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<br /> Annual<br /> Report &<br /> Accounts<br /> 2018/19<br /> 01<br /> 02<br /> Overview 7<br /> Chairman's statement 8<br /> Chief Executive Officer's statement 12<br /> Chief Financial Officer's statement 16<br /> 03<br /> Strategic report 25<br /> About NHBC 26<br /> Market overview 28<br /> NHBC's strategy 32<br /> Risks to NHBC's business 35<br /> Wider impact and non-financial 38<br /> information statement<br /> Contents<br /> 04<br /> Governance 43<br /> The Board 44<br /> The Council 46<br /> Corporate governance report 50<br /> Directors' report <a title="Annual Report and Accounts 2018 2019 P263 page 1" href="http://viewer.zmags.com/publication/f9af9dea?page=1"> Annual Report & Accounts 2018/19</a> <a title="Annual Report and Accounts 2018 2019 P263 page 2" href="http://viewer.zmags.com/publication/f9af9dea?page=2"> 01</a> <a title="Annual Report and Accounts 2018 2019 P263 page 3" href="http://viewer.zmags.com/publication/f9af9dea?page=3"> 02 Overview 7 Chairma</a> <a title="Annual Report and Accounts 2018 2019 P263 page 4" href="http://viewer.zmags.com/publication/f9af9dea?page=4"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 5" href="http://viewer.zmags.com/publication/f9af9dea?page=5"> 5</a> <a title="Annual Report and Accounts 2018 2019 P263 page 6" href="http://viewer.zmags.com/publication/f9af9dea?page=6"> 02</a> <a title="Annual Report and Accounts 2018 2019 P263 page 7" href="http://viewer.zmags.com/publication/f9af9dea?page=7"> Overvie Chairman's sta</a> <a title="Annual Report and Accounts 2018 2019 P263 page 8" href="http://viewer.zmags.com/publication/f9af9dea?page=8"> NHBC Annual Report & Accounts 2018/19 / Overview </a> <a title="Annual Report and Accounts 2018 2019 P263 page 9" href="http://viewer.zmags.com/publication/f9af9dea?page=9"> effective building control inspection regime that</a> <a title="Annual Report and Accounts 2018 2019 P263 page 10" href="http://viewer.zmags.com/publication/f9af9dea?page=10"> NHBC Annual Report & Accounts 2018/19 / Overview </a> <a title="Annual Report and Accounts 2018 2019 P263 page 11" href="http://viewer.zmags.com/publication/f9af9dea?page=11"> 11</a> <a title="Annual Report and Accounts 2018 2019 P263 page 12" href="http://viewer.zmags.com/publication/f9af9dea?page=12"> NHBC Annual Report & Accounts 2018/19 / Overview </a> <a title="Annual Report and Accounts 2018 2019 P263 page 13" href="http://viewer.zmags.com/publication/f9af9dea?page=13"> We continually monitor the effectiveness of our t</a> <a title="Annual Report and Accounts 2018 2019 P263 page 14" href="http://viewer.zmags.com/publication/f9af9dea?page=14"> NHBC Annual Report & Accounts 2018/19 / Overview </a> <a title="Annual Report and Accounts 2018 2019 P263 page 15" href="http://viewer.zmags.com/publication/f9af9dea?page=15"> 15</a> <a title="Annual Report and Accounts 2018 2019 P263 page 16" href="http://viewer.zmags.com/publication/f9af9dea?page=16"> NHBC Annual Report & Accounts 2018/19 / Overview </a> <a title="Annual Report and Accounts 2018 2019 P263 page 17" href="http://viewer.zmags.com/publication/f9af9dea?page=17"> Volumes Plot registration volume (registrations)</a> <a title="Annual Report and Accounts 2018 2019 P263 page 18" href="http://viewer.zmags.com/publication/f9af9dea?page=18"> NHBC Annual Report & Accounts 2018/19 / Overview </a> <a title="Annual Report and Accounts 2018 2019 P263 page 19" href="http://viewer.zmags.com/publication/f9af9dea?page=19"> Defined benefit pension scheme The defined benefit pe</a> <a title="Annual Report and Accounts 2018 2019 P263 page 20" href="http://viewer.zmags.com/publication/f9af9dea?page=20"> NHBC Annual Report & Accounts 2018/19 / Overview </a> <a title="Annual Report and Accounts 2018 2019 P263 page 21" href="http://viewer.zmags.com/publication/f9af9dea?page=21"> 21</a> <a title="Annual Report and Accounts 2018 2019 P263 page 22" href="http://viewer.zmags.com/publication/f9af9dea?page=22"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 23" href="http://viewer.zmags.com/publication/f9af9dea?page=23"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 24" href="http://viewer.zmags.com/publication/f9af9dea?page=24"> 03</a> <a title="Annual Report and Accounts 2018 2019 P263 page 25" href="http://viewer.zmags.com/publication/f9af9dea?page=25"> Strategic report </a> <a title="Annual Report and Accounts 2018 2019 P263 page 26" href="http://viewer.zmags.com/publication/f9af9dea?page=26"> NHBC Annual Report & Accounts 2018/19 / Strategic</a> <a title="Annual Report and Accounts 2018 2019 P263 page 27" href="http://viewer.zmags.com/publication/f9af9dea?page=27"> the first two years of new home ownership, and is </a> <a title="Annual Report and Accounts 2018 2019 P263 page 28" href="http://viewer.zmags.com/publication/f9af9dea?page=28"> NHBC Annual Report & Accounts 2018/19 / Strategic</a> <a title="Annual Report and Accounts 2018 2019 P263 page 29" href="http://viewer.zmags.com/publication/f9af9dea?page=29"> Housing market outlook The Government aims to ra</a> <a title="Annual Report and Accounts 2018 2019 P263 page 30" href="http://viewer.zmags.com/publication/f9af9dea?page=30"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 31" href="http://viewer.zmags.com/publication/f9af9dea?page=31"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 32" href="http://viewer.zmags.com/publication/f9af9dea?page=32"> NHBC Annual Report & Accounts 2018/19 / Strategic</a> <a title="Annual Report and Accounts 2018 2019 P263 page 33" href="http://viewer.zmags.com/publication/f9af9dea?page=33"> Ensuring financial viability NHBC must ensure tha</a> <a title="Annual Report and Accounts 2018 2019 P263 page 34" href="http://viewer.zmags.com/publication/f9af9dea?page=34"> NHBC Annual Report & Accounts 2018/19 / Strategic</a> <a title="Annual Report and Accounts 2018 2019 P263 page 35" href="http://viewer.zmags.com/publication/f9af9dea?page=35"> Risks to NHBC's business NHBC's approach t</a> <a title="Annual Report and Accounts 2018 2019 P263 page 36" href="http://viewer.zmags.com/publication/f9af9dea?page=36"> NHBC Annual Report & Accounts 2018/19 / Strategic</a> <a title="Annual Report and Accounts 2018 2019 P263 page 37" href="http://viewer.zmags.com/publication/f9af9dea?page=37"> Table 1: The risk operating model First line of d</a> <a title="Annual Report and Accounts 2018 2019 P263 page 38" href="http://viewer.zmags.com/publication/f9af9dea?page=38"> NHBC Annual Report & Accounts 2018/19 / Strategic</a> <a title="Annual Report and Accounts 2018 2019 P263 page 39" href="http://viewer.zmags.com/publication/f9af9dea?page=39"> Corporate responsibility NHBC believes in creati</a> <a title="Annual Report and Accounts 2018 2019 P263 page 40" href="http://viewer.zmags.com/publication/f9af9dea?page=40"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 41" href="http://viewer.zmags.com/publication/f9af9dea?page=41"> 41</a> <a title="Annual Report and Accounts 2018 2019 P263 page 42" href="http://viewer.zmags.com/publication/f9af9dea?page=42"> 04</a> <a title="Annual Report and Accounts 2018 2019 P263 page 43" href="http://viewer.zmags.com/publication/f9af9dea?page=43"> Governance </a> <a title="Annual Report and Accounts 2018 2019 P263 page 44" href="http://viewer.zmags.com/publication/f9af9dea?page=44"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 45" href="http://viewer.zmags.com/publication/f9af9dea?page=45"> Paul Bishop Senior Independent Director </a> <a title="Annual Report and Accounts 2018 2019 P263 page 46" href="http://viewer.zmags.com/publication/f9af9dea?page=46"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 47" href="http://viewer.zmags.com/publication/f9af9dea?page=47"> Ms J Park NHBC Board appointment Sir Michael Pick</a> <a title="Annual Report and Accounts 2018 2019 P263 page 48" href="http://viewer.zmags.com/publication/f9af9dea?page=48"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 49" href="http://viewer.zmags.com/publication/f9af9dea?page=49"> 49</a> <a title="Annual Report and Accounts 2018 2019 P263 page 50" href="http://viewer.zmags.com/publication/f9af9dea?page=50"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 51" href="http://viewer.zmags.com/publication/f9af9dea?page=51"> NHBC Board The Board's principal role is to agre</a> <a title="Annual Report and Accounts 2018 2019 P263 page 52" href="http://viewer.zmags.com/publication/f9af9dea?page=52"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 53" href="http://viewer.zmags.com/publication/f9af9dea?page=53"> Board attendance The table below provides inform</a> <a title="Annual Report and Accounts 2018 2019 P263 page 54" href="http://viewer.zmags.com/publication/f9af9dea?page=54"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 55" href="http://viewer.zmags.com/publication/f9af9dea?page=55"> company financial statements in accordance with Un</a> <a title="Annual Report and Accounts 2018 2019 P263 page 56" href="http://viewer.zmags.com/publication/f9af9dea?page=56"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 57" href="http://viewer.zmags.com/publication/f9af9dea?page=57"> Financial reporting In considering the draft Ann</a> <a title="Annual Report and Accounts 2018 2019 P263 page 58" href="http://viewer.zmags.com/publication/f9af9dea?page=58"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 59" href="http://viewer.zmags.com/publication/f9af9dea?page=59"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 60" href="http://viewer.zmags.com/publication/f9af9dea?page=60"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 61" href="http://viewer.zmags.com/publication/f9af9dea?page=61"> 61</a> <a title="Annual Report and Accounts 2018 2019 P263 page 62" href="http://viewer.zmags.com/publication/f9af9dea?page=62"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 63" href="http://viewer.zmags.com/publication/f9af9dea?page=63"> The changes are not expected to materially change</a> <a title="Annual Report and Accounts 2018 2019 P263 page 64" href="http://viewer.zmags.com/publication/f9af9dea?page=64"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 65" href="http://viewer.zmags.com/publication/f9af9dea?page=65"> Nominations Committee report Meeti</a> <a title="Annual Report and Accounts 2018 2019 P263 page 66" href="http://viewer.zmags.com/publication/f9af9dea?page=66"> NHBC Annual Report & Accounts 2018/19 / Governanc</a> <a title="Annual Report and Accounts 2018 2019 P263 page 67" href="http://viewer.zmags.com/publication/f9af9dea?page=67"> 67</a> <a title="Annual Report and Accounts 2018 2019 P263 page 68" href="http://viewer.zmags.com/publication/f9af9dea?page=68"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 69" href="http://viewer.zmags.com/publication/f9af9dea?page=69"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 70" href="http://viewer.zmags.com/publication/f9af9dea?page=70"> 05</a> <a title="Annual Report and Accounts 2018 2019 P263 page 71" href="http://viewer.zmags.com/publication/f9af9dea?page=71"> Directors' remuneration report </a> <a title="Annual Report and Accounts 2018 2019 P263 page 72" href="http://viewer.zmags.com/publication/f9af9dea?page=72"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 73" href="http://viewer.zmags.com/publication/f9af9dea?page=73"> The Board reports that the company and personal p</a> <a title="Annual Report and Accounts 2018 2019 P263 page 74" href="http://viewer.zmags.com/publication/f9af9dea?page=74"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 75" href="http://viewer.zmags.com/publication/f9af9dea?page=75"> Element, purpose and link to strategy Policy and </a> <a title="Annual Report and Accounts 2018 2019 P263 page 76" href="http://viewer.zmags.com/publication/f9af9dea?page=76"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 77" href="http://viewer.zmags.com/publication/f9af9dea?page=77"> Minimum earnings Base salary, benefits and pe</a> <a title="Annual Report and Accounts 2018 2019 P263 page 78" href="http://viewer.zmags.com/publication/f9af9dea?page=78"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 79" href="http://viewer.zmags.com/publication/f9af9dea?page=79"> Policy on payment for loss of office There is no </a> <a title="Annual Report and Accounts 2018 2019 P263 page 80" href="http://viewer.zmags.com/publication/f9af9dea?page=80"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 81" href="http://viewer.zmags.com/publication/f9af9dea?page=81"> 81</a> <a title="Annual Report and Accounts 2018 2019 P263 page 82" href="http://viewer.zmags.com/publication/f9af9dea?page=82"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 83" href="http://viewer.zmags.com/publication/f9af9dea?page=83"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 84" href="http://viewer.zmags.com/publication/f9af9dea?page=84"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 85" href="http://viewer.zmags.com/publication/f9af9dea?page=85"> Annual bonus The maximum annual bonus opportunit</a> <a title="Annual Report and Accounts 2018 2019 P263 page 86" href="http://viewer.zmags.com/publication/f9af9dea?page=86"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 87" href="http://viewer.zmags.com/publication/f9af9dea?page=87"> Table 13 below provides additional information on</a> <a title="Annual Report and Accounts 2018 2019 P263 page 88" href="http://viewer.zmags.com/publication/f9af9dea?page=88"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 89" href="http://viewer.zmags.com/publication/f9af9dea?page=89"> External board appointments The company recognis</a> <a title="Annual Report and Accounts 2018 2019 P263 page 90" href="http://viewer.zmags.com/publication/f9af9dea?page=90"> NHBC Annual Report & Accounts 2018/19 / Directors</a> <a title="Annual Report and Accounts 2018 2019 P263 page 91" href="http://viewer.zmags.com/publication/f9af9dea?page=91"> 91</a> <a title="Annual Report and Accounts 2018 2019 P263 page 92" href="http://viewer.zmags.com/publication/f9af9dea?page=92"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 93" href="http://viewer.zmags.com/publication/f9af9dea?page=93"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 94" href="http://viewer.zmags.com/publication/f9af9dea?page=94"> 06</a> <a title="Annual Report and Accounts 2018 2019 P263 page 95" href="http://viewer.zmags.com/publication/f9af9dea?page=95"> UK GAAP financial statements </a> <a title="Annual Report and Accounts 2018 2019 P263 page 96" href="http://viewer.zmags.com/publication/f9af9dea?page=96"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 97" href="http://viewer.zmags.com/publication/f9af9dea?page=97"> Independent auditor's report to the members of th</a> <a title="Annual Report and Accounts 2018 2019 P263 page 98" href="http://viewer.zmags.com/publication/f9af9dea?page=98"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 99" href="http://viewer.zmags.com/publication/f9af9dea?page=99"> Key audit matter description How the scope of our</a> <a title="Annual Report and Accounts 2018 2019 P263 page 100" href="http://viewer.zmags.com/publication/f9af9dea?page=100"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 101" href="http://viewer.zmags.com/publication/f9af9dea?page=101"> Other information The directors are responsible f</a> <a title="Annual Report and Accounts 2018 2019 P263 page 102" href="http://viewer.zmags.com/publication/f9af9dea?page=102"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 103" href="http://viewer.zmags.com/publication/f9af9dea?page=103"> Report on other legal and regulatory requirements</a> <a title="Annual Report and Accounts 2018 2019 P263 page 104" href="http://viewer.zmags.com/publication/f9af9dea?page=104"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 105" href="http://viewer.zmags.com/publication/f9af9dea?page=105"> Non-technical account 2019 </a> <a title="Annual Report and Accounts 2018 2019 P263 page 106" href="http://viewer.zmags.com/publication/f9af9dea?page=106"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 107" href="http://viewer.zmags.com/publication/f9af9dea?page=107"> Liabilities Note Reserves Revaluation reserv</a> <a title="Annual Report and Accounts 2018 2019 P263 page 108" href="http://viewer.zmags.com/publication/f9af9dea?page=108"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 109" href="http://viewer.zmags.com/publication/f9af9dea?page=109"> Liabilities 2019 </a> <a title="Annual Report and Accounts 2018 2019 P263 page 110" href="http://viewer.zmags.com/publication/f9af9dea?page=110"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 111" href="http://viewer.zmags.com/publication/f9af9dea?page=111"> 111</a> <a title="Annual Report and Accounts 2018 2019 P263 page 112" href="http://viewer.zmags.com/publication/f9af9dea?page=112"> NHBC Annual Report & Accounts 2018/19 / Case stud</a> <a title="Annual Report and Accounts 2018 2019 P263 page 113" href="http://viewer.zmags.com/publication/f9af9dea?page=113"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 114" href="http://viewer.zmags.com/publication/f9af9dea?page=114"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 115" href="http://viewer.zmags.com/publication/f9af9dea?page=115"> Consolidated statement of cash flows 2019 </a> <a title="Annual Report and Accounts 2018 2019 P263 page 116" href="http://viewer.zmags.com/publication/f9af9dea?page=116"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 117" href="http://viewer.zmags.com/publication/f9af9dea?page=117"> All estimates are based on management's knowledge</a> <a title="Annual Report and Accounts 2018 2019 P263 page 118" href="http://viewer.zmags.com/publication/f9af9dea?page=118"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 119" href="http://viewer.zmags.com/publication/f9af9dea?page=119"> 5.6 Investment in subsidiaries The company's inve</a> <a title="Annual Report and Accounts 2018 2019 P263 page 120" href="http://viewer.zmags.com/publication/f9af9dea?page=120"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 121" href="http://viewer.zmags.com/publication/f9af9dea?page=121"> 5.10 Employee benefits The Group provides a range </a> <a title="Annual Report and Accounts 2018 2019 P263 page 122" href="http://viewer.zmags.com/publication/f9af9dea?page=122"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 123" href="http://viewer.zmags.com/publication/f9af9dea?page=123"> At the end of each reporting period, financial ass</a> <a title="Annual Report and Accounts 2018 2019 P263 page 124" href="http://viewer.zmags.com/publication/f9af9dea?page=124"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 125" href="http://viewer.zmags.com/publication/f9af9dea?page=125"> Reserving Committee considers information such as</a> <a title="Annual Report and Accounts 2018 2019 P263 page 126" href="http://viewer.zmags.com/publication/f9af9dea?page=126"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 127" href="http://viewer.zmags.com/publication/f9af9dea?page=127"> Sensitivity of fixed interest securities is calcul</a> <a title="Annual Report and Accounts 2018 2019 P263 page 128" href="http://viewer.zmags.com/publication/f9af9dea?page=128"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 129" href="http://viewer.zmags.com/publication/f9af9dea?page=129"> The table below represents the ageing of the finan</a> <a title="Annual Report and Accounts 2018 2019 P263 page 130" href="http://viewer.zmags.com/publication/f9af9dea?page=130"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 131" href="http://viewer.zmags.com/publication/f9af9dea?page=131"> 6.4.1 Maturity analysis of financial liabilities T</a> <a title="Annual Report and Accounts 2018 2019 P263 page 132" href="http://viewer.zmags.com/publication/f9af9dea?page=132"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 133" href="http://viewer.zmags.com/publication/f9af9dea?page=133"> Direct credit risk arising from pooled investment</a> <a title="Annual Report and Accounts 2018 2019 P263 page 134" href="http://viewer.zmags.com/publication/f9af9dea?page=134"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 135" href="http://viewer.zmags.com/publication/f9af9dea?page=135"> 9 Particulars of business The table below shows t</a> <a title="Annual Report and Accounts 2018 2019 P263 page 136" href="http://viewer.zmags.com/publication/f9af9dea?page=136"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 137" href="http://viewer.zmags.com/publication/f9af9dea?page=137"> Other direct activities relate to providing servi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 138" href="http://viewer.zmags.com/publication/f9af9dea?page=138"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 139" href="http://viewer.zmags.com/publication/f9af9dea?page=139"> 17 Income tax 17.1 Tax (income) / expense include</a> <a title="Annual Report and Accounts 2018 2019 P263 page 140" href="http://viewer.zmags.com/publication/f9af9dea?page=140"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 141" href="http://viewer.zmags.com/publication/f9af9dea?page=141"> 19 Land and buildings Land and buildings have bee</a> <a title="Annual Report and Accounts 2018 2019 P263 page 142" href="http://viewer.zmags.com/publication/f9af9dea?page=142"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 143" href="http://viewer.zmags.com/publication/f9af9dea?page=143"> The company's subsidiary undertakings were wholly</a> <a title="Annual Report and Accounts 2018 2019 P263 page 144" href="http://viewer.zmags.com/publication/f9af9dea?page=144"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 145" href="http://viewer.zmags.com/publication/f9af9dea?page=145"> 24 Deferred acquisition costs The following chang</a> <a title="Annual Report and Accounts 2018 2019 P263 page 146" href="http://viewer.zmags.com/publication/f9af9dea?page=146"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 147" href="http://viewer.zmags.com/publication/f9af9dea?page=147"> 26.4 Assumptions Aside from volumes, the size of </a> <a title="Annual Report and Accounts 2018 2019 P263 page 148" href="http://viewer.zmags.com/publication/f9af9dea?page=148"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 149" href="http://viewer.zmags.com/publication/f9af9dea?page=149"> 26.6 Movements in the gross provision for claims </a> <a title="Annual Report and Accounts 2018 2019 P263 page 150" href="http://viewer.zmags.com/publication/f9af9dea?page=150"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 151" href="http://viewer.zmags.com/publication/f9af9dea?page=151"> Development year </a> <a title="Annual Report and Accounts 2018 2019 P263 page 152" href="http://viewer.zmags.com/publication/f9af9dea?page=152"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 153" href="http://viewer.zmags.com/publication/f9af9dea?page=153"> 27.4 Movements in reinsurers' share of the unexpi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 154" href="http://viewer.zmags.com/publication/f9af9dea?page=154"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 155" href="http://viewer.zmags.com/publication/f9af9dea?page=155"> The amount recognised in the consolidated stateme</a> <a title="Annual Report and Accounts 2018 2019 P263 page 156" href="http://viewer.zmags.com/publication/f9af9dea?page=156"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 157" href="http://viewer.zmags.com/publication/f9af9dea?page=157"> 30.1.3 Total cost recognised as an expense 2019 </a> <a title="Annual Report and Accounts 2018 2019 P263 page 158" href="http://viewer.zmags.com/publication/f9af9dea?page=158"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 159" href="http://viewer.zmags.com/publication/f9af9dea?page=159"> ■ Income approach, which converts future amounts</a> <a title="Annual Report and Accounts 2018 2019 P263 page 160" href="http://viewer.zmags.com/publication/f9af9dea?page=160"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 161" href="http://viewer.zmags.com/publication/f9af9dea?page=161"> 32.1 Derivative financial instruments In the prior</a> <a title="Annual Report and Accounts 2018 2019 P263 page 162" href="http://viewer.zmags.com/publication/f9af9dea?page=162"> NHBC Annual Report & Accounts 2018/19 / UK GAAP fi</a> <a title="Annual Report and Accounts 2018 2019 P263 page 163" href="http://viewer.zmags.com/publication/f9af9dea?page=163"> 37 Related party transactions Transactions betwee</a> <a title="Annual Report and Accounts 2018 2019 P263 page 164" href="http://viewer.zmags.com/publication/f9af9dea?page=164"> NHBC Annual Report & Accounts 2018/19 / Meaning o</a> <a title="Annual Report and Accounts 2018 2019 P263 page 165" href="http://viewer.zmags.com/publication/f9af9dea?page=165"> Key word/phase </a> <a title="Annual Report and Accounts 2018 2019 P263 page 166" href="http://viewer.zmags.com/publication/f9af9dea?page=166"> NHBC Annual Report & Accounts 2018/19 / Notes N </a> <a title="Annual Report and Accounts 2018 2019 P263 page 167" href="http://viewer.zmags.com/publication/f9af9dea?page=167"> </a> <a title="Annual Report and Accounts 2018 2019 P263 page 168" href="http://viewer.zmags.com/publication/f9af9dea?page=168"> NHBC is authorised by the Prudential Regulation A</a>