Glossary



AFS

Available-for-sale

APE

Annual Premium Equivalent

ASU

Accident, sickness and unemployment

BPA

Bulk Purchase Annuity

CAL

Company Action Level

CFO

Chief Financial Officer

CMIB

Continuous Mortality Investigation

CSOP

Company Share Option Plan

DMI

Domestic mortgage indemnity

DPF

Discretionary participating features

DWP

Department of Work and Pensions

EC

European Commission

EEV

European Embedded Value

EPS

Earnings per share

ESOS

Executive Share Option Scheme

ESOT

Employee Share Ownership Trust

ESP

Employee Share Plan

EST

Employee Share Trust

EV

Embedded Value

FOG

Financial options and guarantees

FRS

Financial Reporting Standard

FSA

Financial Services Authority

FTSE

Financial Times Stock Exchange index

FVTPL

Fair value through profit or loss

GAAP

Generally Accepted Accounting Principles

GRCC

Group Risk and Compliance Committee

Group

Legal & General Group Plc

HFT

Held for trading

HMRC

Her Majesty’s Revenue & Customs

HR

Human resource function

IAS

International Accounting Standard

IASB

International Accounting Standards Board

ICA

Individual Capital Assessment

IFRIC

International Financial Reporting Interpretations Committee

IFRS

International Financial Reporting Standard

IGD

Insurance Groups Directive

ILU

Institute of London Underwriters

ISA

Individual Savings Account

ISPV

Insurance Special Purpose Vehicle

IT

Information technology

LC

Long cohort

LGA

Legal & General America

LGF

Legal & General France

LGI

Legal & General Insurance Limited

LGN

Legal & General Netherlands

LGPL

Legal & General Pensions Limited

LTF

Long Term Fund

MC

Medium cohort

PMC

Legal & General Assurance (Pensions Management) Limited

PPFM

Principles and Practices of Financial Management

PSP

Performance Share Plan

PVNBP

Present value of new business premiums

RBC

Risk Based Capital

RCC

Risk and Compliance Committee

RDR

Risk discount rate

RPI

Retail Price Index

SAYE

Savings related share option scheme

SBP

Share Bonus Plan

SNW

Shareholder net worth

Society

Legal & General Assurance Society Limited

SORIE

Statement of Recognised Income and Expense

SRC

Shareholder Retained Capital

TCF

Treating Customers Fairly

TSR

Total Shareholder Return

Victory

NRG Victory Reinsurance Company Ltd

VIF

Value of in-force business

WACC

Weighted average cost of capital

WPICC

With-Profits Insurance Capital Component

AGM

Annual General Meeting

ABI

Association of British Insurers

GI

General Insurance

IFA

Independent Financial Adviser

SIPP

Self-invested Personal Pensions

PBR

Pre-Budget Report

LGIM

Legal & General Investment Management

NAPF

National Association of Pension Funds

KPI

Key Performance Indicator
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