23rd Mar 2010 07:00
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New Business |
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Page 89 |
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6.01 Investment management new business |
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Increase/ |
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2009 |
2008 |
(decrease) |
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£m |
£m |
% |
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Managed pension funds1 |
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Pooled funds |
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25,606 |
26,733 |
(4) |
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Segregated funds |
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3,381 |
841 |
302 |
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Total managed funds |
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28,987 |
27,574 |
5 |
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Other funds2 |
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4,297 |
5,517 |
(22) |
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Total new funds |
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33,284 |
33,091 |
1 |
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Attributable to: |
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Legal & General Investment Management |
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31,485 |
30,873 |
2 |
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Legal & General Retail Investments |
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1,799 |
2,218 |
(19) |
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6.02 Investment management new business quarterly progression |
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3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
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31.12.09 |
30.09.09 |
30.06.09 |
31.03.09 |
31.12.08 |
30.09.08 |
30.06.08 |
31.03.09 |
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£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
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Managed pension funds1 |
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Pooled funds |
6,742 |
7,076 |
5,763 |
6,025 |
3,423 |
9,748 |
8,254 |
5,308 |
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Segregated funds |
1,344 |
790 |
533 |
714 |
430 |
47 |
141 |
223 |
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Total managed funds |
8,086 |
7,866 |
6,296 |
6,739 |
3,853 |
9,795 |
8,395 |
5,531 |
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Other funds2 |
869 |
1,326 |
1,382 |
720 |
890 |
908 |
3,151 |
568 |
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Total new funds |
8,955 |
9,192 |
7,678 |
7,459 |
4,743 |
10,703 |
11,546 |
6,099 |
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Attributable to: |
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Legal & General |
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Investment Management |
8,450 |
8,853 |
7,166 |
7,016 |
4,185 |
10,464 |
10,611 |
5,613 |
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Legal & General |
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Retail Investments |
505 |
339 |
512 |
443 |
558 |
239 |
935 |
486 |
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6.03 Legal & General Investment Management new business by investment approach |
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2009 |
2008 |
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% |
% |
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Indexed equities |
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49.3 |
45.2 |
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Indexed bonds (including index linked funds and cash) |
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26.8 |
41.2 |
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Active bonds (including index linked funds and cash) |
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13.7 |
7.2 |
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Structured solutions |
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9.7 |
6.2 |
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Property |
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0.5 |
0.2 |
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Total |
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100.0 |
100.0 |
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1. New monies from pension fund clients of Legal & General Assurance (Pensions Management) exclude £7.9bn (2008: £7.4bn) held through the year on a temporary basis, generally as part of portfolio reconstructions. |
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2. Includes segregated property, property partnerships, private equity partnerships and institutional clients funds managed by Legal & General Investment Management and institutional investments in unit trust funds managed by Legal & General Retail Investments. |
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New Business |
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Page 90 |
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6.04 UK funds under management |
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Increase/ |
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2009 |
2008 |
(decrease) |
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£m |
£m |
% |
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Total investments |
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315,101 |
264,228 |
19 |
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Represented by |
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Index tracking funds: |
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- UK equities |
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68,971 |
54,780 |
26 |
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- Overseas equities |
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73,858 |
54,366 |
36 |
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- Fixed interest |
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36,534 |
35,912 |
2 |
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- Index linked |
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28,245 |
30,704 |
(8) |
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- Cash/deposits |
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695 |
(186) |
N/A |
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Total index tracking funds |
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208,303 |
175,576 |
19 |
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Actively managed funds |
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76,860 |
65,872 |
17 |
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Structured solutions |
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29,938 |
22,780 |
31 |
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315,101 |
264,228 |
19 |
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By investment approach |
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Index equities |
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142,828 |
109,146 |
31 |
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Index bonds (including index linked funds and cash) |
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65,475 |
66,430 |
(1) |
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Active bonds (including index linked funds and cash) |
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61,167 |
51,439 |
19 |
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Structured solutions |
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29,938 |
22,780 |
31 |
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Active equities |
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8,788 |
7,576 |
16 |
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Property |
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6,675 |
6,646 |
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Private equity |
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230 |
211 |
9 |
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315,101 |
264,228 |
19 |
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By source of business |
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Institutional funds under management1: |
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- Managed pension funds pooled |
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190,792 |
160,946 |
19 |
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- Structured solutions |
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29,938 |
22,780 |
31 |
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- Other |
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11,261 |
8,631 |
30 |
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- Managed pension funds segregated |
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4,330 |
3,832 |
13 |
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Total institutional funds under management |
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236,321 |
196,189 |
20 |
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UK businesses (life and general insurance funds) |
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65,106 |
57,688 |
13 |
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UK businesses (unit trusts - excluding life fund investment) |
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13,674 |
10,351 |
32 |
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315,101 |
264,228 |
19 |
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1. Excludes institutional investments in unit trust funds. |
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Additional funds under management of £19bn (2008: £16bn) derived from retail investments and funds managed overseas, take total worldwide funds under management to £334bn (2008: £280bn). |
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New Business |
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Page 91 |
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6.05 Worldwide new business |
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Annual |
Single |
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Annual |
Single |
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premiums |
premiums |
APE |
premiums |
premiums |
APE |
Increase/ |
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2009 |
2009 |
2009 |
2008 |
2008 |
2008 |
(decrease) |
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£m |
£m |
£m |
£m |
£m |
£m |
% |
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Protection |
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- Individual |
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123 |
- |
123 |
140 |
- |
140 |
(12) |
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- Group |
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57 |
- |
57 |
67 |
- |
67 |
(15) |
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180 |
- |
180 |
207 |
- |
207 |
(13) |
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Annuities |
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- Individual (non profit) |
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- |
962 |
96 |
- |
841 |
84 |
14 |
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- Individual (with-profits) |
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- |
17 |
2 |
- |
27 |
3 |
(33) |
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- Bulk purchase |
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- |
883 |
88 |
- |
1,938 |
194 |
(55) |
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- |
1,862 |
186 |
- |
2,806 |
281 |
(34) |
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Total Risk |
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180 |
1,862 |
366 |
207 |
2,806 |
488 |
(25) |
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Core retail investments1 |
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- Unit trusts |
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10 |
2,595 |
269 |
12 |
1,466 |
159 |
69 |
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- ISAs |
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22 |
838 |
106 |
29 |
413 |
70 |
51 |
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Non profit Savings |
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- Unit linked bonds |
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- |
677 |
68 |
- |
1,306 |
131 |
(48) |
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- Individual pensions |
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144 |
1,279 |
272 |
181 |
1,460 |
327 |
(17) |
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- DWP rebates |
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- |
10 |
1 |
- |
8 |
1 |
- |
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With-profits Savings |
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- Bonds |
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- |
553 |
55 |
- |
283 |
28 |
96 |
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- Individual pensions |
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102 |
211 |
123 |
106 |
434 |
149 |
(17) |
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- DWP rebates |
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- |
115 |
12 |
- |
118 |
12 |
- |
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- Group pensions |
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1 |
- |
1 |
2 |
3 |
2 |
(50) |
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Total Savings |
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279 |
6,278 |
907 |
330 |
5,491 |
879 |
3 |
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- USA |
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49 |
- |
49 |
51 |
- |
51 |
(4) |
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- Netherlands |
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8 |
142 |
22 |
13 |
157 |
29 |
(24) |
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- France |
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14 |
237 |
38 |
17 |
164 |
33 |
15 |
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71 |
379 |
109 |
81 |
321 |
113 |
(4) |
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France retail investment business |
- |
56 |
6 |
- |
63 |
6 |
- |
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Total International |
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new business |
71 |
435 |
115 |
81 |
384 |
119 |
(3) |
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Total worldwide |
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new business |
530 |
8,575 |
1,388 |
618 |
8,681 |
1,486 |
(7) |
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1. Core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.01). |
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New Business |
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Page 92 |
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6.06 Worldwide new business APE quarterly progression |
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3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
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31.12.09 |
30.09.09 |
30.06.09 |
31.03.09 |
31.12.08 |
30.09.08 |
30.06.08 |
31.03.09 |
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£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
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Protection |
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- Individual |
31 |
32 |
30 |
30 |
33 |
34 |
37 |
36 |
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- Group |
16 |
11 |
16 |
14 |
16 |
14 |
23 |
14 |
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47 |
43 |
46 |
44 |
49 |
48 |
60 |
50 |
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Annuities |
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- Individual (non profit) |
16 |
22 |
25 |
33 |
26 |
20 |
20 |
18 |
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- Individual (with-profits) |
1 |
- |
1 |
- |
1 |
- |
1 |
1 |
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- Bulk purchase |
9 |
5 |
24 |
50 |
31 |
25 |
66 |
72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
27 |
50 |
83 |
58 |
45 |
87 |
91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk |
73 |
70 |
96 |
127 |
107 |
93 |
147 |
141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core retail investments1 |
|
|
|
|
|
|
|
|
|
- Unit trusts |
85 |
73 |
65 |
46 |
47 |
37 |
45 |
30 |
|
- ISAs |
32 |
34 |
26 |
14 |
14 |
16 |
28 |
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non profit savings |
|
|
|
|
|
|
|
|
|
- Unit linked bonds |
23 |
13 |
14 |
18 |
30 |
26 |
35 |
40 |
|
- Individual pensions |
60 |
65 |
71 |
76 |
82 |
83 |
93 |
69 |
|
- DWP rebates |
- |
1 |
- |
- |
- |
1 |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With-profits savings |
|
|
|
|
|
|
|
|
|
- Bonds |
11 |
13 |
18 |
13 |
8 |
9 |
7 |
4 |
|
- Individual pensions |
22 |
22 |
40 |
39 |
31 |
33 |
47 |
38 |
|
- DWP rebates |
1 |
4 |
7 |
- |
1 |
4 |
6 |
1 |
|
- Group pensions |
- |
- |
1 |
- |
- |
1 |
1 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Savings |
234 |
225 |
242 |
206 |
213 |
210 |
262 |
194 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- USA |
9 |
11 |
13 |
16 |
15 |
12 |
12 |
12 |
|
- Netherlands |
5 |
4 |
6 |
7 |
6 |
6 |
8 |
9 |
|
- France |
7 |
1 |
6 |
24 |
6 |
8 |
4 |
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
16 |
25 |
47 |
27 |
26 |
24 |
36 |
|
France retail |
|
|
|
|
|
|
|
|
|
investment business |
2 |
1 |
1 |
2 |
2 |
1 |
2 |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
new business |
23 |
17 |
26 |
49 |
29 |
27 |
26 |
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total worldwide |
|
|
|
|
|
|
|
|
|
new business |
330 |
312 |
364 |
382 |
349 |
330 |
435 |
372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.02). |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Business |
|
|
|
|
|
|
|
Page 93 |
|
6.07 Worldwide new business annual premium quarterly progression |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
|
|
31.12.09 |
30.09.09 |
30.06.09 |
31.03.09 |
31.12.08 |
30.09.08 |
30.06.08 |
31.03.09 |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protection |
|
|
|
|
|
|
|
|
|
- Individual |
31 |
32 |
30 |
30 |
33 |
34 |
37 |
36 |
|
- Group |
16 |
11 |
16 |
14 |
16 |
14 |
23 |
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 |
43 |
46 |
44 |
49 |
48 |
60 |
50 |
|
Annuities |
|
|
|
|
|
|
|
|
|
- Individual (non profit) |
- |
- |
- |
- |
- |
- |
- |
- |
|
- Individual (with-profits) |
- |
- |
- |
- |
- |
- |
- |
- |
|
- Bulk purchase |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk |
47 |
43 |
46 |
44 |
49 |
48 |
60 |
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core retail investments1 |
|
|
|
|
|
|
|
|
|
- Unit trusts |
2 |
3 |
2 |
3 |
4 |
3 |
4 |
1 |
|
- ISAs |
4 |
5 |
7 |
6 |
6 |
9 |
10 |
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non profit savings |
|
|
|
|
|
|
|
|
|
- Unit linked bonds |
- |
- |
- |
- |
- |
- |
- |
- |
|
- Individual pensions |
29 |
38 |
37 |
40 |
44 |
43 |
51 |
43 |
|
- DWP rebates |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With-profits savings |
|
|
|
|
|
|
|
|
|
- Bonds |
- |
- |
- |
- |
- |
- |
- |
- |
|
- Individual pensions |
18 |
17 |
35 |
32 |
25 |
25 |
31 |
25 |
|
- DWP rebates |
- |
- |
- |
- |
- |
- |
- |
- |
|
- Group pensions |
- |
- |
1 |
- |
- |
1 |
1 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Savings |
53 |
63 |
82 |
81 |
79 |
81 |
97 |
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- USA |
9 |
11 |
13 |
16 |
15 |
12 |
12 |
12 |
|
- Netherlands |
2 |
2 |
2 |
2 |
3 |
4 |
3 |
3 |
|
- France |
- |
(5) |
- |
19 |
2 |
5 |
- |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
8 |
15 |
37 |
20 |
21 |
15 |
25 |
|
France retail |
|
|
|
|
|
|
|
|
|
investment business |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
new business |
11 |
8 |
15 |
37 |
20 |
21 |
15 |
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total worldwide |
|
|
|
|
|
|
|
|
|
new business |
111 |
114 |
143 |
162 |
148 |
150 |
172 |
148 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.02). |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Business |
|
|
|
|
|
|
|
Page 94 |
|
6.08 Worldwide new business single premium quarterly progression |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
|
|
31.12.09 |
30.09.09 |
30.06.09 |
31.03.09 |
31.12.08 |
30.09.08 |
30.06.08 |
31.03.09 |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Protection |
|
|
|
|
|
|
|
|
|
- Individual |
- |
- |
- |
- |
- |
- |
- |
- |
|
- Group |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
|
Annuities |
|
|
|
|
|
|
|
|
|
- Individual (non profit) |
165 |
214 |
260 |
323 |
263 |
194 |
209 |
175 |
|
- Individual (with-profits) |
6 |
4 |
4 |
3 |
4 |
8 |
7 |
8 |
|
- Bulk purchase |
91 |
54 |
234 |
504 |
306 |
255 |
655 |
722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
262 |
272 |
498 |
830 |
573 |
457 |
871 |
905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Risk |
262 |
272 |
498 |
830 |
573 |
457 |
871 |
905 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core retail investments1 |
|
|
|
|
|
|
|
|
|
- Unit trusts |
829 |
705 |
630 |
431 |
424 |
344 |
404 |
294 |
|
- ISAs |
283 |
285 |
188 |
82 |
86 |
72 |
173 |
82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non profit savings |
|
|
|
|
|
|
|
|
|
- Unit linked bonds |
222 |
136 |
144 |
175 |
297 |
260 |
347 |
402 |
|
- Individual pensions |
310 |
270 |
341 |
358 |
385 |
400 |
414 |
261 |
|
- DWP rebates |
2 |
4 |
4 |
- |
- |
4 |
4 |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With-profits savings |
|
|
|
|
|
|
|
|
|
- Bonds |
116 |
132 |
171 |
134 |
85 |
86 |
74 |
38 |
|
- Individual pensions |
35 |
53 |
56 |
67 |
65 |
79 |
164 |
126 |
|
- DWP rebates |
6 |
44 |
63 |
2 |
5 |
42 |
66 |
5 |
|
- Group pensions |
- |
- |
- |
- |
- |
1 |
- |
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Savings |
1,803 |
1,629 |
1,597 |
1,249 |
1,347 |
1,288 |
1,646 |
1,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- USA |
- |
- |
- |
- |
- |
- |
- |
- |
|
- Netherlands |
29 |
27 |
31 |
55 |
29 |
32 |
37 |
59 |
|
- France |
66 |
61 |
61 |
49 |
38 |
34 |
43 |
49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95 |
88 |
92 |
104 |
67 |
66 |
80 |
108 |
|
France retail |
|
|
|
|
|
|
|
|
|
investment business |
13 |
11 |
16 |
16 |
19 |
18 |
19 |
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total International |
|
|
|
|
|
|
|
|
|
new business |
108 |
99 |
108 |
120 |
86 |
84 |
99 |
115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total worldwide |
|
|
|
|
|
|
|
|
|
new business |
2,173 |
2,000 |
2,203 |
2,199 |
2,006 |
1,829 |
2,616 |
2,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business (see Note 6.02). |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Business |
|
|
|
|
|
|
|
Page 95 |
|
6.09 International new business in local currency |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual |
Single |
|
Annual |
Single |
|
Increase/ |
|
|
|
premiums |
premiums |
APE |
premiums |
premiums |
APE |
(decrease) |
|
|
|
2009 |
2009 |
2009 |
2008 |
2008 |
2008 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
USA ($m) |
|
76 |
- |
76 |
94 |
- |
94 |
(19) |
|
|
|
|
|
|
|
|
|
|
|
Netherlands (€m) |
|
9 |
157 |
25 |
16 |
199 |
36 |
(31) |
|
|
|
|
|
|
|
|
|
|
|
France (€m): |
|
|
|
|
|
|
|
|
|
- Life and pensions |
|
15 |
264 |
41 |
21 |
206 |
42 |
(2) |
|
- Unit trusts |
|
- |
63 |
6 |
- |
79 |
8 |
(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.10 UK individual APE by channel quarterly progression |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
3 months to |
|
|
31.12.09 |
30.09.09 |
30.06.09 |
31.03.09 |
31.12.08 |
30.09.08 |
30.06.08 |
31.03.09 |
|
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent financial advisers |
171 |
168 |
186 |
191 |
207 |
199 |
234 |
187 |
|
Tied |
89 |
94 |
86 |
51 |
57 |
57 |
76 |
53 |
|
Direct |
22 |
17 |
25 |
27 |
9 |
7 |
10 |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
282 |
279 |
297 |
269 |
273 |
263 |
320 |
248 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.11 UK individual APE by channel |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual |
Single |
Total APE |
% of |
|
For the year ended 31 December 2009 |
|
|
£m |
£m |
£m |
total |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent financial advisers |
|
|
|
298 |
4,175 |
716 |
64 |
|
|
Tied |
|
|
|
|
82 |
2,381 |
320 |
28 |
|
Direct |
|
|
|
|
21 |
701 |
91 |
8 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
||
|
Total |
|
|
|
|
401 |
7,257 |
1,127 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual |
Single |
Total APE |
% of |
|
For the year ended 31 December 2008 |
|
|
£m |
£m |
£m |
total |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent financial advisers |
|
|
|
345 |
4,819 |
827 |
75 |
|
|
Tied |
|
|
|
|
104 |
1,388 |
243 |
22 |
|
Direct |
|
|
|
|
19 |
149 |
34 |
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
|
468 |
6,356 |
1,104 |
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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