New business premiums reflect income arising from the sale of new contracts during the reporting period and any changes to existing contracts, which were not anticipated at the outset of the contract. This 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 |
180 |
– |
207 |
– | ||||||
|
Annuities1 |
– |
1,862 |
– |
2,806 | ||||||
|
Total Risk |
180 |
1,862 |
207 |
2,806 | ||||||
|
Core retail investments2 |
|
|
|
| ||||||
|
– [ISAs] |
22 |
838 |
29 |
413 | ||||||
|
– Unit trusts |
10 |
2,595 |
12 |
1,466 | ||||||
|
Unit linked bonds |
– |
677 |
– |
1,306 | ||||||
|
Pensions, stakeholder and other non profit |
144 |
1,289 |
181 |
1,468 | ||||||
|
With-profits |
103 |
879 |
108 |
838 | ||||||
|
Total Savings |
279 |
6,278 |
330 |
5,491 | ||||||
|
International |
|
|
|
| ||||||
|
USA |
49 |
– |
51 |
– | ||||||
|
Netherlands |
8 |
142 |
13 |
157 | ||||||
|
France |
14 |
293 |
17 |
227 | ||||||
|
|
530 |
8,575 |
618 |
8,681 | ||||||
|
|
|
|
|
| ||||||
|
Investment management |
|
|
|
| ||||||
|
UK managed pension funds3 |
|
|
|
| ||||||
|
– Pooled funds |
|
25,606 |
|
26,733 | ||||||
|
– Segregated funds |
|
3,381 |
|
841 | ||||||
|
|
|
28,987 |
|
27,574 | ||||||
|
Limited partnerships |
|
34 |
|
51 | ||||||
|
Other funds2 |
1 |
4,262 |
1 |
5,465 | ||||||
|
|
1 |
33,283 |
1 |
33,090 | ||||||
|
Total new business |
531 |
41,858 |
619 |
41,771 | ||||||
|
Comprising: |
|
|
|
| ||||||
|
Insurance contracts |
|
|
|
| ||||||
|
Risk and Savings |
|
|
|
| ||||||
|
– Participating |
2 |
1,217 |
1 |
855 | ||||||
|
– Non-participating |
246 |
1,340 |
284 |
2,394 | ||||||
|
Investment contracts |
|
|
|
| ||||||
|
Risk and Savings |
|
|
|
| ||||||
|
– Participating |
3 |
308 |
4 |
237 | ||||||
|
– Non-participating |
247 |
2,221 |
288 |
3,253 | ||||||
|
Core retail investments (including France) |
32 |
3,489 |
41 |
1,942 | ||||||
|
Investment management |
1 |
33,283 |
1 |
33,090 | ||||||
|
Total new business |
531 |
41,858 |
619 |
41,771 | ||||||
The UK pooled managed funds of £25.6bn (2008: £26.7bn) 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 three classes of new business for conventional individual protection where there is a material difference between gross and net of reinsurance annualised new business premiums: term assurance, which is 53.7% reinsured (2008: 52.9%); whole of life assurance, which is 12.4% reinsured (2008: 2.5%); and income protection, which is 39.1% reinsured (2008: 28.4%).
