −−
Loans from Principles −− −− −− −− −−
Other Current Liabilities 640.0 595.0 660.0 763.0 421.0
Accruals & Deferred Income 8.0 5.0 12.0 38.0 20.0
Taxation & Social Security 48.0 13.0 41.0 9.0 −−
Due to Group / Associates 439.0 501.0 442.0 464.0 107.0
Dividends −− −− −− −− −−
HP & Finance Leases −− −− −− −− −−
Other 145.0 76.0 165.0 252.0 294.0
Total Current Liabilities 640.0 595.0 660.0 763.0 421.0
Long Term Liabilities
Long Term Debt 13,840.0 13,726.0 13,918.0 14,868.0 16,626.0
Due to Group / Associates > 1 yr −− −− −− −− −−
Deferred Taxation −− −− −− −− −−
Mortgages / Loans −− −− −− −− −−
HP & Finance Leases > 1 yr −− −− −− −− −−
Minority Interests −− −− −− −− −−
Other 13,840.0 13,726.0 13,918.0 14,868.0 16,626.0
Total Long Term Liabilities 13,840.0 13,726.0 13,918.0 14,868.0 16,626.0
TOTAL LIABILITIES 14,480.0 14,321.0 14,578.0 15,631.0 17,047.0

Shareholders Equity
Issued Share Capital 342.0 342.0 342.0 342.0 292.0
Share Premium Account 41.0 41.0 41.0 41.0 1.0
Reserves 7.0 7.0 7.0 7.0 7.0
Revaluation Reserves −− −− −− −− −−
Other Reserves 7.0 7.0 7.0 7.0 7.0
Profit & Loss Account 927.0 831.0 816.0 1,272.0 1,356.0
Other −− −− −− −− −−
TOTAL SHAREHOLDERS EQUITY 1,317.0 1,221.0 1,206.0 1,662.0 1,656.0

Current Ratio 0.5 0.8 0.4 0.7 1.6

Quick Ratio 0.5 0.8 0.4 0.7 1.6
Debt / Equity Ratio 11.0 11.7 12.1 9.4 10.3
Long Term Debt / Equity Ratio 10.5 11.2 11.5 8.9 10.0
Asset Growth 255.0 (242.0) (1,509.0) (1,410.0) −−
Asset Growth % 1.6% (1.5%) (8.7%) (7.5%) −−

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Liability Growth 159.0 (257.0) (1,053.0) (1,416.0) −−
Liability Growth % 1.1% (1.8%) (6.7%) (8.3%) −−
Days Payable −− −− −− −− 32.0

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