Legal & General Regulatory News (LGEN)

Global

fixed

Real

Active

Total

Index

income

Solutions1

assets

equities

AUM

For the six month period to 30 June 2018

£bn

£bn

£bn

£bn

£bn

£bn

At 1 January 2018

340.9

148.8

462.7

23.8

7.1

983.3

Canvas acquisition2

2.4

-

-

-

-

2.4

External inflows

22.4

8.7

18.2

0.6

0.5

50.4

External outflows

(41.2)

(2.2)

(8.7)

(0.5)

(0.1)

(52.7)

Overlay net flows

-

-

16.7

-

-

16.7

ETF net flows

0.2

-

-

-

-

0.2

External net flows3

(18.6)

6.5

26.2

0.1

0.4

14.6

Internal net flows

(0.3)

(2.5)

(0.3)

0.6

(0.1)

(2.6)

Total net flows

(18.9)

4.0

25.9

0.7

0.3

12.0

Cash management movements4

-

1.0

-

-

-

1.0

Market and other movements3

1.9

(1.4)

(14.9)

0.8

(0.3)

(13.9)

At 30 June 2018

326.3

152.4

473.7

25.3

7.1

984.8

Assets attributable to:

External

888.8

Internal

96.0

1. Solutions include liability driven investments, multi-asset funds, and include £277.2bn of derivative notionals associated with the Solutions business.

2. The acquisition of Canvas was completed in March 2018.

3. External net flows exclude movements in short-term solutions assets, with maturity as determined by client agreements and are subject to a higher degree of variability. The total value of these assets was £48.3bn and the movement in these assets is included in market and other movements for Solutions assets.

4. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.

Global

fixed

Real

Active

Total

Index

income

Solutions1

assets

equities

AUM

For the six month period to 30 June 2017

£bn

£bn

£bn

£bn

£bn

£bn

At 1 January 2017

319.8

134.8

411.9

19.6

8.1

894.2

External inflows

25.4

8.3

16.0

0.8

0.1

50.6

External outflows

(29.7)

(3.0)

(9.0)

(0.5)

(0.1)

(42.3)

Overlay/advisory net flows

-

-

13.4

-

-

13.4

External net flows2

(4.3)

5.3

20.4

0.3

-

21.7

Internal net flows

(0.3)

(0.4)

0.4

0.5

(1.3)

(1.1)

Disposal of LGN4

(0.3)

(0.5)

-

-

-

(0.8)

Total net flows

(4.9)

4.4

20.8

0.8

(1.3)

19.8

Cash management movements3

-

4.1

-

-

-

4.1

Market and other movements2

16.6

1.7

13.4

0.8

0.5

33.0

At 30 June 2017

331.5

145.0

446.1

21.2

7.3

951.1

Assets attributable to:

External

853.2

Internal

97.9

1. Solutions include liability driven investments, multi-asset funds, and include £280.0bn of derivative notionals associated with the Solutions business.

2. External net flows exclude movements in short-term solutions assets, with maturity as determined by client agreements and are subject to a higher degree of variability. The total value of these assets was £81.7bn and the movement in these assets is included in market and other movements for Solutions assets.

3. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.

4. Legal & General Netherlands was sold on 6 April 2017.

Global

fixed

Real

Active

Total

Index

income

Solutions1

assets

equities

AUM

For the year ended 31 December 2017

£bn

£bn

£bn

£bn

£bn

£bn

At 1 January 2017

319.8

134.8

411.9

19.6

8.1

894.2

External inflows

51.1

15.1

33.2

1.5

0.1

101.0

External outflows

(61.4)

(6.4)

(15.7)

(1.2)

(0.1)

(84.8)

Overlay/advisory net flows

-

-

27.3

-

-

27.3

External net flows2

(10.3)

8.7

44.8

0.3

-

43.5

Internal net flows

(0.4)

(2.0)

(1.1)

1.5

(0.7)

(2.7)

Disposal of LGN4

(0.3)

(0.5)

-

-

-

(0.8)

Total net flows

(11.0)

6.2

43.7

1.8

(0.7)

40.0

Cash management movements3

-

3.0

-

-

-

3.0

Market and other movements2

32.1

4.8

7.1

2.4

(0.3)

46.1

At 31 December 2017

340.9

148.8

462.7

23.8

7.1

983.3

Assets attributable to:

External

883.8

Internal

99.5

1. Solutions include liability driven investments, multi-asset funds, and include £272.8bn of derivative notionals associated with the Solutions business.

2. External net flows exclude movements in short-term solutions assets, with maturity as determined by client agreements and are subject to a higher degree of variability. The total value of these assets was £47.0bn and the movement in these assets is included in market and other movements for Solutions assets.

3. Cash management movements include external holdings in money market funds and other cash mandates held for clients' liquidity management purposes.

4. Legal & General Netherlands was sold on 6 April 2017.

Assets under management1

Net flows2

30 June

30 June

31 December

6 months

6 months

6 months

2018

2017

2017

30 June

2018

30 June

2017

31 December

2017

£bn

£bn

£bn

£bn

£bn

£bn

International1,3

165.8

135.8

160.1

9.9

17.9

15.1

UK Institutional

- Defined contribution

64.0

55.3

60.1

3.5

1.7

1.3

- Defined benefit3

625.4

635.3

633.9

(0.3)

0.4

4.1

UK Retail

- Retail intermediary

25.1

21.4

24.2

1.4

1.8

1.4

- Personal investing4

5.7

5.4

5.5

(0.1)

(0.1)

(0.1)

ETF5

2.8

-

-

0.2

-

-

Total external

888.8

853.2

883.8

14.6

21.7

21.8

1. International asset are shown on the basis of client domicile. International AUM is £229.3bn when assets managed in the US on behalf of UK clients are included.

2. External net flows exclude movements in short-term solutions assets, with maturity as determined by client agreements and are subject to a higher degree of variability.

3. Defined benefit includes £63.5bn of assets managed in the US on behalf of UK clients.

4. Personal investing includes £2.0bn of legacy Banks and Building Society customers which is driving net outflows.

5. ETF reflects the acquisition of Canvas that completed in March 2018.

Investment performance across our AUM as at 30 June 2018 is set out in the table below. This has been calculated internally by LGIM to provide general guidance as to how our assets under management are performing. The data is aggregated and is not intended for clients or potential clients investing in our products.

Performance against success measures - benchmark or performance criteria

For the six month period to

30 June 2018

One

year period

Three

year period

Five

year period

Actively Managed AUM1

88%

85%

81%

Index Managed AUM2

98%

98%

97%

Client Solutions AUM3

100%

100%

100%

Percentage of AUM reported4

89%

64%

55%

1. Actively Managed AUM: actively managed products measured against applicable benchmark or peer group performance.

2. Index Managed AUM: assets managed against benchmark within applicable tolerance.

3. Client solutions AUM: products managed against specific risk target or client outcome.

4. Excluded from the performance measurement are non-discretionary accounts, funds on our investment only platform with external manager holdings, funds with insufficient performance history and transition management accounts.

Performance is measured on a gross-of-fee basis for institutional accounts and net-of-fee for retail funds, and is measured against benchmarks, peer group performance or risk based metrics.

30 June

2018

30 June

2017

31 December

2017

£bn

£bn

£bn

Assets under management

985

951

983

Derivative notionals1

(277)

(281)

(273)

Third party assets2

(275)

(233)

(261)

Other3

44

8

42

Total financial investments, investment property and cash and cash equivalents

477

445

491

Less: financial assets classified as held for sale4

(21)

-

(22)

Financial investments, investment property and cash and cash equivalents

456

445

469

1. Derivative notionals are included in the assets under management but not for IFRS reporting and are thus removed.

2. Third party assets are those that LGIM manage on behalf of others, to which the group is not exposed to the risks or rewards and thus are not included on the IFRS balance sheet.

3. Other includes assets that are managed by third parties on behalf of the group, other assets and liabilities related to financial investments, derivative assets and pooled funds.

4. Details relating to assets classified as held for sale is provided in Note 4.03.

Workplace1

Annuities2

Workplace

Annuities

Workplace

Annuities

30 June

2018

30 June

2018

30 June

2017

30 June

2017

31 December

2017

31 December

2017

£bn

£bn

£bn

£bn

£bn

£bn

At 1 January

27.7

58.2

20.8

54.4

20.8

54.4

Gross inflows

2.7

1.1

3.4

2.0

5.9

4.6

Gross outflows

(0.8)

-

(0.6)

-

(1.4)

-

Payments to pensioners

-

(1.7)

-

(1.6)

-

(3.3)

Net flows

1.9

(0.6)

2.8

0.4

4.5

1.3

Market and other movements

0.1

(1.2)

1.3

0.8

2.4

2.5

At 30 June/31 December

29.7

56.4

24.9

55.6

27.7

58.2

1. Workplace assets under administration includes £29.5bn of assets under management included in Note 5.01.

2. Annuities assets under administration includes £52.0bn of assets under management included in Note 5.01.

6 months

6 months

6 months

30 June

30 June

31 December

2018

2017

2017

£m

£m

£m

Pension risk transfer

- UK

507

1,504

1,901

- US

220

115

428

- Bermuda

8

-

-

Individual Annuities

337

345

326

Lifetime Mortgage Advances

521

424

580

Longevity Insurance1

-

800

-

Total LGR new business

1,593

3,188

3,235

1. Represents the notional size of the transaction and is based on the present value of the fixed leg cash flows discounted at the LIBOR curve.

6 months

6 months

6 months

30 June

2018

30 June

2017

31 December

2017

£m

£m

£m

UK Retail Protection

87

86

86

UK Group Protection

34

28

21

Netherlands Protection1

-

1

-

US Protection

42

38

41

Total LGI new business

163

153

148

1. Legal & General Netherlands was sold on 6 April 2017.

6 months

6 months

6 months

30 June

2018

30 June

2017

31 December

2017

£m

£m

£m

UK Retail Protection

633

609

623

UK Group Protection

223

224

102

General Insurance

193

173

196

Netherlands Protection1

-

14

-

US Protection

461

491

482

Longevity insurance

187

175

186

Total gross written premiums on Insurance business

1,697

1,686

1,589

1. Legal & General Netherlands was sold on 6 April 2017.

As at 30 June 2018 the group had a surplus of £6.9bn (31 December 2017: £6.9bn) over its Solvency Capital Requirement, corresponding to a coverage ratio on a "shareholder view" basis of 193% (31 December 2017: 189%). The shareholder view of the Solvency II capital position is as follows:

30 June

2018

31 December

2017

£bn

£bn

Core tier 1 Own Funds

11.3

11.6

Tier 2 subordinated liabilities

3.1

3.1

Eligibility restrictions

(0.1)

(0.1)

Solvency II Own Funds1,2

14.3

14.6

Solvency Capital Requirement3

(7.4)

(7.7)

Solvency II surplus

6.9

6.9

SCR coverage ratio4

193%

189%

1. Solvency II Own Funds do not include an accrual for the interim dividend of £274m (31 December 2017: £658m) declared after the balance sheet date.

2. Solvency II Own Funds allow for a risk margin of £5.2bn (31 December 2017: £5.9bn) and TMTP of £5.3bn (31 December 2017: £6.2bn).

3. The SCR is not subject to audit.

4. Coverage ratio is based on unrounded inputs.

The table below shows the movement (net of tax) during the period ended 30 June 2018 in the group's Solvency II surplus.

30 June

2018

31 December

2017

£bn

£bn

Surplus arising from back-book (including release of SCR)

0.7

1.3

Release of Risk Margin1

0.2

0.4

Amortisation of TMTP2

(0.2)

(0.4)

Operational Surplus Generation3

0.7

1.3

New Business Strain

(0.1)

(0.1)

Net Surplus Generation

0.6

1.2

Dividends paid4

(0.7)

(0.9)

Operating variances5

-

0.4

Mergers, acquisitions and disposals6

-

-

Market movements7

0.1

-

Subordinated debt

-

0.5

Total Surplus movement (after dividends paid in the period)

-

1.2

1. Based on the risk margin in force at end 2017 and does not include the release of any risk margin added by new business written in 2018.

2. TMTP amortisation based on a linear run down of the end-2017 TMTP of £5.3bn (net of tax, £6.2bn before tax).

3. Release of surplus generated by in-force business and includes management actions which at the start of the year could have been reasonably expected to take place. For 2018 these are primarily to deliver further eligible assets and liabilities into the Matching Adjustment portfolio and an increase in direct investments allocation to the annuity back-book.

4. Dividends paid are the amounts from the 2017 final dividend declaration paid in H1 18 (FY 17: 2016 final and 2017 interim dividend declarations).

5. Operating variances include the impact of experience variances, changes to valuation and capital calibration assumptions, other management actions including changes in asset mix, hedging strategies, and Matching Adjustment optimisation.

6. Mergers, acquisitions and disposals include the impact of the sale of Mature Savings (in excess of the amount which came through in 2017) and purchase of 100% of CALA Homes.

7. Market movements represents the impact of changes in investment market conditions over the period and changes to future economic assumptions. Market movements in half year ended 30 June 2018 include a reduction in the risk margin of £0.4bn (net of tax) and a reduction to TMTP of £0.4bn. 31 December 2017 included a reduction in the risk margin of £2.0bn (net of tax).

(i) The table below provides a reconciliation of the group's IFRS Release from Operations to Solvency II Operational Surplus Generation.

6 months

Full year

2018

2017

£bn

£bn

IFRS Release from Operations

0.7

1.3

Expected release of IFRS prudential margins

(0.2)

(0.5)

Releases of IFRS specific reserves1

(0.1)

(0.1)

Solvency II investment margin2,3

0.1

0.2

Release of Solvency II Capital Requirement and Risk Margin less TMTP amortisation4

0.2

0.4

Solvency II Operational Surplus Generation

0.7

1.3

1. Release of prudence from IFRS specific reserves which are not included in Solvency II (e.g. long term expenses and longevity margins).

2. Release of prudence related to differences between the EIOPA-defined fundamental spread and L&G's best estimate default assumption.

3. Expected market returns earned on LGR's free assets in excess of risk free rates over 2018.

4. Solvency II Operational Surplus Generation includes management actions which at the start of 2018 were expected to take place within the group plan.

(ii) The table below provides a reconciliation of the group's IFRS New Business Surplus to Solvency II New Business Strain.

6 months

Full year

2018

2017

£bn

£bn

IFRS New Business Surplus

-

0.2

Removal of requirement to set up prudential margins above best estimate on New Business

-

0.2

Set up of Solvency II Capital Requirement on New Business1

(0.1)

(0.3)

Set up of Risk Margin on New Business

-

(0.2)

Solvency II New Business Strain

(0.1)

(0.1)

1. The lower Solvency II capital requirement on new business in 2018 reflects lower premiums written and the success of our strategy to source direct investments (including lifetime mortgages) to back new annuity sales.

A reconciliation of the group's IFRS shareholders' equity to Own Funds is given below:

30 Jun 2018

31 Dec 20171

£bn

£bn

IFRS shareholders' equity

7.7

7.6

Remove DAC, goodwill and other intangible assets and liabilities

(0.7)

(0.6)

Add IFRS carrying value of subordinated debt treated as available capital under Solvency II2

2.9

2.9

Insurance contract valuation differences3

6.3

6.4

Difference in value of net deferred tax liabilities

(0.9)

(0.7)

SCR for with-profits fund and final salary pension schemes

(0.8)

(0.7)

Other4

(0.1)

(0.2)

Eligibility restrictions5

(0.1)

(0.1)

Solvency II Own Funds6

14.3

14.6

1. Following a change in accounting policy for LGIA term life reserves, specific IFRS balance sheet items have been restated, notably deferred acquisition costs, non-participating insurance contracts and deferred tax liabilities. The overall net impact on the group's IFRS shareholders' equity as at 31 December 2017 is a reduction of £354m. Further details on the change in accounting policy is provided in Note 4.01.

2. Treated as available capital on the Solvency II balance sheet as the liabilities are subordinate to policyholder claims.

3. Differences in the measurement of technical provisions between IFRS and Solvency II.

4. Reflects valuation differences on other assets and liabilities, predominately in respect of borrowings measured at fair value under Solvency II.

5. Relating to the Own Funds of non-insurance regulated entities that are subject to local regulatory rules.

6. Own Funds do not include an accrual for the interim dividend of £274m (31 December 2017: £658m) declared after the balance sheet date.

The following sensitivities are provided to give an indication of how the group's Solvency II surplus as at 30 June 2018 would have changed in a variety of adverse events. These are all independent stresses to a single risk. In practice, the balance sheet is impacted by combinations of stresses and the combined impact can be larger than adding together the impacts of the same stresses in isolation. It is expected that, particularly for market risks, adverse stresses will happen together.

Impact on

Impact on

Impact on

Impact on

net of tax

net of tax

net of tax

net of tax

Solvency II

Solvency II

Solvency II

Solvency II

capital

coverage

capital

coverage

surplus5

ratio5

surplus5

ratio5

30 Jun

2018

30 Jun

2018

31 Dec

2017

31 Dec

2017

£bn

%

£bn

%

Credit spreads widen by 100bps assuming an escalating addition to ratings1,2

0.4

12

0.2

8

Credit migration3

(0.5)

(7)

(0.5)

(6)

15% fall in property markets

(0.5)

(6)

(0.4)

(4)

100bps increase in risk free rates

0.8

22

0.8

20

50bps decrease in risk free rates4

(0.5)

(11)

(0.5)

(10)

1. The spread sensitivity applies to Legal & General's corporate bond (and similar) holdings, with no change in the firm's long term default expectations.

2. The stress for AA bonds is twice that for AAA bonds, for A bonds it is three times, for BBB four times and so on, such that the weighted average spread stress for the portfolio is 100 basis points.

3. Credit migration stress covers the cost of an immediate big letter downgrade on 20% of all assets where the capital treatment depends on a credit rating (including corporate bonds, sale and leaseback rental strips and LTM senior notes).

4. In the interest rate down stress negative rates are allowed, i.e. there is no floor at zero rates.

5. Both the 2017 and 2018 sensitivities exclude the impact from the Mature Savings business (including the with-profits fund) as the risks have been transferred to the ReAssure division of Swiss Re from 1 January 2018.

The above sensitivity analysis does not reflect all management actions which could be taken to reduce the impacts. In practice, the group actively manages its asset and liability positions to respond to market movements. These results all allow (on an approximate basis) for the recalculation of TMTP as at 30 June 2018 where the impact of the stress would cause this to change materially.

The impacts of these stresses are not linear therefore these results should not be used to interpolate or extrapolate the impact of a smaller or larger stress. The results of these tests are indicative of the market conditions prevailing at the balance sheet date. The results would be different if performed at an alternative reporting date.

Management estimates of the present value of new business premium (PVNBP) and the margin for selected lines of business are provided below:

Contri-

Contri-

bution

bution

from new

from new

PVNBP

business2

Margin3

PVNBP

business2

Margin3

6 months

6 months

6 months

Full year

Full year

Full year

2018

2018

2018

2017

2017

2017

£m

£m

%

£m

£m

%

LGR - UK annuity business

844

65

7.7

4,083

346

8.5

UK Protection Total

788

56

7.1

1,496

129

8.6

- Retail Protection

652

49

7.6

1,293

111

8.6

- Group Protection

136

7

5.2

203

18

8.7

US Protection4,5

411

48

11.6

764

89

11.7

1. Selected lines of business only.

2. The contribution from new business is defined as the present value at the point of sale of expected future Solvency II surplus emerging from new business written in the period using the risk discount rate applicable at the end of the reporting period.

3. Margin is based on unrounded inputs.

4. In local currency, US Protection reflects PVNBP of $543m (31 December 2017: $985m) and a contribution from new business of $63m (31 December 2017: $115m).

5. Assumes reassurance is enacted during 2018.

As in previous years the reported LGR margin includes all of LGR's new business costs including those incurred in quoting on business we expect to conclude in H2 and beyond. The margin increases to 10.3% by only including the costs associated with the business written in H1. This is a better comparator to 2017. The increase reflects the higher long term value generated from the smaller sized schemes written in H1, as well as our ability to source attractive DI assets from bespoke deals such as the buy-in transaction with the BAA Pension Scheme. Additionally, the 2017 margin includes a £250m scheme where the group passes on all of the risk and retains a small facilitation fee.

In UK Protection business we have seen competitive pricing pressure combined with a shift in the mix of business towards lower margin products.

For US Protection, the new business contribution has increased relative to the 2017 position due to higher new business volumes and more favourable business mix. The change in Solvency II new business margin reflects the significant increase in US risk free rates over the first half of the year. This has more than offset the contribution from a more favourable business mix.

30 June

2018

31 December

2017

%

%

Margin for risk

3.1

3.0

Risk free rate

- UK

1.7

1.6

- US

2.8

2.4

Risk discount rate (net of tax)

- UK

4.8

4.6

- US

5.9

5.4

Long-term rate of return on non profit annuities in LGR

3.0

3.0

A reconciliation of PVNBP and gross written premium is given below:

6 months

2018

Full year

2017

£bn

£bn

PVNBP

2.0

6.3

Effect of capitalisation factor

(1.0)

(2.0)

New business premiums from selected lines

1.0

4.3

Other1

0.8

2.4

Total LGR and LGI new business

1.8

6.7

Annualisation impact of regular premium long-term business

(0.1)

(0.2)

IFRS gross written premiums from existing long-term insurance business

1.4

2.8

Deposit accounting for lifetime mortgage advances

(0.5)

(1.0)

General Insurance gross written premiums

0.2

0.4

Future premiums on longevity swap new business

-

(0.8)

Total gross written premiums

2.8

7.9

1. Other principally includes annuity sales in the US, lifetime mortgage advances and discounted future cash flows on longevity swap new business.

2. This excludes gross written premiums from discontinued operations.

Market

Market

Market

value

value

value

30 June

2018

30 June

2017

31 December

2017

£m

£m

£m

Worldwide total assets under management1

990,379

952,100

984,120

Client and policyholder assets2

(907,834)

(870,400)

(900,904)

Non-unit linked with-profits assets

(10,673)

(11,551)

(11,113)

Investments to which shareholders are directly exposed

71,872

70,149

72,103

1. Worldwide total assets under management include LGIM AUM and other group assets not managed by LGIM.

Analysed by investment class:

Other

non profit

Other

LGR

insurance

LGC3

shareholder

investments

investments

investments

investments

Total

Total

Total

30 June

2018

30 June

2018

30 June

2018

30 June

2018

30 June

2018

30 June

2017

31 December

2017

Notes

£m

£m

£m

£m

£m

£m

£m

Equities4,7

285

15

2,246

181

2,727

2,876

2,960

Bonds

7.03

50,847

1,569

2,930

480

55,826

56,093

57,075

Derivative assets5

4,213

-

11

1

4,225

3,823

4,062

Property

7.04

2,791

-

80

-

2,871

2,887

2,832

Cash, cash equivalents and loans

2,147

482

1,461

262

4,352

3,893

4,084

Financial investments

60,283

2,066

6,728

924

70,001

69,572

71,013

Other assets2,6,7

490

-

1,373

8

1,871

577

1,090

Total investments

60,773

2,066

8,101

932

71,872

70,149

72,103

2. At 30 June 2017, the group held £5,660m of reverse repurchase agreements, which were disclosed within Other assets in the above analysis in the interim financial statements for the period then ended. These assets back unit-linked liabilities and hence were incorrectly classified as Investments to which shareholders are directly exposed, rather than Client and policyholder assets. The 30 June 2017 disclosures have been adjusted to reflect this restatement. There is no impact on total assets in the Consolidated Balance Sheet as a result of this reallocation.

3. LGC property includes £23m of shareholder investment property.

4. Equity investments include a total of £125m in respect of Peel Media Holdings Limited (MediaCityUK) and Access Development Partnership (30 June 2017: £256m; 31 December 2017: £260m).

5. Derivative assets are shown gross of derivative liabilities of £3.3bn (30 June 2017: £2.4bn; 31 December 2017: £2.3bn). Exposures arise from use of derivatives for efficient portfolio management, especially the use of interest rate swaps, inflation swaps, credit default swaps and foreign exchange forward contracts for asset and liability management.

6. Other assets include reverse repurchase agreements of £752m (30 June 2017: £542m; 31 December 2017: £679m).

7. Other assets includes the consolidated net asset value of the group's investments in CALA Homes and other housing businesses, previously disclosed within Financial investments.

Direct1

Traded2

Direct1

Traded2

Direct1

Traded2

Investments

securities

Total

Investments

securities

Total

Investments

securities

Total

30 June

30 June

30 June

30 June

30 June

30 June

31 December

31 December

31 December

2018

2018

2018

2017

2017

2017

2017

2017

2017

£m

£m

£m

£m

£m

£m

£m

£m

£m

Equities

890

1,837

2,727

650

2,226

2,876

930

2,030

2,960

Bonds3

10,800

45,026

55,826

7,722

48,371

56,093

9,726

47,349

57,075

Derivative assets

-

4,225

4,225

-

3,823

3,823

-