France

Current position

Life: top 10 position in the market (5% UL market share)
Award winning fund performance with 81% of managed funds in the top half for returns over five years
Life: multi-channel distribution with strong partnerships with the AFER Association and Crédit du Nord
Life: significant share of Fourgous transfers in the market
GI: 2% market share, personal, small commercial & health through tied agents and direct channels

Total PVNBP sales of £3.9bn (2007: £3.8bn)
New business contribution of £135m
New business margin of 3.5% (2007: 3.8%) reflecting sales mix
Life MCEV operating return up to £692m (2007: £568m)
Life IFRS operating profit of £275m (2007: £243m)
GI and Health operating profit of £107m (2007: £70m)

Grow organically whilst taking advantage of attractive inorganic opportunities
Continued focus on more profitable unit-linked products
Life: build innovative and comprehensive product offering based on best advice at point of sale
Maintain emphasis on efficiency
Further development of internet site and 870-strong tied
GI agents as distribution channels for cross-selling
GI: emphasis on increasing profitability and expansion of agent network