5 - New business contribution - after required capital, tax and minority interest
New business contribution after required capital, tax and minority interest increased by 17% to £280 million (six months to 30 June 2007: £240 million) with a resultant new business margin of 1.8% (30 June 2007: 1.8%).
| Present value of new business premiums1 | New business contribution2 | New business margin3 | ||||||
|---|---|---|---|---|---|---|---|---|
| 6 months 2008 £m |
6 months 2007 £m |
6 months 2008 £m |
6 months 2007 £m |
6 months 2008 % |
6 months 2007 % |
|||
| ||||||||
| Bancassurance channels | 2,894 | 2,586 | 80 | 71 | 2.8% | 2.7% | ||
| Other distribution channels | 12,319 | 10,716 | 200 | 169 | 1.6% | 1.6% | ||
| Total life and pensions business | 15,213 | 13,302 | 280 | 240 | 1.8% | 1.8% | ||
| Analysed by: | ||||||||
| United Kingdom | 5,863 | 5,820 | 111 | 100 | 1.9% | 1.7% | ||
| Europe | 6,364 | 5,116 | 109 | 99 | 1.7% | 1.9% | ||
| North America | 2,205 | 1,716 | 44 | 23 | 2.0% | 1.3% | ||
| Asia Pacific | 781 | 650 | 16 | 18 | 2.0% | 2.8% | ||
| 15,213 | 13,302 | 280 | 240 | 1.8% | 1.8% | |||
