Return to the video.
Our Savings businesses delivered a strong performance during 2009, as we accelerated the transformation of the business as outlined last year.
We continue to modernise the product mix in the business and reduce costs to drive profitability.
New business volumes in 2009 have grown by 3 per cent on an Annual Premium Equivalent Basis, and IFRS operating profit before tax has improved significantly to £55 million from £7 million in 2008.
Underpinning this performance is a transformation in the mix of products sold towards more modern, less capital intensive offerings.
Additionally, during the year significant costs have been taken out of the business, commissions reduced and products redesigned to reduce new business strain.
These actions have contributed to a significant improvement in the underlying net operating cash generation in 2009.
Assets under Administration grew by 20 per cent to nearly £55 billion.
This was driven by increased net fund flows of £1.7 billion compared to £0.4 billion in 2008.
The market upturn in the second half of the year also contributed to this growth in assets under administration.
The outlook for our savings business is encouraging.
In 2010 our primary focus will continue to be cash generation.
The shift in business mix towards modern capital efficient products will continue, we will increase volumes in profitable business lines whilst reducing those with higher levels of new business strain. Additionally, we will invest selectively in building infrastructure capabilities which will support our buissness growth strategy going forwards.