(Download XLS:)  |
|
2008 | |||
|---|---|---|---|
|
|
[APE] |
New |
[IFRS] |
|
US |
51 |
6.3 |
39 |
|
Netherlands |
29 |
3.1 |
6 |
|
France |
39 |
0.5 |
14 |
|
Total |
119 |
3.6 |
59 |
|
|
|
|
|
|
2007 | |||
|
|
APE |
New |
IFRS |
|
US |
45 |
7.3 |
59 |
|
Netherlands |
27 |
2.5 |
11 |
|
France |
44 |
2.4 |
16 |
|
Total |
116 |
4.1 |
86 |
Total International new business sales of £119m APE were marginally up from the prior year (2007: £116m). Sales grew in the US in both sterling and US dollar terms. [APE] sales in the Netherlands were slightly lower in local currency terms at €36m (2007: €38m), but currency factors translated this to a slight increase to £29m (2007: £27m) on a sterling basis. In France, APE sales fell from €63m* in 2007 to €50m*, equivalent to a reduction from £42m in 2007 to £33m for 2008.
Margins in America (6.3% compared with 7.3% in 2007) reflected short term expense and mortality experience that was worse than expected offsetting improved contributions from new business. In France margins were 0.5% (compared with 2.4% in 2007), where new business margins fell as a result of the reduction in savings volumes. Margins, however, rose in the Netherlands (2.5% in 2007 to 3.1% in 2008).
Total International operating profit in sterling terms was £59m (2007: £86m) on the IFRS basis, and £100m (2007: £136m) on the [EEV] basis.
* Includes Retail Investment as per tables.