Prudential PLC half yearly results - dividend announced

DividendMax Ltd.

Prudential PLC half yearly results - dividend announced

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

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

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