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 |
|---|
| Operating profit |
|
|
|
|
|---|
| Phoenix Life |
|
182 |
– |
285 |
|---|
| Ignis Asset Management |
|
22 |
– |
14 |
|---|
|
|
204 |
– |
299 |
|---|
| Corporate costs |
|
(28) |
(2) |
(17) |
|---|
| Total operating profit/(loss) before adjusting items |
|
176 |
(2) |
282 |
|---|
| Investment return variances and economic assumption changes on long-term business |
3.3 |
128 |
– |
145 |
|---|
| Variance on owners’ funds |
3.3 |
28 |
(35) |
(70) |
|---|
| Amortisation of acquired in-force business |
|
(64) |
– |
(45) |
|---|
| Amortisation of other intangible assets |
|
(9) |
– |
(7) |
|---|
| Non-recurring items |
|
(19) |
– |
(105) |
|---|
| Profit/(loss) before finance costs attributable to owners |
|
240 |
(37) |
200 |
|---|
| Finance costs attributable to owners |
|
(60) |
– |
(49) |
|---|
Profit/(loss) before the tax attributable to owners
|
|
180
|
(37)
|
151
|
|---|
| Tax attributable to owners |
4 |
27 |
– |
(16) |
|---|
| Profit/(loss) for the period attributable to owners |
|
207 |
(37) |
135 |
|---|
The analysis of pro forma profit attributable to owners for the year ended 31 December 2009 incorporates the results of the acquired Pearl businesses for the four-month post-acquisition period only.
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