L&G 2002 Results Pt2

Legal & General Group PLC 27 February 2003 Part 2 Legal & General Group Plc P1 Consolidated Profit and Loss Account - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------------------------ Notes 2002 2001 Restated Â£m Â£m Profit on continuing operations Life and pensions 1 581 633 Institutional fund management Part 4 92 76 General insurance 5 46 37 Other operational income 6 (24) 1 --------------- --------------- Operating profit from continuing operations 695 747 Profit on discontinued operations Other operational income - Banking 4 4 --------------- --------------- Operating profit 699 751 Variation from longer term investment return 8 (1,174) (688) Change in equalisation provision (5) (6) Effect of economic assumption changes 9 (6) (3) Profit on sale of discontinued operations 10/11 36 8 --------------- --------------- (Loss)/profit on ordinary activities before tax (450) 62 Tax credit/(charge) on (loss)/profit on ordinary 13 27 (98) activities --------------- --------------- Loss for the financial period (423) (36) Dividends (297) (261) --------------- --------------- Retained loss (720) (297) ============================================================================================================ Earnings per share p p Based on operating profit from continuing operations 7.69 9.84 after tax Based on loss for the financial period (6.52) (0.64) Diluted earnings per share Based on operating profit from continuing operations 7.52 9.36 after tax Based on loss for the financial period (6.52) (0.64) Dividend per share 4.78 4.67 ============================================================================================================ These financial statements were approved by the Board on 26 February 2003 and have been prepared for long term business using the Achieved Profits (AP) basis. The Modified Statutory Solvency (MSS) results are included in Part 3. The results for the year ended 2001 have been restated following the adoption of Financial Reporting Standard 19 (FRS19), Deferred tax (see note 13) and earnings per share and dividends per share have been restated to reflect the 2002 rights issue. The results constitute non statutory accounts within the meaning of Section 240 of the Companies Act 1985. ============================================================================================================ Legal & General Group Plc P2 Consolidated Balance Sheet - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------------------------ Notes At 31.12.02 At 31.12.01 Restated Â£m Â£m Assets Investments 14 32,442 34,464 Assets held to cover linked liabilities 69,723 70,982 Long term in-force business asset 1,916 2,147 Other assets 4,489 2,783 --------------- --------------- 108,570 110,376 =============== =============== Liabilities Shareholders' funds 16 5,061 4,994 Fund for future appropriations 516 1,845 ''''''''''''''' '''''''''''''''' Technical provisions - Technical provisions for linked liabilities 69,413 70,848 - Long term business provisions 30,679 28,536 - General insurance provisions 345 336 ''''''''''''''' '''''''''''''''' 100,437 99,720 Borrowings 17 1,589 1,642 Bank customer deposits - 1,043 Other creditors 967 1,132 --------------- --------------- 108,570 110,376 ============================================================================================================ Statement of Total Recognised Gains and Losses At 31.12.02 At 31.12.01 Restated Â£m Â£m Loss for the financial period (423) (36) Exchange losses (5) (1) --------------- --------------- Total recognised gains and losses (428) (37) ============================================================================================================ Legal & General Group Plc P3 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------------------------ 1. Operating profit from long term business Life and Managed pensions pension UK International Total funds* Total Â£m Â£m Â£m Â£m Â£m Year ended 31.12.02 Contribution from: New business 211 38 249 32 281 In-force business - expected return 264 46 310 15 325 - experience variances ** (25) (18) (43) 14 (29) - operating assumption changes ** (105) 1 (104) 16 (88) Development costs (3) - (3) (1) (4) Shareholder net worth 159 13 172 7 179 --------------- --------------- --------------- --------------- --------------- Operating profit 501 80 581 83 664 =============== =============== =============== =============== =============== Year ended 31.12.01 Contribution from: New business 183 34 217 27 244 In-force business - expected return 242 45 287 14 301 - experience variances 43 (5) 38 20 58 - operating assumption changes (33) 11 (22) 11 (11) Development costs (26) 0 (26) (2) (28) Shareholder net worth 123 16 139 - 139 --------------- --------------- --------------- --------------- --------------- Operating profit 532 101 633 70 703 =============== =============== =============== =============== =============== * Included in the Institutional fund management result of Â£92m (2001: Â£76m). ** UK long term business includes the impact of improvements in annuitant mortality and other related demographic assumption changes (negative Â£140m). ======================================================================================================================= Legal & General Group Plc P4 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ----------------------------------------------------------------------------------------------------------------------- 2. Life and pensions gross premiums and operating profit 2002 2002 2001 2001 Premiums Operating Premiums Operating written profit written profit Â£m Â£m Â£m Â£m UK 4,229 501 4,250 532 USA 285 50 272 67 Netherlands 137 23 131 18 France 153 7 146 16 --------------- --------------- --------------- --------------- 4,804 581 4,799 633 =============== =============== =============== =============== International life and pensions gross premiums and operating profit for 2001 expressed at 31 December 2002 exchange rates are: Premiums Operating written profit Â£m Â£m USA 247 61 Netherlands 140 19 France 156 17 ======================================================================================================================= 3. Sterling exchange rates used 31.12.02 31.12.01 United States dollar 1.61 1.46 Euro 1.53 1.63 ======================================================================================================================= 4. Half yearly analysis of operating profit from continuing operations 2002 2002 2001 2001 Second half First half Second half First half Â£m Â£m Â£m Â£m Life and pensions 268 313 314 319 Institutional fund management 52 40 45 31 General insurance 24 22 21 16 Other operational income (11) (13) 0 1 --------------- --------------- --------------- --------------- Total 333 362 380 367 ======================================================================================================================= 5. General insurance net premiums and operating profit 2002 2002 2001 2001 Premiums Operating Premiums Operating written profit written profit Â£m Â£m Â£m Â£m Household 231 18 204 15 Mortgage indemnity 2 12 1 14 Other business 71 16 64 8 --------------- --------------- --------------- --------------- Total 304 46 269 37 ======================================================================================================================= Legal & General Group Plc P5 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ----------------------------------------------------------------------------------------------------------------------- 6. Other operational income 2002 2001 Â£m Â£m Shareholders' other income - Investment return on shareholders' funds 54 52 - Interest expense (52) (24) --------------- --------------- 2 28 Other operations (14) (17) Unallocated corporate and development expenses (12) (10) --------------- --------------- (24) 1 ======================================================================================================================= 7. General insurance and shareholders' investment return 2002 2001 Â£m Â£m Investment income 57 62 Interest expense and charges (52) (25) Realised investment losses (6) (12) Unrealised investment depreciation (42) (42) --------------- --------------- (43) (17) =============== =============== reported within: General insurance 18 18 Other operational income 2 28 Variation from longer term investment return ''''''''''''''' ''''''''''''''' - General insurance (21) (25) - Other operational income (42) (38) ''''''''''''''' ''''''''''''''' (63) (63) The investment return shown represents the return on the General insurance and Corporate funds. Shareholders' other income, reported within Other operational income, has been allocated based on a longer term rate of investment return with the variation from the actual return being reported as Variation from longer term investment return. ========================================================================================== Legal & General Group Plc P6 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------ 8. Variation from longer term investment return 2002 2001 Â£m Â£m Life and pensions - UK (1,045) (579) - International (18) (15) --------------- --------------- Total life and pensions (1,063) (594) Managed pension funds (48) (31) --------------- --------------- Total long term business (1,111) (625) General insurance (21) (25) Other operational income (42) (38) --------------- --------------- (1,174) (688) =============== =============== For long term business, the variation from longer term investment return represents the effect of the investment performance in respect of shareholder net worth and in-force business, compared with embedded value assumptions at the beginning of the period. The after tax impact of the variation from longer term investment return is charged to the balance sheet. ========================================================================================== 9. Effect of economic assumption changes 2002 2001 Â£m Â£m Life and pensions - UK (14) 2 - International 8 (5) --------------- --------------- Total long term business (6) (3) ========================================================================================== 10. Sale of Banking operations The sale of Legal & General Bank Ltd and Legal & General Mortgage Services Ltd, two wholly owned subsidiaries, to Northern Rock plc, was completed on 1 August 2002. The results to the date of sale have been reported as discontinued business. This transaction resulted in an exceptional profit before tax of Â£36m (Â£36m after tax) and generated net proceeds of Â£133m. ================================================================================ 11. Sale of Fairmount Group The sale of Fairmount Group plc, a wholly owned subsidiary, to Brown Shipley & Co Ltd was completed on 16 August 2001. The results to the date of sale were not material and hence were not separately reported as discontinued business. This transaction resulted in an exceptional profit before tax of Â£8m (Â£8m after tax) and after an interim dividend of Â£2m, generated net proceeds of Â£35m against which goodwill of Â£20m, previously written off against reserves, had been charged. ================================================================================ Legal & General Group Plc P7 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 -------------------------------------------------------------------------------- 12. Acquisition of Alliance & Leicester Life Assurance Company Ltd The acquisition of Alliance & Leicester Life Assurance Company Ltd from Alliance & Leicester plc was completed on 3 September 2002. The acquisition cost of Â£89m represented Â£22m for the value of the in-force business and Â£67m for the net assets of the company. The results have been accounted for as an acquisition in the Group's consolidated financial statements. ======================================================================================================================= 13. Analysis of tax 2002 2002 2001 2001 Profit/(loss) Tax Profit/(loss) Tax before (charge)/ before (charge)/ tax credit tax credit Restated Â£m Â£m Â£m Â£m Profit on continuing operations UK life and pensions 501 (138) 532 (137) International life and pensions ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' - USA 50 (18) 67 (24) - Netherlands 23 (8) 18 (6) - France 7 (2) 16 (5) ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' 80 (28) 101 (35) --------------- --------------- --------------- --------------- 581 (166) 633 (172) Institutional fund management 92 (28) 76 (21) General insurance 46 (13) 37 (8) Other operational income (24) 10 1 6 --------------- --------------- --------------- --------------- Operating profit from continuing operations 695 (197) 747 (195) Profit on discontinued operations Other operational income - Banking 4 0 4 (1) --------------- --------------- --------------- --------------- Operating profit 699 (197) 751 (196) Variation from longer term investment return (1,174) 221 (688) 90 Change in equalisation provision (5) 2 (6) 2 Effect of economic assumption changes (6) 1 (3) 6 Profit on sale of discontinued operations 36 - 8 - --------------- --------------- --------------- --------------- (Loss)/profit on ordinary activities and tax (450) 27 62 (98) =============== =============== =============== =============== FRS19, Deferred tax, has been adopted and the 2001 comparatives restated accordingly. Profit after tax for 2002 increased by Â£7m (2001: Â£7m) and Shareholders' funds increased by Â£7m (2001: nil). The AP methodology effectively requires expected future tax provisions for long term business to be discounted. Deferred tax provisions for other than long term business operations have not been discounted. ========================================================================================== Legal & General Group Plc P8 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------ 14. Funds under management At 31.12.02 At 31.12.01 Â£m Â£m Land and buildings 3,589 3,526 Shares, variable yield securities and unit trusts 10,139 12,964 Debt and other fixed income securities 15,977 14,270 Loans secured by mortgages 204 1,394 Other loans and investments 144 382 Deposits with credit institutions 2,389 1,928 --------------- --------------- Total investments 32,442 34,464 Assets held to cover linked liabilities 69,723 70,982 --------------- --------------- Funds included in the consolidated balance sheet 102,165 105,446 Segregated funds 8,970 7,561 Unit trusts, ISAs and PEPs 5,117 4,535 --------------- --------------- Total funds under management 116,252 117,542 =============== =============== representing: Managed in the UK - Active 36,018 33,832 - Index tracking 76,855 78,255 - For overseas subsidiaries 1,119 1,161 --------------- --------------- 113,992 113,248 Managed overseas 2,210 2,661 --------------- --------------- 116,202 115,909 Mortgages and other 50 1,633 --------------- --------------- 116,252 117,542 =============== =============== including Institutional funds under management: Managed pension funds - Pooled 60,397 61,675 - Segregated 6,308 5,130 --------------- --------------- 66,705 66,805 Other funds 2,662 2,575 --------------- --------------- 69,367 69,380 =============== =============== The reported asset mix shown above does not reflect the use of derivatives. The effect of outstanding futures contracts would have been to increase the value reported for shares, variable yield securities and unit trusts by Â£631m (2001: Â£136m); deposits would have been decreased by corresponding amounts. The effect of other derivatives is not considered significant enough to be reported separately. ======================================================================================================================== Legal & General Group Plc P9 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------------------------------------ 15. Embedded value Life and Managed pensions pension UK International Total funds Total Â£m Â£m Â£m Â£m Â£m Year ended 31.12.02 At 1 January 4,432 633 5,065 252 5,317 Exchange rate movements - (36) (36) - (36) --------------- --------------- --------------- --------------- --------------- 4,432 597 5,029 252 5,281 (Loss)/profit after tax (502) 45 (457) 25 (432) Capital movements * 214 (1) 213 - 213 Distributions (257) - (257) (15) (272) --------------- --------------- --------------- --------------- --------------- At 31 December 3,887 641 4,528 262 4,790 =============== =============== =============== =============== =============== comprising: Value of in-force business 2,153 408 2,561 132 2,693 Shareholder net worth ** 1,734 233 1,967 130 2,097 --------------- --------------- --------------- --------------- --------------- 3,887 641 4,528 262 4,790 =============== =============== =============== =============== =============== Year ended 31.12.01 At 1 January 3,868 578 4,446 134 4,580 Exchange rate movements - 6 6 - 6 --------------- --------------- --------------- --------------- --------------- 3,868 584 4,452 134 4,586 (Loss)/profit after tax (109) 52 (57) 26 (31) Capital movements* 920 (1) 919 116 1,035 Distributions (247) (2) (249) (24) (273) --------------- --------------- --------------- --------------- --------------- At 31 December 4,432 633 5,065 252 5,317 =============== =============== =============== =============== =============== comprising: Value of in-force business 2,439 394 2,833 136 2,969 Shareholder net worth ** 1,993 239 2,232 116 2,348 --------------- --------------- --------------- --------------- --------------- 4,432 633 5,065 252 5,317 =============== =============== =============== =============== =============== * Capital movements for 2002 comprise an increase in subordinated debt of Â£100m together with Â£114m representing proceeds from the sale of Legal & General Bank Limited attributable to the Shareholder Retained Capital (SRC) (2001: increase in subordinated debt of Â£355m and Â£580m representing the residual net asset values of the LTF subsidiaries sold less net capital invested in operational subsidiaries of Â£15m). ** For the UK life and pensions business, shareholder net worth comprises the SRC on the MSS basis, adjusted for deferred acquisition costs, and the sub-fund, both net of an appropriate allowance for tax. It also includes intra-group subordinated debt capital of Â£602m (2001: Â£502m) but excludes the net liabilities of Â£11m (2001: net assets of Â£68m) of the UK long term fund (LTF) operational subsidiaries. ========================================================================================== Legal & General Group Plc P10 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------ 16. Shareholders' funds Segmental analysis At 31.12.02 At 31.12.01 Restated Â£m Â£m Embedded value of life and pensions businesses: - UK * 3,887 4,432 - USA 486 492 - Netherlands 87 74 - France 68 67 --------------- --------------- 4,528 5,065 Institutional fund management ** 293 284 --------------- --------------- 4,821 5,349 General insurance 101 91 Banking - 93 Corporate funds *** 139 (539) --------------- --------------- 5,061 4,994 =============== =============== Movement At 1 January 4,994 5,267 Loss for the financial period (423) (36) Exchange losses (5) (1) Dividends (297) (261) Increase in share capital/share premium 792 5 Goodwill written back on sale of Fairmount Group plc - 20 --------------- --------------- At 31 December 5,061 4,994 =============== =============== *Including Â£602m (2001: Â£502m) of intra-group subordinated debt capital attributed to the SRC. **Including Â£262m (2001: Â£252m) net assets of managed pension funds business. ***Corporate funds includes the convertible debt of Â£516m (2001: Â£515m), the senior debt of Â£602m (2001: Â£502m) which has been onlent to the LTF and the net proceeds of Â£788m from the 2002 rights issue. ========================================================================================= 17. Borrowings At 31.12.02 At 31.12.01 Â£m Â£m 2.75% Convertible bond 2006 516 515 Medium Term Notes 2031-2041 597 402 Medium Term Notes 2003-2004 369 334 Commercial paper 2003 89 321 Bank loans 2003 18 70 --------------- --------------- Total borrowings 1,589 1,642 =============== =============== The convertible bond is due in 2006 with a coupon of 2.75% p.a. and is convertible into ordinary shares of the Company at 184p per share. If converted, this bond would give rise to the issue of 285.3m new ordinary shares which represents approximately 4.4% of the current issued share capital. ================================================================================ Legal & General Group Plc P11 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 -------------------------------------------------------------------------------- 18. Embedded value assumptions UK life and pensions i)The assumed future pre-tax returns on fixed interest and RPI linked securities are set by reference to redemption yields available in the market at the end of the reporting period. The corresponding return on equities and property and the risk discount rate have been set by reference to the fixed interest gilt assumption. The economic assumptions were: As at 31.12.02 As at 31.12.01 % p.a. % p.a. UK Investment return - Gilts - Fixed interest 4.5 5.0 - RPI linked 4.4 5.0 - Non-gilts - Fixed interest 4.9 - 5.8 5.4 - 6.3 - RPI linked 4.8 - 5.3 5.1 - 5.8 - Equities and property 7.1 7.6 Risk discount rate (after tax) 7.0 7.5 Inflation - Expenses/earnings 3.3 3.5 - Indexation 2.3 2.5 The assumed returns on non-gilt securities are net of an allowance for default risk of 0.20% p.a. (2001: 0.15% p.a.), other than for certain government-supported securities where no such allowance is made. ii) Assets are valued at market value. For the projection of fixed interest and RPI linked investment returns, asset values are adjusted to reflect the assumed interest and inflation rates. iii) Capital reported as transferred into the LTF since 1996, in the form of subordinated debt and any remaining excess consideration over the net asset value of subsidiaries transferred from the LTF in December 2001, is treated as residual. iv) The value of the sub-fund is the discounted value of projected investment returns for a period of 20 years (2001: 20 years). v) Development costs relate to the new strategic administration systems, and in 2001 the start up costs relating to the Barclays strategic alliance. vi) Future bonus rates have been set at levels which would fully utilise the assets supporting with-profits business. The proportion of profits derived from with-profits business allocated to shareholders has been assumed to be 10% throughout. Legal & General Group Plc P12 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------- 18. Embedded value assumptions (continued) vii) The value of in-force business reflects the cost of providing for benefit enhancement or compensation in relation to certain products including administration expenses. viii) Other actuarial assumptions have been set at levels commensurate with recent operating experience, including those for mortality, persistency and maintenance expenses (excluding the development costs referred to above). These are reviewed annually. An allowance is made for future improvements in annuitant mortality based on externally published data. For end 2002, male annuitant mortality is assumed to improve in accordance with CMI Working Paper 1, projection SC for experience and projection MC for statutory reserving. Female annuitant mortality is assumed to improve in accordance with CMI Report No. 17. ix) Business in force comprises previously written single premium, regular premium and recurrent single premium contracts. For this purpose, DSS rebates have not been treated as recurrent and their value is included as premiums are received. x) Projected tax has been determined assuming current tax legislation and rates. xi) AP results are computed on an after tax basis and are grossed up to the pre-tax level for presentation in the profit and loss account. The tax rate used for grossing-up is the corporation tax rate of 30% (2001: 30%), except for the profit attributable to shareholder net worth, where the rate used is derived from the tax attributed to the contribution from shareholder net worth in the MSS accounts. To arrive at operating profit, the contribution from shareholder net worth is grossed up at a rate to reflect the tax associated with a longer term investment return. UK managed pension funds The UK life and pensions economic assumptions are used. All contracts are assumed to lapse after 10 years. Fees are projected on a basis which reflects current charges and, if less, anticipated charges. New business consists of monies received from new clients and incremental receipts from existing clients, and excludes the roll-up of the investment returns. Development costs relate to strategic systems. International Key assumptions are: As at 31.12.02 As at 31.12.01 % p.a. % p.a. USA Reinvestment rate 4.8 6.5 Risk discount rate (after tax) 6.4 7.6 Europe Government bond return 4.5 5.0 Risk discount rate (after tax) 8.0 8.5 ========================================================================================== Legal & General Group Plc P13 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2002 ------------------------------------------------------------------------------------------ 19. Alternative assumptions The discount rate appropriate to any investor will depend on the investor's own requirements, tax and perception of the risks associated with the anticipated cash flows to shareholders. The table below shows the effect of alternative discount rates and equity and property returns on the UK life and pensions embedded value and new business contribution for the period. 1% lower 1% higher 1% higher risk discount risk discount equities/property As published rate rate returns Effect on embedded value at 31 December 2002 3,887 +250 -220 +240 Effect on new business contribution for the period 211 +27 -25 +17 It should be noted that in calculating the alternative values all other assumptions are left unchanged. ======================================================================================================================= Legal & General Group Plc P14 New business Year ended 31 December 2002 ----------------------------------------------------------------------------------------------------------------------- Life and pensions 2002 2002 2001 2001 Annual Single Annual Single Â£m Â£m Â£m Â£m Insurance business Life 171 1,431 170 1,238 Pensions 169 1,249 137 1,536 --------------- --------------- --------------- --------------- UK 340 2,680 307 2,774 ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' USA 57 3 52 1 Netherlands 10 87 8 91 France 5 111 7 109 ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' 72 201 67 201 --------------- --------------- --------------- --------------- Insurance total 412 2,881 374 2,975 Retail investment business ISAs 44 720 38 467 Unit trusts - UK 7 802 1 405 - France - 32 - 35 --------------- --------------- --------------- --------------- Total new business 463 4,435 413 3,882 =============== =============== =============== =============== International insurance new business for 2001 expressed at 31 December 2002 exchange rates: Annual Single Â£m Â£m USA 47 1 Netherlands 9 97 France 7 116 --------------- --------------- 63 214 =============== =============== Annual Premium Equivalent (APE) is calculated for total new business, including unit trusts and ISAs but excluding institutional fund management, and comprises the new annual premiums together with 10% of single premiums. APE from insurance business has increased to Â£700m (2001: Â£671m); APE from total new business in the same period has increased to Â£906m (2001: Â£801m). 2002 2001 Â£m Â£m Institutional fund management Managed pension funds * - Pooled funds 12,359 10,608 - Segregated funds 1,039 2,571 - Limited partnerships 167 - --------------- --------------- 13,565 13,179 Other funds 402 40 --------------- --------------- 13,967 13,219 =============== =============== * New monies from pension fund clients of Legal & General Assurance (Pensions Management) Ltd. Additional funds which are held on a temporary basis, generally as part of portfolio reconstructions, amounting to Â£2.1bn (2001: Â£2.6bn) have been excluded from the above figures. ======================================================================================================================= Legal & General Group Plc P15 New business Year ended 31 December 2002 ------------------------------------------------------------------------------------------------------------------------ 2002 2002 2002 2001 2001 2001 Full Second First Full Second First year half half year half half UK annual premiums Â£m Â£m Â£m Â£m Â£m Â£m Insurance business Life - Mortgage-related 96 47 49 101 50 51 - Protection 45 23 22 37 21 16 - Group risk 30 16 14 32 16 16 Pensions - Individual pensions 162 69 93 123 73 50 - Group pensions 7 3 4 14 10 4 --------------- --------------- --------------- --------------- --------------- --------------- 340 158 182 307 170 137 Retail investment business ISAs 44 18 26 38 22 16 Unit trusts 7 2 5 1 1 - --------------- --------------- --------------- --------------- --------------- --------------- Total 391 178 213 346 193 153 ======================================================================================================================== UK single premiums Insurance business Bonds - With-profits 1,172 507 665 1,134 675 459 - Other 259 148 111 104 65 39 Pensions - Individual pensions 283 133 150 266 108 158 - Annuities - individual 434 249 185 335 175 160 - Annuities - bulk purchase 307 132 175 741 344 397 - Other group business 66 38 28 74 37 37 - DWP rebates 159 116 43 120 85 35 --------------- --------------- --------------- --------------- --------------- --------------- 2,680 1,323 1,357 2,774 1,489 1,285 Retail investment business ISAs 720 184 536 467 157 310 Unit trusts 802 333 469 405 285 120 --------------- --------------- --------------- --------------- --------------- --------------- Total 4,202 1,840 2,362 3,646 1,931 1,715 ======================================================================================================================= UK APE Individual life and pensions 534 255 279 457 255 202 Retail investments 203 72 131 126 67 59 by channel ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' - Independent financial advisers 340 160 180 313 158 155 - Business partnerships 302 138 164 209 145 64 - Business partnerships direct 44 15 29 1 0 1 - Direct 51 14 37 60 19 41 ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' ''''''''''''''' Total UK individual 737 327 410 583 322 261 Group 74 35 39 127 63 64 --------------- --------------- --------------- --------------- --------------- --------------- Total 811 362 449 710 385 325 ======================================================================================================================= This information is provided by RNS The company news service from the London Stock Exchange

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