Half Yearly Report - Part 3 of 5

RNS Number : 2179L

Standard Life plc

08 August 2013

Standard Life plc

Half Year Results 2013

Part 3 of 5

2 Statement of Directors' responsibilities

We confirm to the best of our knowledge that:

1.	The International Financial Reporting Standards (IFRS) condensed consolidated income statement, the IFRS condensed consolidated statement of comprehensive income, the IFRS condensed consolidated statement of financial position, the IFRS condensed consolidated statement of changes in equity and the IFRS condensed consolidated statement of cash flows and associated notes, which have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and profit of the Company and the undertakings included in the consolidation taken as a whole as required by DTR 4.2.4R,
2.	The European Embedded Value (EEV) consolidated income statement, the EEV earnings per share, the EEV consolidated statement of comprehensive income, the EEV consolidated statement of financial position and associated notes have been prepared on the EEV basis as set out in Note 4.1 - Basis of preparation.
3.	The Business review includes a fair review of the information required by DTR 4.2.7R, namely important events that have occurred during the period and their impact on the condensed consolidated financial information, as well as a description of the principal risks and uncertainties faced by the company and the undertakings included in the consolidation taken as a whole for the remaining six months of the financial year, and
4.	The Business review and the notes to the condensed consolidated financial information include a fair review of the information required by DTR 4.2.8R, namely material related party transactions and any material changes in the related party transactions described in the last annual report.

As previously announced, Jackie Hunt resigned as Chief Financial Officer and as a Director on 26 April 2013. Also, Sheelagh Whittaker retired as a non-executive Director at the conclusion of the Company's Annual General Meeting on 14 May 2013.

The current Directors of the Company are listed on the Standard Life plc website, www.standardlife.com

By order of the Board

Gerry Grimstone

Chairman

8 August 2013

David Nish

Chief Executive

8 August 2013

3 International Financial Reporting Standards (IFRS)

IFRS condensed consolidated income statement

For the six months ended 30 June 2013

		6 months 2013	6 months 2012 restated¹	Full year 2012 restated¹
	Notes	£m	£m	£m
Revenue
Gross earned premium		2,015	2,144	4,315
Premium ceded to reinsurers		(44)	(46)	(95)
Net earned premium		1,971	2,098	4,220
Investment return		6,207	5,297	13,982
Fee and commission income		473	447	906
Other income		36	38	77
Total revenue		8,687	7,880	19,185

Expenses
Claims and benefits paid		3,095	3,117	6,562
Claim recoveries from reinsurers		(293)	(299)	(590)
Net insurance benefits and claims		2,802	2,818	5,972
Change in reinsurance assets and liabilities		436	122	44
Change in insurance and participating liabilities		(1,370)	532	1,339
Change in investment contract liabilities		5,326	2,729	7,718
Change in unallocated divisible surplus		(1)	(76)	(39)
Expenses under arrangements with reinsurers		(49)	249	656
Administrative expenses
Restructuring and corporate transaction expenses	3.3	38	43	114
Other administrative expenses		841	828	1,607
Total administrative expenses	3.3	879	871	1,721
Change in liability for third party interest in consolidated funds		352	324	782
Finance costs		54	37	77
Total expenses		8,429	7,606	18,270

Share of profit from associates and joint ventures		23	27	48

Profit before tax		281	301	963

Tax expense attributable to policyholders' returns	3.4	102	94	218

Profit before tax attributable to equity holders' profits		179	207	745

Total tax expense	3.4	144	55	269
Less: Tax attributable to policyholders' returns	3.4	(102)	(94)	(218)
Tax expense/(credit) attributable to equity holders' profits	3.4	42	(39)	51
Profit for the period		137	246	694

Attributable to:
Equity holders of Standard Life plc		129	238	665
Non-controlling interests		8	8	29
		137	246	694
Earnings per share
Basic (pence per share)	3.5	5.5	10.2	28.3
Diluted (pence per share)	3.5	5.5	10.1	28.1

¹ The IFRS condensed consolidated primary statements for comparative periods presented have been restated to reflect retrospective application of changes to accounting policies as a result of an amendment to IAS 19 Employee Benefits. Refer to Note 3.1 - Accounting policies (a) Basis of preparation.

The Notes on pages 39 to 65 are an integral part of this IFRS condensed consolidated financial information.

IFRS condensed consolidated statement of comprehensive income

For the six months ended 30 June 2013

		6 months 2013	6 months 2012 restated¹	Full year 2012 restated¹
	Notes	£m	£m	£m
Profit for the period		137	246	694
Items that will not be reclassified subsequently to profit or loss:
Actuarial gains/(losses) on defined benefit pension schemes		189	(152)	(64)
Effect of limit on defined benefit pension schemes' surpluses		(59)	65	27
Revaluation of land and buildings		74	2	5
Equity movements transferred to unallocated divisible surplus		(47)	-	7
Equity holder tax effect relating to items that will not be reclassified subsequently to profit or loss	3.4	(13)	102	102
Total items that will not be reclassified subsequently to profit or loss		144	17	77

Items that may be reclassified subsequently to profit or loss:
Fair value losses on cash flow hedges		(1)	-	(1)
Net investment hedge		(8)	6	18
Net change in financial assets designated as available-for-sale		(27)	-	-
Exchange differences on translating foreign operations		65	(34)	(65)
Equity movements transferred to unallocated divisible surplus		(20)	7	4
Share of other comprehensive income of joint ventures		1	-	-
Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss	3.4	6	-	-
Total items that may be reclassified subsequently to profit or loss		16	(21)	(44)
Other comprehensive income for the period		160	(4)	33
Total comprehensive income for the period		297	242	727

Attributable to:
Equity holders of Standard Life plc		289	234	698
Non-controlling interests		8	8	29
		297	242	727

The Notes on pages 39 to 65 are an integral part of this IFRS condensed consolidated financial information.

Pro forma reconciliation of consolidated operating profit to IFRS profit for the period

For the six months ended 30 June 2013

		6 months 2013	6 months 2012 restated¹	Full year 2012 restated¹
	Notes	£m	£m	£m
Operating profit before tax²
UK and Europe		182	152	393
Standard Life Investments		93	68	145
Canada		59	71	353
Asia and Emerging Markets		(1)	3	3
Other		(29)	(8)	(27)
Operating profit before tax	3.2	304	286	867
Adjusted for the following items:
Short-term fluctuations in investment return and economic assumption changes		(90)	(43)	(29)
Restructuring and corporate transaction expenses		(36)	(42)	(109)
Other operating profit adjustments		(3)	3	(4)
Non-operating loss before tax	3.2	(129)	(82)	(142)
Share of joint ventures' and associates' tax expense	3.2	(4)	(5)	(9)
Profit attributable to non-controlling interests	3.2	8	8	29
Profit before tax attributable to equity holders' profits		179	207	745
Tax (expense)/credit attributable to:
Operating profit	3.2	(66)	8	(124)
Adjusted items	3.2	24	31	73
Total tax (expense)/credit attributable to equity holders' profits		(42)	39	(51)
Profit for the period		137	246	694

² The split of operating profit before tax for comparative periods presented has been updated to reflect changes in segmental reporting. Refer to Note 3.2 - Segmental analysis (b) Reportable segments - Group operating profit, revenue and asset information.

The Group's chosen supplementary measure of performance is operating profit. The Directors believe that operating profit provides a more useful indication of the long-term operating performance of the Group. To align the measure of the Group's performance with the long-term nature of its business, operating profit excludes items which create short-term volatility. Operating profit includes the impact of significant actions taken by management during the period.

The Notes on pages 39 to 65 are an integral part of this IFRS condensed consolidated financial information.

IFRS condensed consolidated statement of financial position

As at 30 June 2013

		30 June 2013	30 June 2012 restated¹	31 December 2012 restated¹
	Notes	£m	£m	£m
Assets
Intangible assets		220	204	214
Deferred acquisition costs		922	900	904
Investments in associates and joint ventures		360	351	328
Investment property	3.11	8,623	8,646	8,565
Property, plant and equipment		227	155	156
Pension and other post-retirement benefit assets	3.10	447	272	339
Deferred tax assets		144	239	177
Reinsurance assets		6,490	6,811	6,912
Loans	3.11	3,157	3,237	3,299
Derivative financial assets	3.11	2,358	2,625	2,150
Equity securities and interests in pooled investment funds	3.11	81,725	59,768	65,812
Debt securities	3.11	63,691	69,942	73,301
Receivables and other financial assets	3.11	3,886	2,602	1,717
Other assets		285	273	284
Cash and cash equivalents	3.11	7,816	9,775	9,942
Total assets		180,351	165,800	174,100
Equity
Share capital	3.8(a)	238	236	236
Shares held by trusts	3.8(b)	(6)	(5)	(7)
Share premium reserve		1,110	1,110	1,110
Retained earnings		1,189	1,078	1,441
Other reserves		1,603	1,578	1,579
Equity attributable to equity holders of Standard Life plc		4,134	3,997	4,359
Non-controlling interests		336	348	341
Total equity		4,470	4,345	4,700
Liabilities
Non-participating contract liabilities	3.9	120,391	106,473	113,251
Participating contract liabilities	3.9	31,127	31,973	31,618
Reinsurance liabilities		396	360	381
Deposits received from reinsurers		5,770	6,022	6,136
Third party interest in consolidated funds		10,364	9,472	12,037
Borrowings		218	142	108
Subordinated liabilities		1,888	1,176	1,868
Pension and other post-retirement benefit provisions	3.10	106	122	130
Deferred income		334	359	352
Deferred tax liabilities		119	49	43
Income tax liabilities		58	92	150
Derivative financial liabilities		1,185	1,637	853
Other financial liabilities		3,806	3,457	2,323
Other liabilities		119	121	150
Total liabilities		175,881	161,455	169,400
Total equity and liabilities		180,351	165,800	174,100

The Notes on pages 39 to 65 are an integral part of this IFRS condensed consolidated financial information.

IFRS condensed consolidated statement of changes in equity

For the six months ended 30 June 2013

		Share capital	Shares held by trusts	Share premium reserve	Retained earnings	Other reserves	Total equity attributable to equity holders of Standard Life plc	Non-controlling interests	Total equity
2013	Notes	£m	£m	£m	£m	£m	£m	£m	£m
1 January		236	(7)	1,110	1,441	1,579	4,359	341	4,700
Profit for the period		-	-	-	129	-	129	8	137
Other comprehensive income for the year		-	-	-	124	36	160	-	160
Total comprehensive income for the year		-	-	-	253	36	289	8	297
Distributions to equity holders	3.7	-	-	-	(532)	-	(532)	-	(532)
Issue of share capital other than in cash	3.8	2	-	-	-	-	2	-	2
Reserves credit for employee share-based payment schemes		-	-	-	-	17	17	-	17
Transfer to retained earnings for vested employee share-based payment schemes		-	-	-	31	(31)	-	-	-
Shares acquired by employee trusts		-	(2)	-	-	-	(2)	-	(2)
Shares distributed by employee trusts		-	3	-	(4)	-	(1)	-	(1)
Other movements in non-controlling interests in the year		-	-	-	-	-	-	(13)	(13)
Aggregate tax effect of items recognised directly in equity	3.4	-	-	-	-	2	2	-	2
30 June		238	(6)	1,110	1,189	1,603	4,134	336	4,470

		Share capital	Shares held by trusts	Share premium reserve	Retained earnings	Other reserves	Total equity attributable to equity holders of Standard Life plc	Non-controlling interests	Total equity
2012 (restated)¹	Notes	£m	£m	£m	£m	£m	£m	£m	£m
1 January		235	(19)	1,110	1,034	1,605	3,965	358	4,323
Profit for the period		-	-	-	238	-	238	8	246
Other comprehensive income for the year		-	-	-	15	(19)	(4)	-	(4)
Total comprehensive income for the year		-	-	-	253	(19)	234	8	242
Distributions to equity holders	3.7	-	-	-	(216)	-	(216)	-	(216)
Issue of share capital other than in cash	3.8	1	-	-	-	-	1	-	1
Reserves credit for employee share-based payment schemes		-	-	-	-	12	12	-	12
Transfer to retained earnings for vested employee share-based payment schemes		-	-	-	22	(22)	-	-	-
Shares acquired by employee trusts		-	(2)	-	-	-	(2)	-	(2)
Shares distributed by employee trusts		-	16	-	(15)	-	1	-	1
Other movements in non-controlling interests in the year		-	-	-	-	-	-	(18)	(18)
Aggregate tax effect of items recognised directly in equity	3.4	-	-	-	-	2	2	-	2
30 June		236	(5)	1,110	1,078	1,578	3,997	348	4,345

		Share capital	Shares held by trusts	Share premium reserve	Retained earnings	Other reserves	Total equity attributable to equity holders of Standard Life plc	Non-controlling interests	Total equity
2012 (restated)¹	Notes	£m	£m	£m	£m	£m	£m	£m	£m
1 January		235	(19)	1,110	1,034	1,605	3,965	358	4,323
Profit for the year		-	-	-	665	-	665	29	694
Other comprehensive income for the year		-	-	-	65	(32)	33	-	33
Total comprehensive income for the year		-	-	-	730	(32)	698	29	727
Distributions to equity holders	3.7	-	-	-	(331)	-	(331)	-	(331)
Issue of share capital other than in cash	3.8	1	-	-	-	-	1	-	1
Reserves credit for employee share-based payment schemes		-	-	-	-	25	25	-	25
Transfer to retained earnings for vested employee share-based payment schemes		-	-	-	25	(25)	-	-	-
Shares acquired by employee trusts		-	(5)	-	-	-	(5)	-	(5)
Shares distributed by employee trusts		-	17	-	(17)	-	-	-	-
Other movements in non-controlling interests in the year		-	-	-	-	-	-	(46)	(46)
Aggregate tax effect of items recognised directly in equity	3.4	-	-	-	-	6	6	-	6
31 December		236	(7)	1,110	1,441	1,579	4,359	341	4,700

The Notes on pages 39 to 65 are an integral part of this IFRS condensed consolidated financial information.

IFRS condensed consolidated statement of cash flows

For the six months ended 30 June 2013

		6 months 2013	6 months 2012 restated¹	Full year 2012 restated¹
	Notes	£m	£m	£m
Cash flows from operating activities
Profit before tax		281	301	963
Change in operating assets		(6,858)	(5,331)	(14,319)
Change in operating liabilities		3,437	5,325	11,375
Adjustment for non-cash movements in investment income		(62)	(28)	(6)
Change in unallocated divisible surplus		(1)	(76)	(39)
Non-cash and items relating to investing and financing activities		58	145	84
Taxation paid		(140)	(192)	(284)
Net cash flows from operating activities		(3,285)	144	(2,226)

Cash flows from investing activities
Purchase of property, plant and equipment		(7)	(5)	(18)
Acquisition of investments in associates and joint ventures		(19)	(16)	(16)
Purchase of intangible assets		(20)	(13)	(38)
Net cash flows from investing activities		(46)	(34)	(72)

Cash flows from financing activities
Repayment of other borrowings		(36)	(17)	(42)
Proceeds from subordinated liabilities		-	-	747
Repayment of subordinated liabilities		-	-	(50)
Capital flows from third party interest in consolidated funds and non-controlling interests		1,662	845	2,983
Distributions paid to non-controlling interests		(51)	(34)	(75)
Shares acquired by trusts		-	(2)	(5)
Interest paid		(56)	(39)	(77)
Ordinary dividends paid	3.7	(532)	(216)	(331)
Net cash flows from financing activities		987	537	3,150

Net (decrease)/ increase in cash and cash equivalents		(2,344)	647	852
Cash and cash equivalents at the beginning of the period		9,898	9,125	9,125
Effects of exchange rate changes on cash and cash equivalents		72	(49)	(79)
Cash and cash equivalents at the end of the period²		7,626	9,723	9,898

Supplemental disclosures on cash flows from operating activities
Interest paid		5	5	11
Interest received		1,222	1,354	2,694
Dividends received		1,083	947	1,822
Rental income received on investment properties		296	306	595

² Comprises £7,816m (30 June 2012: £9,775m; 31 December 2012: £9,942m) of cash and cash equivalents and (£190m) (30 June 2012: (£52m); 31 December 2012: (£44m)) of overdrafts which are reported in borrowings in the IFRS condensed consolidated statement of financial position.

The Notes on pages 39 to 65 are an integral part of this IFRS condensed consolidated financial information.

Notes to the IFRS condensed consolidated financial information

3.1 Accounting policies

(a) Basis of preparation

The IFRS condensed consolidated half year financial information has been prepared in accordance with the Disclosure Rules and Transparency Rules of the Financial Conduct Authority and IAS 34 Interim Financial Reporting issued by the International Accounting Standards Board as endorsed by the European Union (EU).

The accounting policies for recognition, measurement, consolidation and presentation as set out in the Group's Annual Report and Accounts 2012 have been applied in the preparation of the IFRS condensed consolidated half year financial information except as noted below.

The Group has adopted the following new International Financial Reporting Standards (IFRSs), International Accounting Standards (IASs) and amendments to existing standards which are effective by EU endorsement for annual periods beginning on or after
1 January 2013 unless otherwise stated:

IFRS 13 Fair Value Measurement

IFRS 13 replaces the guidance on fair value measurement in existing IFRSs with a single standard. The standard does not change requirements regarding which items should be measured at fair value but provides guidance on how to determine fair value. The standard has been applied prospectively and also requires specific disclosures on fair values. Some of these disclosures are specifically required for financial instruments by IAS 34, thereby affecting the half year IFRS condensed consolidated financial information period. These disclosures have been provided in Note 3.12 - Fair value hierarchy of financial instruments.

Amendment to IAS 1 Presentation of Financial Instruments (effective for annual periods beginning on or after 1 July 2012)

The amendment to IAS 1 revised the way other comprehensive income is presented. As a result items that can subsequently be reclassified to profit or loss are presented separately from items that will never be reclassified to profit or loss in the IFRS condensed consolidated statement of comprehensive income. The tax associated with each category is also shown separately. The amendment has affected presentation only.

Amendment to IAS 19 Employee Benefits

The amendment to IAS 19 revises requirements for pensions and other post retirement benefits, termination benefits and other employee benefits. The main impact on the Group's IFRS condensed consolidated financial information is that expected returns on plan assets and the unwind of the discount rate on the defined benefit obligation are no longer separately recognised in profit or loss. Instead, interest on the net defined benefit asset or liability is recognised in profit or loss, calculated using the discount rate used to measure the net pension obligation or asset. Additionally, the amended standard no longer permits entities to defer past service costs. Past service costs must be recognised immediately in profit or loss. The amendment has been applied retrospectively and the impact is described in Note 3.10 - Defined benefit and defined contribution plans.

Enhanced disclosures are also required by the amendment which will be presented in the Annual Report and Accounts for the year ended 31 December 2013.

All other revisions in the amendment have had no impact on the Group's IFRS condensed consolidated financial information.

Amendment to IFRS 7 Financial Instruments: Disclosures

The amendment to IFRS 7 requires additional disclosures for financial assets and liabilities which are set off in the financial statements or are subject to enforceable master netting agreements or similar arrangements. There is no impact on the IFRS condensed consolidated half year financial information. The additional disclosures will be presented in the Annual Report and Accounts for the year ended 31 December 2013.

Additionally the Group has adopted the following amendments to existing standards which are effective by EU endorsement from 1 January 2013 and management considers that the implementation of these amendments has had no significant impact on the Group's financial statements:

· Amendment to IAS 12 Income Taxes: Deferred Tax

· Annual Improvements to IFRS 2009-2011

(b) IFRS condensed consolidated half year financial information

This IFRS condensed consolidated half year financial information does not comprise statutory accounts within the meaning of Section 434 of the Companies Act 2006. Statutory accounts for the year ended 31 December 2012 were approved by the Board of Directors on 7 March 2013 and delivered to the Registrar of Companies. The report of the auditors on those accounts was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under Section 498 of the Companies Act 2006. This IFRS condensed consolidated half year financial information has been reviewed, not audited.

3.2 Segmental analysis

(a) Basis of segmentation

The Group's reportable segments have been identified in accordance with the way in which the Group is structured and managed. The Group's reportable segments are as follows:

UK and Europe

UK and Europe operations provide a broad range of pensions, protection, savings and investment products to individual and corporate customers in the UK, Germany, Austria and Ireland.

Standard Life Investments

Investment management services are provided by Standard Life Investments to the Group's other reportable segments. Standard Life Investments also provides a range of investment products for individuals and institutional customers through a number of different investment vehicles. This segment includes the Group's share of the results of HDFC Asset Management Company Limited.

Canada

The operations in Canada provide long-term savings, investments and insurance solutions to individuals, and group benefit and retirement plan members.

Asia and Emerging Markets

The businesses included in Asia and Emerging Markets offer a range of savings and investment products and comprise wholly owned operations in Hong Kong, Singapore and Dubai and investments in joint ventures in India and China.

Other

This primarily includes the group corporate centre and related activities.

(b) Reportable segments - Group operating profit, revenue and asset information

IFRS 8 Operating Segments requires that the information presented in the financial statements is based on information provided to the 'Chief Operating Decision Maker'. The Chief Operating Decision Maker for the Group is the executive team.

The key performance metrics of the Group include operating profit and assets under administration (AUA), which are analysed in the tables that follow by reportable segment.

In June 2012, changes were announced in the way the Group manages its business. Domestic business in Germany and Ireland which was previously reported in the International segment, was combined with the UK segment to form UK and Europe. The remaining components of International formed the new Asia and Emerging Markets segment. Segmental disclosures provided in the Group's half year results for the six months ended 30 June 2012 were presented in the reportable segments applicable prior to the announcement in June 2012 as the Group had been managed on that basis during the reporting period. The segmental disclosures provided in the Annual Report and Accounts for the year ended 31 December 2012 were presented on a basis incorporating the announcement in June 2012.

In February 2013, further changes were made. The offshore bond business in Ireland which was previously reported in Asia and Emerging Markets is now managed and reported as part of UK and Europe. Additionally, due to changes in the way the Group's segments are managed, some overhead costs which were previously reported in Asia and Emerging Markets are now reported in group corporate centre in Other. These combined changes provide stronger focus in our chosen markets and will help drive further value in each of the markets in which the Group operates. The reportable segments have therefore been changed for the period ended 30 June 2013.

Comparative amounts for 30 June 2012 and 31 December 2012 have been prepared on the same basis to allow more meaningful comparison.

(b)(i) Analysis of Group operating profit by segment

As described beneath the pro forma reconciliation of consolidated operating profit to IFRS profit for the period, operating profit is considered to present an indication of the long-term operating performance of the Group. Operating profit is the key measure utilised by the Group's management in their evaluation of segmental performance and is therefore also presented by reportable segment.

		UK and Europe	Standard Life Investments	Canada	Asia and Emerging Markets	Other	Elimination	Total
6 months 30 June 2013	Notes	£m	£m	£m	£m	£m	£m	£m
Fee based revenue		439	244	95	27	-	(111)	694
Spread/risk margin		83	-	114	-	-	-	197
Total income		522	244	209	27	-	(111)	891
Acquisition expenses		(108)	-	(37)	(10)	-	-	(155)
Maintenance expenses		(229)	(164)	(125)	(23)	-	111	(430)
Group corporate centre costs		-	-	-	-	(23)	-	(23)
Capital management		(3)	-	12	-	(6)	-	3
Share of joint ventures' and associates' profit before tax¹		-	13	-	5	-	-	18
Other		-	-	-	-	-	-	-
Operating profit/(loss) before tax		182	93	59	(1)	(29)	-	304
Tax on operating profit		(40)	(20)	(4)	-	(2)	-	(66)
Share of joint ventures' and associates' tax expense		-	(3)	(1)	-	-	-	(4)
Operating profit/(loss) after tax		142	70	54	(1)	(31)	-	234
Adjusted for the following items:
Short-term fluctuations in investment return and economic assumption changes	3.6	(51)	1	(32)	(2)	(6)	-	(90)
Restructuring and corporate transaction expenses		(27)	(1)	(1)	(3)	(4)	-	(36)
Other operating profit adjustments		(3)	-	-	-	-	-	(3)
Total non-operating items		(81)	-	(33)	(5)	(10)	-	(129)
Tax on non-operating items		12	-	9	1	2	-	24
Profit for the period attributable to equity holders of Standard Life plc		73	70	30	(5)	(39)	-	129
Profit attributable to non-controlling interests								8
Profit for the period								137

¹ The share of profit from HDFC Asset Management Company Limited is now reflected in the share of joint ventures' and associates' profit before tax, previously it was included in fee based revenue.

Each operating segment reports total income as its measure of revenue in its analysis of operating profit. Fee based revenue consists of income generated primarily from asset management charges, premium based charges and transactional charges. Spread/risk margin reflects the margin earned on spread/risk business and includes net earned premiums, claims and benefits paid, net investment return using long-term assumptions and reserving changes.

Eliminations relate to inter-segment transactions, which are entered into under normal commercial terms and conditions that would be available to unrelated third parties.

3.2 Segmental analysis continued

(b) Reportable segments - Group operating profit, revenue and asset information continued

(b)(i) Analysis of Group operating profit by segment continued

		UK and Europe	Standard Life Investments	Canada	Asia and Emerging Markets	Other	Elimination	Total
6 months 30 June 2012 (restated)¹	Notes	£m	£m	£m	£m	£m	£m	£m
Fee based revenue		406	193	83	22	-	(94)	610
Spread/risk margin		56	-	124	-	-	-	180
Total income		462	193	207	22	-	(94)	790
Acquisition expenses		(97)	-	(41)	(6)	-	-	(144)
Maintenance expenses		(212)	(135)	(114)	(21)	-	94	(388)
Group corporate centre costs		-	-	-	-	(21)	-	(21)
Capital management		(1)	-	19	-	13	-	31
Share of joint ventures' and associates' profit before tax²		-	10	-	8	-	-	18
Other		-	-	-	-	-	-	-
Operating profit/(loss) before tax		152	68	71	3	(8)	-	286
Tax on operating profit		30	(15)	(11)	2	2	-	8
Share of joint ventures' and associates' tax expense		-	(3)	(2)	-	-	-	(5)
Operating profit/(loss) after tax		182	50	58	5	(6)	-	289
Adjusted for the following items:
Short-term fluctuations in investment return and economic assumption changes	3.6	(24)	-	(18)	-	(1)	-	(43)
Restructuring and corporate transaction expenses		(35)	(2)	(1)	-	(4)	-	(42)
Other operating profit adjustments		3	-	-	-	-	-	3
Total non-operating items		(56)	(2)	(19)	-	(5)	-	(82)
Tax on non-operating items		20	1	10	-	-	-	31
Profit for the period attributable to equity holders of Standard Life plc		146	49	49	5	(11)	-	238
Profit attributable to non-controlling interests								8
Profit for the period								246

¹ Comparative periods presented have been restated to reflect retrospective application of changes to accounting policies as a result of an amendment to IAS 19 Employee Benefits. Refer to Note 3.1 - Accounting policies (a) Basis of preparation.

² The share of profit from HDFC Asset Management Company Limited is now reflected in the share of joint ventures' and associates' profit before tax, previously it was included in fee based revenue.

		UK and Europe	Standard Life Investments	Canada	Asia and Emerging Markets	Other	Elimination	Total
Full year 2012 (restated)¹	Notes	£m	£m	£m	£m	£m	£m	£m
Fee based revenue		839	408	172	46	-	(194)	1,271
Spread/risk margin		112	-	393	-	-	-	505
Total income		951	408	565	46	-	(194)	1,776
Acquisition expenses		(203)	-	(79)	(10)	-	-	(292)
Maintenance expenses		(463)	(281)	(240)	(41)	-	194	(831)
Group corporate centre costs		-	-	-	-	(50)	-	(50)
Capital management		12	-	107	-	23	-	142
Share of joint ventures' and associates' profit before tax²		-	18	-	8	-	-	26
Other		96	-	-	-	-	-	96
Operating profit/(loss) before tax		393	145	353	3	(27)	-	867
Tax on operating profit		(15)	(33)	(75)	-	(1)	-	(124)
Share of joint ventures' and associates' tax expense		-	(5)	(4)	-	-	-	(9)
Operating profit/(loss) after tax		378	107	274	3	(28)	-	734
Adjusted for the following items:
Short-term fluctuations in investment return and economic assumption changes	3.6	(4)	-	(19)	(1)	(5)	-	(29)
Restructuring and corporate transaction expenses		(95)	(3)	(3)	(1)	(7)	-	(109)
Other operating profit adjustments		-	-	-	-	(4)	-	(4)
Total non-operating items		(99)	(3)	(22)	(2)	(16)	-	(142)
Tax on non-operating items		51	1	17	-	4	-	73
Profit for the year attributable to equity holders of Standard Life plc		330	105	269	1	(40)	-	665
Profit attributable to non-controlling interests								29
Profit for the year								694

² The share of profit from HDFC Asset Management Company Limited is now reflected in the share of joint ventures' and associates' profit before tax, previously it was included in fee based revenue.

(b)(ii) Analysis of assets under administration by segment

Group assets under administration (AUA) presents a measure of the total assets of the Group including those administered on behalf of customers and institutional clients. AUA represents the IFRS gross assets of the Group adjusted to include third party AUA, which are not included in the IFRS condensed consolidated statement of financial position. In addition, certain assets on the IFRS condensed consolidated statement of financial position are excluded from the definition, including reinsurance assets, deferred acquisition costs and intangible assets.

As a long-term savings and investments business, AUA is a key driver of shareholder value and is consequently one of the key measures utilised by the executive team in their evaluation of segmental performance. AUA is therefore presented by reportable segment (in billions).

	UK and Europe	Standard Life Investments	Canada	Asia and Emerging Markets	Other	Elimination¹	Total
30 June 2013	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Fee based	133	93	17	-	-	(47)	196
Spread/risk	15	-	10	-	-	-	25
Assets not backing products in long-term savings business	6	-	2	-	-	-	8
Joint ventures	-	-	-	2	-	-	2
Other corporate assets	-	1	-	-	1	-	2
Total assets under administration	154	94	29	2	1	(47)	233

¹ In order to be consistent with the presentation of new business information, certain products are included in both Standard Life Investments AUA and other segments. Therefore, at a Group level an elimination adjustment is required to remove any duplication, in addition to other necessary consolidation adjustments.

3.2 Segmental analysis continued

(b) Reportable segments - Group operating profit, revenue and asset information continued

(b)(ii) Analysis of assets under administration by segment continued

	UK and Europe	Standard Life Investments	Canada	Asia and Emerging Markets	Other	Elimination¹	Total
30 June 2012	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Fee based	117	74	15	-	-	(38)	168
Spread/risk	15	-	10	-	-	-	25
Assets not backing products in long-term savings business	7	-	2	-	-	-	9
Joint ventures	-	-	-	1	-	-	1
Other corporate assets	-	-	-	-	2	(1)	1
Total assets under administration	139	74	27	1	2	(39)	204

	UK and Europe	Standard Life Investments	Canada	Asia and Emerging Markets	Other	Elimination¹	Total
31 December 2012	£bn	£bn	£bn	£bn	£bn	£bn	£bn
Fee based	124	83	16	-	-	(42)	181
Spread/risk	16	-	10	-	-	-	26
Assets not backing products in long-term savings business	6	-	2	-	-	-	8
Joint ventures	-	-	-	1	-	-	1
Other corporate assets	-	-	-	-	2	-	2
Total assets under administration	146	83	28	1	2	(42)	218

Total revenue as presented in the IFRS condensed consolidated income statement split by geographical location in which it was earned is as follows:

	6 months 2013	6 months 2012	Full year 2012
	£m	£m	£m
UK	6,488	4,942	12,540
Canada	1,306	1,413	3,363
Rest of the world	893	1,525	3,282
Total	8,687	7,880	19,185

(d) Non-current non-financial assets by geographical location

	6 months 2013	6 months 2012	Full year 2012
	£m	£m	£m
UK	7,180	7,097	7,126
Canada	1,453	1,483	1,391
Rest of the world	437	425	418
Total	9,070	9,005	8,935

Non-current non-financial assets for this purpose consist of investment property, property, plant and equipment and intangible assets (excluding intangible assets arising from insurance or participating investment contracts).

3.3 Administrative expenses

	6 months 2013	6 months 2012 restated¹	Full year 2012 restated¹
	£m	£m	£m
Restructuring and corporate transaction expenses	38	43	114
Interest expense	7	8	17
Commission expenses	184	194	394
Staff costs and other employee-related costs	328	317	645
Change in provisions	3	98	11
Recovery under insurance claim	-	(98)	(98)
Other administrative expenses	316	298	635
	876	860	1,718
Acquisition costs deferred during the period	(76)	(117)	(202)
Impairment of deferred acquisition costs	4	-	3
Amortisation of deferred acquisition costs	75	106	180
Release of deferred acquisition costs	-	22	22
Total administrative expenses	879	871	1,721

Total restructuring costs incurred during the period of £38m (six months ended 30 June 2012: £43m, 12 months ended 31 December 2012: £114m), included a number of business unit restructuring programmes and Solvency 2. Of the restructuring costs, £36m (six months ended 30 June 2012: £42m, 12 months ended 31 December 2012: £109m) is adjusted when determining operating profit before tax, with the remaining £2m (six months ended 30 June 2012: £1m, 12 months ended 31 December 2012: £5m) incurred by the Heritage With Profits Fund.

In addition to interest expense of £7m (six months ended 30 June 2012: £8m, 12 months ended 31 December 2012: £17m), there was interest expense of £54m (six months ended 30 June 2012: £37m, 12 months ended 31 December 2012: £77m) incurred in respect of subordinated liabilities and £17m (six months ended 30 June 2012: £18m, 12 months ended 31 December 2012: £36m) in respect of deposits from reinsurers. For the six months ended 30 June 2013, total interest expense is £78m (six months ended 30 June 2012: £63m, 12 months ended 31 December 2012: £130m).

Recovery under insurance claim of £98m for the 6 months to 30 June 2012 and 12 months to 31 December 2012 reflects the cash receipt by Standard Life Assurance Limited (SLAL) in its claim against the insurers of its 2008/2009 professional indemnity policy in relation to the Standard Life Pension Sterling Fund. A judgment handed down in the Commercial Court in London on 1 February 2012 found in SLAL's favour. An appeal was made by the insurers and as a result a risk existed that SLAL would be required to return the cash received, or a portion of the cash received, to the insurer and therefore a provision was recognised by the Group in respect of the cash received in the 6 months to 30 June 2012. On 18 December 2012, the Court of Appeal handed down a judgment upholding the decision and dismissing the insurers appeal. In January 2013 SLAL received notification from the lawyers acting for the insurers that they would not seek leave to appeal the decision further. As a result the provision was released and the income of £98m was recognised in full in the financial statements for the year ended 31 December 2012.

The release of deferred acquisition costs of £22m in the 6 months to 30 June 2012 and 12 months to 31 December 2012 reflect the reclassification of certain non-participating investment contracts as non-participating insurance contracts due to a change in the benefits available under the contracts. As a result of the reclassification deferred income of £26m was released and recognised in the IFRS condensed consolidated income statement in fee and commission income. Deferred acquisition costs of £22m that were considered recovered by the fees that had previously been deferred were also released, resulting in a net increase of £4m in profit before tax.

3.4 Tax expense

The tax expense is attributed as follows:

	6 months 2013	6 months 2012	Full year 2012
	£m	£m	£m
Tax expense attributable to policyholders' returns	102	94	218
Tax expense/(credit) attributable to equity holders' profits	42	(39)	51
Total tax expense	144	55	269

From 1 April 2013 the UK Corporation Tax Rate was reduced to 23%. This rate has been applied in calculating the UK deferred tax position at 30 June 2013. The 2013 Finance Act contains provisions for further reductions in the rate of UK Corporation Tax to 21% from 1 April 2014 and to 20% from 1 April 2015 respectively. These reductions have not been included in the calculation of UK deferred tax as they had not been substantively enacted as at 30 June 2013.

The share of tax of associates and joint ventures is £4m (six months ended 30 June 2012: £5m, 12 months ended 31 December 2012: £9m) and is included in profit before tax in the IFRS condensed consolidated income statement in 'Share of profit from associates and joint ventures'.

The total tax expense is split as follows:

	6 months 2013	6 months 2012	Full year 2012
	£m	£m	£m
Income tax:
UK	63	93	224
Double tax relief	-	(1)	(2)
Overseas	12	16	43
Adjustment to tax expense in respect of prior years	(27)	(30)	(32)
Total income tax	48	78	233

Deferred tax:
Deferred tax expense/(credit) arising from the current periods	96	(23)	36
Total deferred tax	96	(23)	36

Total tax expense attributable to operations	144	55	269

Attributable to equity holders' profits	42	(39)	51

Tax relating to components of other comprehensive income is as follows:

	6 months 2013	6 months 2012	Full year 2012
	£m	£m	£m
Deferred tax on actuarial gains/(losses) on defined benefit pension schemes	7	(102)	(102)
Deferred tax on revaluation of land and buildings	6	-	-
Equity holder tax effect relating to items that will not be reclassified subsequently to profit or loss	13	(102)	(102)

Income tax on net change in financial assets designated as available-for-sale	(6)	-	-
Equity holder tax effect relating to items that may be reclassified subsequently to profit or loss	(6)	-	-

Tax relating to each component of other comprehensive income	7	(102)	(102)

All of the amounts presented above are in respect of equity holders of Standard Life plc.

Tax relating to items taken directly to equity is as follows:

	6 months 2013	6 months 2012	Full year 2012
	£m	£m	£m
Deferred tax on reserves for employee share-based payment shares	(2)	(2)	(6)
Tax relating to items taken directly to equity	(2)	(2)	(6)

3.5 Earnings per share

(a) Basic earnings per share

Basic earnings per share is calculated by dividing profit attributable to ordinary equity holders by the weighted average number of ordinary shares outstanding during the period. The weighted average number of ordinary shares outstanding during the period is the weighted average number of shares in issue less the weighted average number of shares owned by employee share trusts that have not vested unconditionally to employees.

	6 months 2013	6 months 2012 restated¹	Full year 2012 restated¹
Profit attributable to equity holders of Standard Life plc (£m)	129	238	665

Weighted average number of ordinary shares outstanding (millions)	2,355	2,344	2,351

Basic earnings per share (pence per share)	5.5	10.2	28.3

(b) Diluted earnings per share

Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. The Group has one category of dilutive potential ordinary shares - share awards and share options awarded to employees.

For share options, a calculation is made to determine the number of shares that could be acquired at fair value (determined as the average annual market share price of the Company's shares) based on the monetary value of the subscription rights attached to outstanding share options. The number of shares calculated is compared with the number of shares that could be issued, or purchased, assuming the exercise of the share options.

	6 months 2013	6 months 2012 restated¹	Full year 2012 restated¹
Profit attributable to equity holders of Standard Life plc (£m)	129	238	665
Weighted average number of ordinary shares outstanding for diluted earnings per share (millions)	2,359	2,346	2,369
Diluted earnings per share (pence per share)	5.5	10.1	28.1

The dilutive effect of share awards and options included in the weighted average number of ordinary shares above was four million (six months ended 30 June 2012: two million; 12 months ended 31 December 2012: 18 million).

Earnings per share is also calculated based on operating profit before tax as well as on the profit attributable to equity holders. The Directors believe that earnings per share based on operating profit provides a more useful indication of the long-term operating performance of the Group.

3.5 Earnings per share continued

(c)(i) Basic alternative earnings per share

	6 months 2013	6 months 2013	6 months 2012 restated¹	6 months 2012 restated¹	Full year 2012 restated¹	Full year 2012 restated¹
	£m	p per share	£m	p per share	£m	p per share
Operating profit before tax	304	12.9	286	12.2	867	36.9
Tax on operating profit	(66)	(2.8)	8	0.3	(124)	(5.3)
Share of joint ventures and associates tax expense	(4)	(0.2)	(5)	(0.2)	(9)	(0.4)
Operating profit after tax	234	9.9	289	12.3	734	31.2
Adjusted for the following items:
Short-term fluctuations in investment return and economic assumption changes	(90)	(3.9)	(43)	(1.8)	(29)	(1.2)
Restructuring and corporate transaction expenses	(36)	(1.5)	(42)	(1.8)	(109)	(4.6)
Other operating profit adjustments	(3)	(0.1)	3	0.1	(4)	(0.2)
Total non-operating items	(129)	(5.5)	(82)	(3.5)	(142)	(6.0)
Tax on non-operating items	24	1.1	31	1.4	73	3.1
Profit attributable to equity holders of Standard Life plc	129	5.5	238	10.2	665	28.3

(c)(ii) Diluted alternative earnings per share

	6 months 2013	6 months 2013	6 months 2012 restated¹	6 months 2012 restated¹	Full year 2012 restated¹	Full year 2012 restated¹
	£m	p per share	£m	p per share	£m	p per share
Operating profit before tax	304	12.9	286	12.2	867	36.6
Tax on operating profit	(66)	(2.8)	8	0.3	(124)	(5.2)
Share of joint ventures and associates tax expense	(4)	(0.2)	(5)	(0.2)	(9)	(0.4)
Operating profit after tax	234	9.9	289	12.3	734	31.0
Adjusted for the following items:
Short-term fluctuations in investment return and economic assumption changes	(90)	(3.9)	(43)	(1.8)	(29)	(1.2)
Restructuring and corporate transaction expenses	(36)	(1.5)	(42)	(1.8)	(109)	(4.6)
Other operating profit adjustments	(3)	(0.1)	3	0.1	(4)	(0.2)
Total non-operating items	(129)	(5.5)	(82)	(3.5)	(142)	(6.0)
Tax on non-operating items	24	1.1	31	1.3	73	3.1
Profit attributable to equity holders of Standard Life plc	129	5.5	238	10.1	665	28.1

3.6 Short-term fluctuations in investment return and economic assumption changes

The Group focuses on operating profit as a measure of its performance, which incorporates expected returns on investments backing equity holder funds with a consistent allowance for corresponding expected movements in equity holder liabilities. The methodology used in calculating operating profit is outlined below.

Operating profit is calculated based on expected returns on investments backing equity holder funds, with consistent allowance for the corresponding expected movements in equity holder liabilities. Impacts arising from the difference between the expected return and actual return on investments, and the corresponding impact on equity holder liabilities except where they are directly related to a significant management action, are excluded from operating profit and are presented within profit before tax. As a result, the components of IFRS profit attributable to market movements and interest rate changes which give rise to variances between actual and expected investment returns, as well as the impact of changes in economic assumptions on equity holder liabilities, are excluded from operating profit and disclosed separately within the heading of short-term fluctuations in investment return and economic assumption changes.

The expected rates of return for debt securities, equity securities and property are determined separately for each of the Group's operations and are consistent with the expected rates of return as determined under the Group's published European Embedded Value (EEV) methodology. The expected rates of return for equity securities and property, with the exception of the Canadian operations, are determined based on the gilt spot rates of an appropriate duration plus an equity risk premium or property risk premium, respectively. The expected rates of return on equity securities and property for Canadian operations are determined by the Appointed Actuary in Canada.

The principal assumptions, as set at the start of the year, in respect of gross investment returns underlying the calculation of the expected investment return for equity securities and property are as follows:

	2013		2012
	UK	Canada	UK	Canada
	%	%	%	%
Equity securities	4.74	8.60	4.93	8.60
Property	3.74	8.60	3.93	8.60

In respect of debt securities at fair value through profit or loss, the expected rate of return is determined based on the average prospective yields for the debt securities actually held or, in respect of the Canadian operations, is determined by the Appointed Actuary in Canada. For debt securities classified as available-for-sale that support liabilities measured at amortised cost the expected rate of return is the effective interest rate adjusted for an allowance, established at initial recognition, for expected defaults. If debt securities classified as available-for-sale are sold, any gain or loss is amortised within the expected return over the period to the earlier of the maturity date of the sold debt security or the redemption date of the supported liability.

Gains and losses on foreign exchange are deemed to represent short-term fluctuations in investment return and economic assumption changes and thus are excluded from operating profit.

For the six months ended 30 June 2013, short-term fluctuations in investment return and economic assumption changes were losses of £90m (six months ended 30 June 2012: losses of £43m; 12 months ended 31 December 2012: losses of £29m). Short-term fluctuations in investment return relate principally to the investment volatility in Canada non-segregated funds and UK annuities and in respect of the Group's subordinated liabilities, and assets backing those liabilities.

3.7 Dividends

Subsequent to 30 June 2013, the Directors have proposed an interim dividend for 2013 of 5.22 pence per ordinary share (interim 2012: 4.90 pence), an estimated £124m in total (interim 2012: £115m). The dividend will be paid on 29 October 2013. This dividend will be recorded as an appropriation of retained earnings in the financial statements for the year ended 31 December 2013. During the six months ended 30 June 2013 a final dividend for the year ended 31 December 2012 of 9.80 pence per ordinary share (final 2011: 9.20 pence) and a special dividend of 12.80 pence per ordinary share totalling £230m (final 2011: £216m) and £302m respectively was paid. There was no special dividend paid for the year ended 31 December 2011.

3.8 Issued share capital and shares held by trusts

(a) Issued share capital

The movement in the issued ordinary share capital of the Company was:

	6 months 2013	6 months 2013	6 months 2012	6 months 2012	Full year 2012	Full year 2012
	Number	£m	Number	£m	Number	£m
At start of period	2,357,978,652	236	2,353,665,822	235	2,353,665,822	235
Shares issued in respect of share incentive plans	166,617	-	271,215	-	445,155	-
Shares issued in respect of share options	18,217,800	2	3,840,453	1	3,867,675	1
At end of period	2,376,363,069	238	2,357,777,490	236	2,357,978,652	236

The Group operates share incentive plans, allowing employees the opportunity to buy shares from their salary each month. The maximum purchase that an employee can make in any one year is £1,500. The Group offers to match the first £25 of shares bought each month. During the six months ended 30 June 2013, the Company allotted 166,617 ordinary shares to Group employees under the share incentive plans (six months ended 30 June 2012: 271,215; 12 months ended 31 December 2012: 445,155).

The Group also operates a Long-Term Incentive Plan (LTIP) for executives and senior management and a Sharesave (Save-as-you-earn) scheme for all eligible employees. During the six months ended 30 June 2013, 18,169,290 ordinary shares were issued on exercise of share options in respect of the LTIP (six months ended 30 June 2012: 3,832,753; 12 months ended 31 December 2012: 3,832,753) and 48,510 ordinary shares were issued on exercise of share options in respect of the Sharesave scheme (six months ended 30 June 2012: 7,700; 12 months ended 31 December 2012: 34,922).

(b) Shares held by trusts

The Employee Share Trust (EST) purchases and holds shares in the Company for delivery to employees under various employee share schemes. Shares purchased by the EST are presented as a deduction from equity in the IFRS condensed consolidated statement of financial position. Share-based liabilities to employees may also be settled by the issue of new shares.

Shares held by trusts also include shares held by the Unclaimed Asset Trust (UAT). The shares held by the UAT are those not yet claimed by the eligible members of The Standard Life Assurance Company (SLAC) following its demutualisation on 10 July 2006.

Any corresponding obligation to deliver a fixed number of the Company's equity instruments to employees, or eligible members of SLAC, is offset within the shares held by trusts reserve.

At 30 June 2013, the number of shares held by trusts which were not offset by a corresponding obligation to deliver a fixed number of equity instruments was 738,043 (30 June 2012: 2,123,733; 31 December 2012: 2,342,977).

3.9 Insurance contracts, investment contracts and reinsurance contracts

	30 June 2013	30 June 2012	31 December 2012
	£m	£m	£m
Non-participating insurance contract liabilities	28,785	27,946	29,050
Non-participating investment contract liabilities	91,606	78,527	84,201
Non-participating contract liabilities	120,391	106,473	113,251

Participating insurance contract liabilities	15,645	15,988	15,919
Participating investment contract liabilities	14,762	15,313	14,993
Unallocated divisible surplus	720	672	706
Participating contract liabilities	31,127	31,973	31,618

Due to changes in economic and non-economic factors, certain assumptions used in estimating insurance and investment contract liabilities have been revised. Therefore, the change in liabilities reflects actual experience over the period, changes in assumptions and, to a limited extent, improvements in modelling techniques.

The movements in insurance contracts, investment contracts and reinsurance contracts during the six months ended 30 June 2013, and the six months ended 30 June 2012 arising from changes in estimates are set out below:

	Participating insurance contract liabilities	Non-participating insurance contract liabilities	Participating investment contract liabilities	Non-participating investment contract liabilities	Reinsurance contracts	Net
6 months 2013	£m	£m	£m	£m	£m	£m
Changes in:
Methodology/modelling changes	14	(5)	(14)	-	-	(5)
Non-economic assumptions	-	10	-	-	(8)	2
Economic assumptions	15	(457)	(95)	-	152	(385)

6 months 2012
Changes in:
Methodology/modelling changes	(62)	(118)	76	-	110	6
Non-economic assumptions	-	(6)	-	-	-	(6)
Economic assumptions	(28)	358	22	-	(133)	219

The movement in insurance contract liabilities, participating investment contract liabilities and reinsurance contracts during the year ended 31 December 2012 was as follows:

	Participating insurance contract liabilities	Non-participating insurance contract liabilities	Participating investment contract liabilities	Total insurance and participating contracts	Reinsurance contracts	Net
2012	£m	£m	£m	£m	£m	£m
At 1 January	16,509	25,051	15,319	56,879	(6,573)	50,306
Expected change	(1,331)	(762)	(897)	(2,990)	310	(2,680)
Methodology/modelling changes	(18)	(165)	64	(119)	110	(9)
Effect of changes in:
Economic assumptions	(49)	1,075	(105)	921	(451)	470
Non-economic assumptions	(7)	(100)	(38)	(145)	73	(72)
Effect of:
Economic experience	928	548	644	2,120	(1)	2,119
Non-economic experience	56	(662)	(46)	(652)	3	(649)
New business	26	2,102	76	2,204	-	2,204
Total change in contract liabilities	(395)	2,036	(302)	1,339	44	1,383
Contract reclassification	-	2,182	-	2,182	-	2,182
Foreign exchange adjustment	(195)	(219)	(24)	(438)	(2)	(440)
At 31 December	15,919	29,050	14,993	59,962	(6,531)	53,431
Reinsurance assets					(6,912)
Reinsurance liabilities					381
					(6,531)

The change in non-participating investment contract liabilities during the year ended 31 December 2012 was as follows:

	2012
	£m
At 1 January	77,507
Contributions	11,027
Initial charges and reduced allocations	(6)
Account balances paid on surrender and other terminations in the year	(9,062)
Investment return credited and related benefits	7,718
Foreign exchange adjustment	(406)
Contract reclassification	(2,182)
Recurring management charges	(395)
At 31 December	84,201

3.10 Defined benefit and defined contribution plans

(a) Analysis of amounts recognised in the IFRS condensed consolidated income statement

The amounts recognised in the IFRS condensed consolidated income statement for defined contribution and defined benefit schemes are as follows:

	6 months 2013	6 months 2012 restated	Full year 2012 restated
	£m	£m	£m
Current service cost	35	35	64
Past service cost	1	1	1
Interest income	(6)	(7)	(11)
Charge recognised in the IFRS condensed consolidated income statement	30	29	54

(b) Analysis of amounts recognised in the IFRS condensed consolidated statement of financial position

The present value of the defined benefit obligation less the fair value of gross scheme assets is as follows:

	30 June 2013				30 June 2012 (restated)				31 December 2012 (restated)
	UK	Canada	Ireland	Total	UK	Canada	Ireland	Total	UK	Canada	Ireland	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Present value of funded obligation	(2,197)	(217)	(69)	(2,483)	(2,122)	(224)	(52)	(2,398)	(2,121)	(233)	(69)	(2,423)
Present value of unfunded obligation	-	(66)	-	(66)	-	(71)	-	(71)	-	(70)	-	(70)
Fair value of plan assets	2,885	192	61	3,138	2,533	179	57	2,769	2,642	188	61	2,891
Effect of limit on plan surpluses	(241)	-	-	(241)	(144)	-	-	(144)	(182)	-	-	(182)
Net asset/(liability) in the IFRS consolidated statement of financial position	447	(91)	(8)	348	267	(116)	5	156	339	(115)	(8)	216

The Group also recognises a net liability of £7m (30 June 2012: £6m; 31 December 2012: £7m) arising from a scheme with a total defined benefit obligation of £7m (30 June 2012: £6m; 31 December 2012: £7m) administered for the benefit of employees in Germany, resulting in a net asset of £341m (30 June 2012: £150m; 31 December 2012: £209m).

An amendment to IAS 19 Employee Benefits effective for the current period has resulted in a revision to the calculation of the charge to the IFRS condensed consolidated income statement in respect of defined benefit plans. This amendment has been applied retrospectively. The expected return on plan assets and unwind of the discount rate on the defined benefit obligation are now not recognised in profit or loss separately. Instead, the interest on the net defined benefit asset is now recognised in profit or loss. This is calculated as the net defined benefit asset multiplied by the discount rate used to measure the defined benefit obligation.

The amendment also removed the ability for entities to defer unvested past service costs and recognise them over the future vesting period. Past service costs are now recognised immediately in profit or loss.

The impact on the IFRS condensed consolidated statement of financial position as a result of the retrospective application of IAS 19 is a decrease in deferred tax assets of £1m (30 June 2012: £1m; 31 December 2012: £1m) and a decrease in the pension and other post-retirement benefits liability of £4m (30 June 2012: £5m; 31 December 2012: £5m) with a corresponding change in retained earnings.

The impact of the amendment on the IFRS condensed consolidated income statement is an increase in other administrative expenses of £17m for the six months ended 30 June 2013 (six months ended 30 June 2012: £16m; 12 months ended 31 December 2012: £33m). There was a corresponding change in actuarial gains/losses on defined benefit pension schemes in the IFRS condensed consolidated statement of other comprehensive income so that the overall impact on total comprehensive income was nil for each reporting period.

(d) Principal assumptions

The principal economic assumptions used in determining the period end pension benefit obligation for the Group's plans are as follows:

	30 June 2013			30 June 2012			31 December 2012
	UK	Canada	Ireland	UK	Canada	Ireland	UK	Canada	Ireland
	%	%	%	%	%	%	%	%	%
Rate of increase in salaries	5.70	3.50	3.50	5.30	3.50	3.50	5.30	3.50	3.50
Rate of increase in pensions	2.90	1.33	1.00	2.70	1.33	1.00	2.70	1.33	1.00
Discount rate	4.75	4.60	3.90	4.40	4.30	5.10	4.50	4.00	3.90
Inflation assumption	2.90-3.70	2.00	2.00	2.70-3.30	2.00	2.00	2.70-3.30	2.00	2.00

3.11 Risk management

(a) Overview

The Group recognises the need to manage long-term value creation, cash flow and risk in a holistic manner in order to make informed decisions to create and protect value in the Group's activities. The Group is proactive in understanding and managing the risks to its objectives at every level and ensuring that capital is delivered to areas where most value can be created for the risks taken.

The Group classifies the risks to which it is exposed as follows:

· Market risk

· Credit risk

· Demographic and expense risk

· Liquidity risk

· Operational risk

The Group's IFRS condensed consolidated half year financial information does not include all financial risk management information and disclosures required in the Group's Annual Report and Accounts. This note should therefore be read in conjunction with the Group's Annual Report and Accounts for the year ended 31 December 2012. The information presented in this note has been prepared on the same basis as that presented in the Group's Annual Report and Accounts.

There have been no significant changes to the Group's enterprise risk management framework since 31 December 2012 however it continues to evolve as the Group prepares for Solvency 2. No changes have been made to the Group's qualitative risk appetites or key metrics used to set quantitative risk appetites.

During the six months ended 30 June 2013 credit concerns have continued regarding debt issued by certain European sovereign states and banks. In response, the Group has continued to exclude holdings in peripheral European sovereign debt from its benchmarks for fixed interest portfolios other than those held in unit linked funds. The Group has also continued to restrict holdings of cash and cash equivalents to banking counterparties that are assessed to be of appropriate credit standing, taking into consideration both direct and indirect factors such as the potential impact of contagion risk.

(b) Investment property and financial assets

The values of the Group's holdings of investment properties and financial assets are impacted by the Group's exposure to market and credit risk.

The assets on the Group's IFRS condensed consolidated statement of financial position can be split into four categories (risk segments) which give the shareholder different exposures to the risks outlined in the Business Review section 1.4 - Risk management.

These categories are:

Shareholder business

Shareholder business refers to the assets to which the shareholder is directly exposed. For the purposes of this financial information the shareholder refers to the equity holders of Standard Life plc.

Participating business

Participating business refers to the assets of the participating funds of the life operations of the Group.

Unit linked and segregated funds

Unit linked and segregated funds refer to the assets of the UK and Europe unit linked funds, Canada segregated funds, the linked business of Standard Life International Limited and Standard Life Asia Limited unit linked funds.

Third party interest in consolidated funds and non-controlling interests (TPICF and NCI)

Third party interest in consolidated funds and non-controlling interests refers to the assets recorded on the Group IFRS condensed consolidated statement of financial position which belong to third parties. The Group controls the entities that own the assets but the Group does not own 100% of the equity or units of the relevant entities.

3.11 Risk management continued

(b) Investment property and financial assets continued

In previous reporting periods, the Standard Life SICAV funds managed by Standard Life Investments, which held assets of £9.8bn at 31 December 2012, were consolidated in accordance with the Group's accounting policies. During the six months to 30 June 2013, the Group's holding in these funds fell below 50% of the net assets of the funds and therefore the funds are not consolidated at 30 June 2013. All assets and liabilities of these funds were previously included on a line-by-line basis. The Group's holdings in the SICAV funds are now reflected in equity securities and interests in pooled investment funds. The statement of financial position categories materially impacted by the change are debt securities, equity securities and interests in pooled investment funds, cash and cash equivalents and third party interest in consolidated funds.

The total Group holding in investment property and financial assets has been presented below based on the risk segment.

	Shareholder business	Participating business	Unit linked and segregated funds	TPICF and NCI¹	Total
30 June 2013	£m	£m	£m	£m	£m
Loans to associates and joint ventures	14	-	-	-	14
Investment property	538	2,011	4,728	1,346	8,623
Equity securities and interests in pooled investment funds	227	13,952	62,756	4,790	81,725
Debt securities	12,308	24,693	23,435	3,255	63,691
Loans	2,752	216	189	-	3,157
Derivative financial assets	65	780	1,100	413	2,358
Receivables and other financial assets	874	556	2,033	423	3,886
Cash and cash equivalents	1,170	1,129	4,416	1,101	7,816
Total	17,948	43,337	98,657	11,328	171,270

¹Third party interest in consolidated funds and non-controlling interests.

	Shareholder business	Participating business	Unit linked and segregated funds	TPICF and NCI¹	Total
30 June 2012	£m	£m	£m	£m	£m
Loans to associates and joint ventures	20	-	30	12	62
Investment property	780	2,184	4,399	1,283	8,646
Equity securities and interests in pooled investment funds	198	8,615	48,206	2,749	59,768
Debt securities	11,084	30,245	23,783	4,830	69,942
Loans	2,826	239	172	-	3,237
Derivative financial assets	279	1,329	746	271	2,625
Receivables and other financial assets	665	464	1,161	312	2,602
Cash and cash equivalents	1,312	1,990	5,360	1,113	9,775
Total	17,164	45,066	83,857	10,570	156,657

¹ Third party interest in consolidated funds and non-controlling interests.

	Shareholder business	Participating business	Unit linked and segregated funds	TPICF and NCI¹	Total
31 December 2012	£m	£m	£m	£m	£m
Loans to associates and joint ventures	16	-	7	3	26
Investment property	521	2,048	4,701	1,295	8,565
Equity securities and interests in pooled investment funds	197	9,079	53,019	3,517	65,812
Debt securities	12,423	30,005	24,823	6,050	73,301
Loans	2,855	226	218	-	3,299
Derivative financial assets	63	1,106	681	300	2,150
Receivables and other financial assets	515	496	550	156	1,717
Cash and cash equivalents	1,537	1,494	5,461	1,450	9,942
Total	18,127	44,454	89,460	12,771	164,812

¹ Third party interest in consolidated funds and non-controlling interests.

The shareholder is directly exposed to the impact of market movements in property prices, interest rates and foreign exchange rates and the impact of defaults and movements in credit spreads on the value of assets held by the shareholder business. The shareholder is also exposed to the market and credit risk that the assets of the participating funds of the life operations of the Group are not sufficient to meet their obligations. In this situation, the shareholder would be exposed to the full shortfall in the funds.

No further analysis is provided on the assets of the remaining risk segments unit linked and segregated funds and TPICF and NCI. Assets of the unit linked and segregated funds are managed in accordance with the mandates of the particular funds and the financial risks of the assets are expected to be borne by the policyholder. The unit linked business includes £4,289m (30 June 2012: £4,408m; 31 December 2012: £4,790m) of assets that are held as reinsured external fund links.

Under certain circumstances the shareholder may be exposed to losses relating to the default of the insured external fund links. These exposures are actively monitored and managed by the Group and the Group considers the circumstances under which losses may arise to be very remote.

The shareholder is not exposed to market and credit risk from assets in respect of TPICF and NCI since the financial risks of the assets are borne by third parties.

The shareholder is exposed to operational risk arising across the four risk segments and any losses incurred are typically borne by the shareholder.

The shareholder is also exposed to certain risks relating to defined benefit pension schemes operated by the Group. These include:

· Market risks through the potential impact of market movements on the value of assets held in the defined benefit pension schemes

· Credit risks through the potential impact of widening credit spreads or credit losses on the assets held in the defined benefit pension schemes

· Longevity risk through the risk that members of the defined benefit pension scheme live longer than expected

Further information on the investment property and financial assets of the shareholder and participating business at the reporting date is provided below.

Investment property

The Group is subject to property price risk due to changes in the value and return on holdings in investment properties. This risk arises from various direct and indirect holdings which are controlled through the use of portfolio limits.

The tables below analyse investment property held by the shareholder and participating businesses by country and sector.

Shareholder business

	Office			Industrial			Retail			Other			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Canada	408	652	392	59	56	57	-	-	-	71	72	72	538	780	521
Total	408	652	392	59	56	57	-	-	-	71	72	72	538	780	521

Participating business

	Office			Industrial			Retail			Other			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
UK	537	641	560	260	288	264	968	990	962	-	-	-	1,765	1,919	1,786
Canada	51	47	50	21	20	20	5	5	5	17	13	13	94	85	88
Belgium	14	15	14	-	-	-	-	-	-	-	-	-	14	15	14
France	-	2	2	4	27	27	-	-	-	2	-	2	6	29	31
Spain	132	136	129	-	-	-	-	-	-	-	-	-	132	136	129
Total	734	841	755	285	335	311	973	995	967	19	13	15	2,011	2,184	2,048

There is no exposure to residential property in the shareholder and participating businesses.

3.11 Risk management continued

(b) Investment property and financial assets continued

Equity securities

The Group is subject to equity price risk due to daily changes in the market value and returns in the holdings in its equity security portfolio. Exposure to equity securities are primarily managed through the use of investment mandates including constraints based on appropriate equity indices.

The following table analyses equity securities held by the shareholder and participating businesses by country.

	Shareholder business			Participating business			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m
UK	17	18	19	4,717	4,150	4,553	4,734	4,168	4,572
Canada	136	105	105	205	209	204	341	314	309
Australia	-	2	1	38	27	32	38	29	33
Austria	-	-	-	4	8	11	4	8	11
Belgium	-	1	-	92	101	96	92	102	96
Denmark	-	1	1	89	77	102	89	78	103
Finland	-	-	-	39	20	30	39	20	30
France	1	2	2	557	421	500	558	423	502
Germany	1	2	1	448	365	395	449	367	396
Greece	-	-	-	1	1	1	1	1	1
Ireland	-	1	1	138	83	102	138	84	103
Italy	-	-	-	103	93	104	103	93	104
Japan	-	2	3	107	80	77	107	82	80
Mexico	-	-	-	6	2	5	6	2	5
Netherlands	-	1	1	305	362	336	305	363	337
Norway	-	-	-	85	39	53	85	39	53
Portugal	-	1	-	35	32	30	35	33	30
Spain	-	1	-	125	101	89	125	102	89
Sweden	1	1	1	285	193	221	286	194	222
Switzerland	-	2	1	520	474	391	520	476	392
US	26	17	30	1,860	1,585	1,525	1,886	1,602	1,555
Other	8	34	25	244	189	217	252	223	242
Total	190	191	191	10,003	8,612	9,074	10,193	8,803	9,265

In addition to the equity securities analysed above, the shareholder business has interests in pooled investment funds of £37m (30 June 2012: £7m; 31 December 2012: £6m) and the participating business has interests in pooled investment funds of £3,949m (30 June 2012: £3m; 31 December 2012: £5m).

Debt securities

The Group is exposed to interest rate risk and credit risk through its holdings in debt securities. The Group manages its exposure to debt securities by setting exposure limits by name of issuer, sector and credit rating.

At 30 June 2013, the total shareholder business holding of debt securities was £12,308m (30 June 2012: £11,084m; 31 December 2012: £12,423m), of which 96% (30 June 2012: 96%; 31 December 2012: 96%) was rated as investment grade. The total participating business holding of debt securities at 30 June 2013 was £24,693m (30 June 2012: £30,245m; 31 December 2012: £30,005m), of which 95% (30 June 2012: 95%; 31 December 2012: 96%) was rated as investment grade. This shows the high quality of the debt securities held.

The following tables show the shareholder and participating businesses' exposure to credit risk from debt securities analysed by credit rating and country.

Shareholder business

	Government, Provincial and Municipal¹			Banks			Other financial institutions			Other corporate			Other²			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
AAA	959	1,078	1,281	141	174	144	83	105	126	140	177	155	175	168	161	1,498	1,702	1,867
AA	1,713	1,269	1,471	457	558	524	238	210	233	412	390	399	-	-	-	2,820	2,427	2,627
A	1,259	1,401	1,319	1,335	771	1,238	890	776	885	2,736	2,568	2,876	-	-	-	6,220	5,516	6,318
BBB	3	-	2	109	81	87	63	58	56	1,096	795	910	-	-	-	1,271	934	1,055
Below BBB or not rated	9	5	9	15	37	49	342	335	334	63	53	88	70	75	76	499	505	556
Total	3,943	3,753	4,082	2,057	1,621	2,042	1,616	1,484	1,634	4,447	3,983	4,428	245	243	237	12,308	11,084	12,423

	Government, Provincial and Municipal¹			Banks			Other financial institutions			Other corporate			Other²			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
UK	386	464	302	513	422	607	727	793	844	855	584	743	70	75	74	2,551	2,338	2,570
Canada	3,158	3,259	3,441	185	150	179	258	274	290	2,136	2,208	2,211	-	-	-	5,737	5,891	6,121
Australia	-	-	-	98	60	85	14	6	6	8	-	9	-	-	-	120	66	100
Austria	21	-	-	-	-	-	-	-	-	-	-	-	-	-	-	21	-	-
Belgium	-	-	-	27	-	53	-	-	-	5	-	1	-	-	-	32	-	54
Denmark	-	-	-	4	7	5	-	-	-	15	4	6	-	-	-	19	11	11
Finland	-	-	-	75	20	-	-	-	-	-	-	1	-	-	-	75	20	1
France	22	-	-	236	126	228	17	1	4	402	326	402	-	-	-	677	453	634
Germany	317	21	315	68	93	114	18	19	22	332	268	208	-	-	-	735	401	659
Greece	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ireland	-	-	-	-	-	-	9	3	10	-	-	2	-	-	-	9	3	12
Italy	-	-	-	29	25	33	-	-	2	69	69	52	-	-	-	98	94	87
Japan	-	1	2	85	95	70	28	27	18	20	20	21	-	-	-	133	143	111
Mexico	1	-	1	-	-	-	-	-	-	78	57	77	-	-	-	79	57	78
Netherlands	-	-	-	391	304	286	18	1	1	21	14	154	-	-	-	430	319	441
Norway	-	-	1	-	2	21	-	-	-	36	32	39	-	-	-	36	34	61
Portugal	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Spain	-	-	-	8	8	9	2	-	-	38	31	39	-	-	-	48	39	48
Sweden	-	-	1	15	46	58	12	-	-	57	33	60	-	-	-	84	79	119
Switzerland	-	-	-	79	78	78	11	11	11	11	12	13	-	-	-	101	101	102
US	11	7	12	176	161	173	500	349	424	350	315	364	-	-	-	1,037	832	973
Other	27	1	7	68	24	43	2	-	2	14	10	26	175	168	163	286	203	241
Total	3,943	3,753	4,082	2,057	1,621	2,042	1,616	1,484	1,634	4,447	3,983	4,428	245	243	237	12,308	11,084	12,423

¹Government, Provincial and Municipal includes debt securities which are issued by or explicitly guaranteed by the national government. For Canada, this includes debt securities which are issued by or explicitly guaranteed by the Crown Corporations of the Government of Canada.

² This balance primarily consists of securities held in supranationals.

3.11 Risk management continued

(b) Investment property and financial assets continued

Participating business

	Government, Provincial and Municipal¹			Banks			Other financial institutions			Other corporate			Other²			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
AAA	8,844	18,627	16,452	626	842	760	870	939	990	128	40	155	158	364	244	10,626	20,812	18,601
AA	5,666	580	2,070	522	660	494	1,264	841	1,084	280	268	297	-	-	-	7,732	2,349	3,945
A	126	126	131	1,239	1,597	1,643	1,551	1,293	1,732	1,020	1,425	1,195	-	-	-	3,936	4,441	4,701
BBB	4	8	4	232	309	313	411	403	448	622	769	763	-	-	-	1,269	1,489	1,528
Below BBB or not rated	17	-	4	207	212	223	576	548	586	330	394	417	-	-	-	1,130	1,154	1,230
Total	14,657	19,341	18,661	2,826	3,620	3,433	4,672	4,024	4,840	2,380	2,896	2,827	158	364	244	24,693	30,245	30,005

	Government, Provincial and Municipal¹			Banks			Other financial institutions			Other corporate			Other²			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
UK	12,634	14,685	13,401	923	1,133	1,167	3,166	2,879	3,149	931	1,255	1,082	-	-	-	17,654	19,952	18,799
Canada	357	418	396	23	20	23	50	60	49	64	53	59	-	-	-	494	551	527
Australia	-	63	1	142	175	180	75	67	95	18	25	21	-	-	-	235	330	297
Austria	-	279	364	26	52	27	-	-	-	-	6	3	-	-	-	26	337	394
Belgium	1	3	286	15	17	24	-	-	68	16	15	21	-	-	-	32	35	399
Denmark	-	6	6	29	26	33	-	1	-	44	55	58	-	-	-	73	88	97
Finland	-	201	203	109	87	45	25	25	25	8	9	13	-	-	-	142	322	286
France	196	931	1,287	307	361	324	246	138	257	314	481	435	-	-	-	1,063	1,911	2,303
Germany	1,420	2,121	1,988	319	427	356	220	124	126	157	262	221	-	-	-	2,116	2,934	2,691
Greece	-	-	-	-	-	-	2	-	-	2	3	4	-	-	-	4	3	4
Ireland	-	-	-	4	3	5	21	38	56	9	15	13	-	-	-	34	56	74
Italy	4	2	2	30	66	74	130	78	42	62	119	89	-	-	-	226	265	207
Japan	11	34	33	66	39	32	11	11	1	-	1	-	-	-	-	88	85	66
Mexico	-	1	-	-	-	-	-	-	-	51	55	61	-	-	-	51	56	61
Netherlands	-	409	474	273	436	398	83	33	223	32	49	42	-	-	-	388	927	1,137
Norway	-	91	142	72	156	133	12	14	14	58	28	63	-	-	-	142	289	352
Portugal	-	-	-	-	-	-	-	-	-	-	-	1	-	-	-	-	-	1
Spain	4	8	5	23	24	24	4	21	6	81	65	82	-	-	-	112	118	117
Sweden	4	66	68	95	113	189	5	7	11	27	29	31	-	-	-	131	215	299
Switzerland	-	-	-	9	78	19	67	35	29	12	27	12	-	-	-	88	140	60
US	-	6	5	278	397	318	387	321	437	329	258	310	-	-	-	994	982	1,070
Other	26	17	-	83	10	62	168	172	252	165	86	206	158	364	244	600	649	764
Total	14,657	19,341	18,661	2,826	3,620	3,433	4,672	4,024	4,840	2,380	2,896	2,827	158	364	244	24,693	30,245	30,005

² This balance primarily consists of securities held in supranationals.

Loans

The Group is exposed to interest rate risk and credit risk from loans issued. The Group manages its exposure by setting portfolio limits by individual business unit. These limits specify the proportion of the value of the total portfolio of mortgage loans and mortgage bonds that are represented by a single, or group of related counterparties, geographic area, employment status, or economic sector, risk rating and loan to value percentages.

The shareholder business holding of loans of £2,752m (30 June 2012: £2,826m, 31 December 2012: £2,855m) primarily comprises the Canadian non-segregated funds commercial mortgage book. This mortgage book is deemed to be of very high quality. The Canada mortgage book has an average loan to value of 39% (30 June 2012: 40%, 31 December 2012: 39%).

The participating business holding of loans of £216m (30 June 2012: £239m, 31 December 2012: £226m) primarily comprises of UK mortgages. These mortgage books are deemed to be of very high quality.

3.12 Fair value hierarchy of financial instruments

(a) Determination of fair value hierarchy

To provide further information on the approach used to determine and measure the fair value of certain financial assets and derivative financial liabilities, the following fair value hierarchy categorisation has been used:

Level 1: Fair values measured using quoted prices (unadjusted) in active markets for identical assets or liabilities.

This category includes equity securities listed on a recognised exchange, certain government and supranational institution bonds and exchange traded futures and options.

Level 2: Fair values measured using inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

This category includes certain government bonds, listed or publicly quoted corporate bonds, commercial paper, certificates of deposit and derivative instruments which are not exchange traded. Corporate bonds have generally been classified as level 2 as the composite price provided by external pricing providers may include, as an input, quotes provided by some banks that are not based on actual transaction prices.

Level 3: Fair values measured using inputs that are not based on observable market data (unobservable inputs).

Level 3 financial instruments principally include unlisted equity securities, being predominantly interests in private equity funds, listed or publicly quoted corporate bonds for which prices are not available from external pricing providers or where such prices are considered to be stale (including some asset backed securities) or are based on single broker indicative quotes and unquoted bonds where credit spreads, being a significant input to the valuation technique, are obtained from a broker or estimated internally.

(b) Methods and assumptions used to determine fair value of financial assets and liabilities

Information on the methods and assumptions used to determine fair values for each major category of financial instrument measured at fair value is given below.

Equity securities and interests in pooled investment funds - 30 June 2013: £81,725m (30 June 2012: £59,768m; 31 December 2012: £65,812m)
Equity instruments listed on a recognised exchange are valued using prices sourced from the primary exchange on which they are listed. These instruments are generally considered to be quoted in an active market and are therefore treated as level 1 instruments within the fair value hierarchy.

Unlisted equities are valued using an adjusted net asset value. The Group's exposure to unlisted equity securities primarily relates to private equity investments. The majority of the Group's private equity investments are carried out through European fund of funds structures, where the Group receives valuations from the investment managers of the underlying funds.

The valuations received from investment managers of the underlying funds are reviewed and where appropriate adjustments are made to reflect the impact of changes in market conditions between the date of the valuation and the end of the reporting period. The valuation of these securities is largely based on inputs that are not based on observable market data, and accordingly these instruments are treated as level 3 instruments within the fair value hierarchy. Where appropriate, reference is made to observable market data.

Debt securities - 30 June 2013: £63,691m (30 June 2012: £69,942m; 31 December 2012: £73,301m)
For debt securities, the Group has determined a hierarchy of pricing sources. The hierarchy consists of reputable external pricing providers who generally use observable market data. If prices are not available from these providers or are considered to be stale, the Group has established procedures to arrive at an internal assessment of the fair value. These procedures are based largely on inputs that are not based on observable market data. A further analysis by category of debt security is as follows:

· Government, including provincial and municipal, and supranational institution bonds
These instruments are valued using prices received from external pricing providers who generally base the price on quotes received from a number of market participants. They are treated as level 1 or level 2 instruments within the fair value hierarchy depending upon the nature of the underlying pricing information used for valuation purposes.

· Corporate bonds (listed or quoted in an established over-the-counter market including asset backed securities)
These instruments are generally valued using prices received from external pricing providers who generally consolidate quotes received from a panel of banks into a composite price. As the market becomes less active the quotes provided by some banks may be based on modelled prices rather than on actual transactions. These sources are based largely on observable market data, and therefore these instruments are treated as level 2 instruments within the fair value hierarchy. When prices received from external pricing providers are based on a single broker indicative quote the instruments are treated as level 3 instruments.

For instruments for which prices are either not available from external pricing providers or the prices provided are considered to be stale, the Group performs its own assessment of the fair value of these instruments. This assessment is largely based on inputs that are not based on observable market data, principally single broker indicative quotes, and accordingly these instruments are treated as level 3 instruments within the fair value hierarchy.

· Other corporate bonds including unquoted bonds, commercial paper and certificates of deposit
These instruments are valued using models. For unquoted bonds the model uses inputs from comparable bonds and includes credit spreads which are obtained from brokers or estimated internally. Commercial paper and certificates of deposit are valued using standard valuation formulas. The classification of these instruments within the fair value hierarchy will be either level 2 or 3 depending upon the nature of the underlying pricing information used for valuation purposes.

3.12 Fair value hierarchy of financial instruments continued

(b) Methods and assumptions used to determine fair value of financial assets and liabilities continued

Derivative financial assets - 30 June 2013: £2,358m (30 June 2012: £2,625m; 31 December 2012: £2,150m) and derivative financial liabilities - 30 June 2013: £1,185m (30 June 2012: £1,637m; 31 December 2012: £853m)

The majority of the Group's derivatives are over-the-counter (OTC) investments which are fair valued using valuation techniques based on observable market data and are therefore treated as level 2 investments within the fair value hierarchy.

Exchange traded derivatives are valued using prices sourced from the relevant exchange. They are considered to be instruments quoted in an active market and are therefore treated as level 1 instruments within the fair value hierarchy.

Non-performance risk arising from the credit risk of each counterparty has been considered on a net exposure basis in line with the Group's risk management policies. At 30 June 2013 the residual credit risk is considered immaterial and no credit risk adjustment has been made.

Non-participating investment contract liabilities - 30 June 2013: £89,005m (30 June 2012: £75,723m; 31 December 2012; £81,601m)

The fair value of the non-participating investment contract liabilities is calculated equal to the fair value of the underlying assets and liabilities in the funds. Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying assets and liabilities in which these funds are invested. The underlying assets and liabilities are predominately classified as Level 1 or 2 and as such, the inputs into the valuation of the liabilities are observable. Therefore, the liabilities are classified within level 2 of the fair value hierarchy.

Liabilities in respect of third party interest in consolidated funds - 30 June 2013: £10,364m (30 June 2012: £9,472m; 31 December 2012: £12,037m)

The fair value of liabilities in respect of third party interest in consolidated funds is calculated equal to the fair value of the underlying assets and liabilities in the funds. Thus, the value of these liabilities is dependent on the methods and assumptions set out above in relation to the underlying assets in which these funds are invested. When the underlying assets and liabilities are valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 2. Where the underlying assets and liabilities are not valued using readily available market information the liabilities in respect of third party interest in consolidated funds are treated as level 3.

(b)(i) Fair value hierarchy for financial assets measured at fair value in the statement of financial position

The table below presents the Group's financial assets measured at fair value by level of the fair value hierarchy.

	Level 1			Level 2			Level 3			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Derivative financial assets	621	838	613	1,737	1,787	1,537	-	-	-	2,358	2,625	2,150
Equity securities and interests in pooled investment vehicles	80,573	58,555	64,653	2	-	3	1,150	1,213	1,156	81,725	59,768	65,812
Debt securities	20,366	26,629	25,277	41,959	41,948	46,621	1,366	1,365	1,403	63,691	69,942	73,301
Total financial assets at fair value	101,560	86,022	90,543	43,698	43,735	48,161	2,516	2,578	2,559	147,774	132,335	141,263

There were no significant transfers between Levels 1 and 2 during the period (six months ended 30 June 2012: none; 12 months ended 31 December 2012: none).

All transfers between fair value hierarchy levels are deemed to occur on the last day of the quarter in which they arise.

The table that follows presents an analysis of the Group's financial assets measured at fair value by level of the fair value hierarchy for each category as set out in Note 3.11 - Risk management.

			Fair value hierarchy
	Level 1			Level 2			Level 3			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Shareholder business
Derivative financial assets	5	-	-	60	279	63	-	-	-	65	279	63
Equity securities and interests in pooled investment funds	213	186	182	2	-	3	12	12	12	227	198	197
Debt securities	909	635	834	10,411	9,447	10,606	988	1,002	983	12,308	11,084	12,423
Total shareholder business	1,127	821	1,016	10,473	9,726	10,672	1,000	1,014	995	12,600	11,561	12,683
Participating business
Derivative financial assets	251	535	415	529	794	691	-	-	-	780	1,329	1,106
Equity securities and interests in pooled investment funds	13,234	7,875	8,380	-	-	-	718	740	699	13,952	8,615	9,079
Debt securities	14,531	18,757	17,701	9,948	11,245	12,085	214	243	219	24,693	30,245	30,005
Total participating business	28,016	27,167	26,496	10,477	12,039	12,776	932	983	918	39,425	40,189	40,190
Unit linked and segregated funds
Derivative financial assets	269	223	135	831	523	546	-	-	-	1,100	746	681
Equity securities and interests in pooled investment funds	62,696	48,132	52,942	-	-	-	60	74	77	62,756	48,206	53,019
Debt securities	4,867	6,589	6,062	18,408	17,079	18,567	160	115	194	23,435	23,783	24,823
Total unit linked and segregated fund	67,832	54,944	59,139	19,239	17,602	19,113	220	189	271	87,291	72,735	78,523
Third party interest in consolidated funds and non-controlling interests
Derivative financial assets	96	80	63	317	191	237	-	-	-	413	271	300
Equity securities and interests in pooled investment funds	4,430	2,362	3,149	-	-	-	360	387	368	4,790	2,749	3,517
Debt securities	59	648	680	3,192	4,177	5,363	4	5	7	3,255	4,830	6,050
Total third party interest in consolidated funds and non-controlling interests	4,585	3,090	3,892	3,509	4,368	5,600	364	392	375	8,458	7,850	9,867
Total	101,560	86,022	90,543	43,698	43,735	48,161	2,516	2,578	2,559	147,774	132,335	141,263

(b)(ii) Fair value hierarchy for financial liabilities measured at fair value in the statement of financial position

The table below presents the Group's financial liabilities measured at fair value by level of the fair value hierarchy.

	Level 1			Level 2			Level 3			Total
	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Non-participating investment contract liabilities	-	-	-	89,005	75,723	81,601	-	-	-	89,005	75,723	81,601
Liabilities in respect of third party interest in consolidated funds	-	-	-	10,358	9,468	12,034	6	4	3	10,364	9,472	12,037
Derivative financial liabilities	232	497	127	953	1,140	726	-	-	-	1,185	1,637	853
Total financial liabilities at fair value	232	497	127	100,316	86,331	94,361	6	4	3	100,554	86,832	94,491

There were no transfers between Levels 1 and 2 during the six months ended 30 June 2013 (six months ended 30 June 2012: none; 12 months ended 31 December 2012: none).

3.12 Fair value hierarchy of financial instruments continued

(b) Methods and assumptions used to determine fair value of financial assets and liabilities continued

(b)(ii) Fair value hierarchy for financial liabilities measured at fair value in the statement of financial position continued

The table that follows presents an analysis of the Group's financial liabilities measured at fair value by level of the fair value hierarchy for each category as set out in Note 3.11 - Risk management.

			Fair value hierarchy
	Level 1				Level 2			Level 3			Total
	30 Jun 2013	30 Jun 2012		31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012	30 Jun 2013	30 Jun 2012	31 Dec 2012
	£m	£m		£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
Shareholder business
Derivative financial liabilities	-	6		2	35	15	21	-	-	-	35	21	23
Total shareholder business	-	6		2	35	15	21	-	-	-	35	21	23
Participating business
Derivative financial liabilities	54	98		7	61	22	41	-	-	-	115	120	48
Total participating business	54	98		7	61	22	41	-	-	-	115	120	48
Unit linked and segregated funds
Non-participating investment contract liabilities	-	-		-	89,005	75,723	81,601	-	-	-	89,005	75,723	81,601
Derivative financial liabilities	129	285		82	612	791	466	-	-	-	741	1,076	548
Total unit linked and segregated fund	129	285		82	89,617	76,514	82,067	-	-	-	89,746	76,799	82,149
Third party interest in consolidated funds and non-controlling interests
Liabilities in respect of third party interest in consolidated funds	-	-		-	10,358	9,468	12,034	6	4	3	10,364	9,472	12,037
Derivative financial liabilities	49	108		36	245	312	198	-	-	-	294	420	234
Total third party interest in consolidated funds and non-controlling interests	49	108		36	10,603	9,780	12,232	6	4	3	10,658	9,892	12,271
Total	232	497		127	100,316	86,331	94,361	6	4	3	100,554	86,832	94,491

(b)(iii) Reconciliation of movements in level 3 instruments

The movements during the period of level 3 financial assets and liabilities held at fair value are analysed below

	Equity securities and interests in pooled investment funds		Debt securities		Liabilities in respect of third party interest in consolidated funds
	6 months 2013	Full year 2012	6 months 2013	Full year 2012	6 months 2013	Full year 2012
	£m	£m	£m	£m	£m	£m
At period start	1,156	1,245	1,403	1,382	(3)	(7)
Total gains/(losses) recognised in the income statement	43	92	(109)	43	(3)	(5)
Purchases	43	82	241	414	-	-
Repayment	-	-	-	-	-	9
Sales	(134)	(239)	(144)	(265)	-	-
Transfers in to level 3	9	-	15	27	-	-
Transfers out of level 3	-	-	(51)	(175)	-	-
Foreign exchange adjustment	33	(24)	11	(23)	-	-
At period end	1,150	1,156	1,366	1,403	(6)	(3)

As at 30 June 2013, £82m of total losses (31 December 2012: £12m of gains) were recognised in the IFRS condensed consolidated income statement for assets and liabilities held at the period end.

Total gains or losses recognised in the IFRS condensed consolidated income statement shown above are included in investment return, with the exception of gains on third party interest in consolidated funds which are included in change in liability for third party interest in consolidated funds.

During the period, £15m (31 December 2012: £27m) of debt securities were transferred from level 2 to level 3 and £51m (31 December 2012: £175m) of debt securities were transferred from level 3 to level 2. Transfers into level 3 generally arose when external pricing providers stopped providing a price or where the price provided was considered stale. Transfers out of level 3 arose when acceptable prices became available from external pricing providers.

(b)(iv) Group's valuation process for level 3 instruments

As noted above, the Group holds financial instruments which have been classified as level 3 instruments, principally comprising:

· Private equity investments which, because of the nature of the fund structures in which the Group invests, are valued based on valuations received from the investment managers of the underlying funds

· Certain debt securities for which prices are either not available from external pricing providers or the prices that are available are considered stale, the Group performs its own assessment of the fair value of these instruments. This assessment principally uses single broker indicative quotes to determine the fair value of these instruments.

(b)(v) Sensitivity of level 3 financial instruments measured at fair value to changes in key assumptions

For the majority of level 3 financial instruments, the Group does not use internal models to value the securities but rather obtains valuations from external parties. Due to the externally generated nature of the majority of valuations used for level 3 instruments, the Group has limited access to the significant assumptions and data sources used by the external party and accordingly no sensitivity analysis has been presented. The Group reviews the appropriateness of the valuations based on its knowledge of the market.

Where internal models are used to value level 3 instruments, changes in the assumptions used within those models to reasonably possible alternative assumptions do not have a significant impact on profit before tax or total assets or liabilities.

The table below presents quantitative information about the significant unobservable inputs for level 3 instruments:

	30 June 2013
	Fair value £m	Valuation technique	Unobservable input	Range (weighted average)
Private equity investments	1,150	Adjusted net asset value	Net asset value from fund managers Adjustment to net asset value¹	N/A N/A
Debt securities	1,366	N/A	Single quoted price²	N/A

¹ An adjustment is made for significant movements in private equity market since the date of the most recent valuation received from the investment manager of the underlying funds.

² Debt securities which are valued using a single broker indicative quotes are disclosed in level 3 in the fair value hierarchy. No adjustment is made to these prices.

The table below presents estimated fair values of financial assets and liabilities whose carrying value does not approximate fair value. Fair values of financial assets and financial liabilities are based on observable market inputs where available, or are estimated using other valuation techniques.

	30 June 2013	31 Dec 2012	30 June 2013	31 Dec 2012
	Carrying value	Carrying value	Fair value	Fair value
	£m	£m	£m	£m
Financial assets
Loans secured by mortgages	2,901	3,014	3,006	3,119
Financial liabilities
Subordinated notes	747	744	762	790
Subordinated guaranteed bonds	519	502	568	553
Mutual Assurance Capital Securities	622	622	645	654
Non-participating investment contract liabilities	2,601	2,600	2,658	2,697

The estimated fair values are calculated by discounting the expected future cash flows at current market rates, with the exception of subordinated liabilities, which are based on the quoted market offer price.

It is not possible to reliably calculate the fair value of participating investment contract liabilities. The carrying value of participating investment contract liabilities at 30 June 2013 was £14,762m (31 December 2012: £14,993m).

The carrying value of all other financial assets and liabilities measured at amortised cost approximates their fair value.

3.13 Provisions and contingent liabilities

(a) Legal proceedings and regulations

The Group, like other financial organisations, is subject to legal proceedings and complaints in the normal course of its business. While it is not practicable to forecast or determine the final results of all pending or threatened legal proceedings, the Directors do not believe that such proceedings (including litigation) will have a material effect on the results and financial position of the Group.

The Group is subject to insurance solvency regulations in all the territories in which it issues insurance and investment contracts, and it has complied in material respects with local solvency and other regulations. Therefore, there are no contingencies in respect of these regulations.

(b) Issued share capital

The Scheme of Demutualisation sets a 10-year time limit, ending in 2016, for those eligible members of The Standard Life Assurance Company who were not allocated shares at the date of demutualisation to claim their entitlements. As future issues of these shares are dependent upon the actions of eligible members, it is not practical to estimate the financial effect of this potential obligation.

In the ordinary course of business, Standard Life Trust Company (SLTC) enters into agreements which contain guarantee provisions for clearing system arrangements related to investment activities. Under such arrangements, the company, together with other participants in the clearing systems, may be required to guarantee certain obligations of a defaulting member. The guarantee provisions and amounts vary based upon the agreement. SLTC cannot estimate the amount, if any, that may be payable upon default. To facilitate its participation in the clearing system, SLTC has provided as security a bank credit facility up to a maximum of CA$84m.

3.14 Commitments

(a) Capital commitments

As at 30 June 2013 capital expenditure that was authorised and contracted for, but not provided and incurred, was £225m (30 June 2012: £241m, 31 December 2012: £215m) in respect of investment properties. Of this amount, £183m (30 June 2012: £202m, 31 December 2012: £185m) and £42m (30 June 2012: £39m, 31 December 2012: £30m) relates to the contractual obligations to purchase, construct or develop investment property and repair, maintain or enhance investment property respectively.

On 27 February 2013, the Group announced that it had entered into an agreement with Newton Management Limited to acquire its private client division with assets under management of c£3.6bn. The consideration of up to £83.5m will be ultimately contingent on the value of assets under management transferred to, and retained by, the Group. The transaction is expected to complete on 27 September 2013 subject to completion conditions being satisfied.

(b) Unrecognised financial instruments

The Group has committed the following unrecognised financial instruments to customers and third parties:

	30 June 2013	30 June 2012	31 December 2012
	£m	£m	£m
Commitments to extend credit:
Original term to maturity of one year or less	20	67	42
Original term to maturity of more than one year	-	2	-
Other commitments	326	285	289

Included in other commitments is £299m (30 June 2012: £245m; 31 December 2012: £258m) committed by certain subsidiaries which are not fully owned by the Group. These commitments are funded through contractually agreed additional investments in the subsidiary by the Group and the non-controlling interests. The levels of funding are not necessarily in line with the relevant percentage holdings.

The Group has entered into commercial non-cancellable leases on certain property, plant and equipment where it is not in the best interest of the Group to purchase these assets. Such leases have varying terms, escalation clauses and renewal rights.

The future aggregate minimum lease payments under non-cancellable operating leases are as follows:

	30 June 2013	30 June 2012	31 December 2012
	£m	£m	£m
Not later than one year	31	33	32
Later than one year and no later than five years	74	92	83
Later than five years	112	115	117
Total operating lease commitments	217	240	232

3.15 Related party transactions

(a) Transactions with/from related parties

Transactions with related parties carried out by the Group were as follows:

	6 months 2013	6 months 2012	Full year 2012
	£m	£m	£m
Sale to:
Associates	10	7	13
Joint ventures	26	21	77
Other related parties	64	46	91
	100	74	181
Purchase from:
Joint ventures	24	21	21
	24	21	21

Sales to other related parties include management fees received from non-consolidated investment vehicles managed by Standard Life Investments.

The Group's defined benefit pension schemes have assets of £789m (30 June 2012: £819m; 31 December 2012: £845m) invested in investment vehicles managed by the Group.

(b) Transactions with key management personnel and their close family members

All transactions between the key management personnel and their close family members and the Group during the period are on commercial terms which are equivalent to those available to all employees of the Group.

During the six months ended 30 June 2013, the key management personnel and their close family members contributed £2.5m (six months ended 30 June 2012: £0.5m, 12 months ended 31 December 2012: £1.2m) to products sold by the Group.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR EANPXESSDEFF

Companies

Abrdn (ABDN)

Friday, 20th December 2024

COMPANIES COVERED:

SRP NMT RPI

Serco extends Thursday’s gains as upbeat mood prevails and Raspberry Pi also advances off the back of stake building news, but Neometals under pressure as it plans cancellation of AIM listing to focus on ASX.

Full Archive

UK 100

Latest directors dealings

2 days ago The Renewables Infrastructure Group Limited
2 days ago The Renewables Infrastructure Group Limited
2 days ago Smurfit Westrock (DI)
2 days ago Menhaden Resource Efficiency
2 days ago BP

All directors dealings today