Interim results - 6 months ended 30 June 2006
Operating and financial review
Long-term savings
Our worldwide long-term savings new business sales grew strongly by 25% to £15.6 billion (2005: £12.5 billion) benefiting from a combination of excellent UK sales growth of 43% to £6.9 billion and our strong and well diversified international portfolio where sales grew by 14% to £8.7 billion and accounted for 56% of overall sales. Worldwide life and pension sales increased by 19% to £13.1 billion (2005: £11.0 billion) and we achieved substantial growth in investment sales of 66% to £2.5 billion (2005: £1.5 billion). We expect continued growth albeit at a more modest rate due to strong comparatives in the second half of 2005 as we continue to benefit from our multi-distribution networks, product expertise and diversified portfolio.
| 6 months 2006 | Local currency growth | ||||||
|---|---|---|---|---|---|---|---|
| Long-term savings sales |
Life and pensions £m |
Retail investments £m |
Total £m |
Life and pensions % |
Retail investments % |
Total % |
|
| Continental Europe | 6,645 | 582 | 7,227 | 9% | 32% | 10% | |
| Rest of the World | 686 | 819 | 1,505 | 19% | 51% | 34% | |
| International | 7,331 | 1,401 | 8,732 | 10% | 42% | 14% | |
| United Kingdom | 5,816 | 1,083 | 6,899 | 35% | 111% | 43% | |
| Total new business sales on a present value of new business premium (PVNBP) basis | 13,147 | 2,484 | 15,631 | 19% | 66% | 25% | |
