Income Statement (IFRS basis)
| Notes |
30.06.06 £m |
30.06.05 Restated £m |
Full year 2005 £m |
|
|---|---|---|---|---|
| Net premiums earned | 1,804 | 1,899 | 3,672 | |
| Fees from fund management and investment contracts | 248 | 148 | 348 | |
| Investment return | 2,730 | 9,994 | 26,931 | |
| Operational income | 23 | 8 | 38 | |
| Total revenue | 4,805 | 12,049 | 30,989 | |
| Net claims and change in insurance liabilities | 1,203 | 2,806 | 6,386 | |
| Change in provisions for investment contract liabilities | 2,511 | 7,669 | 21,369 | |
| Other expenses | 698 | 998 | 1,645 | |
| Total expenses | 4,412 | 11,473 | 29,400 | |
| Profit before income tax | 393 | 576 | 1,589 | |
| Income tax attributable to policyholder returns | 8 | (88) | (206) | |
| Profit from continuing operations before income tax attributable to equity holders | 401 | 488 | 1,383 | |
| Total income tax expense | (116) | (212) | (577) | |
| Less income tax attributable to policyholder returns | (8) | 88 | 206 | |
| Income tax attributable to equity holders | (124) | (124) | (371) | |
| Profit from continuing operations after income tax | 277 | 364 | 1,012 | |
| Profit from discontinued operations | 24 | – | 13 | 13 |
| Profit from ordinary activities after income tax | 277 | 377 | 1,025 | |
| Attributable to: | ||||
| Minority interests | 21 | 11 | 81 | |
| Equity holders of the Company | 256 | 366 | 944 | |
| Dividend distributions to ordinary equity holders of the Company during the period | 22 | 236 | 224 | 331 |
| Distributions during the period on subordinated borrowings designated as equity | – | 8 | 16 | |
| Dividend distributions to ordinary equity holders of the Company proposed after the period end | 113 | 107 | 236 | |
| p | p | p | ||
|---|---|---|---|---|
| Earnings per share | 25 | |||
| Based on profit from continuing operations after income tax attributable to ordinary equity holders | 3.95 | 5.33 | 14.13 | |
| Diluted earnings per share | 25 | |||
| Based on profit from continuing operations after income tax attributable to ordinary equity holders | 6.07 | 5.09 | 11.74 | |
This financial information was approved by the Board on 26 July 2006.
The results for the six months to 30 June 2006 and 30 June 2005 are unaudited, but have been subject to a review by the Group’s independent auditors and constitute non-statutory accounts within the meaning of Section 240 of the Companies Act 1985. They have been prepared on a basis which is consistent with the consolidated Group financial statements published on 16 March 2006 which have been filed with the Registrar of Companies. The published full year 2005 consolidated Group financial statements prepared under IFRS included an independent auditors’ report which was unqualified and did not contain a statement under either Sections 237(2) or 237(3) of the Companies Act 1985. The 30 June 2005 comparatives have been restated. Details of this restatement can be found in Note 21.