25 Value of in-force non-participating contracts

(i) Movement in value of in-force non-participating contracts

 

2014
£m

2013
£m

As at 1 January

248

242

Unwinding of the discount rates

3

4

Investment return

(6)

77

Other

(37)

(75)

As at 31 December

208

248

 

 

 

Expected to be settled within 12 months

20

20

Expected to be settled after 12 months

188

228

(ii) Expected net cash flows

 

Date of undiscounted cash flow

 

 

As at 31 December 2014

0-5 years
£m

5-15 years
£m

15-25 years
£m

Over 25 years
£m

Total
£m

Carrying value
£m

Value of in-force non-participating contracts

135

87

29

16

267

208

 

Date of undiscounted cash flow

 

 

As at 31 December 2013

0-5 years
£m

5-15 years
£m

15-25 years
£m

Over 25 years
£m

Total
£m

Carrying value
£m

Value of in-force non-participating contracts

120

100

46

26

292

248

Value of in-force (VIF) non-participating undiscounted net cash flows are based on the expected date of realisation. The VIF relates entirely to insurance contracts.