STATUTORY BASIS RESULTS INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) BASIS RESULTS CONDENSED CONSOLIDATED INCOME STATEMENT
Half year 2012 £m |
Half year 2011 £m |
Full year 2011 £m |
|
Earned premiums, net of reinsurance |
14,111 |
12,930 |
25,277 |
Investment return |
8,762 |
7,750 |
9,360 |
Other income |
1,008 |
923 |
1,869 |
Total revenue, net of reinsurance |
23,881 |
21,603 |
36,506 |
Benefits and claims and movement in unallocated surplus of with-profits funds, net of reinsurance |
(19,850) |
(17,590) |
(29,289) |
Acquisition costs and other expenditure |
(2,592) |
(2,665) |
(5,120) |
Finance costs: interest on core structural borrowings of shareholder-financed operations |
(140) |
(140) |
(286) |
Total charges, net of reinsurance |
(22,582) |
(20,395) |
(34,695) |
Profit before tax (being tax attributable to shareholders' and policyholders' returns) |
1,299 |
1,208 |
1,811 |
(Less) add tax (charge) credit attributable to policyholders' returns |
(40) |
(94) |
17 |
Profit before tax attributable to shareholders |
1,259 |
1,114 |
1,828 |
Total tax charge attributable to policyholders and shareholders |
(347) |
(377) |
(392) |
Adjustment to remove tax charge (credit) attributable to policyholders returns |
40 |
94 |
(17) |
Tax charge attributable to shareholders' returns |
(307) |
(283) |
(409) |
Profit for the period |
952 |
831 |
1,419 |
Attributable to: |
|
||
Equity holders of the Company |
952 |
829 |
1,415 |
Non-controlling interests |
- |
2 |
4 |
Profit for the period |
952 |
831 |
1,419 |
Earnings per share (in pence) |
|
||
Based on profit attributable to the equity holders of the Company: |
|
||
Basic |
37.5p |
32.7p |
55.8p |
Diluted |
37.5p |
32.6p |
55.7p |
* The Group has adopted altered US GAAP requirements for deferred acquisition costs as an improvement to its accounting policy under IFRS 4 for those operations of the Group which measure insurance assets and liabilities substantially by reference to US GAAP principles. Accordingly, the 2011 comparative results and related notes have been adjusted from those previously published for the retrospective application of the improvement as if the new accounting policy had always applied, as described in note B.
** This measure is the formal profit before tax measure under IFRS but it is not the result attributable to shareholders.
This is principally because taxes borne by UK with-profits and unit-linked policies through adjustments to benefits are paid on the policyholders' behalf by the Company. These amounts are required to be included in the tax charge of the Company under IAS 12. Consequently, the profit before all taxes measure (which is determined after deducting the cost of policyholder benefits and movements in the liability for unallocated surplus of the PAC with-profits fund after adjusting for taxes borne by policyholders) is not representative of pre-tax profits attributable to shareholders.
Dividends per share (in pence):
|
Half year 2012 |
Half year 2011 |
Full year 2011 |
Dividends relating to reporting period: |
|
||
Interim dividend (2012 and 2011) |
8.40p |
7.95p |
7.95p |
Final dividend (2011) |
- |
- |
17.24p |
Total |
8.40p |
7.95p |
25.19p |
Dividends declared and paid in reporting period: |
|
||
Current year interim dividend |
- |
- |
7.95p |
Final dividend for prior year |
17.24p |
17.24p |
17.24p |
Total |
17.24p |
17.24p |
25.19p |