IFRS condensed financial statements
A9 - Liability for investment contracts
(a) Carrying amount
| 30 June 2009 £m |
30 June 2008 £m |
31 December 2008 £m |
|
|---|---|---|---|
| Long-term business | |||
| Participating contracts |
59,604 | 54,979 | 65,278 |
| Non-participating contracts at fair value | 37,291 | 42,480 | 39,509 |
| Non-participating contracts at amortised costs | 2,279 | 1,614 | 2,772 |
| 39,570 | 44,094 | 42,281 | |
| 99,174 | 99,073 | 107,559 | |
| Less: Amounts classified as held for sale | (1,633) | (446) | - |
| 97,541 | 98,627 | 107,559 | |
(b) Movements in participating investment contracts
| 6 months 2009 £m |
6 months 2008 £m |
Full year 2008 £m |
|
|---|---|---|---|
| Carrying amount at 1 January | 65,278 | 53,609 | 53,609 |
| Provisions in respect of new business | 2,906 | 1,801 | 3,391 |
| Expected change in existing business provisions | (2,071) | (946) | (1,909) |
| Variance between actual and expected experience | 489 | (2,258) | (4,661) |
| Impact of operating assumption changes | (16) | - | (166) |
| Impact of economic assumption changes | (156) | (88) | 244 |
| Other movements | (177) | (14) | 13 |
| Change in liability recognised as an expense/(income) | 975 | (1,505) | (3,088) |
| Effect of portfolio transfers, acquisitions and disposals | 14 | - | 2,181 |
| Foreign exchange rate movements | (6,663) | 2,875 | 12,576 |
| Carrying amount at 30 June/31 December | 59,604 | 54,979 | 65,278 |
(c) Movements in non-participating investment contracts
| 6 months 2009 £m |
6 months 2008 £m |
Full year 2008 £m |
|
|---|---|---|---|
| Carrying amount at 1 January | 42,281 | 44,635 | 44,635 |
| Provisions in respect of new business | 1,029 | 2,987 | 5,314 |
| Expected change in existing business provisions | (1,096) | (835) | (2,273) |
| Variance between actual and expected experience | (377) | (2,868) | (9,503) |
| Impact of operating assumption changes | - | - | (28) |
| Impact of economic assumption changes | 9 | (120) | 5 |
| Other movements | (234) | (1,078) | (169) |
| Change in liability | (669) | (1,914) | (6,654) |
| Effect of portfolio transfers, acquisitions and disposals | - | 277 | (14) |
| Foreign exchange rate movements | (2,042) | 1,096 | 4,314 |
| Carrying amount at 30 June/31 December | 39,570 | 44,094 | 42,281 |