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
£m £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
£m £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
£m £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
£m £m £m £m £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 £92m (2001: £76m).
** UK long term business includes the impact of improvements in annuitant
mortality and other related demographic assumption changes (negative £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
£m £m £m £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
£m £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
£m £m £m £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
£m £m £m £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
£m £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
£m £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
£m £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
£m £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 £36m
(£36m after tax) and generated net proceeds of £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 £8m (£8m after tax)
and after an interim dividend of £2m, generated net proceeds of £35m against
which goodwill of £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 £89m
represented £22m for the value of the in-force business and £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
£m £m £m £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 £7m (2001: £7m) and
Shareholders' funds increased by £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
£m £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 £631m (2001:
£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
£m £m £m £m £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 £100m
together with £114m representing proceeds from the sale of Legal & General Bank
Limited attributable to the Shareholder Retained Capital (SRC) (2001: increase
in subordinated debt of £355m and £580m representing the residual net asset
values of the LTF subsidiaries sold less net capital invested in operational
subsidiaries of £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 £602m (2001: £502m) but excludes the net
liabilities of £11m (2001: net assets of £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
£m £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 £602m (2001: £502m) of intra-group subordinated debt capital
attributed to the SRC.
**Including £262m (2001: £252m) net assets of managed pension funds business.
***Corporate funds includes the convertible debt of £516m (2001: £515m), the
senior debt of £602m (2001: £502m) which has been onlent to the LTF and the net
proceeds of £788m from the 2002 rights issue.
=========================================================================================
17. Borrowings
At 31.12.02 At 31.12.01
£m £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
£m £m £m £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
£m £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 £700m (2001: £671m); APE from total
new business in the same period has increased to £906m (2001: £801m).
2002 2001
£m £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 £2.1bn (2001: £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 £m £m £m £m £m £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
Latest directors dealings
- 11 hours ago Savannah Energy
- 12 hours ago Buccaneer Energy PLC
- 13 hours ago Savannah Energy
- 13 hours ago Carclo
- 13 hours ago Schroder Japan Growth Fund