In 2003, trading conditions continued to be generally quite difficult for the insurance industry, with continued low consumer confidence in investments and some particularly tough challenges for life insurers. The development of a new organisational structure, to bring to life the formation of Co-operative Financial Services (CFS) - which now includes CIS, The Co-operative Bank and smile - has been an important aspect of the year's activities, and I report on this in more detail below. During this period of change we have continued to maintain our focus on the customer and CIS' business, and to continue to apply sound, prudential management; and our commitment to running a socially responsible successful business remains undiminished.
