Netherlands
Total sales, including investment sales, increased strongly by 27% to £2,023 million (2004: £1,586 million). Sales through the joint venture with ABN AMRO increased by 15% to £450 million (2004: £384 million).
Pension and annuity sales were £1,050 million1 (2004: £670 million). Annuity sales continued to perform well in ABN AMRO and the direct division, increasing by 43% to £308 million (2004: £214 million), due to greater market awareness of their annuity products, following special offers during the first half of the year. There was good growth in sales in the competitive group pensions market with the quarter characterised by the intermediary division winning a large number of small contracts.
Life and savings sales were £692 million (2004: £779 million). Within this, bonds and savings sales showed steady performance. Investment sales were £281 million (2004: £137 million), continuing the sales momentum from the first half of the year as Delta Lloyd products are included within investment offerings of various banks.
New business contribution was £55 million (2004: £57 million) with a margin of 3.2% (full year 2004: 3.7%). The reduction is as a result of the decrease in the interest rates applied in calculating the new business contribution, which were lower by 60 basis points at the start of 2005. The margins would be broadly unchanged from 2004, if this effect is excluded.
- The 2005 figure includes £270 million of sales that have been identified as being more appropriately classified as pensions business and would have been reported as life business using the 2004 classification.
