If you are visually impaired or blind, you can visit the PDF version by Pressing CONTROL + ALT + 4
<br /> Annual<br /> Report &<br /> Accounts<br /> 2017/18<br /> 01<br /> 02<br /> Overview 07<br /> Chairman's statement 08<br /> Chief Executive Officer's statement 10<br /> Chief Financial Officer's statement 14<br /> 03<br /> Strategic report 21<br /> About NHBC 22<br /> Market overview 24<br /> NHBC's strategy 28<br /> Risks to NHBC's business 30<br /> Wider impact and non-financial 33<br /> information statement<br /> Contents<br /> 04<br /> Governance 39<br /> Board 40<br /> Council 42<br /> Corporate governance report 46<br /> Directors' report 50<br /> Aud<a title="NHBC Annual Review &amp; Accounts 2017/18 page 1" href="http://viewer.zmags.com/publication/7e7dfba8?page=1"> Annual Report & Accounts 2017/18</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 2" href="http://viewer.zmags.com/publication/7e7dfba8?page=2"> 01</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 3" href="http://viewer.zmags.com/publication/7e7dfba8?page=3"> 02 Overview 07 Chairman's</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 4" href="http://viewer.zmags.com/publication/7e7dfba8?page=4"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 5" href="http://viewer.zmags.com/publication/7e7dfba8?page=5"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 6" href="http://viewer.zmags.com/publication/7e7dfba8?page=6"> 02</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 7" href="http://viewer.zmags.com/publication/7e7dfba8?page=7"> Overvie Chairman's sta</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 8" href="http://viewer.zmags.com/publication/7e7dfba8?page=8"> NHBC Annual Report & Accounts 2017/18 / Overview </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 9" href="http://viewer.zmags.com/publication/7e7dfba8?page=9"> Whilst our solvency level improved marginally in </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 10" href="http://viewer.zmags.com/publication/7e7dfba8?page=10"> NHBC Annual Report & Accounts 2017/18 / Overview </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 11" href="http://viewer.zmags.com/publication/7e7dfba8?page=11"> of construction as they are being built, and deli</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 12" href="http://viewer.zmags.com/publication/7e7dfba8?page=12"> NHBC Annual Report & Accounts 2017/18 / Overview </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 13" href="http://viewer.zmags.com/publication/7e7dfba8?page=13"> 13</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 14" href="http://viewer.zmags.com/publication/7e7dfba8?page=14"> NHBC Annual Report & Accounts 2017/18 / Overview </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 15" href="http://viewer.zmags.com/publication/7e7dfba8?page=15"> Net earned premium and other income Net written </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 16" href="http://viewer.zmags.com/publication/7e7dfba8?page=16"> NHBC Annual Report & Accounts 2017/18 / Overview </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 17" href="http://viewer.zmags.com/publication/7e7dfba8?page=17"> Capital position At 31 March 2018, accumulated r</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 18" href="http://viewer.zmags.com/publication/7e7dfba8?page=18"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 19" href="http://viewer.zmags.com/publication/7e7dfba8?page=19"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 20" href="http://viewer.zmags.com/publication/7e7dfba8?page=20"> 03</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 21" href="http://viewer.zmags.com/publication/7e7dfba8?page=21"> Strategic report </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 22" href="http://viewer.zmags.com/publication/7e7dfba8?page=22"> NHBC Annual Report & Accounts 2017/18 / Strategic</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 23" href="http://viewer.zmags.com/publication/7e7dfba8?page=23"> Feedback NHBC's expert Customer Services and Cla</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 24" href="http://viewer.zmags.com/publication/7e7dfba8?page=24"> NHBC Annual Report & Accounts 2017/18 / Strategic</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 25" href="http://viewer.zmags.com/publication/7e7dfba8?page=25"> Government policy remains critical to the success</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 26" href="http://viewer.zmags.com/publication/7e7dfba8?page=26"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 27" href="http://viewer.zmags.com/publication/7e7dfba8?page=27"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 28" href="http://viewer.zmags.com/publication/7e7dfba8?page=28"> NHBC Annual Report & Accounts 2017/18 / Strategic</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 29" href="http://viewer.zmags.com/publication/7e7dfba8?page=29"> Building the brand and reputation A strong brand</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 30" href="http://viewer.zmags.com/publication/7e7dfba8?page=30"> NHBC Annual Report & Accounts 2017/18 / Strategic</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 31" href="http://viewer.zmags.com/publication/7e7dfba8?page=31"> Table 1: The risk operating model First line of d</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 32" href="http://viewer.zmags.com/publication/7e7dfba8?page=32"> NHBC Annual Report & Accounts 2017/18 / Strategic</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 33" href="http://viewer.zmags.com/publication/7e7dfba8?page=33"> Wider impact and non-financial information stateme</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 34" href="http://viewer.zmags.com/publication/7e7dfba8?page=34"> NHBC Annual Report & Accounts 2017/18 / Strategic</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 35" href="http://viewer.zmags.com/publication/7e7dfba8?page=35"> Environmental matters NHBC's direct environmenta</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 36" href="http://viewer.zmags.com/publication/7e7dfba8?page=36"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 37" href="http://viewer.zmags.com/publication/7e7dfba8?page=37"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 38" href="http://viewer.zmags.com/publication/7e7dfba8?page=38"> 04</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 39" href="http://viewer.zmags.com/publication/7e7dfba8?page=39"> Governance </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 40" href="http://viewer.zmags.com/publication/7e7dfba8?page=40"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 41" href="http://viewer.zmags.com/publication/7e7dfba8?page=41"> Stephen Stone (Non-Executive Director) </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 42" href="http://viewer.zmags.com/publication/7e7dfba8?page=42"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 43" href="http://viewer.zmags.com/publication/7e7dfba8?page=43"> Mr J Owen Joseph Rowntree Trust Ms J Park NHBC Bo</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 44" href="http://viewer.zmags.com/publication/7e7dfba8?page=44"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 45" href="http://viewer.zmags.com/publication/7e7dfba8?page=45"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 46" href="http://viewer.zmags.com/publication/7e7dfba8?page=46"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 47" href="http://viewer.zmags.com/publication/7e7dfba8?page=47"> NHBC Board The Board's principal role is to deve</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 48" href="http://viewer.zmags.com/publication/7e7dfba8?page=48"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 49" href="http://viewer.zmags.com/publication/7e7dfba8?page=49"> Board attendance The table below provides inform</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 50" href="http://viewer.zmags.com/publication/7e7dfba8?page=50"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 51" href="http://viewer.zmags.com/publication/7e7dfba8?page=51"> directors have elected to prepare the Group and p</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 52" href="http://viewer.zmags.com/publication/7e7dfba8?page=52"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 53" href="http://viewer.zmags.com/publication/7e7dfba8?page=53"> Financial reporting In considering the draft Ann</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 54" href="http://viewer.zmags.com/publication/7e7dfba8?page=54"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 55" href="http://viewer.zmags.com/publication/7e7dfba8?page=55"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 56" href="http://viewer.zmags.com/publication/7e7dfba8?page=56"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 57" href="http://viewer.zmags.com/publication/7e7dfba8?page=57"> 57</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 58" href="http://viewer.zmags.com/publication/7e7dfba8?page=58"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 59" href="http://viewer.zmags.com/publication/7e7dfba8?page=59"> During the year, the Investment Committee preside</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 60" href="http://viewer.zmags.com/publication/7e7dfba8?page=60"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 61" href="http://viewer.zmags.com/publication/7e7dfba8?page=61"> Nominations Committee report Meeti</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 62" href="http://viewer.zmags.com/publication/7e7dfba8?page=62"> NHBC Annual Report & Accounts 2017/18 / Governanc</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 63" href="http://viewer.zmags.com/publication/7e7dfba8?page=63"> 63</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 64" href="http://viewer.zmags.com/publication/7e7dfba8?page=64"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 65" href="http://viewer.zmags.com/publication/7e7dfba8?page=65"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 66" href="http://viewer.zmags.com/publication/7e7dfba8?page=66"> 05</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 67" href="http://viewer.zmags.com/publication/7e7dfba8?page=67"> Directors' remuneration report </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 68" href="http://viewer.zmags.com/publication/7e7dfba8?page=68"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 69" href="http://viewer.zmags.com/publication/7e7dfba8?page=69"> The aggregate remuneration for each of the Execut</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 70" href="http://viewer.zmags.com/publication/7e7dfba8?page=70"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 71" href="http://viewer.zmags.com/publication/7e7dfba8?page=71"> Element, purpose and link to strategy Policy and </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 72" href="http://viewer.zmags.com/publication/7e7dfba8?page=72"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 73" href="http://viewer.zmags.com/publication/7e7dfba8?page=73"> Potential rewards under various scenarios: financi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 74" href="http://viewer.zmags.com/publication/7e7dfba8?page=74"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 75" href="http://viewer.zmags.com/publication/7e7dfba8?page=75"> Policy on payment for loss of office There is no </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 76" href="http://viewer.zmags.com/publication/7e7dfba8?page=76"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 77" href="http://viewer.zmags.com/publication/7e7dfba8?page=77"> 77</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 78" href="http://viewer.zmags.com/publication/7e7dfba8?page=78"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 79" href="http://viewer.zmags.com/publication/7e7dfba8?page=79"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 80" href="http://viewer.zmags.com/publication/7e7dfba8?page=80"> NHBC Annual Report and Accounts 2018 / Directors'</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 81" href="http://viewer.zmags.com/publication/7e7dfba8?page=81"> Annual bonus The maximum annual bonus opportunit</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 82" href="http://viewer.zmags.com/publication/7e7dfba8?page=82"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 83" href="http://viewer.zmags.com/publication/7e7dfba8?page=83"> Table 12 below provides additional information on</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 84" href="http://viewer.zmags.com/publication/7e7dfba8?page=84"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 85" href="http://viewer.zmags.com/publication/7e7dfba8?page=85"> Single total figure of remuneration for the year e</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 86" href="http://viewer.zmags.com/publication/7e7dfba8?page=86"> NHBC Annual Report & Accounts 2017/18 / Directors</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 87" href="http://viewer.zmags.com/publication/7e7dfba8?page=87"> 87</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 88" href="http://viewer.zmags.com/publication/7e7dfba8?page=88"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 89" href="http://viewer.zmags.com/publication/7e7dfba8?page=89"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 90" href="http://viewer.zmags.com/publication/7e7dfba8?page=90"> 06</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 91" href="http://viewer.zmags.com/publication/7e7dfba8?page=91"> UK GAAP financial statements </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 92" href="http://viewer.zmags.com/publication/7e7dfba8?page=92"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 93" href="http://viewer.zmags.com/publication/7e7dfba8?page=93"> Independent auditor's report to the members of th</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 94" href="http://viewer.zmags.com/publication/7e7dfba8?page=94"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 95" href="http://viewer.zmags.com/publication/7e7dfba8?page=95"> Key audit matter description How the scope of our</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 96" href="http://viewer.zmags.com/publication/7e7dfba8?page=96"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 97" href="http://viewer.zmags.com/publication/7e7dfba8?page=97"> Other information The directors are responsible f</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 98" href="http://viewer.zmags.com/publication/7e7dfba8?page=98"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 99" href="http://viewer.zmags.com/publication/7e7dfba8?page=99"> 99</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 100" href="http://viewer.zmags.com/publication/7e7dfba8?page=100"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 101" href="http://viewer.zmags.com/publication/7e7dfba8?page=101"> Consolidated statement of comprehensive income </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 102" href="http://viewer.zmags.com/publication/7e7dfba8?page=102"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 103" href="http://viewer.zmags.com/publication/7e7dfba8?page=103"> 2018 201</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 104" href="http://viewer.zmags.com/publication/7e7dfba8?page=104"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 105" href="http://viewer.zmags.com/publication/7e7dfba8?page=105"> 2018 201</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 106" href="http://viewer.zmags.com/publication/7e7dfba8?page=106"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 107" href="http://viewer.zmags.com/publication/7e7dfba8?page=107"> Company statement of changes in equity Retaine</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 108" href="http://viewer.zmags.com/publication/7e7dfba8?page=108"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 109" href="http://viewer.zmags.com/publication/7e7dfba8?page=109"> 109</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 110" href="http://viewer.zmags.com/publication/7e7dfba8?page=110"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 111" href="http://viewer.zmags.com/publication/7e7dfba8?page=111"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 112" href="http://viewer.zmags.com/publication/7e7dfba8?page=112"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 113" href="http://viewer.zmags.com/publication/7e7dfba8?page=113"> Financial statement area </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 114" href="http://viewer.zmags.com/publication/7e7dfba8?page=114"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 115" href="http://viewer.zmags.com/publication/7e7dfba8?page=115"> same asset previously recognised in the company s</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 116" href="http://viewer.zmags.com/publication/7e7dfba8?page=116"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 117" href="http://viewer.zmags.com/publication/7e7dfba8?page=117"> 5.10.2 Defined contribution pension scheme The Gro</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 118" href="http://viewer.zmags.com/publication/7e7dfba8?page=118"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 119" href="http://viewer.zmags.com/publication/7e7dfba8?page=119"> Other financial assets, including investments in e</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 120" href="http://viewer.zmags.com/publication/7e7dfba8?page=120"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 121" href="http://viewer.zmags.com/publication/7e7dfba8?page=121"> 6.1.5 Use of reinsurance The Group uses tradition</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 122" href="http://viewer.zmags.com/publication/7e7dfba8?page=122"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 123" href="http://viewer.zmags.com/publication/7e7dfba8?page=123"> 6.3.1 Investments Investment exposure with extern</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 124" href="http://viewer.zmags.com/publication/7e7dfba8?page=124"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 125" href="http://viewer.zmags.com/publication/7e7dfba8?page=125"> Table below represents the ageing of the financial</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 126" href="http://viewer.zmags.com/publication/7e7dfba8?page=126"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 127" href="http://viewer.zmags.com/publication/7e7dfba8?page=127"> investing 50% of the developed overseas equity al</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 128" href="http://viewer.zmags.com/publication/7e7dfba8?page=128"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 129" href="http://viewer.zmags.com/publication/7e7dfba8?page=129"> There have been no changes to the Group's capital</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 130" href="http://viewer.zmags.com/publication/7e7dfba8?page=130"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 131" href="http://viewer.zmags.com/publication/7e7dfba8?page=131"> 12 Investment return 2018 </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 132" href="http://viewer.zmags.com/publication/7e7dfba8?page=132"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 133" href="http://viewer.zmags.com/publication/7e7dfba8?page=133"> 15 Profit on ordinary activities before taxation P</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 134" href="http://viewer.zmags.com/publication/7e7dfba8?page=134"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 135" href="http://viewer.zmags.com/publication/7e7dfba8?page=135"> The income not chargeable for tax purposes relate</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 136" href="http://viewer.zmags.com/publication/7e7dfba8?page=136"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 137" href="http://viewer.zmags.com/publication/7e7dfba8?page=137"> The company's subsidiary undertakings were wholly</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 138" href="http://viewer.zmags.com/publication/7e7dfba8?page=138"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 139" href="http://viewer.zmags.com/publication/7e7dfba8?page=139"> 21 Tangible assets </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 140" href="http://viewer.zmags.com/publication/7e7dfba8?page=140"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 141" href="http://viewer.zmags.com/publication/7e7dfba8?page=141"> Sections 3, 4 and 5: the policy periods for these</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 142" href="http://viewer.zmags.com/publication/7e7dfba8?page=142"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 143" href="http://viewer.zmags.com/publication/7e7dfba8?page=143"> 24.5 Movements in the gross provision for unearne</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 144" href="http://viewer.zmags.com/publication/7e7dfba8?page=144"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 145" href="http://viewer.zmags.com/publication/7e7dfba8?page=145"> Development year </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 146" href="http://viewer.zmags.com/publication/7e7dfba8?page=146"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 147" href="http://viewer.zmags.com/publication/7e7dfba8?page=147"> 26 Insurance contract sensitivity analysis This n</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 148" href="http://viewer.zmags.com/publication/7e7dfba8?page=148"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 149" href="http://viewer.zmags.com/publication/7e7dfba8?page=149"> The amount recognised in the consolidated stateme</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 150" href="http://viewer.zmags.com/publication/7e7dfba8?page=150"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 151" href="http://viewer.zmags.com/publication/7e7dfba8?page=151"> 28.1.4 Fair value of Scheme assets 2018 </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 152" href="http://viewer.zmags.com/publication/7e7dfba8?page=152"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 153" href="http://viewer.zmags.com/publication/7e7dfba8?page=153"> 29.2 Fair value hierarchy analysis The table belo</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 154" href="http://viewer.zmags.com/publication/7e7dfba8?page=154"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 155" href="http://viewer.zmags.com/publication/7e7dfba8?page=155"> 30.1 Derivative financial instruments The Group en</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 156" href="http://viewer.zmags.com/publication/7e7dfba8?page=156"> NHBC Annual Report & Accounts 2017/18 / UK GAAP fi</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 157" href="http://viewer.zmags.com/publication/7e7dfba8?page=157"> NHBC has entered into a joint venture with MD Ins</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 158" href="http://viewer.zmags.com/publication/7e7dfba8?page=158"> NHBC Annual Report & Accounts 2017/18 / Case stud</a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 159" href="http://viewer.zmags.com/publication/7e7dfba8?page=159"> </a> <a title="NHBC Annual Review &amp; Accounts 2017/18 page 160" href="http://viewer.zmags.com/publication/7e7dfba8?page=160"> NHBC is authorised by the Prudential Regulation A</a>