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Legal & General's Risk businesses maintained their market strength through the turbulence of 2009.
Strong progress was made in product diversification especially in individual protection with the introduction of additional High Net Worth, family, business protection products and a Defaqto 5-star rated income protection product.
Through these and our other products lines we continue to act with a strong sense of social purpose, delivering financial support to families and individuals when they need it most.
We are very proud of the benefits to society that we are able to deliver by shouldering some of the risks our customers face in their everyday lives.
In challenging economic times such as those we saw in 2009, we can, and do, act as a strong force for good.
Strength across a variety of distribution channels is important to us.
Sales through our Direct channel increased in 2009 and the strategic relationship with Nationwide Building Society again delivered an excellent performance.
Our Bancassurance channel was further strengthened by the addition of exclusive distribution arrangements with Northern Rock and the Skipton Building Society.
Net cash contribution to the Group increased Net from £203 million in 2008 to £500 million in 2009 despite adverse and volatile market conditions.
IFRS operating profit also saw significant improvement from £222 million in 2008 to £735 million in 2009.
Individual protection sales were inevitably impacted by the subdued housing market as, for many people, the mortgage event is when they take out cover.
The Group protection market experienced higher levels of re-quoting in 2009 as companies looked for cost reduction opportunities.
Despite this activity, total Group Protection premiums written remained broadly at 2008 levels.
Our General Insurance business has returned to profit.
The business undertook a number of efficiency measures in 2009 including the strengthening of underwriting and claims management disciplines.
It has rigorously prioritised profitability over volume and positioned itself well to target new profitable opportunities in 2010. Our business has delivered strongly for customers affected by the flooding in Cumbria for example, where we have been there to help people put their lives back together after the disaster.
The annuities business continues to benefit from improved pricing and risk selection capability which has resulted in a record year for individual annuities and we have optimised opportunities in the reduced buy out market.
As a consequence of our disciplined approach, we have significantly reduced the expense of writing new business.
We are proud of our capability to stand behind the promises made to pay our customers their pensions for the rest of their, and in many cases their spouse's lives.
We expect a subdued UK recovery, but are confident that new products, systems implementations and a continued focus on customer delivery will drive further efficiency in 2010 and build on the cost savings we have delivered in 2009.