CONSOLIDATED INCOME STATEMENT – EUROPEAN EMBEDDED VALUE BASIS.

For the year ended 31 December 2011


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Notes

2011
£m

2010
£m

1.

Investment projects predominately relates to [Solvency II] and other strategic investments.

From continuing operations

 

 

 

Risk

2

801

663

Savings

2

228

204

Investment management

5

210

179

International

6

242

163

Group capital and financing

7

44

54

Investment projects1

 

(56)

(39)

Operating profit

 

1,469

1,224

Variation from longer term investment return

8

(111)

161

Effect of economic assumption changes

9

(21)

292

Property losses attributable to non-controlling interests

 

(3)

Profit before tax

 

1,334

1,677

Tax expense attributable to equity holders of the Company

11

(259)

(446)

Effect of tax rate changes

11

156

33

Profit for the year

 

1,231

1,264

Loss attributable to non-controlling interests

 

3

Profit attributable to equity holders of the Company

 

1,234

1,264

 

 

 

 

 

 

p

p

[Earnings per share]

12

 

 

Based on operating profit after tax attributable to equity holders of the Company

 

19.08

15.52

Based on profit attributable to equity holders of the Company

 

21.17

21.71

Diluted earnings per share

12

 

 

Based on operating profit after tax attributable to equity holders of the Company

 

18.77

15.31

Based on profit attributable to equity holders of the Company

 

20.83

21.41

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