EEV basis - new business contribution before the effect of required capital, tax and minority interest

	Annual premium equivalent¹		Present value of new business premiums		New business contribution
	2004 £m	2003 £m	2004 £m	2003 £m	2004 £m	Restated* 2003 £m
Analysed between:
- Bancassurance channels	587	542	4,967	4,440	242	224
- Other distribution channels	2,011	1,885	15,720	14,369	464	422
Total	2,598	2,427	20,687	18,809	706	646
1 APE has been restated to include NUER volumes.
* Restated for the effect of implementing European Embedded Value principles.

EEV basis – new business contribution after the effect of required capital, tax and minority interest

	Annual premium equivalent¹		Present value of new business premiums		New business contribution²
	2004 £m	2003 £m	2004 £m	2003 £m	2004 £m	Restated* 2003 £m
Analysed between:
- Bancassurance channels	328	312	2,728	2,499	74	66
- Other distribution channels	1,978	1,846	15,379	14,148	223	206
Total	2,306	2,158	18,107	16,647	297	272
* Restated for the effect of implementing European Embedded Value principles.
1 APE has been restated to include NUER volumes.
2 Contribution stated after deducting the effect of required capital, tax and minority interests.

	Annual premium equivalent¹		Present value of new business premiums		New business contribution²
	2004 £m	2003 £m	2004 £m	2003 £m	2004 £m	Restated* 2003 £m
Analysed between:
- Bancassurance channels	328	312	2,728	2,499	74	66
- Other distribution channels	1,978	1,846	15,379	14,148	223	206
Total	2,306	2,158	18,107	16,647	297	272
* Restated for the effect of implementing European Embedded Value principles.
1 APE has been restated to include NUER volumes.
2 Contribution stated after deducting the effect of required capital, tax and minority interests.