Annual Report and Accounts 2006

Consolidated Balance Sheet
European Embedded Value Basis

As at 31 December 2006
Notes 2006
£m
2005
£m
Assets
Investments 213,228 186,413
Long term in-force business asset 2,529 2,738
Other assets 4,614 5,427
220,371 194,578
Equity and liabilities
Ordinary shareholders’ equity 28/29 7,931 6,970
Subordinated borrowings designated as equity 394
Minority interests 414 285
Total equity 8,345 7,649
Subordinated borrowings  818 415
Unallocated divisible surplus 2,178 1,894
Participating contract liabilities 19,770 20,277
Non-participating contract liabilities 183,618 158,956
Senior borrowings 1,607 1,634
Other liabilities and provisions 4,035 3,753
220,371 194,578

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