Group solvency ratio of 148% (31 December 2015: 146%). After taking account of the interim dividend the Group solvency ratio has improved slightly and subsidiary solvency ratios remain strong and above internal targets, with the UK at 137% (31 December 2015: 135%); Movestic at 154% (31 December 2015: 154%) and Waard Group at 584% (31 December 2015: 597%). We have not used transitional arrangements.
Cash generation of £13.6m Note 1 (six months ended 30 June 2015: £16.8m *excluding exceptional cash gain on acquisition of Waard). UK cash generation has been adversely impacted by the reduction in the yield curve, but continued contributions from Movestic and Waard have added to a total half year figure which represents over 50% of the 2015 total dividend.
Economic Value (EcV) of £459.9m Note 2 (31 December 2015: £453.4m). Growth of 1.4% driven by the combined impact of a loss in the period of £3.5m, a dividend payment of £15.6m and a foreign exchange gain of £25.6m.
IFRS profit before tax of £0.2m (six months ended 30 June 2015: £30.4m). The current period is adversely impacted by a reduction in the yield curve. The prior year result includes a gain of £16.2m recognised on the acquisition of the Waard Group. Significant foreign exchange gains not recognised in this financial metric have been made.
IFRS Total Comprehensive Income of £15.7m (six months ended 30 June 2015: £22.9m). The current period includes a foreign exchange gain of £15.2m compared to a corresponding loss of £5.4m in 2015.
Economic Value loss net of tax of £3.5m. Primarily the impact of the reduction in the yield curve on the UK results. Significant foreign exchange gains not included in this metric have been made.
Movestic new business contribution of £4m (six months ended 30 June 2015: £2.4m). Improvements due to the combined impact of increased market share and higher average gross margins.
2.9% increase in interim dividend compared with 2015. Recommended interim dividend of 6.80p per share (2015: 6.61p per share). This increase represents the twelfth successive rise in interim dividends.