RBS 2008 Annual Report Download - page 230
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229RBS Group Annual Report and Accounts 2008
(ii) Provisions for unearned premiums and unexpired short-term insurance risks
Group
Gross Reinsurance Net
Unearned premium provision £m £m £m
At 1 January 2007 2,850 (43) 2,807
Release in the year (98) 2 (96)
At 1 January 2008 2,752 (41) 2,711
Increase in the year 175 — 175
Release in the year (280) (38) (318)
Net exchange differences 64 — 64
At 31 December 2008 2,711 (79) 2,632
Group
2008 2007
Gross performance of life business (life contracts) £m £m
Opening net assets 604 579
Profit from existing business:
Expected return 41 35
Experience variances (15) (23)
26 12
New business contribution (1) 14 5
Operating assumption changes 2 6
Investment return variances (46) (14)
Economic assumption changes (2) —
Other (10) 16
Closing net assets 588 604
Note:
(1) New business contribution represents the present value of future profits on new insurance contract business written during the year.