Interim Results

St. James's Place Capital PLC 25 July 2001 PRESS RELEASE INTERIM RESULTS FOR THE PERIOD TO 30 JUNE 2001 St. James's Place Capital plc ('SJPC'), the wealth management group, today announces its new business and financial results for the half year ended 30 June 2001. The text of the announcement is attached: Enquiries: Mike Wilson, Chief Executive Tel: 020 7514 1985 Martin Moule, Finance Director Tel: 020 7514 1985 Nitya Bolam Brunswick Tel: 020 7404 5959 INTERIM RESULTS FOR THE PERIOD TO 30 JUNE 2001 NEW BUSINESS UP 21% St. James's Place Capital plc ('SJPC'), the wealth management group, today announces its new business and financial results for the half year ended 30 June 2001. Highlights include: * new business up 21% * profits from core business up 15% to £45.8 million * size of the Partnership up 4% to 1092 * assets under management up 7% to £6.1 billion * interim dividend up 25% to 1.25p per share (2000:1.00p) Sir Mark Weinberg, Chairman, commented: 'We have maintained growth in line with our long term targets in the face of difficult market conditions, demonstrating once again the benefit of controlling our own distribution, the St. James's Place Partnership. The growth reflects our success in repositioning the Group as a leading player in the fast growing wealth management business.' ST. JAMES'S PLACE GROUP NEW BUSINESS FIGURES FOR PERIOD TO 30 JUNE 2001 Unaudited Unaudited 3 Months to 6 months to 30 June 30 June 2001 2001 Total 2001 2000 Growth 2001 2000 Growth Group Business £'m £'m % £'m £'m % Life and Pension Business New Regular Premiums Life 6.1 6.1 0% 11.2 11.1 1% Pension 15.4 9.2 67% 26.8 17.3 55% 21.5 15.3 41% 38.0 28.4 34% New Single Premiums Life 212.5 178.3 19% 408.3 353.6 15% Pension 51.3 18.6 176% 93.0 45.5 104% 263.8 196.9 34% 501.3 399.1 26% Unit Trust Business (including PEPs and ISAs) New 103.7 109.0 (5%) 187.5 200.8 (7%) Single Premiums Total New Business Life 27.4 23.9 15% 52.0 46.5 12% Pension 20.5 11.1 85% 36.1 21.8 66% Unit 10.4 10.9 (5%) 18.8 20.1 (7%) Trust 58.3 45.9 27% 106.9 88.4 21% ST. JAMES'S PLACE GROUP NEW BUSINESS FIGURES FOR PERIOD TO 30 JUNE 2001 Notes to Editors 1. 'Total New Business' is calculated following the convention in the life assurance industry, by adding together new regular premiums and one-tenth of single premiums and unit trust sales. 2. New business indicator (NBI), the measure used internally to equate the relative value of different classes of business, was £32.8 million, up 14% on 2000. 3. Sales of Stakeholder pensions through Clerical Medical by St. James's Place Partnership have been included in the reported figures. These have been included under 'pensions' and amount to £1.2 million regular premiums and £0.3 million single premiums (equivalent to £1.2 million on a Total New Business basis). 4. Sales from Nascent, the Group's joint venture company in Italy, have been excluded from the reported figures. Nascent made investment sales during the six months ending 30 June 2001 of £63.2 million, of which £19.0 million related to products of other fund management firms. At the end of the period Nascent had 146 sales people under contract. 5. For consistency, prior year numbers have been restated to exclude business from the previous miscellaneous international distribution. This amounted to single premiums of £1 million. ST. JAMES'S PLACE GROUP Segmental analysis of PRE-TAX profits FOR PERIOD TO 30 JUNE 2001 6 Months 6 Months Ended Ended 30 June 30 June 2001 2000 £'Million £'Million St. James's Place Group Life business (before exceptionals) 39.3 27.7* Unit trust business 4.2 2.8 Other 2.3 2.4 Profits from core business 45.8 32.9* Participating interests LAHC 3.8 11.9 Profits before exceptional items 49.6 44.8 Exceptionals - Halifax transaction and rebranding - (8.9) costs Profits on ordinary activities before 49.6 35.9 taxation * Half year life profits in 2000 were depressed by £7.1 million of one-off items (pension transition commission and international reconstruction costs). But for this, profits from core business in 2000 would have been £40.0 million, giving year on year growth of 15%. Chairman's Statement Highly satisfactory progress was made in all aspects of SJPC's business during the first half of 2001. Over the period new business grew by 21% measured on the standard industry basis and 14% when measured on the Group's internal measure. Pre-tax profits on the Group's core business were up 15% over the comparative number last year. Good progress was also made in the group's two investments in Life Assurance Holding Corporation ('LAHC') and Nascent (our joint venture in Italy). Financial Results Pre-tax profits from Life business were £39.3 million (£27.7 million in first half year 2000). Unit trust earnings grew by 50% to £4.2 million reflecting the very large growth in funds under management in recent years. After taking into account various one offs (amounting to £7.1 million) which reduced last year's figures, underlying profit growth in the Group's core business was 15%. LAHC shows a half year result of £3.8 million pre-tax, which is stated after deducting net non recurring items of £2.2 million. The non recurring items comprise very substantial surpluses on transfer of assets and commutation of liabilities, less a reduction in carrying values of the Life business of a similar amount as a result of a change in accounting methodology. Dividend The Board has resolved to pay an interim dividend of 1.25p a share in respect of the six months to 30th June 2001 (2000: 1p per share). The dividend will be paid on 3rd September 2001 to those on the register at close of business on 3rd August 2001. The Board will review the final dividend at the end of the year. Investment Management Under the St. James's Place Approach to Investment Management, our funds are managed by external managers selected and monitored (and where necessary changed) by our Investment Committee. This once again produced very creditable results for investors in the weak markets of the half year. Three of our five Pension Managed Funds were ranked 1st, 3rd and 6th out of the 81 balanced funds covered by the CAPS pension fund survey, while seven out of the eleven St. James's Place unit trusts were in the first quartile of their peer groups for the same period. The St. James's Place Partnership and New Business By the standard industry measure, new business for the half year was 21% higher than for the corresponding period of 2000, demonstrating once again the benefit to the St. James's Place Group of controlling its own distribution through experienced financial advisers. At the time of writing industry figures for the second quarter of 2001 were not available. However, for the first quarter, removing classes of business not included in the standard industry measure, total new business from the St. James's Place Partnership grew by 22%, compared with 8% for the industry as a whole. This follows on from 2000 where Partnership new business grew by 20% while the industry remained flat and represents a further increase in the Group's market share. A similar pattern applies to the Group's market share of unit trust business. As I mentioned in my statement last year, the standard industry measure for comparison of new business (regular premium plus ten per cent of single premiums) is a very crude measure of profitability. Profitability varies widely by product (a problem that will be exacerbated by the advent of stakeholder pensions). We believe that a more helpful measure of new business growth is the Group's internal measure New Business Indicator, which is designed as far as practicable to reflect relative profitability of different products. New business on this measure, grew from £28.7m in the first half of 2000 to £32.8m in the first half of 2001, an increase of 14%. Partnership numbers grew by 4% from 1,050 at 31st December 2000 to 1,092 at 30th June 2001. International Operations (Nascent) We were delighted to announce the introduction of GS Capital Partners (funds affiliated with Goldman Sachs) as a 20% shareholder in Nascent. The completion of this transaction, which will bring valuable local knowledge and reputation to the operation, reduces SJPC's holding in the venture to just over 26%. Allowing for the allocation of shares currently held in an employee trust our holding will ultimately reduce to just below 20%. Despite the difficult conditions in the Italian market, flowing from the falls in equity prices, Nascent has made good progress in the first six months of the year. The size of the salesforce has increased from 62 to 146 over the period and investment sales totalled £63.2 million compared with the £47.0 million reported for the initial period running to 31 December 2000. It is particularly encouraging from the point of view of long-term profitability that 70% of the new business this half year represented sales of Nascent's own products compared to only 36% for the earlier period. Planning for the future During the half year, the additional joint venture services to be offered through the Partnership announced in the Annual Report were introduced. The most important of these, the St. James's Place Bank, offering our own branded version of the Halifax Intelligent Finance suite of services, was launched at the end of June and has been received enthusiastically. This enables Partners to provide a fuller service to their clients by looking after their deposits as well as offering the benefit of offsetting amounts held in deposit or bank accounts against amounts owed on mortgages in calculating interest payable. The Clerical Medical stakeholder-compliant pension plans were successfully launched at the beginning of the tax year, followed by the Swiss Life range of group employee benefit plans. As pointed out in the Annual Report, our ability to offer these plans flows from the first stage relaxations in the polarisation regime allowing financial service groups to fill certain gaps in their ranges by offering other companies' products through their representatives. It is not yet clear whether the second stage review of polarisation currently being undertaken by the Financial Services Authority will result in a more generalised authorisation of 'gap-filling' (which we favour because it would permit groups such as ours to improve the quality of the service offered to clients without the risk of the public becoming confused as to the status of different types of adviser); the authorisation of multi-tying (permitting intermediaries to represent a number of companies without having the obligation to offer fully independent advice); or perhaps the total abolition of the system of polarisation. Whatever the outcome, the strength of the St. James's Place Group lies in the quality of the St. James's Place Partnership and the close identity of interest between the Partners and the Group. This identity of interest is underpinned by the Group's long-standing commitment to make its products and services available only on an advisory basis and the steps taken over the past eighteen months in making additional services available through the Partnership. Additional services to be introduced over the next 12 to 18 months (such as general insurance and private equity) will put members of the Partnership in the position to offer a complete range of financial services. The extension of these services has had the effect of repositioning the Partners as wealth managers for what has come to be known as the mass affluent. There are also signs that, with this repositioning, Partners are increasingly able to gain the confidence of high net worth individuals and families who have until now tended to use only the services of traditional private banks. With the advisory skills of the Partners and the wide range of services now available we have every confidence that the Group will be able to make major inroads into wealth management for both the mass affluent and the high net worth sectors. Sir Mark Weinberg 25 July 2001 Review Report by the Auditor To The Board of St. James's Place Capital plc Introduction We have been instructed by the company to review the financial information set out on pages 9 to 20 and we have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by the directors. The Listing Rules of the Financial Services Authority require that the accounting policies and presentation applied to the interim figures should be consistent with those applied in preparing the preceding annual accounts except where they are to be changed in the next annual accounts in which case any changes, and the reasons for them, are to be disclosed. Review work performed We conducted our review in accordance with guidance contained in Bulletin 1999 /4: Review of Interim Financial Information issued by the Auditing Practices Board. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review is substantially less in scope than an audit performed in accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 June 2001. KPMG Audit Plc Chartered Accountants London 25 July 2001 Consolidated Long-Term Business Technical Account 6 Months 6 Months Ended Ended 30 June 30 June 2001 2000 Note £'Million £'Million Earned premiums, net of reinsurance Gross premiums 3 649.3 508.7 written Outwards reinsurance (10.5) premiums (10.6) 638.7 498.2 Increase in value of 36.1 28.6 long-term business in force Investment income 69.7 426.1 Other technical income 3.8 - 748.3 952.9 Claims incurred, net of reinsurance Claims paid - gross amount (120.8) (116.2) - reinsurers' share 10.5 6.2 (110.3) (110.0) Change in the provision for claims - gross amount (4.3) (3.0) - reinsurers' share (1.8) 0.6 (6.1) (2.4) (116.4) (112.4) Change in other technical provisions, net of reinsurance Long-term business provision - gross amount (6.3) (2.3) - reinsurers' share 2.9 0.3 (3.4) (2.0) Technical provisions (328.6) (475.6) for linked business Net operating expenses (77.0) (80.9) Investment expenses and (10.0) (7.4) charges Unrealised losses on (167.3) (225.9) investments Tax attributable to the (17.9) (33.9) long-term business (720.6) (938.1) Balance on the long-term 27.7 14.8 business technical account Consolidated Non-Technical Account 6 Months 6 Months Ended Ended 30 June 30 June Note 2001 2000 £'Million £'Million Balance on long-term business 27.7 14.8 technical account Tax credit attributable to balance on the long-term business technical account 11.6 8.3 Shareholders' profit from 39.3 23.1 long-term business Investment income Income from participating 6 3.8 11.9 interests Income from other investments 3.0 3.4 Other income 19.5 19.1 Other expenses and charges (16.0) (21.6) Profit on ordinary activities 2 49.6 35.9 before tax Tax on profit on ordinary 2 (14.4) (13.6) activities Profit on ordinary activities 2 35.2 22.3 after tax Dividends 4 (5.3) (4.2) Retained profit for the period 29.9 18.1 Pence Pence Earnings per share 5 8.3 5.3 Adjusted earnings per share 5 8.3 7.4 Diluted earnings per share 5 7.7 5.1 Diluted adjusted earnings per 5 7.7 7.1 share Dividend per share 4 1.25 1.00 Net asset value per share 114.7 101.2 In arriving at the operating profit, unless otherwise stated, all amounts are in respect of continuing operations. There are no other recognised gains and losses and therefore a separate statement of total recognised gains and losses has not been presented. Consolidated Balance Sheet 30 June 30 June 31 December 2001 2000 2000 Note £'Million £'Million £'Million Investments In participating 6 99.5 93.7 96.9 interests Land and buildings 1.1 1.1 1.2 Other investments 7 125.3 152.8 152.3 225.9 247.6 250.4 Value of long-term 247.6 204.5 221.7 business in force Assets held to cover linked 4,605.0 3,955.3 4,276.4 liabilities Reinsurers' share of technical provisions Long-term business 19.6 18.3 16.7 provision Claims outstanding 1.6 1.4 3.4 Debtors 79.7 48.8 64.3 Other assets Tangible assets 7.3 7.2 6.4 Cash and cash 59.1 69.9 51.4 equivalents Prepayments and accrued 60.1 18.7 41.4 income Deferred acquisition costs 45.1 29.1 37.3 Total assets 5,351.0 4,600.8 4,969.4 Technical provisions (96.4) (88.0) (85.8) Technical provisions for linked (4,605.0) (3,955.3) (4,276.4) liabilities Provisions for other risks 8 (18.9) (13.3) (16.9) and charges Creditors Amounts owed to credit (14.1) (11.9) (10.8) institutions Other creditors (107.0) (78.8) (94.2) Proposed dividend (5.3) (4.2) (5.3) Accruals and deferred (15.0) (20.9) (21.1) income Total liabilities (4,861.7) (4,172.4) (4,510.5) Total net assets 489.3 428.4 458.9 Capital and reserves Share capital 9 64.0 63.5 63.8 Shares to be issued 10 0.5 0.8 0.6 Other reserves 10 424.8 364.1 394.5 Equity shareholders' funds 489.3 428.4 458.9 Consolidated Cash Flow Statement (excluding long-term funds) 6 Months 6 Months Ended Ended 30 June 30 June 2001 2000 £'Million £'Million Operating activities Net cash inflow from operating 11 7.6 4.1 activities Returns on investments and servicing of finance Interest received 2.9 3.4 Interest paid (0.1) (0.2) 2.8 3.2 Taxation Corporation tax paid (1.8) (11.2) Capital expenditure and financial investment Purchase of tangible fixed assets (2.8) (2.2) Sale of fixed assets 0.4 0.2 (2.4) (2.0) Acquisitions and disposals Disposal of subsidiary undertaking 0.1 - Cash disposed of with subsidiary (0.1) - - - Equity dividends paid (5.3) (4.2) Financing Issue of ordinary share capital 0.5 0.1 Increase in loan 8.0 - 8.5 0.1 Net cash inflow/(outflow) 9.4 (10.0) The net cash inflow/(outflow) was applied as follows: Increase in cash holdings 13.7 7.8 Net portfolio investments Withdrawals from credit institutions (4.3) (17.8) Net investment/(application) of cash 9.4 (10.0) flows Notes to the Accounts 1. Accounting policies SJPC has monitored the development of the proposed ABI Exposure Draft - ' Guidance on accounting in group accounts for proprietary companies' long term insurance interests'. It now appears likely that, when this appears in final form, it will inter alia require DSS contributions to be regarded as single premiums, with no credit being taken for future premiums. Accordingly SJPC has changed its accounting methodology for LAHC to reflect the latest draft of the guidance. The effects of this are detailed in note 6. Transactions in foreign currencies are recorded using the rate of exchange ruling at the date of the transaction or, if hedged forward, at the rate of exchange under the related forward currency contract. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the balance sheet date and the gains or losses on translation are included in the profit and loss account. With the exception of the above, the accounting policies used by the group in the preparation of this interim report are consistent with those applied in preparing statutory accounts for the year ended 31 December 2000. 2. Segmental analysis of profits Profit on ordinary activities 6 Months 6 Months Ended Ended 30 June 30 June 2001 2000 £' Million £' Million St. James's Place Group Life business (before 39.3 27.7 exceptionals) Unit trust business 4.2 2.8 Other 2.3 2.4 Profits from core business 45.8 32.9 Participating interests LAHC 3.8 11.9 Profits before exceptional items 49.6 44.8 Exceptionals - Halifax transaction and - (8.9) rebranding costs Profits on ordinary activities 49.6 35.9 before taxation Taxation Life business (11.6) (8.3) Unit trust business (1.2) (0.8) Other (0.4) (0.9) LAHC (1.2) (3.6) (14.4) (13.6) Profits on ordinary activities 35.2 22.3 after taxation Included within 'Other' is a foreign exchange gain of £1.3 million (2000: £ 1.2 million) arising from the proceeds of the previous disposal of an investment which are held in a blocked US$ account. These blocked proceeds have been hedged by the purchase of a US $ currency option at 1.42 US $ to the UK £ on 27 June 2001. This option expires on 18 December 2006 which corresponds with the date of release of the proceeds. The cost of the option will be recognised over its duration. £4.6 million of the £8.9 million exceptional item was subsequently charged to the life business technical account in the second half of 2000. The comparative figures in the technical account have therefore been restated to reflect this. 3. Premiums written 6 6 Months Months Ended Ended 30 June 30 June 2001 2000 £'Million £' Million Life business Single premiums 432.8 354.6 Regular premiums 48.4 43.9 Reinsurances (6.0) (6.8) 475.2 391.7 Pension business Single premiums 93.0 45.5 Regular premiums 69.7 60.9 Reinsurances (0.8) (0.9) 161.9 105.5 Permanent health insurance Regular premiums 5.4 3.8 Reinsurances (3.8) (2.8) 1.6 1.0 Total net premiums 638.7 498.2 Gross premiums comprise: Individual business 593.2 479.5 Group contracts 56.1 29.2 Total gross premiums 649.3 508.7 Premiums written do not include stakeholder premiums written by other providers. Included in the above figures are new business premiums of £2.8 million (based on regular premiums plus 1/10th single premiums) arising from the Group's Italian operation with Nascent in the current period. 4. Interim dividend The Directors have resolved to pay an interim dividend of 1.25p per share (2000:1.00p). This will absorb £5.3 million (2000: £4.2 million) and will be paid on 3 September 2001 to shareholders on the register on 3 August 2001. 5. Earnings per share 6 Months 6 Months Ended Ended 30 June 30 June 2001 2000 Pence Pence Profit on ordinary activities after 8.3 5.3 taxation Adjustments Costs of Halifax deal - 2.1 Adjusted earnings 8.3 7.4 Diluted earnings 7.7 5.1 Diluted adjusted earnings 7.7 7.1 The above table sets out earnings per share, adjusted earnings per share and their diluted counterparts. The earnings per share has been calculated using the profit on ordinary activities after tax of £35.2 million (2000: £22.3 million) and a weighted average number of shares in issue for the six months ended 30 June 2001 of 425.5 million (2000: 422.1 million). The adjusted earnings per share has been calculated using an adjusted profit after tax of £35.2 million (2000: £31.2 million). The fully diluted earnings per share has been calculated using 455.3 million shares (2000: 436.8 million) which takes account of the dilutive effect of options over 58.8 million shares (2000: 38.6 million). 6. Investments in participating interests LAHC £'Million Carrying value At 1 January 2001 96.9 Share of pre-tax profits in period 3.8 Share of tax in period (1.2) At 30 June 2001 99.5 As described in note 1, SJPC has this year changed the accounting methodology for LAHC to reflect the latest draft guidance on insurance accounting from the ABI. The effect of this is to reduce SJPC's share of LAHC's embedded value by £57.4 million (equivalent to £40.2 million post tax). The half year figures also include SJPC's share of profits from an arrangement to transfer LAHC's investment management to Aberdeen Asset Management plc, and the renegotiation of various agreements relating to certain indemnities. These amount to £27.4 million (£19.2 million post tax) and £27.8 million (£ 19.5 million post tax) respectively. 7. Other investments Included within Other investments of £125.3 million is an investment of £6.6 million in Nascent Group SA. 8. Provisions for other risks and charges Deferred Halifax Other Tax Transaction Provision Total £'Million £'Million £'Million £'Million At 31 December 2000 10.9 5.8 0.2 16.9 Movement in the 2.1 (0.1) - 2.0 period At 30 June 2001 13.0 5.7 0.2 18.9 As detailed in the 31 December 2000 statutory accounts, a provision was established for costs associated with and arising from the Halifax acquisition of 60% of the share capital of SJPC in June 2000. 9. Share capital Number £'Million As at 31 December 2000 425,407,362 63.8 Exercise of options 1,219,668 0.2 As at 30 June 2001 426,627,030 64.0 10. Other reserves £'Million As at 31 December 2000 395.1 Profit for the period 35.2 Dividends (5.3) Share premium/shares to be issued 0.3 movement As at 30 June 2001 425.3 11. Reconciliation of operating profit to net cash inflow from operating activities 6 6 Months Months Ended Ended 30 June 30 June 2001 2000 £'Million £'Million Operating profit before tax 49.6 35.9 Continuing activities Interest paid 0.1 0.2 Interest received (2.9) (3.4) Profits relating to long-term business (39.3) (27.7) Depreciation 1.6 1.2 Profit on disposal of subsidiary (0.2) - Profit on sale of fixed assets (0.1) (0.1) Share of profit of associated (3.8) (11.9) undertakings Increase in debtors and prepayments (25.4) (3.3) Increase in creditors 12.1 13.1 Increase in creditor to long term 15.9 0.1 business fund Net cash inflow from operating 7.6 4.1 activities 12. Movement in opening and closing portfolio investments, net of financing 6 Months Ended 30 June 2001 £' Million Increase in cash holdings 13.7 Increase in loan (8.0) Portfolio investments: Deposits with credit institutions (4.3) Total movement in portfolio investments, net of financing 1.4 Portfolio investments, net of financing at 1 January 2001 60.2 Portfolio investments, net of financing at 30 June 2001 61.6 13. Pension transfer provision In common with many life companies in the United Kingdom, the Group has liabilities in respect of pension transfer and opt-out business and also freestanding additional voluntary contribution business. The accounts include both a long-term business provision for rectification and review costs and also an allowance for recoveries from professional indemnity insurers. The net effect of these is to include a liability of £8.3 million at 30 June 2001 (31 December 2000: £6.9 million). Taking into account payments during the period, this represents a net increase in pre-tax liabilities of £2.9 million. The increase is a consequence of revised guidance issued by the FSA regarding pension transfer and opt out business and also freestanding additional voluntary contribution business. 14. Statutory accounts The comparative figures for the financial year ended 31 December 2000 are not the company's statutory accounts for that financial year. Those accounts have been reported on by the company's auditors and delivered to the registrar of companies. The report of the auditors was unqualified and did not contain a statement under section 237 (2) or (3) of the Companies Act 1985. Supplementary Information On Group Life And Unit Trust Embedded Values The following information is provided for the combined 'embedded value' of the Group's life and trust business. 6 Months Ended 6 Months Ended 30 June 2001 30 June 2000 ________________________ ________________________ Post tax profits £'Million £'Million £'Million £'Million Profit from new business (at point of sale) Life 13.9 12.8 Unit trust 6.7 20.6 6.9 19.7 Unwind of discount rate Life 13.5 10.7 Unit trust 3.4 16.9 2.6 13.3 Other Life 0.3 0.9 Unit trust 0.6 0.9 6.7 7.6 Basic operating profit after taxation Life 27.7 24.4 Unit trust 10.7 38.4 16.2 40.6 One-off items Life - (5.0) Unit trust - - - (5.0) Profit after taxation Life 27.7 19.4 Unit trust 10.7 16.2 38.4 35.6 Notes 1. The figures show the earnings for the Group's life and unit trust businesses accounted for on an embedded value basis. They include no value for stakeholder pension business from other providers sold by the group, since at 30 June 2001 this was de minimis. 2. The figures for unit trusts include the earnings on a conventional accounting basis of £3.0 million after taxation (2000: £2.0 million). 3. Inclusion of the unit trust value of in force would increase Group net assets by £76.5 million (2000: £58.7 million). This would increase the net asset value per share from 114.7 pence to 132.6 pence (see consolidated non-technical account). Secretary and Advisers Secretary and Registered Office H J Gladman J. Rothschild House Dollar Street Cirencester GL7 2AQ Tel: 01285 640302 Fax: 01285 653993 Auditors KPMG Audit Plc 1 Canada Square London E14 5AG Solicitors Herbert Smith Exchange House Primrose Street London EC2A 2HS Registrars and Transfer Office Computershare Investor Services plc P.O. Box 82 The Pavilions Bridgwater Road Bristol BS99 7NH Dedicated telephone number for shareholder enquiries: 0870 702 0197 Bankers National Westminster Bank plc 32 Market Place Cirencester GL7 2NU Brokers Cazenove & Co 12 Tokenhouse Yard London EC2R 7AN

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