7 GROUP CAPITAL AND FINANCING OPERATING PROFIT1.


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2011
£m

2010
£m

1.

Group capital and financing represents operating profit on the shareholder assets held within the covered business, reported on an embedded value basis, and operating profit on the shareholder assets held outside the covered business reported on an [IFRS] basis.

2.

Interest expense excludes non recourse financing (see Note 35 of Group’s consolidated financial statements).

Investment return

191

187

Interest expense2

(123)

(121)

Investment expenses

(5)

(3)

Unallocated corporate expenses

(11)

(5)

Other

(8)

(4)

Total Group capital and financing operating profit

44

54

Analysed as:

 

 

On an [EEV] basis

157

138

On an IFRS basis

(113)

(84)

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