21 INVESTMENT PROPERTY.


Investment property comprises land and buildings which are held for long term rental yields and capital growth. It is carried at fair value with changes in fair value recognised in the income statement within investment return.

Investment property in the UK is valued bi-annually by external chartered surveyors at open market values in accordance with the ‘Appraisal and Valuation Manual’ of The Royal Institution of Chartered Surveyors or using internal valuations and estimates during the intervening period. Outside the UK, valuations are produced in conjunction with external qualified professional valuers in the countries concerned. In the event of a material change in market conditions between the valuation date and balance sheet date, an internal valuation is performed and adjustments made to reflect any material changes in fair value.

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Shareholder
2011
£m

Non profit non-unit linked
2011
£m

With-profits
2011
£m

Unit linked
2011
£m

Total
2011
£m

Fair value at 1 January

145

130

1,383

2,913

4,571

Additions

1

356

11

430

798

Improvements

5

5

Disposals

(25)

(169)

(327)

(521)

Fair value (loss)/gain

(1)

(2)

44

41

Fair value at 31 December

120

486

1,223

3,065

4,894

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Shareholder
2010
£m

Non profit non-unit linked
2010
£m

With-profits
2010
£m

Unit linked
2010
£m

Total
2010
£m

Fair value at 1 January

138

1,337

2,364

3,839

Additions

9

134

43

536

722

Improvements

2

20

2

24

Disposals

(28)

(201)

(181)

(410)

Fair value gain/(loss)

24

(4)

184

192

396

Fair value at 31 December

145

130

1,383

2,913

4,571

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