[Legal & General]
Annual Report and Accounts 2010

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Savings.

Mark Gregory, Group Executive Director (Savings) (photo)

 

“RESULTS FOR THE SAVINGS BUSINESSES FOR 2010 SHOW IMPROVEMENT ACROSS ALL KEY METRICS AND DEMONSTRATE A GROWING ASSET ACCUMULATION BUSINESS THAT IS DELIVERING SUSTAINABLE CASH CONTRIBUTION TO THE GROUP.”

MARK GREGORY
GROUP EXECUTIVE DIRECTOR (SAVINGS)

OUR PERFORMANCE

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2010

2009

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

UK Insured Savings business.

Assets under administration

£64bn

£55bn

Net new funds

£3.1bn

£1.7bn

New business strain/PVNBP1,2

2.8%

4.2%

NET CASH GENERATION

£68m

(2009: £29m)

IFRS OPERATING PROFIT

£115m

(2009: £50m)

OUR PRODUCTS

Unit trusts

A relatively simple form of collective investment, which enable customers to invest in a wide variety of different securities and indices.

Individual savings accounts

Enable customers to invest in cash or securities, up to a defined annual limit on a tax efficient basis.

Investment bonds

Combine life assurance features and the facility for the customer to invest in a variety of investment funds.

Pensions

Pensions products enable individuals to save for retirement in a tax efficient way, either through a personal pension, or as part of an employer’s scheme.

Structured products

Investments that aim to manage the risk of capital loss while still offering some equity exposure.

With-profits

With-profits products pool customers’ investments. Policies share the characteristic that investors receive bonuses as a result of direct participation in surplus profits.