How our businesses add value for you

The performance of our worldwide businesses drives the market view of our company and so affects our share price. It also helps to determine the dividend we pay our shareholders. Here are some of the 2007 highlights from around the world:

UK Financial Services
life and pensions, banking, and healthcare

Operating profit for our life and pensions business was 58% higher, largely because of strong sales, which are up by 17%, and higher margins, which went up to 2.1% from 1.4%. Sales in our banking and healthcare businesses also increased.

Canada

We concentrated on operational efficiency and profitability. So, although new business sales fell, new business contributions grew 38% in constant currency from £28m to £37m.

Europe

New business sales in Europe improved by 35% in constant currency. New business contribution was up by 160% as we focused on new products and improved our distribution.

We see opportunities to extend the reach of our business, targeting lucrative markets with our capital-efficient products, therefore taking our expertise to more people around the world. By doing what it takes to succeed in today’s market, we are growing our business profitably, so we can continue to reward our shareholders.

Asia Pacific

Growth in Asia continues to be strong. We invested in developing and expanding operations in this region, which is reflected in the underlying loss before tax of £12m compared to £9m in 2006. Looking ahead we expect sales in India and China to keep growing as our joint venture operations continue to expand.

Investment management

Investment management grew third party funds under management by 24% to £47.7bn and underlying profit by 19% to £83m. This was despite volatile market conditions and reflects strong investment performance and tight cost management.

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