Page 130

Consolidated balance sheet

31 December 2007

Assets

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Note 2007 £m   2006 £m
Intangible assets attributable to shareholders:
Goodwill H1(a) 1,341 1,341
Deferred acquisition costs and other intangible assets H1(b) 2,836 2,497
Total 4,177 3,838
Intangible assets attributable to PAC with-profits fund:
In respect of acquired subsidiaries for venture fund and other investment purposes H2(a) 192 830
Deferred acquisition costs H2(b) 19 31
Total 211 861
Total 4,388 4,699
Other non-investment and non-cash assets:
Property, plant and equipment H6 1,012 1,133
Reinsurers’ share of insurance contract liabilities H3 783 945
Deferred tax assets H4 925 1,012
Current tax recoverable H4 285 404
Accrued investment income G1,H5 2,023 1,900
Other debtors G1,H5 1,297 1,052
Total 6,325 6,446
Investments of long-term business, banking and other operations:
Investment properties H7 13,688 14,491
Investments accounted for using the equity method H8 12 6
Financial investments: G1
Loans 7,924 13,754
Equity securities and portfolio holdings in unit trusts 86,157 78,892
Debt securities 83,984 81,719
Other investments 4,396 3,220
Deposits 7,889 7,759
Total 204,050 199,841
Held for sale assets H9 30 463
Cash and cash equivalents G1,H10 4,951 5,071
Total assets B6 219,744 216,520
Page 131

Equity and liabilities

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Note 2007 £m   2006 £m
Equity
Shareholders’ equity H11 6,201 5,488
Minority interests 102 132
Total equity 6,303 5,620
Liabilities
Banking customer accounts G1 – 5,554
Policyholder liabilities and unallocated surplus of with-profits funds:
Insurance contract liabilities H12 132,636 123,213
Investment contract liabilities with discretionary participation features G1 29,550 28,733
Investment contract liabilities without discretionary participation features G1 14,032 13,042
Unallocated surplus of with-profits funds H12 14,351 13,599
Total 190,569 178,587
Core structural borrowings of shareholder-financed operations:
Subordinated debt (other than Egg) H13 1,570 1,538
Other H13 922 1,074
2,492 2,612
Egg subordinated debt H13 – 451
Total G1,H13 2,492 3,063
Other borrowings:
Operational borrowings attributable to shareholder-financed operations G1,H13 3,081 5,609
Borrowings attributable to with-profits funds G1,H13 987 1,776
Other non-insurance liabilities:
Obligations under funding, securities lending and sale and repurchase agreements G1 4,081 4,232
Net asset value attributable to unit holders of consolidated unit trusts and similar funds G1 3,556 2,476
Current tax liabilities H4 1,237 1,303
Deferred tax liabilities H4 3,475 3,882
Accruals and deferred income 599 517
Other creditors G1 1,020 1,398
Provisions H14 473 464
Other liabilities G1,H15 1,871 1,652
Held for sale liabilities H9 – 387
Total 16,312 16,311
Total liabilities B6 213,441 210,900
Total equity and liabilities 219,744 216,520

The consolidated financial statements on pages 127 to 289 were approved by the Board of directors on 13 March 2008.

David Clementi's signature
Sir David Clementi
Chairman
Mark Tucker's signature
Mark Tucker
Group Chief Executive
Philip Broadley's signature
Philip Broadley
Group Finance Director
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