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IFRS basis results
Summary consolidated income statement
| Half year 2007 £m |
Half year 2006 £m |
Full year 2006 £m |
|
|---|---|---|---|
| Earned premiums, net of reinsurance | 7,903 | 8,164 | 15,986 |
| Investment income | 8,250 | 4,918 | 17,128 |
| Other income | 1,094 | 934 | 1,917 |
| Total revenue, net of reinsurance (note C) | 17,247 | 14,016 | 35,031 |
| Benefits and claims and movement in unallocated surplus of with-profits funds | (14,315) | (11,370) | (28,421) |
| Acquisition costs and other operating expenditure | (2,118) | (1,658) | (4,212) |
| Finance costs: Interest on core structural borrowings of shareholder-financed operations | (88) | (89) | (177) |
| Total charges (note C) | (16,521) | (13,117) | (32,810) |
| Profit before tax* (note C) | 726 | 899 | 2,221 |
| Tax attributable to policyholders’ returns | 2 | (162) | (849) |
| Profit before tax attributable to shareholders (note D) | 728 | 737 | 1,372 |
| Tax expense (note E) | (251) | (415) | (1,241) |
| Less: Tax attributable to policyholders’ returns | (2) | 162 | 849 |
| Tax attributable to shareholders’ profits (note E) | (253) | (253) | (392) |
| Profit from continuing operations after tax | 475 | 484 | 980 |
| Discontinued operations (net of tax) (note M) | 241 | (34) | (105) |
| Profit for the period | 716 | 450 | 875 |
| Attributable to: | |||
| Equity holders of the Company | 715 | 449 | 874 |
| Minority interests | 1 | 1 | 1 |
| Profit for the period | 716 | 450 | 875 |
* Profit before tax represents income net of post-tax transfers to unallocated surplus of with-profits funds, before tax attributable to policyholders and unallocated surplus of withprofits
funds, unit-linked policies and shareholders’ profits.
The presentation of the half year and full year 2006 comparative results has been adjusted to show Egg as a discontinued operation.
