In 2008 we delivered a very strong performance in the face of extremely challenging economic conditions, demonstrating the soundness and resilience of our strategy.
Our European Embedded Value (EEV) total operating profit was up 17 per cent to £2,961 million, and Group International Financial Reporting Standards (IFRS) statutory operating profit was up by 12 per cent to £1,347 million.
Our Group capital and cash position remains robust with an Insurance Groups Directive (IGD) capital surplus estimated at £1.7 billion.
Our financial strength, prudent management of capital resources, geographic spread, trusted brands and relentless focus on seizing profitable opportunities in the pre- and post-retirement market has once again proved to be a successful formula, even amid the exceptional economic conditions of 2008.
Key performance indicators
Annual premium equivalent new business premiums
European Embedded Value operating profit from long-term business
European Embedded Value new business profit
International Financial Reporting Standards operating profit
Present value of new business premiums
External funds under management
Holding company cash flow
Comparatives at Actual exchange rates (AER)
* 2007 excludes the sales proceeds from Egg