VALUE OF IN-FORCE BUSINESS (Tables) - In-Force [Member]

12 Months Ended

Dec. 31, 2018

VALUE OF IN-FORCE BUSINESS (Tables) [Line Items]

Disclosure of range of yields and other key assumptions

The table below shows the resulting range of yields and other key assumptions at 31 December:

	2018 %		2017 %
Risk-free rate (value of in-force non-annuity business)1		0.00 to 4.05		0.00 to 4.20
Risk-free rate (value of in-force annuity business)1		1.28 to 5.33		1.14 to 5.34
Risk-free rate (financial options and guarantees)1		0.00 to 4.05		0.00 to 4.20
Retail price inflation		3.43		3.43
Expense inflation		3.75		3.67

1 All risk-free rates are quoted as the range of rates implied by the relevant forward swap curve.

Disclosure Of Gross Value Of In-Force Business Asset Explanatory [Text Block]

The gross value of in-force business asset in the consolidated balance sheet is as follows:

	2018 £m		2017 £m
Acquired value of in-force non-participating investment contracts		271		306
Value of in-force insurance and participating investment contracts		4,491		4,533
Total value of in-force business		4,762		4,839

Nonparticipating Life Insurance Contract [Member]

VALUE OF IN-FORCE BUSINESS (Tables) [Line Items]

Disclosure Of Movement Of Value In Force Explanatory [Text Block]

The movement in the acquired value of in-force non-participating investment contracts over the year is as follows:

	2018 £m			2017 £m
At 1 January		306			340
Acquisition of business		5			–
Amortisation (note 11)		(40	)		(34	)
At 31 December		271			306

Participating Life Insurance Contract [Member]

VALUE OF IN-FORCE BUSINESS (Tables) [Line Items]

Disclosure Of Movement Of Value In Force Explanatory [Text Block]

The movement in the value of in-force insurance and participating investment contracts over the year

	2018 £m			2017 £m
At 1 January		4,533			4,702
Exchange and other adjustments		13			(4	)
Movements in the year:
New business		675			348
Existing business:
Expected return		(304	)		(318	)
Experience variances		(122	)		(226	)
Assumption changes		(67	)		(238	)
Economic variance		(237	)		269
Movement in the value of in-force business (note 9)		(55	)		(165	)
At 31 December		4,491			4,533