LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS

12 Months Ended

Dec. 31, 2019

Non-participating investment contracts [Member]

LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS [Line Items]

Disclosure of investment contracts liabilities [text block]

NOTE 34: LIABILITIES ARISING FROM NON-PARTICIPATING INVESTMENT CONTRACTS

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

	2019		2018
	£m		£m
At 1 January		13,853		15,447
Acquisition of business (note 23)		20,981		–
New business		1,810		668
Changes in existing business		815		(2,262	)
At 31 December		37,459		13,853

The balances above are shown gross of reinsurance. As at 31 December 2019, related reinsurance balances were £21 million (2018: £20 million); reinsurance balances are reported within assets. Liabilities arising from non-participating investment contracts are categorised as level 2. See note 50 for details of levels in the fair value hierarchy.