Five of the UK's leading insurance groups – plus a German one – have set out plans to invest £9 billion in the UK in the next five years, spurred by tax changes announced in George Osborne’s Autumn Statement. Financial News takes a look at how the new package is set to boost their role as direct lenders.

In the plans announced by the Investment Management Association on Thursday morning, the six insurance groups -- Allianz Global Investors, Aviva, Friends Life, Legal & General, Prudential and Standard Life - said they plan to put around £9 billion into UK companies and infrastructure projects. Here's a rundown of what's involved and the questions raised by the new proposals.