2. Analysis of sales via principal bancassurance channels

	Present value of new business premiums²
	12 months 2007 £m	12 months 2006 £m	Local currency growth¹
All growth rates are quoted in local currency. Present value of new business premiums (PVNBP) is the present value of new regular premiums plus 100% of single premiums, calculated using assumptions consistent with those used to determine new business contribution. Investment sales are calculated as new single premium plus annualised value of new regular premiums.
Life and pensions

United Kingdom
The Royal Bank of Scotland Group	1,145	991	16%
	1,145	991	16%
France
Crédit du Nord	778	838	(8)%
	778	838	(8)%
Ireland
Ark	864	589	46%
	864	589	46%
Italy
UniCredit Group	1,597	1,381	15%
Banco Popolare	305	554	(45)%
Banca delle Marche	65	78	(17)%
Unione di Banche Italiane	787	682	15%
	2,754	2,695	2%
Netherlands
ABN AMRO	359	425	(16)%
	359	425	(16)%
Spain
Bancaja	757	794	(5)%
Caixa Galicia	409	389	4%
Unicaja	512	335	52%
Caja España	203	181	11%
Caja de Granada	112	133	(16)%
Caja Murcia	178	-	-
	2,171	1,832	18%
Asia
DBS (Hong Kong and Singapore)	210	367	(40)%
	210	367	(40)%

Total life and pensions	8,281	7,737	7%

Investment sales³
United Kingdom
The Royal Bank of Scotland Group	442	178	148%
	442	178	148%

Total bancassurance sales	8,723	7,915	10%

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