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International Financial Reporting Standards |
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Page 48 |
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Notes to the Financial Statements |
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4.01 Life and pensions operating profit |
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(a) Analysis of life and pensions operating profit |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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Restated |
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Notes |
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£m |
£m |
£m |
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Net capital released from non profit business |
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4.01(b) |
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95 |
153 |
161 |
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Investment return1 |
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154 |
154 |
317 |
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Other expenses |
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(10) |
(15) |
(27) |
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Non profit business |
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239 |
292 |
451 |
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With-profits business |
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60 |
50 |
106 |
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UK |
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299 |
342 |
557 |
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USA |
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30 |
32 |
59 |
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Netherlands |
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8 |
4 |
11 |
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France |
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10 |
5 |
16 |
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347 |
383 |
643 |
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1. The smoothed investment return of £154m reflects an average return of 3% (H1 2007: 3%, FY 2007: 7%) on the average balance of invested assets held within Society Shareholder Capital (SSC) (including interest bearing intra group balances) calculated on a quarterly basis. The invested assets (including interest bearing intra group balances) held within the SSC amounted to £4.5bn at 30 June 2008 (H1 2007: £4.6bn, FY 2007: £4.7bn). |
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(b) Analysis of net capital released from non profit business |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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Notes |
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£m |
£m |
£m |
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Net capital released from non profit business comprises: |
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New business |
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- Strain before financing arrangements |
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(237) |
(142) |
(344) |
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Existing business |
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- Expected capital release, before financing arrangements |
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241 |
211 |
406 |
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Experience variances |
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4.01(c) |
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(27) |
49 |
115 |
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Changes to non-economic assumptions |
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4.01(d) |
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(7) |
(6) |
(137) |
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Changes to FSA reporting and capital rules |
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- |
- |
37 |
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Movements in non-cash items |
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4.01(e) |
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95 |
7 |
74 |
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Other |
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3 |
(12) |
(38) |
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68 |
107 |
113 |
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Tax gross-up |
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27 |
46 |
48 |
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95 |
153 |
161 |
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Expected capital release represents the capital and profit generated in the period from the in-force non profit business if the embedded value assumptions are borne out in practice. The experience variances are calculated with reference to embedded value assumptions, including the apportionment of investment return and tax in the EEV model. Both new business strain and expected capital release exclude required solvency margin, as this is not accounted for under IFRS. On average, the capital invested in new non profit business, including solvency margin, is repaid from product cash flows in approximately 7 years. |
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International Financial Reporting Standards |
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Page 49 |
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Notes to the Financial Statements |
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4.01 Life and pensions operating profit (continued) |
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An analysis of the experience variances, non-economic assumption changes and non-cash items, all net of tax, is provided below: |
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(c) Experience variances |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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£m |
£m |
£m |
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Persistency |
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1 |
10 |
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Mortality/morbidity |
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11 |
5 |
22 |
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Expenses |
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(24) |
(27) |
(57) |
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BPA data loading |
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23 |
12 |
3 |
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Investment |
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20 |
67 |
134 |
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Tax1 |
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(55) |
(4) |
10 |
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Other |
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(2) |
(5) |
(7) |
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(27) |
49 |
115 |
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1. The current tax credit for the period was lower than expected as a result of the fall in investment markets. The consequent unrelieved expenses gave rise to a deferred tax credit, reflected in non-cash items (Note 4.01(e)). |
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(d) Changes to non-economic assumptions |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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£m |
£m |
£m |
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Mortality/morbidity1 |
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(4) |
- |
(121) |
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Expenses |
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(9) |
(1) |
(37) |
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Other |
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6 |
(5) |
21 |
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(7) |
(6) |
(137) |
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1. FY 07 includes £(214)m relating to the strengthening of assumptions for annuitant longevity on existing business, offset by £64m relating to changes to the assumptions for the proportions married. |
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(e) Movements in non-cash items |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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£m |
£m |
£m |
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Non linked deferred tax |
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82 |
(18) |
(17) |
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Deferred acquisition costs |
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31 |
64 |
114 |
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Deferred income liabilities |
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(1) |
(42) |
(72) |
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Other |
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(17) |
3 |
49 |
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95 |
7 |
74 |
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4.02 Investment management operating profit |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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£m |
£m |
£m |
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Managed pension funds |
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63 |
51 |
103 |
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Property |
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4 |
5 |
6 |
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Retail investments |
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(1) |
6 |
8 |
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Other income1 |
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27 |
11 |
38 |
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93 |
73 |
155 |
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1. Other income includes £19m of profits arising from the provision of investment management services charged to the Group's UK life and pensions businesses (H1 07: £4m (LGPL only); FY 07: £23m). |
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International Financial Reporting Standards |
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Page 50 |
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Notes to the Financial Statements |
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4.03 General insurance operating profit, underwriting result and combined operating ratios |
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(a) Operating profit |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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£m |
£m |
£m |
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Household1 |
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(7) |
(52) |
(86) |
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Other business2 |
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3 |
14 |
19 |
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(4) |
(38) |
(67) |
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1. Household business in 2007 includes a loss of £76m (H1 07: £40m) net of reinsurance as a result of flood related claims in June and July 2007. 2. Other business in 2007 includes £6m profit (H1 07: £6m) following the withdrawal from the healthcare business in the first quarter. |
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(b) Underwriting result |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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£m |
£m |
£m |
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Household |
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(14) |
(59) |
(101) |
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Other business |
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3 |
11 |
15 |
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(11) |
(48) |
(86) |
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(c) Combined operating ratio |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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% |
% |
% |
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Household |
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110 |
153 |
145 |
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Other business1 |
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88 |
68 |
74 |
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107 |
134 |
131 |
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1. Other business combined ratio in 2007 includes the £6m profit following the withdrawal from the healthcare business in the first quarter. |
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The combined operating ratio is: |
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Net incurred claims |
+ |
Expenses + Net commission |
X 100 |
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Net earned premiums |
Net written premiums |
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4.04 Other operational income |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
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Restated |
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£m |
£m |
£m |
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Shareholders' other income |
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Investment return on shareholders' equity1 |
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29 |
27 |
51 |
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Interest expense2 |
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(66) |
(55) |
(119) |
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(37) |
(28) |
(68) |
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Other operations3 |
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(1) |
1 |
1 |
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Unallocated corporate and development expenses |
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(7) |
(5) |
(6) |
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(45) |
(32) |
(73) |
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1. Investment return on shareholders' equity excludes investment return on Society shareholder capital, which is included in UK life and pensions. 2. Interest expense relates to average borrowings, excluding non recourse financing (see Note 4.14). 3. Principally the regulated mortgage network and Cofunds. |
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International Financial Reporting Standards |
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Page 51 |
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Notes to the Financial Statements |
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4.05 Variation from longer term investment return |
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Full year |
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30.06.08 |
30.06.07 |
31.12.07 |
||
|
|
|
|
|
|
|
|
Restated |
|
||
|
|
|
|
|
|
|
£m |
£m |
£m |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
UK life and pensions |
|
|
|
|
|
(425) |
92 |
(75) |
|||
Netherlands |
|
|
|
|
|
(13) |
(12) |
(11) |
|||
Investment management |
|
|
|
|
|
(4) |
(1) |
4 |
|||
General insurance |
|
|
|
|
|
(11) |
(9) |
(9) |
|||
Other operational income |
|
|
|
|
|
31 |
26 |
1 |
|||
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||
|
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||
|
|
|
|
|
|
|
(422) |
96 |
(90) |
||
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|
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||
|
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|
||
Investment return is allocated to operating profit by reference to a longer term rate of investment return for the respective invested funds. The difference between the amount allocated to operating profit and actual investment return is the variation from longer term investment return analysed above. |
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||
4.06 Analysis of tax |
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|
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||
|
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|
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Profit |
|
||
|
|
|
|
Profit/(loss) |
|
Profit |
|
before tax |
Tax |
||
|
|
|
|
before tax |
Tax |
before tax |
Tax |
Full year |
Full year |
||
|
|
|
|
30.06.08 |
30.06.08 |
30.06.07 |
30.06.07 |
31.12.07 |
31.12.07 |
||
|
|
|
|
|
|
Restated |
Restated |
|
|
||
|
|
|
|
£m |
£m |
£m |
£m |
£m |
£m |
||
|
|
|
|
|
|
|
|
|
|
||
|
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|
|
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|
|
|
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|
||
From continuing operations |
|
|
|
|
|
|
|
|
|||
UK life and pensions |
|
|
299 |
(89) |
342 |
(119) |
557 |
(173) |
|||
International life and pensions |
|
|
48 |
(15) |
41 |
(13) |
86 |
(25) |
|||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
347 |
(104) |
383 |
(132) |
643 |
(198) |
||
Investment management |
|
|
93 |
(22) |
73 |
(23) |
155 |
(47) |
|||
General insurance |
|
|
(4) |
1 |
(38) |
12 |
(67) |
19 |
|||
Other operational income |
|
|
(45) |
14 |
(32) |
12 |
(73) |
30 |
|||
|
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|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Operating profit |
|
|
391 |
(111) |
386 |
(131) |
658 |
(196) |
|||
Variation from longer term investment return |
(422) |
128 |
96 |
(39) |
(90) |
31 |
|||||
Property income attributable to minority interests |
(13) |
- |
17 |
- |
(6) |
- |
|||||
Release of 1996 Sub-fund |
|
|
- |
- |
- |
- |
321 |
- |
|||
|
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|
|
|
|
|
|
|
||
|
|
|
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|
|
|
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|
|
||
(Loss)/profit from continuing operations before tax / Tax |
(44) |
17 |
499 |
(170) |
883 |
(165) |
|||||
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||
Only the element of total tax attributable to equity holders' profit is shown explicitly in the analysis above; the tax attributable to policyholder returns is included within expenses in the operating profit income statement. Deferred tax is provided at the incremental rate on the undeclared surplus in Society's LTF represented by the Shareholder Retained Capital (SRC). At 30 June 2008 and 31 December 2007, the incremental rate in respect of the undeclared surplus of £1,892m (December 2007: £2,047m) was zero. At 30 June 2007, no deferred tax was provided, on the grounds that, at the balance sheet date, no obligation to make a declaration of surplus actually existed and there was no expectation that such a declaration would occur. The maximum amount of incremental tax which would have crystallised on such a declaration of surplus at 30 June 2007 was estimated to be £295m. |
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||
International Financial Reporting Standards |
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|
|
Page 52 |
|||||
Notes to the Financial Statements |
|
|
|
|
|
|
|
||||
4.07 Earnings per share |
|
|
|
|
|
|
|
|
|||
(a) Earnings per share |
|
|
|
|
|
|
|
|
|||
|
|
Profit |
Tax |
Profit |
Earnings |
Profit |
Tax |
Profit |
Earnings |
||
|
|
before tax |
(charge)/ |
after tax |
per share |
before tax |
(charge)/ |
after tax |
per share |
||
|
|
|
credit |
|
|
|
credit |
|
|
||
|
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
30.06.07 |
30.06.07 |
30.06.07 |
||
|
|
|
|
|
|
Restated |
Restated |
Restated |
Restated |
||
|
|
£m |
£m |
£m |
p |
£m |
£m |
£m |
p |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Operating profit from continuing operations |
391 |
(111) |
280 |
4.61 |
386 |
(131) |
255 |
3.93 |
|||
Variation from longer term investment return |
(422) |
128 |
(294) |
(4.84) |
96 |
(39) |
57 |
0.87 |
|||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||
Earnings per share based on (loss)/profit |
|
|
|
|
|
|
|
||||
attributable to equity holders |
(31) |
17 |
(14) |
(0.23) |
482 |
(170) |
312 |
4.80 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
Profit |
Tax |
Profit |
Earnings |
||
|
|
|
|
|
|
before tax |
charge |
after tax |
per share |
||
|
|
|
|
|
|
Full year |
Full year |
Full year |
Full year |
||
|
|
|
|
|
|
31.12.07 |
31.12.07 |
31.12.07 |
31.12.07 |
||
|
|
|
|
|
|
£m |
£m |
£m |
p |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Operating profit from continuing operations |
|
|
658 |
(196) |
462 |
7.17 |
|||||
Variation from longer term investment return |
|
|
(90) |
31 |
(59) |
(0.91) |
|||||
Release of 1996 Sub-fund |
|
|
|
|
321 |
- |
321 |
4.98 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Earnings per share based on profit |
|
|
|
|
|
|
|
||||
attributable to equity holders |
|
|
|
|
889 |
(165) |
724 |
11.24 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
(b) Diluted earnings per share |
|
|
|
|
|
|
|
||||
(i) Based on operating profit from continuing operations after tax |
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Profit |
Number |
Earnings |
Profit |
Number |
Earnings |
||
|
|
|
|
after tax |
of shares1 |
per share |
after tax |
of shares1 |
per share |
||
|
|
|
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
30.06.07 |
30.06.07 |
||
|
|
|
|
|
|
|
Restated |
|
Restated |
||
|
|
|
|
£m |
m |
p |
£m |
m |
p |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Operating profit from continuing operations after tax |
280 |
6,073 |
4.61 |
255 |
6,493 |
3.93 |
|||||
Net shares under options allocable for no further consideration |
- |
22 |
(0.02) |
- |
37 |
(0.02) |
|||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||
Diluted earnings per share |
|
|
280 |
6,095 |
4.59 |
255 |
6,530 |
3.91 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
Profit |
Number |
Earnings |
||
|
|
|
|
|
|
|
after tax |
of shares1 |
per share |
||
|
|
|
|
|
|
|
Full year |
Full year |
Full year |
||
|
|
|
|
|
|
|
31.12.07 |
31.12.07 |
31.12.07 |
||
|
|
|
|
|
|
|
£m |
m |
p |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Operating profit from continuing operations after tax |
|
|
|
462 |
6,444 |
7.17 |
|||||
Net shares under options allocable for no further consideration |
|
|
- |
34 |
(0.04) |
||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Diluted earnings per share |
|
|
|
|
|
462 |
6,478 |
7.13 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
(ii) Based on profit attributable to equity holders of the Company |
|
|
|
|
|||||||
|
|
|
|
Profit |
Number |
Earnings |
Profit |
Number |
Earnings |
||
|
|
|
|
after tax |
of shares1 |
per share |
after tax |
of shares1 |
per share |
||
|
|
|
|
30.06.08 |
30.06.08 |
30.06.08 |
30.06.07 |
30.06.07 |
30.06.07 |
||
|
|
|
|
£m |
m |
p |
£m |
m |
p |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Profit attributable to equity holders of the Company |
(14) |
6,073 |
(0.23) |
312 |
6,493 |
4.80 |
|||||
Net shares under options allocable for no further consideration |
- |
22 |
- |
- |
37 |
(0.03) |
|||||
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
||
Diluted earnings per share |
|
|
(14) |
6,095 |
(0.23) |
312 |
6,530 |
4.77 |
|||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
Profit |
Number |
Earnings |
||
|
|
|
|
|
|
|
after tax |
of shares1 |
per share |
||
|
|
|
|
|
|
|
31.12.07 |
31.12.07 |
31.12.07 |
||
|
|
|
|
|
|
|
£m |
m |
p |
||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Profit attributable to equity holders of the Company |
|
|
|
724 |
6,444 |
11.24 |
|||||
Net shares under options allocable for no further consideration |
|
|
- |
34 |
(0.06) |
||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Diluted earnings per share |
|
|
|
|
|
724 |
6,478 |
11.18 |
|||
|
|
|
|
|
|
|
|
|
|
||
The number of shares in issue at 30 June 2008 was 5,979,009,914 (H1 07: 6,535,517,371; FY 07: 6,296,321,160). 1. Weighted average number of shares. |
|||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
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|