Risk businesses.

John Pollock, Group Executive Director (Risk) (photo)

 

 

“IN 2010 WE HAVE BROADENED OUR DISTRIBUTION AND MAINTAINED OUR MARKET POSITION AS A TOP THREE PROVIDER FOR INDIVIDUAL PROTECTION, GROUP PROTECTION AND ANNUITIES.”

JOHN POLLOCK
GROUP EXECUTIVE DIRECTOR (RISK)


OUR PERFORMANCE

(Download XLS:) Download Excel

 

2010

2009

 

PVNBP1
£m

Contribution2
£m

Margin
%

PVNBP1
£m

Contribution2
£m

Margin
%

1

The present value of new business premiums (PVNBP) on the [EEV] basis is defined as the present value of annual premiums plus single premiums for any given period. It is calculated using the same assumptions as for the contributions from the new business but determined as at the point of sale.

2

From new business on an EEV basis

Protection

860

55

6.4

866

68

7.9

Annuities

2,065

245

11.9

1,862

217

11.7

Total

2,925

300

10.3

2,728

285

10.4

[NET CASH GENERATION]

£429m

(2009: £504m)

[IFRS] OPERATING PROFIT

£560m

(2009: £735m)

OUR PRODUCTS

Individual protection

Covers individuals or families against financial losses arising from defined events such as death, disability or critical illness.

Group protection

Products which are designed for employers to offer as a benefit to their employees. They protect employers, employees and their families by assuming the risks and associated costs of an employee falling ill or dying while in employment.

Annuities

Bought by people converting a lump sum (money saved in a pension scheme) into a lifelong income.

Bulk purchase annuities (BPAs) or Pension buyouts

BPAs are offered to pension trustees and companies wishing to transfer all or part of their pension obligations and risk from company pension schemes to an insurance company for a negotiated price.

General insurance (GI)

Focusing on the household sector, we insure the fabric of properties and their contents.

Network and Mortgage Club

Our network of mortgage advisers provides a link with mortgage lenders, sourcing mortgages for clients and facilitating sales of mortgage linked protection products.

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