5th Aug 2008 07:00
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New Business |
Page 17 |
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2.01 New business summary |
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|
APE1 |
PVNBP2 |
Margin3 |
APE |
PVNBP |
Margin |
|||||
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
30.06.07 |
30.06.07 |
|||||
|
Restated4 |
||||||||||
|
Notes |
£m |
£m |
% |
£m |
£m |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
UK life and pensions |
2.02 |
629 |
4,836 |
3.7 |
598 |
4,472 |
3.7 |
|||
|
International life and pensions |
2.05 |
59 |
465 |
3.5 |
63 |
507 |
2.6 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total life and pensions |
688 |
5,301 |
3.7 |
661 |
4,979 |
3.6 |
||||
|
|
|
|
|
|
|
|
|
|||
|
UK core retail investments4 |
2.08 |
115 |
86 |
|||||||
|
International retail investments |
2.08 |
3 |
2 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core retail investments |
118 |
88 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
806 |
749 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
30.06.08 |
30.06.07 |
|||||||||
|
Notes |
£m |
£m |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional fund management |
2.11 |
17,645 |
17,021 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
APE |
PVNBP |
Margin |
||||||||
|
Full year |
Full year |
Full year |
||||||||
|
31.12.07 |
31.12.07 |
31.12.07 |
||||||||
|
Notes |
£m |
£m |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
UK life and pensions |
2.02 |
1,160 |
8,892 |
3.6 |
||||||
|
International life and pensions |
2.05 |
114 |
915 |
4.1 |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total life and pensions |
1,274 |
9,807 |
3.7 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
UK core retail investments4 |
2.08 |
161 |
||||||||
|
International retail investments |
2.08 |
2 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total core retail investments |
163 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
1,437 |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
31.12.07 |
||||||||||
|
Notes |
£m |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Institutional fund management |
2.11 |
54,431 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
1. Annual Premium Equivalent (APE) is calculated for total new business, including core retail investments but excluding institutional fund management, and comprises the new annual premiums together with 10% of single premiums.
2. The present value of new business premiums (PVNBP) on the EEV basis is defined as the present value of annual premiums plus single premiums for any given period. It is calculated using the same assumptions as for the contribution from new business but determined as at the point of sale.
3. The new business margin is defined as the contribution from new business (including the cost of solvency capital) divided by the PVNBP.
4. UK core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business in Note 2.11. H1 07 has been restated to reflect this change.
|
New Business |
Page 18 |
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2.02 Analysis of UK life and pensions new business by product |
||||||||||||||||||||
|
APE |
Contri- |
PVNBP |
Margin |
|||||||||||||||||
|
bution |
||||||||||||||||||||
|
from new |
||||||||||||||||||||
|
business1 |
||||||||||||||||||||
|
For the six months ended 30 June 2008 |
£m |
£m |
£m |
% |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Protection |
110 |
38 |
553 |
6.9 |
||||||||||||||||
|
Annuities2 |
178 |
135 |
1,776 |
7.6 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total risk |
288 |
173 |
2,329 |
7.4 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit linked bonds |
75 |
(4) |
749 |
(0.5) |
||||||||||||||||
|
Pensions, stakeholder and other non profit3 |
162 |
(2) |
1,047 |
(0.2) |
||||||||||||||||
|
With-profits savings |
104 |
11 |
711 |
1.5 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total savings |
341 |
5 |
2,507 |
0.2 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total risk and savings |
629 |
178 |
4,836 |
3.7 |
||||||||||||||||
|
Cost of capital |
12 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Contribution from new business before cost of capital |
190 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the six months ended 30 June 2007 |
Restated2 |
Restated2 |
Restated2 |
Restated2 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Protection |
111 |
51 |
563 |
9.1 |
||||||||||||||||
|
Annuities2 |
89 |
88 |
895 |
9.8 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total risk |
200 |
139 |
1,458 |
9.5 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit linked bonds |
136 |
21 |
1,355 |
1.5 |
||||||||||||||||
|
Pensions, stakeholder and other non profit |
133 |
(5) |
920 |
(0.5) |
||||||||||||||||
|
With-profits savings |
129 |
10 |
739 |
1.4 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total savings |
398 |
26 |
3,014 |
0.9 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total risk and savings |
598 |
165 |
4,472 |
3.7 |
||||||||||||||||
|
Cost of capital |
20 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Contribution from new business before cost of capital |
185 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
For the year ended 31 December 2007 |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Protection |
223 |
108 |
1,161 |
9.3 |
||||||||||||||||
|
Annuities2 |
205 |
187 |
2,045 |
9.1 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total risk |
428 |
295 |
3,206 |
9.2 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Unit linked bonds |
251 |
21 |
2,512 |
0.8 |
||||||||||||||||
|
Pensions, stakeholder and other non profit |
253 |
(14) |
1,674 |
(0.8) |
||||||||||||||||
|
With-profits savings |
228 |
19 |
1,500 |
1.3 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total savings |
732 |
26 |
5,686 |
0.5 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Total risk and savings |
1,160 |
321 |
8,892 |
3.6 |
||||||||||||||||
|
Cost of capital |
19 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Contribution from new business before cost of capital |
340 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1. The contribution from new business is defined as the present value at point of sale of assumed profits from new business written in the period and then rolled forward to the end of the financial period using the risk discount rate applicable at the end of the reporting period.
2. With-profits annuity business has been categorised from 'with-profits' to 'annuities' and H1 07 comparatives restated. This business amounted to £15m (H1 07: £33m; FY 07: £47m) of PVNBP and £1m (H1 07: £1m; FY 07: £2m) of new business contribution.
3. On 6 May 2008 the Group acquired 100% of the shares of Suffolk Life. New business contribution of £3m earned since this date in respect of Suffolk Life's insured and non-insured Self Invested Personal Pension (SIPP) business is included under pensions, stakeholder and other non profit. Further information on this acquisition can be found in Note 4.09.
|
2.03 Internal rate of return on non profit business |
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|
30.06.08 |
30.06.07 |
31.12.07 |
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|
% |
% |
% |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non profit internal rate of return (including solvency margin) |
13 |
14 |
14 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
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|
New Business |
Page 19 |
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|
2.04 Analysis of UK life and pensions PVNBP |
|||||||||||||||||
|
Annual |
Present |
Capital- |
Single |
PVNBP |
PVNBP |
PVNBP |
|||||||||||
|
premiums |
value |
isation |
premiums |
||||||||||||||
|
of annual |
factor1 |
||||||||||||||||
|
premiums |
Full year |
||||||||||||||||
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
31.12.07 |
|||||||||||
|
Restated2 |
|||||||||||||||||
|
£m |
£m |
£m |
£m |
£m |
£m |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Protection |
110 |
553 |
5.0 |
- |
553 |
563 |
1,161 |
||||||||||
|
Annuities2 |
- |
- |
- |
1,776 |
1,776 |
895 |
2,045 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total risk |
110 |
553 |
5.0 |
1,776 |
2,329 |
1,458 |
3,206 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Unit linked bonds |
- |
- |
- |
749 |
749 |
1,355 |
2,512 |
||||||||||
|
Pensions, stakeholder and other non profit |
94 |
368 |
3.9 |
679 |
1,047 |
920 |
1,674 |
||||||||||
|
With-profits savings |
57 |
236 |
4.1 |
475 |
711 |
739 |
1,500 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total savings |
151 |
604 |
4.0 |
1,903 |
2,507 |
3,014 |
5,686 |
||||||||||
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Total risk and savings |
261 |
1,157 |
4.4 |
3,679 |
4,836 |
4,472 |
8,892 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
1. The capitalisation factor is the present value of annual premiums divided by the amount of new annual premiums.
2. With-profits annuity business has been categorised from 'with-profits' to 'annuities' and H1 07 comparatives restated. This business amounted to £15m (H1 07: £33m; FY 07: £47m) of PVNBP and £1m (H1 07: £1m; FY 07: £2m) of new business contribution.
|
2.05 Analysis of international life and pensions new business |
||||||||||
|
APE |
Contri- |
Cost of |
PVNBP |
Margin |
||||||
|
bution |
capital |
|||||||||
|
from new |
||||||||||
|
business1 |
||||||||||
|
For the six months ended 30 June 2008 |
£m |
£m |
£m |
£m |
% |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
24 |
12 |
3 |
166 |
7.0 |
|||||
|
Netherlands |
16 |
2 |
2 |
138 |
1.7 |
|||||
|
France |
19 |
2 |
3 |
161 |
1.5 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
59 |
16 |
8 |
465 |
3.5 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the six months ended 30 June 2007 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
22 |
2 |
3 |
149 |
1.5 |
|||||
|
Netherlands |
14 |
6 |
2 |
124 |
4.7 |
|||||
|
France |
27 |
5 |
5 |
234 |
2.2 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
63 |
13 |
10 |
507 |
2.6 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended 31 December 2007 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
USA |
45 |
23 |
5 |
319 |
7.3 |
|||||
|
Netherlands |
27 |
6 |
3 |
227 |
2.5 |
|||||
|
France |
42 |
9 |
8 |
369 |
2.4 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
114 |
38 |
16 |
915 |
4.1 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
1. Contribution from new business is reported after the cost of capital.
|
New Business |
Page 20 |
||||||||||||||||||
|
2.06 Analysis of international life and pensions new business in local currency |
|||||||||||||||||||
|
APE |
Contri- |
Cost of |
PVNBP |
Margin |
|||||||||||||||
|
bution |
capital |
||||||||||||||||||
|
from new |
|||||||||||||||||||
|
business1 |
|||||||||||||||||||
|
For the six months ended 30 June 2008 |
m |
m |
m |
m |
% |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
USA |
$47 |
$23 |
$6 |
$327 |
7.0 |
||||||||||||||
|
Netherlands |
€21 |
€3 |
€3 |
€181 |
1.7 |
||||||||||||||
|
France |
€25 |
€3 |
€4 |
€209 |
1.5 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
For the six months ended 30 June 2007 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
USA |
$44 |
$4 |
$7 |
$293 |
1.5 |
||||||||||||||
|
Netherlands |
€21 |
€9 |
€2 |
€183 |
4.7 |
||||||||||||||
|
France |
€39 |
€8 |
€7 |
€346 |
2.2 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
For the year ended 31 December 2007 |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
USA |
$90 |
$46 |
$11 |
$637 |
7.3 |
||||||||||||||
|
Netherlands |
€38 |
€8 |
€5 |
€331 |
2.5 |
||||||||||||||
|
France |
€60 |
€13 |
€11 |
€539 |
2.4 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
1. Contribution from new business is reported after the cost of capital.
|
2.07 Analysis of international life and pensions PVNBP in local currency |
|||||||||||||
|
Annual |
Present |
Capital- |
Single |
PVNBP |
PVNBP |
PVNBP |
|||||||
|
premiums |
value of |
isation |
premiums |
||||||||||
|
annual |
factor |
||||||||||||
|
premiums |
Full year |
||||||||||||
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
31.12.07 |
|||||||
|
m |
m |
m |
m |
m |
m |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
USA |
$47 |
$327 |
7.0 |
- |
$327 |
$293 |
$637 |
||||||
|
Netherlands |
€9 |
€57 |
6.4 |
€124 |
€181 |
€183 |
€331 |
||||||
|
France |
€13 |
€90 |
6.9 |
€119 |
€209 |
€346 |
€539 |
||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
2.08 Analysis of core retail investments new business |
|||||||||||||
|
Annual |
Single |
APE |
Annual |
Single |
APE |
||||||||
|
premiums |
premiums |
premiums |
premiums |
||||||||||
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
30.06.07 |
30.06.07 |
||||||||
|
Restated1 |
Restated1 |
Restated1 |
|||||||||||
|
£m |
£m |
£m |
£m |
£m |
£m |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
UK |
19 |
953 |
115 |
11 |
759 |
86 |
|||||||
|
France |
- |
26 |
3 |
- |
15 |
2 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total |
19 |
979 |
118 |
11 |
774 |
88 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Annual |
Single |
APE |
|||||||||||
|
premiums |
premiums |
||||||||||||
|
Full year |
Full year |
Full year |
|||||||||||
|
31.12.07 |
31.12.07 |
31.12.07 |
|||||||||||
|
£m |
£m |
£m |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
UK |
21 |
1,399 |
161 |
||||||||||
|
France |
- |
24 |
2 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total |
21 |
1,423 |
163 |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
1. UK core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business in Note 2.11. H1 07 has been restated to reflect this change.
|
New Business |
Page 21 |
|||||||||||||||||
|
2.09 Analysis of UK risk and savings new business premiums |
||||||||||||||||||
|
Annual |
Single |
APE |
Annual |
Single |
APE |
APE |
||||||||||||
|
premiums |
premiums |
premiums |
premiums |
Full year |
||||||||||||||
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
30.06.07 |
30.06.07 |
31.12.07 |
||||||||||||
|
Restated1 |
Restated1 |
Restated1 |
||||||||||||||||
|
£m |
£m |
£m |
£m |
£m |
£m |
£m |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Protection |
||||||||||||||||||
|
- Individual |
73 |
- |
73 |
82 |
- |
82 |
160 |
|||||||||||
|
- Group |
37 |
- |
37 |
29 |
- |
29 |
63 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Annuities |
||||||||||||||||||
|
- Individual (non profit) |
- |
384 |
38 |
- |
480 |
48 |
88 |
|||||||||||
|
- Individual (with-profits) |
- |
15 |
2 |
- |
33 |
3 |
5 |
|||||||||||
|
- Bulk purchase |
- |
1,377 |
138 |
- |
382 |
38 |
112 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total risk |
110 |
1,776 |
288 |
111 |
895 |
200 |
428 |
|||||||||||
|
Non profit savings |
||||||||||||||||||
|
- Unit linked bonds |
- |
749 |
75 |
- |
1,355 |
136 |
251 |
|||||||||||
|
- Individual pensions |
94 |
675 |
162 |
70 |
633 |
133 |
253 |
|||||||||||
|
- DWP rebates |
- |
4 |
- |
- |
2 |
- |
- |
|||||||||||
|
With-profits savings |
||||||||||||||||||
|
- Bonds |
- |
112 |
11 |
- |
48 |
5 |
10 |
|||||||||||
|
- Individual pensions |
56 |
290 |
85 |
74 |
367 |
111 |
199 |
|||||||||||
|
- DWP rebates |
- |
71 |
7 |
- |
72 |
7 |
12 |
|||||||||||
|
- Group pensions |
1 |
2 |
1 |
6 |
1 |
6 |
7 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total life and pensions savings |
151 |
1,903 |
341 |
150 |
2,478 |
398 |
732 |
|||||||||||
|
Core retail investments1 |
||||||||||||||||||
|
- Unit trusts |
5 |
698 |
75 |
3 |
456 |
48 |
103 |
|||||||||||
|
- ISAs |
14 |
255 |
40 |
8 |
303 |
38 |
58 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total savings |
170 |
2,856 |
456 |
161 |
3,237 |
484 |
893 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total risk and savings new business |
280 |
4,632 |
744 |
272 |
4,132 |
684 |
1,321 |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1. Core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business in Note 2.11. H1 07 has been restated to reflect this change.
|
2.10 Analysis of total UK APE |
||||||||||
|
APE |
APE |
APE |
||||||||
|
Full year |
||||||||||
|
30.06.08 |
30.06.07 |
31.12.07 |
||||||||
|
Restated1 |
||||||||||
|
£m |
£m |
£m |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent financial advisers |
421 |
451 |
842 |
|||||||
|
Tied |
129 |
138 |
261 |
|||||||
|
Direct |
18 |
22 |
36 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total UK individual1 |
568 |
611 |
1,139 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Individual life and pensions |
453 |
525 |
978 |
|||||||
|
Core retail investments1 |
115 |
86 |
161 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total UK individual |
568 |
611 |
1,139 |
|||||||
|
Group life and pensions |
176 |
73 |
182 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total UK risk and savings new business premiums |
744 |
684 |
1,321 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
1. Core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business in Note 2.11. H1 07 has been restated to reflect this change.
|
New Business |
Page 22 |
||||||||||||||||||
|
2.11 Analysis of institutional fund management new business |
|||||||||||||||||||
|
Full year |
|||||||||||||||||||
|
30.06.08 |
30.06.07 |
31.12.07 |
|||||||||||||||||
|
Restated1 |
|||||||||||||||||||
|
£m |
£m |
£m |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Managed pension funds2 |
|||||||||||||||||||
|
Pooled funds |
13,562 |
15,568 |
49,460 |
||||||||||||||||
|
Segregated funds |
364 |
448 |
2,603 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Total managed funds |
13,926 |
16,016 |
52,063 |
||||||||||||||||
|
Other funds3 |
3,719 |
1,005 |
2,368 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Total |
17,645 |
17,021 |
54,431 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Attributable to: |
|||||||||||||||||||
|
Legal & General Investment Management |
16,224 |
16,226 |
52,622 |
||||||||||||||||
|
Legal & General Retail Investments1 |
1,421 |
795 |
1,809 |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
1. Core retail investments excludes institutional investments in unit trust funds which are disclosed as part of institutional fund management new business in Note 2.11. H1 07 has been restated to reflect this change.
2. New monies from pension fund clients of Legal & General Assurance (Pensions Management) Limited exclude £4.6bn (H1 07: £7.8bn; FY 07: £19.4bn) held through the year on a temporary basis, generally as part of portfolio reconstructions.
3. Includes segregated property, property partnerships, ventures partnerships and institutional clients funds managed by Legal & General Investment Management and institutional investments in unit trust funds managed by Legal & General Retail Investments.
|
2.12 Legal & General Investment Management new business by investment approach |
||||||||||
|
Full year |
||||||||||
|
30.06.08 |
30.06.07 |
31.12.07 |
||||||||
|
% |
% |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Index equities |
46.6 |
67.2 |
70.9 |
|||||||
|
Index bonds (including index linked funds and cash) |
39.2 |
24.9 |
21.1 |
|||||||
|
Active bonds (including index linked funds and cash) |
6.7 |
5.0 |
4.0 |
|||||||
|
Structured solutions |
7.4 |
2.4 |
3.6 |
|||||||
|
Property |
0.1 |
0.5 |
0.4 |
|||||||
|
Private equity |
- |
- |
- |
|||||||
|
Active equities |
- |
- |
- |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
100.0 |
100.0 |
100.0 |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
Related Shares:
Legal & General