Glossary


A
ABI
Association of British Insurers
AC
Audit Committee
AFS
Available-for-sale
APE
Annual Premium Equivalent
ASU
Accident, sickness and unemployment
B
BPA
Bulk Purchase Annuity
C
CAL
Company Action Level
CCC
Group Counterparty Credit Committee
CDO
Collateralised Debt Obligations
CFO
Chief Financial Officer
CMIB
Continuous Mortality Investigation Bureau
CSOP
Company Share Option Plan
CSR
Corporate Social Responsibility
D
DMI
Domestic mortgage indemnity
DPF
Discretionary participating features
DWP
Department of Work and Pensions
E
EC
European Commission
EEV
European Embedded Value
EPS
Earnings per share
ESOS
Executive Share Option Scheme
ESOT
Employee Share Ownership Trust
ESP
Employee Share Plan
EST
Employee Share Trust
EV
Embedded Value
F
FOG
Financial options and guarantees
FRS
Financial Reporting Standard
FSA
Financial Services Authority
FTSE
Financial Times Stock Exchange index
FVTPL
Fair value through profit or loss
G
GAAP
Generally Accepted Accounting Principles
GCC
Group Capital Committee
GI
General insurance
GIRC
Group Insurance Risk Committee
GRCC
Group Risk and Compliance Committee
Group
Legal & General Group Plc
H
HFT
Held for trading
HMRC
Her Majesty’s Revenue & Customs
HNBS
Hewitt New Bridge Street
HR
Human resource function
I
IAS
International Accounting Standard
IASB
International Accounting Standards Board
ICA
Individual Capital Assessment
IFRIC
International Financial Reporting Interpretations Committee
IFRS
International Financial Reporting Standard
IGD
Insurance Groups Directive
ILU
Institute of London Underwriters
IMRC
Group Investment and Market Risk Committee
ISA
Individual Savings Account
ISPV
Insurance Special Purpose Vehicle
IT
Information technology
K
KPI
Key Performance Indicator
L
LC
Long cohort
LGA
Legal & General America
LGF
Legal & General France
LGI
Legal & General Insurance Limited
LGIM
Legal & General Investment Management
LGN
Legal & General Netherlands
LGPL
Legal & General Pensions Limited
LTF
Long Term Fund
M
MC
Medium cohort
N
NAPF
National Association of Pension Funds
NC
Nominations Committee
O
ORAC
Group Operational Risk Assessment Committee
P
PMC
Legal & General Assurance (Pensions Management) Limited
PPFM
Principles and Practices of Financial Management
PSP
Performance Share Plan
PVNBP
Present value of new business premiums
R
RBC
Risk Based Capital
RC
Remuneration Committee
RCC
Risk and Compliance Committee
RDR
Risk discount rate
RPI
Retail Price Index
S
SAYE
Savings related share option scheme
SBP
Share Bonus Plan
SIPP
Self Invested Personal Pension
SNW
Shareholder net worth
Society
Legal & General Assurance Society Limited
SORIE
Statement of Recognised Income and Expense
SRC
Shareholder Retained Capital
T
TCF
Treating Customers Fairly
TSR
Total Shareholder Return
V
Victory
NRG Victory Reinsurance Company Ltd
VIF
Value of in-force business
W
WACC
Weighted average cost of capital
WPICC
With-Profits Insurance Capital Component
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