Long-term savings Delta Lloyd

Long-term savings Delta Lloyd

Life and pension sales through Delta Lloyd were 11% lower than 2008 at £3,665 million (2008: £4,097 million), a 19% decrease on a local currency basis. This was due to lower levels of corporate pension business reflecting reduced activity in this market in the early part of this year. In 2009, Delta Lloyd secured two large corporate pension schemes totalling £372 million compared with five schemes totalling £1,106 million in 2008.

Individual savings sales were also lower, affected by competition from rival bank products since the introduction of 'banksparen' products at the beginning of 2008. In 2009, Delta Lloyd also sold £219 million (2008: £38 million) of 'banksparen' products² within its own banking operation. The lower life and pension sales were partly offset by a full year's contribution from Swiss Life Belgium, which Delta Lloyd acquired in June 2008.

Investment product sales more than doubled to £664 million (2008: £304 million) reflecting strong sales of Delta Lloyd’s Euro Credit fund.

² These sales are not included in our long-term savings figures as they are receipts from banking product sales