CONSOLIDATED INCOME STATEMENT.

For the year ended 31 December 2011


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Notes

2011
£m

2010
£m

Revenue

 

 

 

Gross written premiums

3(iv)

5,719

5,348

Outward reinsurance premiums

 

(620)

(590)

Net change in provision for unearned premiums

 

(18)

(14)

Net premiums earned

 

5,081

4,744

Fees from fund management and investment contracts

5

897

900

Investment return

6

12,143

32,671

Operational income

8

196

125

Total revenue

3(ii)

18,317

38,440

 

 

 

 

Expenses

 

 

 

Claims and change in insurance liabilities

 

7,173

7,567

Reinsurance recoveries

 

(493)

(621)

Net claims and change in insurance liabilities

7

6,680

6,946

Change in provisions for investment contract liabilities

 

9,306

28,154

Acquisition costs

 

780

770

Finance costs

 

165

168

Other expenses

 

1,010

905

Transfers (from)/to unallocated divisible surplus

32

(402)

190

Total expenses

 

17,539

37,133

 

 

 

 

Profit before tax

 

778

1,307

Tax income/(expense) attributable to policyholder returns

12

178

(215)

Profit before tax attributable to equity holders of the Company

 

956

1,092

Total tax expense

12

(55)

(487)

Tax (income)/expense attributable to policyholder returns

12

(178)

215

Tax expense attributable to equity holders

12

(233)

(272)

Profit for the year

 

723

820

 

 

 

 

Attributable to:

 

 

 

Non-controlling interests

 

(3)

Equity holders of the Company

 

726

820

 

 

 

 

Dividend distributions to equity holders of the Company during the year

13

298

238

Dividend distributions to equity holders of the Company proposed after the year end

13

279

201

 

 

 

 

[Earnings per share]

 

p

p

Based on profit attributable to equity holders of the Company

14

12.46

14.07

 

 

 

 

Diluted earnings per share

 

 

 

Based on profit attributable to equity holders of the Company

14

12.25

13.88

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