7 Effect of economic assumption changes.

(XLS:) Notes to the Supplementary Financial Statements – effect of economic assumption changes

 

2012
£m

2011
£m

1.

Protection and Annuities and Savings primarily reflect the impact of changes in reinvestment and disinvestment rates, higher costs of capital on increasing reserves mainly due to narrowing credit spreads, and other consequential impacts within lower yielding environments, partially offset by a lower risk discount rate.

Business reported on an EEV basis:

 

 

Protection and Annuities and Savings1

(164)

16

US Protection

2

(37)

 

(162)

(21)