25 July 2022
LCP announces record income of £149m for the financial year 21/22, as it consolidates its leading position in the pensions & benefits, investments and insurance markets, and continues to diversify successfully into broader markets.
The 5% top-line growth follows an exceptional 13% growth in the previous financial year.
Aaron Punwani, LCP CEO, commented: “In another successful year for LCP, I’m particularly proud of how we have been able to emerge from the pandemic and continue to invest in driving the long-term growth and evolution of our business. We have continued to put our clients and our people first, adapting our ways of working to a new hybrid model while delivering the best client service.
"We have innovated in our core markets to consolidate our leading position, delivering best-in-class advice and solutions for our clients’ challenges, while also having a clear focus on diversification. Our strategy for the next few years sees us driving further innovation as we strive for a more sustainable future across our key sectors – pensions, investment, insurance, health and energy.
I am incredibly proud to be a leader of a firm of passionate people who care about tomorrow.”
Some highlights for the year include:
- We made a commitment to being operationally carbon neutral on our path to Net Zero from this partnership year via offsetting their scope 1 and 2 emissions, and started work on a carbon reduction trajectory.
- We continue to prioritise the importance of Diversity, Equity and Inclusion, which was recognised externally with several awards. This year we continued to make progress, and as part of that we signed up to a number of new external initiatives including the Halo Code, Disability Confident Employer Scheme, Race at Work Charter, and the 10,000 Black Interns initiative.
- Our energy team’s revenue grew by over 70%, as we have successfully strengthened our reputation and profile as a major consulting firm in the sector. We acquired Delta-EE shortly after year end – together we plan to build a world-leading practice helping clients across all areas of the energy transition.
- Our innovative climate risk impact work has helped our clients navigate TCFD requirements as well as driving their strategic journey planning.
- We have developed market leading technology including LCP Advance, LCP InsurSight, and LCP Sonar.
- We were named Best Pension Adviser at the Corporate Adviser Awards,.and Actuarial and Employee Benefits Consultant of the year at the Pension and Investment Provider Awards. At the UK Pensions Awards we won Risk Reduction Adviser of the Year and also received the award for Educational and Thought Leadership Initiative of the Year.
- After our insurance team won a haul of 4 awards at the Insurance ERM awards earlier in 2021, the team also scooped the Bronze award for Excellence in Technology at the Insurance Times Awards
- We won PR Week’s Corporate, City and Public Affairs Award 2021 for our Steve Webb led campaign to get justice for thousands of women who have been underpaid their state pension for many years, which is expected to return over £1.5 billion to women who are entitled to it.
- We also won a range of awards recognising our work in DEI, including the awards for Diversity and Inclusion Excellence at the 2021 and 2022 Insurance ERM awards; the award for Supporting Diversity at the Women in Pensions Awards; the Contribution to Diversity at the Women in Investment Awards; and two awards at the Women in Insurance Awards; Contribution to Inclusion and Contribution to Gender Inclusion. We were also highly commended for the Diversity and Inclusion Excellence at the UK Pensions Awards.
- We donated over £200,000 via the LCP Foundation, supporting our chosen charities The Felix Project and Trinity Winchester alongside a range of other small grants, including the Trussell Trust and the Refugee Council UK.