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All of our businesses generate operational cash which we use to reinvest in new business, pay dividends to shareholders and strengthen our balance sheet.

OPERATIONAL CASH GENERATION £808m (Cash Pool)

• Risk £439m
• Investment management £162m
• International £44m
• Savings £138m
• Other £25m

Cash Pool

• Reinvestment
  New business strain £(80)m
• Investor returns
  Dividend¹ £(279)m
• Capital stock £449m

Capital Stock

• 2009 B/F: £3.1bn
• Cash Pool: £0.4bn
• Capital: £0.2bn
• 2010: £3.7bn

Decrease in capital

• (£150m)

Increase in capital

• £300m

1 Dividend includes £78m for half-year and £201m for year-end.