New business is presented below for all long term business written by the [Group] including both insurance and investment contracts.
New annual premiums arise where the terms and conditions of a policy anticipate more than one premium being paid over its lifetime; new single premiums comprise all premiums which are not categorised as new annual premiums.
(Download XLS:)  |
|
|
Annual |
Single |
Annual |
Single | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ||||||||||
|
Protection |
207 |
– |
223 |
– | ||||||
|
Annuities1 |
– |
2,806 |
– |
2,045 | ||||||
|
Total Risk |
207 |
2,806 |
223 |
2,045 | ||||||
|
Unit linked bonds |
– |
1,306 |
– |
2,512 | ||||||
|
Pensions, stakeholder and other non profit |
181 |
1,468 |
141 |
1,122 | ||||||
|
With-profits |
108 |
838 |
130 |
983 | ||||||
|
Core retail investments2 |
|
|
|
| ||||||
|
– [ISAs] |
29 |
413 |
14 |
437 | ||||||
|
– Unit trusts |
12 |
1,466 |
7 |
962 | ||||||
|
Total Savings |
330 |
5,491 |
292 |
6,016 | ||||||
|
Total Risk and Savings |
537 |
8,297 |
515 |
8,061 | ||||||
|
International |
|
|
|
| ||||||
|
USA |
51 |
– |
45 |
– | ||||||
|
Netherlands |
13 |
157 |
11 |
157 | ||||||
|
France |
17 |
227 |
17 |
272 | ||||||
|
|
618 |
8,681 |
588 |
8,490 | ||||||
|
|
|
|
|
| ||||||
|
Investment management |
|
|
|
| ||||||
|
UK managed pension funds3 |
|
|
|
| ||||||
|
– Pooled funds |
|
26,733 |
|
49,460 | ||||||
|
– Segregated funds |
|
841 |
|
2,603 | ||||||
|
|
|
27,574 |
|
52,063 | ||||||
|
Limited partnerships |
|
51 |
|
171 | ||||||
|
Other funds2 |
1 |
5,465 |
2 |
2,195 | ||||||
|
|
1 |
33,090 |
2 |
54,429 | ||||||
|
Total new business |
619 |
41,771 |
590 |
62,919 | ||||||
|
|
|
|
|
| ||||||
|
|
Annual |
Single |
Annual |
Single | ||||||
|
Comprising: |
|
|
|
| ||||||
|
Insurance contracts |
|
|
|
| ||||||
|
Risk and savings |
|
|
|
| ||||||
|
– Participating |
1 |
855 |
6 |
710 | ||||||
|
– Non-participating |
284 |
2,394 |
295 |
1,681 | ||||||
|
Investment contracts |
|
|
|
| ||||||
|
Risk and savings |
|
|
|
| ||||||
|
– Participating |
4 |
237 |
5 |
248 | ||||||
|
– Non-participating |
288 |
3,253 |
261 |
4,428 | ||||||
|
Core retail investments |
41 |
1,942 |
21 |
1,423 | ||||||
|
Investment management |
1 |
33,090 |
2 |
54,429 | ||||||
|
Total new business |
619 |
41,771 |
590 |
62,919 | ||||||
The UK pooled managed funds of £26.7bn (2007: £49.5bn) reported above are classified as fund management contracts. The increase in the fair value of the investment contract liabilities is shown in the income statement.
There are two classes of business where there is a material difference between gross and net of reinsurance new business; term assurance, which is 52.9% (2007: 51.5%) reinsured, and permanent health insurance, which is 28.4% (2007: 26.3%) reinsured.