Interim results - 6 months ended 30 June 2007

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Operating and financial review

Overview

Present value of life new business premiums

  6 months 2007 6 months 2006
  Regular premiums £m WACF Present value of regular premiums £m Single premiums £m PVNBP £m PVNBP £m
United Kingdom
Individual pensions 211 4.1 860 959 1,819 2,188
Group pensions 42 5.1 215 367 582 569
Annuities - - - 927 927 748
Bonds - - - 1,939 1,939 1,626
Protection 63 5.3 336 107 443 520
Equity release - - - 110 110 165
UNITED KINGDOM 316 4.5 1,411 4,409 5,820 5,816
France
Euro funds1 9 6.0 54 925 979 991
Unit-linked funds 28 5.3 149 631 780 949
Protection business 12 6.0 72 1 73 88
Total life and pensions 49 5.6 275 1,557 1,832 2,028
Ireland
Life and savings 26 4.7 122 337 459 281
Pensions 46 3.8 173 257 430 277
Total life and pensions 72 4.1 295 594 889 558
Italy
Total life and pensions 72 5.0 362 1,456 1,818 1,583
Netherlands (including Belgium and Germany)
Life 14 5.4 75 130 205 161
Pensions 16 6.9 110 64 174 103
Total life and pensions 30 6.2 185 194 379 264
Spain
Life and savings 43 5.3 229 669 898 705
Pensions 16 5.6 90 126 216 211
Total life and pensions 59 5.4 319 795 1,114 916
Total life and pensions 385 5.4 2,093 5,260 7,353 6,645
North America
Life 35 7.0 245 26 271 28
Annuity 1 3.0 3 1,290 1,293 261
Funding agreements - - - 152 152 -
NORTH AMERICA 36 6.9 248 1,468 1,716 289
Asia 48 4.8 230 184 414 252
Australia 29 3.2 94 146 240 145
ASIA PACIFIC 77 4.2 324 330 654 397
Total life and pensions 814 5.0 4,076 11,467 15,543 13,147
  1. Euro funds are savings that receive an annual bonus declaration, based on the investment performance of the underlying funds.

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