As filed with the Securities and Exchange Commission on July 11, 2005

 

 

FORM 6-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934

 

Prudential Public Limited Company

 

Laurence Pountney Hill, London EC4R 0HH, England

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F  ý

 

Form 40-F  o

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

 

Yes   o

 

No   ý

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  N/A

 

 



 

The following is hereby incorporated by reference, in its entirety, in Prudential plc’ s registration statement on Form F-3 (file number 333-117208).

 

PRUDENTIAL PLC FIRST QUARTER 2005 NEW BUSINESS RESULTS

 

                  Good start to the year across all businesses.

 

All comparisons in the narrative below are quoted at constant exchange rates (CER).  The use of CER is explained in note 1a to the schedules.

 

Prudential’s Group Finance Director, Philip Broadley, commented:

 

“This is a strong start to the year, continuing the momentum built across the Group in 2004 with good performances from all our businesses.

 

Double digit sales growth for Prudential UK & Europe included strong sales of unit-linked bonds and annuities. The partnerships channel saw significant year-on-year growth and this will be enhanced by further distribution opportunities with St James’s Place, Barclays and National Australia Bank.

 

In the US, Jackson National Life’s (JNL) total quarterly sales of variable annuities exceeded $1 billion for the first time.

 

In Asia, both Korea and India recorded their highest quarterly sales and sales in Malaysia increased significantly. In China we were pleased to announce three new city licences during the quarter.

 

M&G reported gross inflows of £2.1billion, nearly three times higher than the first quarter of 2004.

 

We maintain the positive outlook set out in our preliminary results announcement on March 2, 2005. Our businesses across all regions continue to perform strongly and are well positioned to take advantage of the opportunities in their respective markets.”

 

UK and Europe Insurance Operations

 

Sales for Prudential UK and Europe were up on the first quarter of 2004.  This principally reflected strong growth in sales of unit-linked bonds and annuities.

 

Sales out-performed the first quarter of last year in each distribution channel: Direct to Customer; Business to Business (B2B); Intermediaries; and Partnerships.

 

Prudential UK is a market leader in annuities. Sales of individual annuities were up on the first quarter of 2004 due to increased sales through most distribution channels. Bulk annuities were up on 2004 due to 16 scheme wins.

 

Sales of unit-linked products increased significantly in 2004 and this trend continued into 2005. This increase more than offset the decline in sales of with-profits products from the levels seen in the first quarter of 2004. However, Prudential believes that with-profits continues to be an attractive investment for policyholders when provided by a financially strong and well-managed fund. Our with-profits fund has delivered a total pre-tax return of 20.7 per cent over the last five years while the FTSE 100 fell by 20 per cent. This enabled Prudential UK to maintain annual bonuses and increase policy values for nearly all its 5.5 million with-profits policyholders in 2005.

 

Prudential re-entered the critical illness protection market with guaranteed rates in March 2005. Earlier this month it launched both on-line and telephone underwriting across its range of protection products, which will substantially reduce the processing time for new business for Independent Financial Advisers (IFAs). Credit Life sales remained strong.

 

In October 2004 we launched PruHealth, an innovative UK healthcare product that links health and fitness to the cost of medical insurance. As PruHealth is not a life insurance product, its premium income is not reported as new business sales; for the first quarter of 2005, the gross written premiums

 

2



 

were £1 million. Support for PruHealth is strong in the IFA channel and its rate of growth is accelerating.

 

Further enhancements to sales processes and greater use of work-site marketing contributed to an increase in B2B corporate pensions on the first quarter of 2004. DWP rebates decreased on 2004 as customers have been encouraged to consider contracting back into the second state pension.

 

Sales through the partnerships channel have increased year-on-year as more business was written through new agreements. A further agreement was signed with St. James’s Place in January (for the sale of annuities) and in March, Barclays announced its intention to appoint Prudential UK as one of its nominated multi-tie product providers. Yesterday, Prudential announced an agreement with National Australia Bank (NAB) under which NAB will sell Prudential’s annuity products (on an exclusive basis) and healthcare products through their Clydesdale and Yorkshire Bank networks.

 

Prudential UK has continued to make good progress with multi-tie networks. In the first quarter of 2005, it was appointed to the Burns Anderson regulated multi-tie panel and by Tenet to work on the design of its multi-tie proposition.

 

Prudential UK has made an encouraging start in 2005. Its new business growth exceeded our expected growth rate for the year.

 

Jackson National Life (JNL)

 

Sales for the first quarter were up on the first quarter of 2004. Total quarterly sales of variable annuities exceeded $1 billion for the first time. Total retail sales were in line with the first quarter of 2004. Institutional sales were higher than the same period last year.

 

Total sales of variable annuities exceeded $1 billion, with particularly strong sales in March of over $400 million (establishing a monthly sales record). JNL remains a top-10 player in the variable annuity market. Its variable annuity assets grew 36 per cent in 2004 compared with industry growth of 12 per cent. The rate of take-up of the fixed account option for this product was 28 per cent, compared with 25 per cent in the first quarter of 2004.

 

Sales of fixed annuities were down on the first quarter of 2004, reflecting the flattened yield curve, which has made rates on short-term certificates of deposits (CDs) more attractive to customers.

 

Fixed index annuities sales were up on the first quarter of 2004, reflecting customers’ increasing preference for fixed products with the potential for higher returns linked to equity index performance.

 

Sales of life products increased in the first quarter of 2005. JNL’s continued focus on developing its life business through the creation of a dedicated distribution team in 2003 has helped generate a significant increase in life sales. The company also entered the variable universal life market in March 2004 and introduced its second VUL product in January 2005.

 

Curian Capital, which provides innovative fee-based separately managed accounts, had deposits of £117 million, up 24 per cent over the first quarter of 2004. In its first full two years of operation, Curian has accumulated US$1,213 million (£642 million) of funds under management.

 

Sales of institutional products were up on the first quarter of 2004 reflecting favourable market conditions in this sector. In general, the market is more active in the first quarter as companies begin to address their funding needs for the year. In addition, there was a brief window in the first quarter of 2005 during which spreads were attractive and we were able to opportunistically place business.

 

Performance in the first quarter was in line with our expectations for the year. We expect the US market to grow at about 4 per cent in 2005 and JNL to grow sales at around twice this rate as current conditions continue to favour companies which have a range of variable and fixed annuity product offerings, a relationship-based distribution model and award-winning service.

 

3



 

Prudential Corporation Asia

 

Prudential’s Asian operations continue to show solid new business growth overall and reflect our focus on building a profitable and sustainable business. Sales were up over the same period last year.

 

Both Korea and India achieved very strong results in the first quarter with record quarterly sales. In Korea this reflects the continuing popularity of the Variable Universal Life product and the development of the tied and general agency channels that are compensating for increased competition in the direct channel. In India growth reflects the ongoing building of scale in the operation as agent numbers grow and geographic coverage increases.

 

In the more established markets, Malaysia had a very good first quarter with sales up on the same quarter last year, reflecting successful sales and productivity programmes. Taiwan sales were down on the first quarter of 2004 as we focus on quality new business rather than pursuing volume. Its proportion of unit-linked business increased from 47 per cent in the first quarter of 2004 to 54 per cent in the first quarter of 2005. Singapore sales grew due to regular premium business growing, reflecting our market leading position in this more profitable sector of the market. Hong Kong sales grew, driven by continuing growth from the bancassurance distribution channel.

 

In China our geographic expansion is progressing and sales were up over the first quarter of 2004. Prudential’s joint venture with China International Trust and Investment Corporation (CITIC) is the country’s leading joint venture in terms of sales and we now have seven city licences, including three announced during the quarter in Foshan, Dongguan and Wuhan, as well as a group life insurance licence.

 

In Japan, sales were slow as our focus remains on strengthening our bancassurance and Financial Advisory model. Indonesia sales were in line with the first quarter in 2004, as it continues the steady rebuilding of momentum following the bankruptcy claim that affected the business for part of last year. Sales of Prudential Corporation Asia’s ‘Other’ operations primarily reflected sales in Vietnam where industry growth has softened over the last year following the initial growth since the liberalisation of the market.

 

Total investment product funds under management are £8.1 billion, up 13 per cent on 2004. Net investment product inflows were £209 million, down 31 per cent on the same quarter in 2004.  Strong net inflows in Japan of £365 million, and in Korea of £314 million were partially offset by net outflows in Taiwan of £163 million where industry-wide concerns over the liquidity of some bond funds have unsettled the market. In India, net outflows of £231 million reflect anticipated end of year tax planning by many unit holders.

 

We are confident of our ability to grow strongly and profitably in Asia: the opportunities in our newer markets, coupled with the strength of our larger operations, should enable us to accelerate our level of sales growth in 2005.

 

M&G

 

M&G has made a strong start to the year with overall gross fund inflows in the quarter of £2.1 billion, nearly three times greater than the previous year. Overall net fund inflows were £1.3 billion, a significant improvement on the first quarter of last year when there were net outflows of £886 million.

 

Gross fund inflows within M&G’s retail businesses more than doubled to £801 million, resulting in net fund inflows of £220 million against a small net outflow last year. This improvement was due to increased equity and property sales in the UK and strong growth from its international businesses.

 

M&G’s institutional businesses delivered gross fund inflows of £1.3 billion, boosted by a one-off contribution of £967 million from Prudential Property Investment Managers (PruPIM). This related to the transfer of 50% of Prudential’s economic interests in three UK shopping centres into new external vehicles which PruPIM will continue to manage. Net inflows of £1.0 billion compare to net outflows of £879 million last year when the figures reflected a single large segregated withdrawal following a change of strategy by the client.

 

4



 

Egg

 

Egg announced its first quarter 2005 results on April 27, 2005.

 

Prudential plc, a company incorporated and with its principal place of business in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world. It has been in existence for over 150 years and has £187 billion in assets under management, as at December 31, 2004. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America.

 

Forward-Looking Statements

 

This statement may contain certain “forward-looking statements” with respect to certain of Prudential’s plans and its current goals and expectations relating to its future financial condition, performance, results, strategy and objectives. Statements containing the words “believes”, “intends”,  “expects”, “plans”, “seeks” and “anticipates”, and words of similar meaning, are forward-looking.  By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Prudential’s control including among other things, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, and the performance of financial markets generally; the policies and actions of regulatory authorities, the impact of competition, inflation, and deflation; experience in particular with regard to mortality and morbidity trends, lapse rates and policy renewal rates; the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Prudential and its affiliates operate. This may for example result in changes to assumptions used for determining results of operations or re-estimations of reserves for future policy benefits.  As a result, Prudential’s actual future financial condition, performance and results may differ materially from the plans, goals, and expectations set forth in Prudential’s forward-looking statements. Prudential undertakes no obligation to update the forward-looking statements contained in this statement or any other forward-looking statements it may make.

 

5



 

Schedule 1A - Constant Exchange Rates

 

PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2005

 

TOTAL INSURANCE AND INVESTMENT NEW BUSINESS

 

 

 

UK & Europe

 

US (1a)

 

Asia (1a)

 

Total

 

 

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Insurance Products

 

1,713

 

1,481

 

16

%

1,256

 

1,157

 

9

%

278

 

264

 

5

%

3,247

 

2,902

 

12

%

Total Investment Products - Gross Inflows (2)

 

2,092

 

722

 

190

%

 

 

 

4,635

 

5,046

 

(8

)%

6,727

 

5,768

 

17

%

Group Total

 

3,805

 

2,203

 

73

%

1,256

 

1,157

 

9

%

4,913

 

5,310

 

(7

)%

9,974

 

8,670

 

15

%

 

INSURANCE OPERATIONS

 

 

 

Single

 

Regular

 

Total

 

 

 

 

 

 

 

 

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

 

 

 

 

 

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK Insurance Operations :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct to Customer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Individual Pensions

 

4

 

3

 

33

%

2

 

2

 

0

%

6

 

5

 

20

%

 

 

 

 

 

 

 Life - With Profit Bond

 

2

 

3

 

(33

)%

 

 

 

2

 

3

 

(33

)%

 

 

 

 

 

 

 Life - Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Individual Annuities

 

167

 

151

 

11

%

 

 

 

167

 

151

 

11

%

 

 

 

 

 

 

 Sub-Total

 

173

 

157

 

10

%

2

 

2

 

0

%

175

 

159

 

10

%

 

 

 

 

 

 

 DWP Rebates

 

234

 

252

 

(7

)%

 

 

 

234

 

252

 

(7

)%

 

 

 

 

 

 

Total

 

407

 

409

 

(0

)%

2

 

2

 

0

%

409

 

411

 

(0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business to Business:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Corporate Pensions

 

56

 

40

 

40

%

31

 

31

 

0

%

87

 

71

 

23

%

 

 

 

 

 

 

 Individual Annuities

 

49

 

48

 

2

%

 

 

 

49

 

48

 

2

%

 

 

 

 

 

 

 Bulk Annuities

 

215

 

139

 

55

%

 

 

 

215

 

139

 

55

%

 

 

 

 

 

 

Total

 

320

 

227

 

41

%

31

 

31

 

0

%

351

 

258

 

36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermediated Distribution :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Individual Pensions

 

21

 

16

 

31

%

5

 

5

 

0

%

26

 

21

 

24

%

 

 

 

 

 

 

 Corporate Pensions

 

10

 

65

 

(85

)%

2

 

2

 

0

%

12

 

67

 

(82

)%

 

 

 

 

 

 

 Life - With Profit Bond

 

33

 

54

 

(39

)%

 

 

 

33

 

54

 

(39

)%

 

 

 

 

 

 

 Life - Other Bond

 

226

 

142

 

59

%

 

 

 

226

 

142

 

59

%

 

 

 

 

 

 

 Life - Other

 

 

 

 

1

 

1

 

0

%

1

 

1

 

0

%

 

 

 

 

 

 

 Individual Annuities

 

269

 

228

 

18

%

 

 

 

269

 

228

 

18

%

 

 

 

 

 

 

 Sub-Total

 

559

 

505

 

11

%

8

 

8

 

0

%

567

 

513

 

11

%

 

 

 

 

 

 

 DWP Rebates

 

80

 

92

 

(13

)%

 

 

 

80

 

92

 

(13

)%

 

 

 

 

 

 

Total

 

639

 

597

 

7

%

8

 

8

 

0

%

647

 

605

 

7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnerships :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Life - With Profit Bond

 

 

1

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 Life - Other

 

198

 

164

 

21

%

 

 

 

198

 

164

 

21

%

 

 

 

 

 

 

 Individual Annuities

 

44

 

23

 

91

%

 

 

 

44

 

23

 

91

%

 

 

 

 

 

 

 Bulk Annuities

 

25

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

Total

 

267

 

188

 

42

%

 

 

 

267

 

188

 

42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Individual Pensions

 

25

 

19

 

32

%

7

 

7

 

0

%

32

 

26

 

23

%

 

 

 

 

 

 

 Corporate Pensions

 

66

 

105

 

(37

)%

33

 

33

 

0

%

99

 

138

 

(28

)%

 

 

 

 

 

 

 Life - With Profit Bond

 

35

 

58

 

(40

)%

 

 

 

35

 

58

 

(40

)%

 

 

 

 

 

 

 Life - Other Bond

 

226

 

142

 

59

%

 

 

 

226

 

142

 

59

%

 

 

 

 

 

 

 Life - Other

 

198

 

164

 

21

%

1

 

1

 

0

%

199

 

165

 

21

%

 

 

 

 

 

 

 Individual Annuities

 

529

 

450

 

18

%

 

 

 

529

 

450

 

18

%

 

 

 

 

 

 

 Bulk Annuities

 

240

 

139

 

73

%

 

 

 

240

 

139

 

73

%

 

 

 

 

 

 

 Sub-Total

 

1,319

 

1,077

 

22

%

41

 

41

 

0

%

1,360

 

1,118

 

22

%

 

 

 

 

 

 

 DWP Rebates

 

314

 

344

 

(9

)%

 

 

 

314

 

344

 

(9

)%

 

 

 

 

 

 

Total UK Insurance Operations

 

1,633

 

1,421

 

15

%

41

 

41

 

0

%

1,674

 

1,462

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

European Insurance Operations : (1a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Products

 

39

 

19

 

105

%

 

 

 

39

 

19

 

105

%

 

 

 

 

 

 

Total European Insurance Operations

 

39

 

19

 

105

%

 

 

 

39

 

19

 

105

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK & European Insurance Operations

 

1,672

 

1,440

 

16

%

41

 

41

 

0

%

1,713

 

1,481

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Insurance
Operations : (1a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Fixed Annuities

 

165

 

323

 

(49

)%

 

 

 

165

 

323

 

(49

)%

 

 

 

 

 

 

 Fixed Index Annuities

 

127

 

69

 

84

%

 

 

 

127

 

69

 

84

%

 

 

 

 

 

 

 Variable Annuities

 

548

 

460

 

19

%

 

 

 

548

 

460

 

19

%

 

 

 

 

 

 

 Life

 

4

 

1

 

300

%

2

 

2

 

0

%

6

 

3

 

100

%

 

 

 

 

 

 

 Sub-Total Retail

 

844

 

853

 

(1

)%

2

 

2

 

0

%

846

 

855

 

(1

)%

 

 

 

 

 

 

 Guaranteed Investment Contracts

 

50

 

18

 

178

%

 

 

 

50

 

18

 

178

%

 

 

 

 

 

 

 GIC - Medium Term Note

 

360

 

284

 

27

%

 

 

 

360

 

284

 

27

%

 

 

 

 

 

 

Total US Insurance Operations

 

1,254

 

1,155

 

9

%

2

 

2

 

0

%

1,256

 

1,157

 

9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asian Insurance
Operations : (1a)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 China

 

1

 

3

 

(67

)%

4

 

3

 

33

%

5

 

6

 

(17

)%

 

 

 

 

 

 

 Hong Kong

 

52

 

50

 

4

%

17

 

16

 

6

%

69

 

66

 

5

%

 

 

 

 

 

 

 India (@26%) (6)

 

1

 

1

 

0

%

18

 

11

 

64

%

19

 

12

 

58

%

 

 

 

 

 

 

 Indonesia

 

15

 

12

 

25

%

7

 

8

 

(13

)%

22

 

20

 

10

%

 

 

 

 

 

 

 Japan

 

5

 

3

 

67

%

1

 

2

 

(50

)%

6

 

5

 

20

%

 

 

 

 

 

 

 Korea

 

4

 

20

 

(80

)%

27

 

14

 

93

%

31

 

34

 

(9

)%

 

 

 

 

 

 

 Malaysia

 

2

 

2

 

0

%

12

 

8

 

50

%

14

 

10

 

40

%

 

 

 

 

 

 

 Singapore

 

45

 

50

 

(10

)%

11

 

10

 

10

%

56

 

60

 

(7

)%

 

 

 

 

 

 

 Taiwan

 

24

 

10

 

140

%

22

 

31

 

(29

)%

46

 

41

 

12

%

 

 

 

 

 

 

 Other (4)

 

2

 

2

 

0

%

8

 

8

 

0

%

10

 

10

 

0

%

 

 

 

 

 

 

Total Asian Insurance Operations

 

151

 

153

 

(1

)%

127

 

111

 

14

%

278

 

264

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Group Total

 

3,077

 

2,748

 

12

%

170

 

154

 

10

%

3,247

 

2,902

 

12

%

 

 

 

 

 

 

 

6



 

Schedule 1B - Actual Exchange Rates

 

PRUDENTIAL PLC - NEW BUSINESS - QUARTER 1 2005

 

TOTAL INSURANCE AND INVESTMENT NEW BUSINESS

 

 

 

UK & Europe

 

US  (1b)

 

Asia (1b)

 

Total

 

 

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1 YTD

 

2004 Q1
YTD

 

+/- (%)

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Insurance Products

 

1,713

 

1,481

 

16

%

1,256

 

1,190

 

6

%

278

 

264

 

5

%

3,247

 

2,935

 

11

%

Total Investment Products - Gross Inflows (2)

 

2,092

 

722

 

190

%

 

 

 

4,635

 

4,909

 

(6

)%

6,727

 

5,631

 

19

%

Group Total

 

3,805

 

2,203

 

73

%

1,256

 

1,190

 

6

%

4,913

 

5,173

 

(5

)%

9,974

 

8,566

 

16

%

 

INSURANCE OPERATIONS

 

 

 

Single

 

Regular

 

Total

 

 

 

 

 

 

 

 

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

2005 Q1
YTD

 

2004 Q1
YTD

 

+/- (%)

 

 

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

£m

 

£m

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

UK Insurance Operations :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Direct to Customer:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Individual Pensions

 

4

 

3

 

33

%

2

 

2

 

0

%

6

 

5

 

20

%

 

 

 

 

 

 

   Life - With Profit Bond

 

2

 

3

 

(33

)%

 

 

 

2

 

3

 

(33

)%

 

 

 

 

 

 

   Life - Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Individual Annuities

 

167

 

151

 

11

%

 

 

 

167

 

151

 

11

%

 

 

 

 

 

 

  Sub-Total

 

173

 

157

 

10

%

2

 

2

 

0

%

175

 

159

 

10

%

 

 

 

 

 

 

 DWP Rebates

 

234

 

252

 

(7

)%

 

 

 

234

 

252

 

(7

)%

 

 

 

 

 

 

Total

 

407

 

409

 

(0

)%

2

 

2

 

0

%

409

 

411

 

(0

)%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business to Business:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Corporate Pensions

 

56

 

40

 

40

%

31

 

31

 

0

%

87

 

71

 

23

%

 

 

 

 

 

 

   Individual Annuities

 

49

 

48

 

2

%

 

 

 

49

 

48

 

2

%

 

 

 

 

 

 

   Bulk Annuities

 

215

 

139

 

55

%

 

 

 

215

 

139

 

55

%

 

 

 

 

 

 

Total

 

320

 

227

 

41

%

31

 

31

 

0

%

351

 

258

 

36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intermediated Distribution :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Individual Pensions

 

21

 

16

 

31

%

5

 

5

 

0

%

26

 

21

 

24

%

 

 

 

 

 

 

   Corporate Pensions

 

10

 

65

 

(85

)%

2

 

2

 

0

%

12

 

67

 

(82

)%

 

 

 

 

 

 

   Life - With Profit Bond

 

33

 

54

 

(39

)%

 

 

 

33

 

54

 

(39

)%

 

 

 

 

 

 

   Life - Other Bond

 

226

 

142

 

59

%

 

 

 

226

 

142

 

59

%

 

 

 

 

 

 

   Life - Other

 

 

 

 

1

 

1

 

0

%

1

 

1

 

0

%

 

 

 

 

 

 

   Individual Annuities

 

269

 

228

 

18

%

 

 

 

269

 

228

 

18

%

 

 

 

 

 

 

  Sub-Total

 

559

 

505

 

11

%

8

 

8

 

0

%

567

 

513

 

11

%

 

 

 

 

 

 

   DWP Rebates

 

80

 

92

 

(13

)%

 

 

 

80

 

92

 

(13

)%

 

 

 

 

 

 

Total

 

639

 

597

 

7

%

8

 

8

 

0

%

647

 

605

 

7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Partnerships :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Life - With Profit Bond

 

 

1

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

   Life - Other

 

198

 

164

 

21

%

 

 

 

198

 

164

 

21

%

 

 

 

 

 

 

   Individual Annuities

 

44

 

23

 

91

%

 

 

 

44

 

23

 

91

%

 

 

 

 

 

 

   Bulk Annuities

 

25

 

 

 

 

 

 

25

 

 

 

 

 

 

 

 

 

Total

 

267

 

188

 

42

%

 

 

 

267

 

188

 

42

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Individual Pensions

 

25

 

19

 

32

%

7

 

7

 

0

%

32

 

26

 

23

%

 

 

 

 

 

 

   Corporate Pensions

 

66

 

105

 

(37

)%

33

 

33

 

0

%

99

 

138

 

(28

)%

 

 

 

 

 

 

   Life - With Profit Bond

 

35

 

58

 

(40

)%

 

 

 

35

 

58

 

(40

)%

 

 

 

 

 

 

   Life - Other Bond

 

226

 

142

 

59

%

 

 

 

226

 

142

 

59

%

 

 

 

 

 

 

   Life - Other

 

198

 

164

 

21

%

1

 

1

 

0

%

199

 

165

 

21

%

 

 

 

 

 

 

   Individual Annuities

 

529

 

450

 

18

%

 

 

 

529

 

450

 

18

%

 

 

 

 

 

 

   Bulk Annuities

 

240

 

139

 

73

%

 

 

 

240

 

139

 

73

%

 

 

 

 

 

 

  Sub-Total

 

1,319

 

1,077

 

22

%

41

 

41

 

0

%

1,360

 

1,118

 

22

%

 

 

 

 

 

 

 DWP Rebates

 

314

 

344

 

(9

)%

 

 

 

314

 

344

 

(9

)%

 

 

 

 

 

 

Total UK Insurance Operations

 

1,633

 

1,421

 

15

%

41

 

41

 

0

%

1,674

 

1,462

 

15

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

European Insurance Operations : (1b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Insurance Products

 

39

 

19

 

105

%

 

 

 

39

 

19

 

105

%

 

 

 

 

 

 

Total European Insurance Operations

 

39

 

19

 

105

%

 

 

 

39

 

19

 

105

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total UK & European Insurance Operations

 

1,672

 

1,440

 

16

%

41

 

41

 

0

%

1,713

 

1,481

 

16

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US Insurance Operations : (1b)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Fixed Annuities

 

165

 

332

 

(50

)%

 

 

 

165

 

332

 

(50

)%

 

 

 

 

 

 

   Fixed Index Annuities

 

127

 

71

 

79

%

 

 

 

127

 

71

 

79

%

 

 

 

 

 

 

   Variable Annuities

 

548

 

473

 

16

%

 

 

 

548

 

473

 

16

%

 

 

 

 

 

 

   Life

 

4

 

1

 

300

%

2

 

2

 

0

%

6

 

3

 

100

%

 

 

 

 

 

 

   Sub-Total Retail

 

844

 

877

 

(4

)%

2

 

2

 

0

%

846

 

879

 

(4

)%

 

 

 

 

 

 

   Guaranteed Investment Contracts

 

50

 

19

 

163

%

 

 

 

50

 

19

 

163

%

 

 

 

 

 

 

   GIC - Medium Term Note

 

360

 

292

 

23

%

 

 

 

360

 

292

 

23

%