for the half year ended 30 June 2010
| Notes | Half year
ended
30 Jun 2010
£m | Half year
ended
30 Jun 2009
Restated
£m | Year
ended
31 Dec 2009
£m |
|---|
| Gross premiums written |
|
808 |
– |
545 |
|---|
| Less: premiums ceded to reinsurers |
|
(44) |
– |
(31) |
|---|
| Net premiums written |
|
764 |
– |
514 |
|---|
| Fees |
|
118 |
– |
101 |
|---|
| Net investment income |
|
1,991 |
(35) |
1,032 |
|---|
| Total revenue, net of reinsurance payable |
|
2,873 |
(35) |
1,647 |
|---|
| Other operating income |
|
8 |
– |
67 |
|---|
| Net income |
|
2,881 |
(35) |
1,714 |
|---|
| Policyholder claims |
|
(2,745) |
– |
(2,043) |
|---|
| Less: reinsurance recoveries |
|
91 |
– |
105 |
|---|
| Change in insurance contract liabilities |
|
177 |
– |
1,137 |
|---|
| Change in reinsurers’ share of insurance contract liabilities |
|
106 |
– |
142 |
|---|
| Transfer from/(to) unallocated surplus |
|
6 |
– |
(175) |
|---|
| Net policyholder claims and benefits incurred |
|
(2,365) |
– |
(834) |
|---|
| Change in investment contract liabilities |
|
244 |
– |
(429) |
|---|
| Acquisition costs |
|
(7) |
– |
(8) |
|---|
| Change in present value of future profits |
|
– |
– |
4 |
|---|
| Amortisation of acquired in-force business |
|
(74) |
– |
(50) |
|---|
| Amortisation of other intangible assets |
|
(9) |
– |
(7) |
|---|
| Administrative expenses |
|
(345) |
(2) |
(255) |
|---|
| Net (income)/expense attributable to unit holders |
|
(6) |
– |
43 |
|---|
| Total operating expenses |
|
(2,562) |
(2) |
(1,536) |
|---|
| Profit/(loss) before finance costs and tax |
|
319 |
(37) |
178 |
|---|
| Finance costs |
|
(123) |
– |
(87) |
|---|
| Profit/(loss) for the period before tax |
|
196 |
(37) |
91 |
|---|
| Tax attributable to policyholders’ returns |
|
(16) |
– |
60 |
|---|
| Profit/(loss) before the tax attributable to owners |
|
180 |
(37) |
151 |
|---|
|
|
|
|
|
|---|
| Tax credit |
4 |
11 |
– |
44 |
|---|
| Add/(deduct): tax attributable to policyholders’ returns |
|
16 |
– |
(60) |
|---|
Tax credit/(charge) attributable to owners
|
|
27
|
–
|
(16)
|
|---|
| Profit/(loss) for the period attributable to owners |
|
207 |
(37) |
135 |
|---|
|
|
|
|
|
|---|
| Attributable to |
|
|
|
|
|---|
| Owners of the parent |
|
179 |
(37) |
95 |
|---|
| Non-controlling interests |
|
28 |
– |
40 |
|---|
|
|
207 |
(37) |
135 |
|---|
|
|
|
|
|
|---|
| Earnings per ordinary share |
5 |
|
|
|
|---|
| Basic earnings per ordinary share |
|
135.6p |
(67.1)p |
102.9p |
|---|
| Diluted earnings per ordinary share |
|
135.6p |
(67.1)p |
89.8p |
|---|
|
|
|
|
|
|---|
The condensed consolidated income statement for the year ended 31 December 2009 incorporates the results of the acquired Pearl businesses for the four-month post-acquisition period only.
Most computers will open PDF documents automatically, but you may need to download Adobe Reader.