Finance and Capital Management
Sources of operating capital generation before tax
H1 2019
Underlying capital generation
Savings & Asset Management
£m
OF1
SCR2
Total
Asset Management
239
239
With-Profits in-force
19
(18)³
1
With-Profits new bus.
15
(48)
(33)
Other
18
(1)
17
Total Underlying
291
(67)
224
Heritage
£m
OF1
SCR²
Total
With-Profits
76
(22)³
54
S/H Annuities & Other
129
73
202
Total Underlying
205
51
256
Other operational capital generation5
£0.5 bn4
+
1. Own Funds; 2. Solvency Capital Requirement; 3. Includes run-off of Shareholder Transfer hedging programme of £(31)m in Savings & Asset Management and £(35)m in Heritage;
4. Includes £(21)m from Corporate Centre; 5. Includes management actions, non-market experience variances, assumption and model changes
Asset trading /
hedging
£0.11bn
£0.3 bn
Other
£0.09bn
Longevity
£0.10bn
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