Company Balance Sheet

As at 31 December 2006

	Notes	2006 £m	2005 £m
Fixed assets
Investments	8	6,690	5,594
Current assets
Amounts owed by Group undertakings		161	119
Tax		26	18
Derivative assets	9	22	16
Other debtors		-	4
Creditors: amounts falling due within one year
Amounts owed to Group undertakings		(2)	(2)
Other creditors and accruals	10	(21)	(19)
Convertible bond	11	-	(509)
Net current assets		186	(373)
Total assets less current liabilities		6,876	5,221
Creditors: amounts falling due after more than one year
Dated subordinated borrowings	11	(818)	(415)
Amounts owed to Group undertakings		(638)	(160)
Shareholders’ net assets		5,420	4,646
Representing capital and reserves
Share capital	12	163	163
Share premium account	12	923	908
Subordinated borrowings designated as equity	11	-	394
Other reserves	13	26	26
Revaluation reserve	13	3,431	2,317
Profit and loss account	13	877	838
Total equity		5,420	4,646

The Notes to the Company Financial Statements form an integral part of these financial statements.

The Company Balance Sheet, Company Statement of Total Recognised Gains and Losses and Company Reconciliation of Movements on Total Equity were approved by the directors on 13 March 2007 and were signed on their behalf by: