We have audited the Supplementary Financial Statements – [European Embedded Value] Basis of Legal & General Group Plc (‘the Company’) for the year ended 31 December 2011 which comprise the Consolidated Income Statement – European Embedded Value Basis, Consolidated Statement of Comprehensive Income – European Embedded Value Basis, Consolidated Balance Sheet – European Embedded Value Basis and the related notes (“the supplementary financial statements”) which have been prepared in accordance with the European Embedded Value (“EEV”) Basis set out in – Methodology and which should be read in conjunction with the Group’s financial statements.
Respective responsibilities of directors and auditors
The directors are responsible for preparing the supplementary financial statements on the European Embedded Value Basis in accordance with the European Embedded Value Basis set out in – Methodology. Our responsibility, as set out in our letter of engagement agreed with you dated 25 January 2012 is to audit and express an opinion on the supplementary financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.
This report, including the opinion, has been prepared for and only for the Company’s directors as a body in accordance with our letter of engagement dated 25 January 2012 and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Scope of the audit of the supplementary financial statements
An audit involves obtaining evidence about the amounts and disclosures in the supplementary financial statements sufficient to give reasonable assurance that the supplementary financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the supplementary financial statements. In addition, we read all the financial and non-financial information in the annual report and accounts to identify material inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.
Opinion on the supplementary financial statements
In our opinion, the supplementary financial statements for the year ended 31 December 2011 have been properly prepared in all material respects in accordance with the European Embedded Value Basis set out in – Methodology.
13 March 2012
(a) The financial statements are published on the website of Legal & General Group Plc, . The maintenance and integrity of the Legal & General Group Plc website is the responsibility of the directors; the work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website.
(b) Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.