Legal & General America (LGA) is going through a period of change and transformation. More efficient use of the capital supporting [LGA] has allowed the business to pay dividends to the Group for 2009. This sustainable dividend stream back to the Group should be followed by our other mature businesses in 2010.
Our business in the Netherlands continues to maintain a strong position in its chosen markets, holding 5% of the term life assurance market and 22% of the single premium unit linked market. We are the eighth largest insurer in the Netherlands where we have been voted the Best Insurer in eight of the last nine years by independent brokers. However, regulatory impacts are depressing volumes in unit linked products and in local currency terms.
Legal & General France maintains its attractive position in high net worth markets. Savings written premiums are up 25% on 2008. The strong Group protection business maintained premiums at 2008 levels despite tough market conditions and has maintained profitability.
In 2010 we celebrate the tenth anniversary of the launch of CIL, our joint venture with CIB Bank in Egypt. This was our first international bancassurance venture, and is now the largest private life insurer in the Egyptian market.
