LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS

12 Months Ended

Dec. 31, 2017

Disclosure of investment contracts liabilities [text block] [Abstract]

Disclosure of investment contracts liabilities [text block]

NOTE 33: LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS

The movement in liabilities arising from non-participating investment contracts may be analysed as follows:

	2017			2016
	£m			£m
At 1 January		20,112			22,777
New business		608			560
Changes in existing business		(5,273	)		(3,225	)
At 31 December		15,447			20,112

The balances above are shown gross of reinsurance. As at 31 December 2017, related reinsurance balances were £26 million (2016: £29 million); reinsurance balances are reported within other assets (note 27). Liabilities arising from non-participating investment contracts are categorised as level 2. See note 48 for details of levels in the fair value hierarchy.