Product Fair Value Outcome Methodology

This document is a methodology guide detailing Gallagher's approach to conducting Fair Value Assessments for products co-manufactured by the company. It outlines the process of grouping products based on similar features and target markets, emphasizing that the Product Fair Value Outcome Statement does not replicate the assessments but rather explains the methodology and outcomes. The guide includes information on distributor remuneration, stating that Gallagher negotiates commission rates with distributors and analyzes any additional fees that may affect product value. It mandates that distributors confirm the reasonableness of their fees annually and justify their commissions. Furthermore, the document describes Gallagher's product governance process, which involves an annual review of product groups to ensure fair value. Key areas of focus include target market needs, distribution strategy, market assessment, product design, customer journey, and claims management. The summary concludes with Gallagher's satisfaction that the product continues to provide fair value and is suitable for distribution.