UK insurance field trip: 18th November On the 18th of November, we are hosting investors on a Field Trip ''walking tour'' to meet with management at leading UK Life Insurers in London: Aviva, Just Group, LandG, Lloyds Banking Group/Scottish Widows, MandG, and Phoenix. Growth options? Not according to the valuation The UK Life sector offers access to growth opportunities unavailable in the rest of Europe: in particular, in the bulk annuities market, as well as in the retail savings space (led by the rapid accumulation of workplace pensions). Complementing this has been a sharp increase in UK individual annuities volumes. There are regulatory and legislative tailwinds, with the introduction of Solvency UK a net benefit, and political momentum behind harnessing the power of the sector to facilitate real investments in the economy. The growth mood is not, however, reflected in valuation: the four UK life insurers in our coverage have almost the highest all-in yields in the sector. We highlight some of the areas of debate that are holding valuations back - fairly or unfairly. Questions for management Ahead of the field trip, we lay-out questions for management - on both sector-wide subjects, as well as company-specific topics.