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UK life and pensions - Key performance indicators
UK life and pensions is one of the largest pension, long-term savings and investment providers in the UK with a 9.7% market share, and offers a broad range of products across insurance and investment wrappers with particular strengths in the accumulation for retirement market. In 2007 the existing Wrap platform was complemented with the launch of Fundzone, a mutual fund supermarket, and assets under administration on this platform have now grown to over £1bn.
| 2007 | 2006 | Movement | |
|---|---|---|---|
| New business PVNBP1,2 | £13,324m | £11,436m | 17% |
| New business APE1 | £1,663m | £1,446m | 15% |
| New business contribution3 | £282m | £167m | 69% |
| PVNBP margin3,4 | 2.1% | 1.5% | 0.6% points |
| Net flows | £2.5bn | £3.2bn | (22%) |
| EEV covered business operating profit before tax3,5 | £648m | £416m | 56% |
| EEV non-covered business operating loss profit before tax3,6 | (£24m) | (£21m) | (14%) |
| IFRS underlying profit before tax3 | £395m | £230m | 72% |
1 The 2007 figures include
mutual funds sales. The 2006
figures have been restated
to reflect the inclusion of
mutual funds. The 2007
impact is: PVNBP of £564m
(APE of £64m). The 2006
impact is: PVNBP of £36m
(APE of £4m).
2 The PVNBP new business
sales are different from those
previously published in the
full year new business press
release issued on 30 January
2008 as they incorporate
year end non-economic
assumption changes.
3 2006 results are shown on a
pro forma basis.
4 PVNBP margins are NBC
divided by PVNBP expressed
as a percentage based on
the underlying unrounded
numbers.
5 Includes Heritage With Profits
Fund (HWPF) time value
of options and guarantees
(TVOG).
6 Includes UK pension scheme
cost and Standard Life
Savings Limited (SLS).
Please refer to the basis of
preparation section in the business review and
the
glossary.
