L&G 2003 Final Results Pt 2

Legal & General Group PLC 26 February 2004 Part 2 Legal & General Group Plc P1 Consolidated Profit and Loss Account - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- Notes 2003 2002 Â£m Â£m Profit on continuing operations Life and pensions 1 620 581 Institutional fund management 80 92 General insurance 5 41 46 Other operational income 6 18 (24) ----------- ----------- Operating profit on continuing operations 759 695 Profit on discontinued operations Other operational income - Banking - 4 ----------- ----------- Operating profit 759 699 Variation from longer term investment return 8 424 (1,174) Change in equalisation provision (7) (5) Effect of economic assumption changes 9 (32) (6) Effect of UK Budget tax changes 10 (27) - Profit on sale of Banking operations 11 - 36 ----------- ----------- Profit/(loss) on ordinary activities before tax 1,117 (450) *********** *********** Tax charge on operating profit : (209): : (197): Tax (charge)/credit on other profits/(losses) : (49): : 224 : *********** *********** Tax (charge)/credit on profit/(loss) on ordinary (258) 27 activities ----------- ----------- Profit/(loss) for the financial period 859 (423) Dividends (318) (297) ----------- ----------- Retained profit/(loss) 541 (720) ================================================================================ Earnings per share p p Based on operating profit after tax on continuing 8.47 8.50 operations Based on profit/(loss) for the financial period 13.24 (7.21) Diluted earnings per share Based on operating profit after tax on continuing 8.26 8.28 operations Based on profit/(loss) for the financial period 12.83 (7.21) Dividend per share 4.90 4.78 ================================================================================ These financial statements were approved by the Board on 25 February 2004 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 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 2003 -------------------------------------------------------------------------------- Notes At 31.12.03 At 31.12.02 Restated * Â£m Â£m Assets Investments 12 35,280 32,442 Assets held to cover linked liabilities 84,308 69,723 Long term in-force business asset 2,365 1,916 Other assets 5,320 4,489 ----------- ----------- 127,273 108,570 =========== =========== Liabilities Shareholders' funds 14 5,596 5,061 Fund for future appropriations 1,498 516 Technical provisions *********** *********** - Technical provisions for linked liabilities : 83,730 : : 67,834 : - Long term business provisions : 33,206 : : 30,679 : - General insurance provisions : 405 : : 345 : *********** *********** 117,341 98,858 Borrowings 15 1,475 1,589 Other creditors 1,363 2,546 ----------- ----------- 127,273 108,570 =========== =========== * Prior year comparative figures have been adjusted to reclassify Institutional pension fund temporary monies as Other creditors rather than as Technical provisions for linked liabilities. There is no adjustment to the reported results. -------------------------------------------------------------------------------- Statement of Total Recognised Gains and Losses At 31.12.03 At 31.12.02 Â£m Â£m Profit/(loss) for the financial period 859 (423) Exchange losses (7) (5) ----------- ----------- Total recognised gains and losses 852 (428) ================================================================================ Legal & General Group Plc P3 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 1. Operating profit from long term business Life and Managed Inter- pensions pension UK national Total funds* Total Â£m Â£m Â£m Â£m Â£m Year ended 31.12.03 Contribution from: New business 271 34 305 31 336 In-force business - expected return 215 45 260 13 273 - experience variances ** 9 (8) 1 5 6 - operating assumption (107) 1 (106) 20 (86) changes ** Development costs (2) - (2) (1) (3) Shareholder net worth 151 11 162 3 165 -------- -------- -------- -------- -------- Operating profit 537 83 620 71 691 ======== ======== ======== ======== ======== 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 (105) 1 (104) 16 (88) changes ** Development costs (3) - (3) (1) (4) Shareholder net worth 159 13 172 7 179 -------- -------- -------- -------- -------- Operating profit 501 80 581 83 664 ======== ======== ======== ======== ======== * Included in the Institutional fund management result of Â£80m (2002: Â£92m). ** The largest impact on UK life and pensions business in 2003 was from the tightening of future persistency assumptions and the strengthening of provisions for claims on the endowment book, and in 2002, was from an improvement in annuitant mortality and other related demographic assumption changes. ================================================================================ Legal & General Group Plc P4 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 2. Life and pensions gross premiums and operating profit 2003 2003 2002 2002 Premiums Operating Premiums Operating written profit written profit Â£m Â£m Â£m Â£m UK 4,541 537 4,229 501 USA 292 50 285 50 Netherlands 155 24 137 23 France 171 9 153 7 --------- --------- --------- --------- 5,159 620 4,804 581 ========= ========= ========= ========= International life and pensions gross premiums and operating profit for 2002 expressed at 31 December 2003 exchange rates are: Premiums Operating written profit Â£m Â£m USA 256 45 Netherlands 148 25 France 165 8 ================================================================================ 3. Sterling exchange rates used 31.12.03 31.12.02 United States dollar 1.79 1.61 Euro 1.42 1.53 ================================================================================ 4. Half yearly analysis of operating profit from continuing operations 2003 2003 2002 2002 Second half First half Second half First half Â£m Â£m Â£m Â£m Life and pensions 314 306 268 313 Institutional fund management 43 37 52 40 General insurance 22 19 24 22 Other operational income 15 3 (11) (13) --------- --------- --------- --------- Total 394 365 333 362 ================================================================================ 5. General insurance net premiums and operating profit 2003 2003 2002 2002 Premiums Operating Premiums Operating written profit written profit Â£m Â£m Â£m Â£m Household 308 17 231 18 Other business 79 24 73 28 --------- --------- --------- --------- Total 387 41 304 46 ================================================================================ Legal & General Group Plc P5 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 6. Other operational income 2003 2002 Â£m Â£m Shareholders' other income - Investment return on shareholders' funds 100 54 - Interest expense (58) (52) ---------- ---------- 42 2 Other operations (14) (14) Unallocated corporate and development expenses (10) (12) ---------- ---------- 18 (24) ================================================================================ 7. General insurance and shareholders' investment return 2003 2002 Â£m Â£m Investment income 82 57 Interest expense and charges (60) (52) Realised investment losses (8) (6) Unrealised investment appreciation/(depreciation) 104 (42) ---------- ---------- 118 (43) ========== ========== reported within: General insurance 18 18 Other operational income 42 2 Variation from longer term investment return ********** ********** - General insurance : 5 : : (21): - Other operational income : 53 : : (42): ********** ********** 58 (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 2003 -------------------------------------------------------------------------------- 8. Variation from longer term investment return 2003 2002 Â£m Â£m Life and pensions - UK 346 (1,045) - International 4 (18) --------- --------- Total life and pensions 350 (1,063) Managed pension funds 16 (48) --------- --------- Total long term business 366 (1,111) General insurance 5 (21) Other operational income 53 (42) --------- --------- 424 (1,174) ========= ========= 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. ================================================================================ 9. Effect of economic assumption changes 2003 2002 Â£m Â£m Life and pensions - UK (16) (14) - International (16) 8 --------- --------- Total (32) (6) ================================================================================ 10. Effect of UK Budget tax changes Changes in the 2003 Budget to the corporation tax rates applicable to the policyholders' share of certain income and gains reduced the UK life and pensions embedded value by Â£19m. The effect has been reported as a charge before tax of Â£27m. ================================================================================ 11. 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 in 2002 of Â£36m (Â£36m after tax) and generated net proceeds of Â£133m. ================================================================================ Legal & General Group Plc P7 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 12. Funds under management At 31.12.03 At 31.12.02 Â£m Â£m Land and buildings 4,228 3,589 Shares, variable yield securities and unit trusts 11,325 10,139 Debt and other fixed income securities 18,277 15,977 Loans secured by mortgages 183 204 Other loans and investments 86 144 Deposits with credit institutions 1,181 2,389 --------- --------- Total investments 35,280 32,442 Assets held to cover linked liabilities 84,308 69,723 --------- --------- Funds included in the consolidated balance sheet 119,588 102,165 Segregated funds 11,235 8,970 Unit trusts, ISAs and PEPs 6,975 5,117 --------- --------- Total funds under management 137,798 116,252 ========= ========= representing: Managed in the UK - Active 42,214 36,018 - Index tracking 92,047 76,855 - For overseas subsidiaries 1,076 1,119 --------- --------- 135,337 113,992 Other including managed overseas 2,461 2,260 --------- --------- 137,798 116,252 ========= ========= including Institutional funds under management: Managed pension funds - Pooled 72,841 60,397 - Segregated 8,522 6,308 --------- --------- 81,363 66,705 Other funds 2,713 2,662 --------- --------- 84,076 69,367 ========= ========= The reported asset mix shown above does not reflect the use of derivatives. The effect of outstanding futures contracts is to change the mix as if the value reported for shares, variable yield securities and unit trusts increased by Â£46m (2002: Â£631m); deposits would be changed by corresponding amounts. The effect of other derivatives is not considered significant enough to be disclosed. ================================================================================ Legal & General Group Plc P8 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 13. Embedded value Life and Managed Inter- pensions pension UK national Total funds Total Â£m Â£m Â£m Â£m Â£m Year ended 31.12.03 At 1 January 3,876 641 4,517 262 4,779 Exchange rate movements - (37) (37) - (37) -------- -------- -------- -------- -------- 3,876 604 4,480 262 4,742 Profit after tax 636 47 683 61 744 Capital movements - 6 6 - 6 Distributions (259) - (259) (18) (277) -------- -------- -------- -------- -------- At 31 December 4,253 657 4,910 305 5,215 ======== ======== ======== ======== ======== comprising: Value of in-force business 2,668 429 3,097 162 3,259 Shareholder net worth * 1,585 228 1,813 143 1,956 -------- -------- -------- -------- -------- 4,253 657 4,910 305 5,215 ======== ======== ======== ======== ======== 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 ** 203 (1) 202 - 202 Distributions (257) - (257) (15) (272) -------- -------- -------- -------- -------- At 31 December 3,876 641 4,517 262 4,779 ======== ======== ======== ======== ======== comprising: Value of in-force business 2,153 408 2,561 132 2,693 Shareholder net worth * 1,723 233 1,956 130 2,086 -------- -------- -------- -------- -------- 3,876 641 4,517 262 4,779 ======== ======== ======== ======== ======== * For the UK life and pensions business, shareholder net worth comprises the shareholder retained capital (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 (2002: Â£602m). ** Capital movements for 2002 include the increase in subordinated debt of Â£100m together with Â£114m representing proceeds from the sale of Legal & General Bank Limited allocated to the SRC. ================================================================================ Legal & General Group Plc P9 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 13. Embedded value (continued) Reconciliation of in-force business At 31.12.03 At 31.12.02 Â£m Â£m Long term in-force business asset included 2,365 1,916 in the balance sheet Sub-fund (223) (189) Deferred acquisition costs 709 613 Deferred tax on contribution * 366 323 Other miscellaneous adjustments 42 30 --------- --------- Value of in-force business 3,259 2,693 ========= ========= Reconciliation of shareholder net worth of long term business operations - UK (SRC) ** 2,212 2,259 - USA 443 453 - Netherlands 36 24 - France 45 36 - Managed pension funds 143 130 --------- --------- Shareholder net worth on the MSS basis 2,879 2,902 Purchased interests in long term business (29) (39) Sub-fund 223 189 Deferred acquisition costs (709) (613) Deferred tax on contribution * (366) (323) Other miscellaneous adjustments (42) (30) --------- --------- Shareholder net worth on the AP basis 1,956 2,086 ========= ========= The above reconciliations are provided in the spirit of the guidance provided by the Auditing Practices Board to auditors. It has been concluded that the AP and MSS accounting bases are so fundamentally different in the way that profits are cast, particularly as to the timing of profit recognition, that it is not meaningful to provide a reconciliation between them. Other than in respect of long term business, shareholder net worth is identical for both AP and MSS business. * Deferred tax represents all tax which is expected to be paid under current legislation, including tax which would arise if shareholders' backing assets were eventually distributed. ** Including Â£602m (2002: Â£602m) of intra-group subordinated debt capital attributed to the SRC. ================================================================================ Legal & General Group Plc P10 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 14. Shareholders' funds Segmental analysis At 31.12.03 At 31.12.02 Â£m Â£m Embedded value of life and pensions businesses: - UK * 4,253 3,876 - USA 460 486 - Netherlands 112 87 - France 85 68 --------- --------- 4,910 4,517 Institutional fund management ** 338 293 --------- --------- 5,248 4,810 General insurance 120 101 Corporate funds *** 228 150 --------- --------- 5,596 5,061 ========= ========= Movement At 1 January 5,061 4,994 Profit/(loss) for the financial period 859 (423) Exchange movements (7) (5) Dividends (318) (297) Increase in share capital/share premium 1 792 --------- --------- At 31 December 5,596 5,061 ========= ========= * Includes Â£602m (2002: Â£602m) of intra-group subordinated debt capital attributed to the SRC. ** Includes Â£305m (2002: Â£262m) net assets of managed pension funds business. *** Includes Â£518m (2002: Â£516m) of convertible debt, Â£602m (2002: Â£602m) of senior debt which has been onlent to the Long Term Fund (LTF) and Â£788m representing the net proceeds from the 2002 Rights Issue. ================================================================================ 15. Borrowings At 31.12.03 At 31.12.02 Â£m Â£m 2.75% Convertible bond 2006 518 516 Medium Term Notes 2031-2041 597 597 Medium Term Notes 2004 6 369 Commercial paper 2004 352 89 Bank loans 2004 2 18 --------- --------- Total borrowings 1,475 1,589 ========= ========= The convertible bond matures in 2006 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 2003 -------------------------------------------------------------------------------- 16. 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: At 31.12.03 At 31.12.02 % p.a. % p.a. Investment return - Gilts - Fixed interest 4.7 4.5 - RPI linked 4.6 4.4 - Non-gilts - Fixed interest 5.1 - 5.5 4.9 - 5.8 - RPI linked 5.1 - 5.4 4.8 - 5.3 - Equities and property 7.3 7.1 Risk discount rate (after tax) 7.2 7.0 Inflation - Expenses/earnings 3.8 3.3 - Indexation 2.8 2.3 The assumed returns on non-gilt securities are net of an allowance for default risk of 0.20% p.a. (2002: 0.20% 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 (2002: 20 years). v) Development costs relate to the development of strategic administration systems. 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 2003 -------------------------------------------------------------------------------- 16. 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 assumptions are reviewed annually. An allowance is made for future improvements in annuitant mortality based on externally published data. For end 2003, 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, DWP 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% (2002: 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 or, 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: At 31.12.03 At 31.12.02 % p.a. % p.a. USA Reinvestment rate 4.8 4.8 Risk discount rate (after tax) 6.8 6.4 Europe Government bond return 4.5 4.5 Risk discount rate (after tax) 8.0 8.0 ================================================================================ Legal & General Group Plc P13 Notes to Financial Statements - Achieved Profits basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 17. 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 yields on the UK life and pensions embedded value and new business contribution for the period. 1% lower 1% higher 1% higher risk risk equities/ As discount discount property published rate rate yields Â£m Â£m Â£m Â£m Effect on embedded value 4,253 +260 -230 +230 at 31 December 2003 Effect on new business 271 +37 -33 +20 contribution for the period It should be noted that in calculating the alternative values all other assumptions are left unchanged. ================================================================================ Legal & General Group Plc P14 Notes to Financial Statements - Achieved Profits Basis Year ended 31 December 2003 -------------------------------------------------------------------------------- 18. Contingent liabilities, guarantees and indemnities Provision for the liabilities arising under contracts with policyholders is based on certain assumptions. The variance of actual experience from that assumed may result in such liabilities differing from the provisions made for them. Liabilities may also arise in respect of claims relating to the interpretation of such contracts, or the circumstances in which policyholders have entered into them (together in this paragraph 'liabilities'). The extent of such liabilities is influenced by a number of factors including the actions and requirements of the FSA, by ombudsman rulings, by industry compensation schemes and by court judgements. The continuing general profile and emphasis being given by the FSA and other bodies to the suitability of the past sales of endowment policies in the context of some mortgage transactions has led to the continuing receipt of claims from holders of endowment policies. On 27th November 2003, Legal & General Assurance Society Limited ('the Society') referred to the Financial Services and Markets Tribunal ('Tribunal') a Decision Notice issued by the FSA in relation to the sale of a small proportion of its mortgage related endowment policies issued between 1997 and 1999 ('Notice'). The matters contained in the Notice will be determined by the Tribunal later this year. Provision for liabilities continues to be made and is regularly reviewed. However, it is not possible to predict, with certainty, the extent and the timing of the financial impact to which these liabilities may give rise. The relevant members of the Group nevertheless consider that each makes prudent provision for such liabilities, as and when circumstances calling for such provision become clear, and that each has adequate capital and reserves to meet all reasonably foreseeable eventualities. In 1975 the Society was required by the Institute of London Underwriters (ILU) to execute the ILU form of guarantee in respect of policies issued through the ILU's Policy Signing Office on behalf of NRG Victory Reinsurance Company Ltd (Victory), a company which was then a subsidiary of the Society. In 1990, Nederlandse Reassurantie Groep Holding nv (the assets and liabilities of which have since been assumed by Nederlandse Reassurantie Groep NV under a statutory merger in the Netherlands) acquired Victory and provided an indemnity to the Society against any liability the Society may have as a result of the ILU's requirement, and the ILU agreed that its requirement of the Society would not apply to policies written or renewed after the acquisition. Whether the Society has any liability as a result of the ILU's requirement and, if so, the amount of its potential liability is uncertain. The Society has made no payment or provision in respect of this matter. Group companies have given indemnities and guarantees, including interest rate guarantees, as a normal part of their operating activities or in relation to capital market transactions. ================================================================================ Legal & General Group Plc P15 New business Year ended 31 December 2003 -------------------------------------------------------------------------------- Life and pensions 2003 2003 2002 2002 Annual Single Annual Single Â£m Â£m Â£m Â£m Insurance business Life 183 1,126 171 1,431 Pensions 118 1,783 169 1,249 --------- --------- --------- --------- UK 301 2,909 340 2,680 ********* ********* ********* ********* USA : 47: : 10: : 57: : 3: Netherlands : 12: : 96: : 10: : 87: France : 7: : 124: : 5: : 111: ********* ********* ********* ********* 66 230 72 201 --------- --------- --------- --------- Insurance total 367 3,139 412 2,881 Retail investment business UK 33 1,689 51 1,522 France - 25 - 32 --------- --------- --------- --------- Total new business 400 4,853 463 4,435 ========= ========= ========= ========= International insurance new business for 2002 expressed at 31 December 2003 exchange rates Annual Single Â£m Â£m USA 51 3 Netherlands 11 94 France 6 120 --------- --------- 68 217 ========= ========= 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 was Â£681m (2002: Â£700m); APE from total new business in the same period has decreased to Â£886m (2002: Â£906m). 2003 2002 Â£m Â£m Institutional fund management Managed pension funds * - Pooled funds 11,066 12,359 - Segregated funds 1,504 1,039 - Limited partnerships 242 167 --------- --------- 12,812 13,565 Other funds 240 402 --------- --------- 13,052 13,967 ========= ========= * New monies from pension fund clients of Legal & General Assurance (Pensions Management) Ltd. Corporate pensions gross new business excludes Â£4.0bn (2002: Â£2.1bn) which was held through the year on a temporary basis, generally as part of portfolio reconstruction. ================================================================================ Legal & General Group Plc P16 New business Year ended 31 December 2003 -------------------------------------------------------------------------------- 2003 2002 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 103 55 48 96 47 49 - Protection 46 23 23 45 23 22 - Group risk 34 21 13 30 16 14 Pensions - Individual pensions 114 57 57 162 69 93 - Group pensions 4 2 2 7 3 4 ------- ------- ------- ------- ------- ------- 301 158 143 340 158 182 Retail investment business ISAs 27 12 15 44 18 26 Unit trusts 6 2 4 7 2 5 ------- ------- ------ ------- ------- ------- Total 334 172 162 391 178 213 ================================================================================ UK single premiums Insurance business Bonds - With-profits 593 264 329 1,172 507 665 - Other 533 347 186 259 148 111 Pensions - Individual pensions 274 109 165 283 133 150 - Annuities - individual 727 413 314 434 249 185 - Annuities - bulk purchase 598 231 367 307 132 175 - Other group business 5 2 3 66 38 28 - DWP rebates 179 142 37 159 116 43 ------- ------- ------- ------- ------- ------- 2,909 1,508 1,401 2,680 1,323 1,357 Retail investment business ISAs 572 179 393 720 184 536 Unit trusts 1,117 485 632 802 333 469 ------- ------- ------- ------- ------- ------- Total 4,598 2,172 2,426 4,202 1,840 2,362 ================================================================================ UK APE Individual life and pensions 494 263 231 534 255 279 Retail investments 202 80 122 203 72 131 by channel ******* ******* ******* ******* ******* ******* - Independent financial : 382: : 194: : 188: : 340: : 160: : 180: advisers : : : : : : : : : : : : - Business : 252: : 129: : 123: : 302: : 138: : 164: partnerships : : : : : : : : : : : : - Business : 27: : 8: : 19: : 44: : 15: : 29: partnerships direct : : : : : : : : : : : : - Direct : 35: : 12: : 23: : 51: : 14: : 37: ******* ******* ******* ******* ******* ******* Total UK individual 696 343 353 737 327 410 Group 98 46 52 74 35 39 ------- ------- ------- ------- ------- ------- Total 794 389 405 811 362 449 ================================================================================ This information is provided by RNS The company news service from the London Stock Exchange

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