Preliminary results - 12 months ended 31 December 2005

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

	Annual premium equivalent		Present value of new business premiums		New business contribution¹		New business margin²
	2005 £	2004 £	2005 £	2004 £	2005 £	2004 £	2005 %	2004 %
Stated before the effect of required capital New business margin represents the ratio of new business contribution before the effect of required capital to PVNBP, expressed as a percentage.
Analysed between:
– Banc-assurance channels	710	587	6,075	4,976	311	242	5.1%	4.9%
– Other distribution channels	2,035	2,011	16,171	15,685	497	464	3.1%	3.0%

Total	2,745	2,598	22,246	20,661	808	706	3.6%	3.4%

	Annual premium equivalent		Present value of new business premiums¹		New business contribution²		New business margin³
	2005 £	2004 £	2005 £	2004 £	2005 £	2004 £	2005 %	2004 %
Stated after deducting minority interests. Contribution stated after deducting the effect of required capital, tax and minority interests. New business margin represents the ratio of new business contribution after deducting the effect of required capital, tax and minority interests to PVNBP after deducting the minority interests, expressed as a percentage.
Analysed between:
– Banc-assurance channels	387	328	3,238	2,728	93	74	2.9%	2.7%
– Other distribution channels	1,997	1,978	15,815	15,353	248	223	1.6%	1.5%

Total	2,384	2,306	19,053	18,081	341	297	1.8%	1.6%