CONSOLIDATED BALANCE SHEET.

As at 31 December 2011


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Notes

2011
£m

2010
£m

Assets

 

 

 

Purchased interest in long term businesses and other intangible assets

18

148

157

Deferred acquisition costs

19

2,053

2,000

Investment in associates

44

60

57

Plant and equipment

20

78

64

Investment property

21

4,894

4,571

Financial investments

22

300,604

299,570

Reinsurers' share of contract liabilities

 

2,289

2,336

Deferred tax asset

24

493

495

Current tax recoverable

25

94

Other assets

26

1,893

1,587

Cash and cash equivalents

27

14,113

13,036

Total assets

3(iii)

326,719

323,873

 

 

 

 

Equity

 

 

 

Share capital

28

147

147

Share premium

28

941

938

Employee scheme treasury shares

28

(48)

(41)

Capital redemption and other reserves

 

101

79

Retained earnings

 

4,059

3,704

Shareholders' equity

 

5,200

4,827

Non-controlling interests

29

66

47

Total equity

3(iii)

5,266

4,874

 

 

 

 

Liabilities

 

 

 

Subordinated borrowings

35

1,921

1,897

 

 

 

 

Participating insurance contracts

30

8,750

9,383

Participating investment contracts

31

7,276

7,323

Unallocated divisible surplus

32

1,038

1,469

Value of in-force non-participating contracts

33

(242)

(377)

Participating contract liabilities

 

16,822

17,798

 

 

 

 

Non-participating insurance contracts

30

34,006

31,325

Non-participating investment contracts

31

251,345

253,426

Non-participating contract liabilities

 

285,351

284,751

 

 

 

 

Senior borrowings

35

1,329

1,435

Provisions

36

891

761

Deferred tax liabilities

24

403

356

Current tax liabilities

25

1

111

Payables and other financial liabilities

37

7,643

5,473

Other liabilities

38

933

954

Net asset value attributable to unit holders

39

6,159

5,463

Total liabilities

3(iii)

321,453

318,999

Total equity and liabilities

 

326,719

323,873

The notes form an integral part of these financial statements.

The financial statements and the supplementary financial statements were approved by the board of directors on 13 March 2012 and were signed on their behalf by:

John Stewart
Chairman

Tim Breedon
Group Chief Executive

Nigel Wilson
Group Chief Financial Officer

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