Other international businesses
Australia: Total life and pension sales on an APE basis were higher at £45 million (2003: £41 million) reflecting growth from our corporate pension product. Sales of unit trusts were £94 million (2003: £61 million), which benefited from the more positive investor sentiment towards equity markets. Whilst not included in the new business figures, sales of Navigator, our top-five master trust, increased to £482 million (2003: £460 million), benefiting from improvements in equity markets, product offerings and a more competitive fee structure.
United States: Total life and pension sales of £227 million (2003: £469 million) were affected by reduced sales of fixed annuity products, with single premium sales of £211 million (2003: £436 million) and regular premium sales of £16 million (2003: £33 million). We continue to maintain pricing disciplines in a low interest rate environment and revise product terms where appropriate.
