Finance and Capital Management
Sources of operating capital generation before tax
FY 2018
Underlying capital generation
Savings & Asset Management
£m
OF1
SCR2
Total
Asset Management
472
(75)
397
With-Profits in-force
50
(23)³
27
With-Profits new bus.
75
(127)
(52)
Other
20
(3)
17
Total Underlying
617
(228)
389
Heritage
£m
OF1
SCR²
Total
With-Profits
178
(26)³
152
S/H Annuities & Other
217
151
368
Total Underlying
395
125
520
£0.9 bn4
Other operational capital generation5
+
1. Own Funds; 2. Solvency Capital Requirement; 3. Includes run-off of Shareholder Transfer hedging programme of £(44)m in Savings & Asset Management and £(55)m in Heritage;
4. Includes £(13)m from Corporate Centre; 5. Includes management actions, non-market experience variances, assumption and model changes; 6. Thematic Review of Annuity Sales Practices
Asset trading /
hedging
£0.16bn
Expense
assumptions
£0.10bn
TRASP6
£0.17bn
₤1.0 bn
Longevity
£0.38bn
Other
£0.15bn
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