- Savings and investments
- Retirement and pensions
First quarter update
- IFRS net asset value1 increased 9% to 302p
- Operating expenses 10% lower at £769m2
- Pro forma3 value of new business up 18% to £191m
- Combined operating ratio stable at 96%
- Internal debt reduced by £300m
1. The pro forma IFRS net asset value reflects the proceeds of the Aseval transaction with Bankia and the sale of our business in Malaysia.
2. Operating expenses excludes integration and restructuring costs and US Life.
3. Pro forma basis excludes US Life, Aseval, Russia, Malaysia, Sri Lanka, Ark Life, Czech Republic, Hungary and Romania Life.
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