Preliminary results year ended 31 December 2008
05 March 2009
M17 – Maturity profile of business
(a) Total in-force business
To show the profile of the VIF emergence, the value of VIF in the consolidated balance sheet has been split into five year tranches depending on the date when the profit is expected to emerge.
| 2008 £m |
0–5 | 6–10 | 11–15 | 16–20 | 20+ | Total gross of minority interest | Total net of minority interest |
|---|---|---|---|---|---|---|---|
| United Kingdom | 634 | 542 | 385 | 279 | 213 | 2,053 | 2,053 |
| Europe | 1,560 | 1,200 | 741 | 447 | 411 | 4,359 | 3,380 |
| North America | (66) | (245) | (238) | (211) | (342) | (1,102) | (1,102) |
| Asia Pacific | 108 | 71 | 47 | 28 | 16 | 270 | 262 |
| Total | 2,236 | 1,568 | 935 | 543 | 298 | 5,580 | 4,593 |
| 2007 Restated £m |
0–5 | 6–10 | 11–15 | 16–20 | 20+ | Total gross of minority interest | Total net of minority interest |
|---|---|---|---|---|---|---|---|
| United Kingdom | 1,574 | 1,209 | 615 | 345 | 524 | 4,267 | 4,267 |
| Europe | 2,200 | 1,170 | 736 | 412 | 332 | 4,850 | 3,946 |
| North America | 168 | 129 | 41 | 16 | (24) | 330 | 330 |
| Asia Pacific | 130 | 105 | 15 | 8 | 11 | 269 | 261 |
| Total | 4,072 | 2,613 | 1,407 | 781 | 843 | 9,716 | 8,804 |
(b) New business
To show the profile of the VIF emergence, the value of new business has been split into five year tranches depending on the date when the profit is expected to emerge.
| 2008 £m |
0–5 | 6–10 | 11–15 | 16–20 | 20+ | Total gross of minority interest | Total net of minority interest |
|---|---|---|---|---|---|---|---|
| United Kingdom | 91 | 74 | 69 | 50 | 10 | 294 | 294 |
| Europe | 219 | 146 | 103 | 73 | 250 | 791 | 630 |
| North America | 112 | 45 | 8 | 1 | (12) | 154 | 154 |
| Asia Pacific | 48 | 17 | 10 | 5 | 10 | 90 | 89 |
| Total | 470 | 282 | 190 | 129 | 258 | 1,329 | 1,167 |
| 2007 Restated £m |
0–5 | 6–10 | 11–15 | 16–20 | 20+ | Total gross of minority interest | Total net of minority interest |
|---|---|---|---|---|---|---|---|
| United Kingdom | 192 | 114 | 55 | 31 | 48 | 440 | 440 |
| Europe | 283 | 140 | 91 | 56 | 29 | 599 | 450 |
| North America | 85 | 61 | 6 | (1) | (11) | 140 | 140 |
| Asia Pacific | 46 | 41 | 5 | 3 | 4 | 99 | 98 |
| Total | 606 | 356 | 157 | 89 | 70 | 1,278 | 1,128 |