14 ANALYSIS OF SHAREHOLDERS' EQUITY.


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As at 31 December 2011

Risk and Savings
£m

Investment management
£m

International
£m

Group capital and financing
£m

Total
£m

Analysed as:

 

 

 

 

 

[IFRS] basis shareholders’ equity1

309

351

1,407

3,133

5,200

Additional retained profit/(loss) on an [EEV] basis

4,247

163

(1,002)

3,408

Shareholders’ equity on an EEV basis

4,556

351

1,570

2,131

8,608

Comprising:

 

 

 

 

 

Business reported on an IFRS basis

309

351

39

(1,087)

(388)

Business reported on an EEV basis:

 

 

 

 

 

Shareholder net worth

 

 

 

 

 

– Free surplus2

 

 

148

1,461

1,609

– Required capital to cover solvency margin

 

 

253

1,757

2,010

Value of in-force

 

 

 

 

 

– Value of in-force business

4,620

 

1,211

 

5,831

– Cost of capital

(373)

 

(81)

 

(454)

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As at 31 December 2010

Risk and Savings
£m

Investment management
£m

International
£m

Group capital and financing
£m

Total
£m

1.

Shareholders’ equity supporting the non profit Risk and Savings businesses is held within Legal & General Assurance Society Limited and Legal & General Pensions Limited and is managed on a groupwide basis within the Group capital and financing segment.

2.

Free surplus is the value of any capital and surplus allocated to, but not required to support, the in-force covered business at the valuation date.

Analysed as:

 

 

 

 

 

[IFRS] basis shareholders’ equity1

265

324

1,664

2,574

4,827

Additional retained profit/(loss) on an [EEV] basis

3,886

136

(1,119)

2,903

Shareholders’ equity on an EEV basis

4,151

324

1,800

1,455

7,730

Comprising:

 

 

 

 

 

Business reported on an IFRS basis

265

324

37

(1,580)

(954)

Business reported on an EEV basis:

 

 

 

 

 

Shareholder net worth

 

 

 

 

 

– Free surplus2

 

 

501

1,395

1,896

– Required capital to cover solvency margin

 

 

247

1,640

1,887

Value of in-force

 

 

 

 

 

– Value of in-force business

4,220

 

1,090

 

5,310

– Cost of capital

(334)

 

(75)

 

(409)

Further analysis of shareholders’ equity is included in Note 15.

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