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International Financial Reporting Standards (IFRS) basis results

Summary consolidated balance sheet

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  2008 £m 2007* £m 2007* £m
  30 Jun 30 Jun 31 Dec
* To reflect the principles of IFRIC 14, the Company has altered its accounting policy for pension schemes with consequential changes to the comparative results for 2007. Note O explains the effect of the change.
Assets      
Intangible assets attributable to shareholders:      
Goodwill 1,341 1,341 1,341
Deferred acquisition costs and other intangible assets 3,290 2,693 2,836
Total 4,631 4,034 4,177
Intangible assets attributable to the PAC with-profits fund:      
In respect of acquired subsidiaries for venture fund and other investment purposes 174 1,145 192
Deferred acquisition costs 18 40 19
Total 192 1,185 211
Total 4,823 5,219 4,388
Other non-investment and non-cash assets:      
Property, plant and equipment 1,038 1,107 1,012
Reinsurers’ share of insurance contract liabilities 971 1,092 783
Deferred tax assets 1,250 699 951
Current tax recoverable 244 332 285
Accrued investment income 2,209 1,980 2,023
Other debtors 1,108 2,013 941
Total 6,820 7,223 5,995
Investments of long-term business and other operations:      
Investment properties 13,529 14,149 13,688
Investments accounted for using the equity method 16 14 12
Financial investments:      
Loans 8,719 5,441 7,924
Equity securities and portfolio holdings in unit trusts 75,876 83,819 86,157
Debt securities 83,806 80,211 83,984
Other investments 4,528 6,737 4,396
Deposits 8,194 7,519 7,889
Total 194,668 197,890 204,050
Held for sale assets - 286 30
Cash and cash equivalents 4,844 4,500 4,951
Total assets note H 211,155 215,118 219,414
Equity and liabilities      
Equity      
Shareholders' equity note J 5,552 5,787 6,062
Minority interests 98 95 102
Total equity 5,650 5,882 6,164
Liabilities      
Policyholder liabilities and unallocated surplus of with-profits funds:      
Contract liabilities (including amounts in respect of contracts classified as investment contracts under IFRS 4) 169,113 170,038 176,390
Unallocated surplus of with-profits funds 12,560 14,396 13,959
Total 181,673 184,434 190,349
Core structural borrowings of shareholder-financed operations:      
Subordinated debt 1,603 1,492 1,570
Other 923 921 922
Total note K 2,526 2,413 2,492
Other borrowings:      
Operational borrowings attributable to shareholder-financed operations note L 2,908 2,605 3,081
Borrowings attributable to with-profits funds note L 937 2,122 987
Other non-insurance liabilities:      
Obligations under funding, securities lending and sale and repurchase agreements 5,053 4,381 4,081
Net asset value attributable to unit holders of consolidated unit trusts and similar funds 3,755 3,406 3,556
Current tax liabilities 952 1,033 1,237
Deferred tax liabilities 2,843 3,573 3,402
Accruals and deferred income 773 477 599
Other creditors 1,956 2,029 1,020
Provisions 488 503 575
Other liabilities 1,641 2,260 1,871
Total 17,461 17,662 16,341
Total liabilities 205,505 209,236 213,250
Total equity and liabilities note H 211,155 215,118 219,414