16 RECONCILIATION OF SHAREHOLDER NET WORTH.


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UK covered business
2011
£m

Total
2011
£m

UK covered business
2010
£m

Total
2010
£m

1.

On an [EEV] basis the contingent loan (between [Society] and LGPL) is modelled within the [VIF]. On an [IFRS] basis the contingent loan asset is included within the Group capital and financing net assets.

2.

Deferred tax represents all tax which is expected to be paid under current legislation.

3.

Other in the UK covered business relates primarily to the different treatment of annuities and non profit pension results under EEV compared with IFRS. Other total business also includes the different treatment of LGA Triple X securitisation on an EEV and IFRS basis.

SNW of long term operations (IFRS basis)

4,209

5,588

4,154

5,781

Other liabilities (IFRS basis)

(388)

(954)

Shareholders’ equity on the [IFRS] basis

4,209

5,200

4,154

4,827

Purchased interest in long term business

(76)

(77)

(86)

(91)

Deferred acquisition costs/ deferred income liabilities

(252)

(1,291)

(253)

(1,211)

Contingent loan1

(210)

(210)

(551)

(551)

Deferred tax2

(235)

163

(238)

85

Other3

(218)

(554)

9

(230)

Shareholder net worth on the EEV basis

3,218

3,231

3,035

2,829

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