Consolidated Income Statement – European Embedded Value Basis.

 

(XLS:) Supplementary Financial Statements – European Embedded Value Basis – Consolidated Income Statement

For the year ended 31 December 2012

Notes

2012
£m

2011
£m

1.

Investment projects predominantly relates to Solvency II and other strategic investments.

2.

Investment variances include £18m of restructuring costs relating to a number of reorganisation initiatives around the Group, including the restructuring of the International segment.

From continuing operations

 

 

 

Protection and Annuities

2

668

808

Savings

2

89

226

Investment management

5

216

210

US Protection

2

98

238

Group capital and financing

6

20

43

Investment projects1

 

(50)

(56)

Operating profit

 

1,041

1,469

Investment variances2

2

(32)

(111)

Effect of economic assumption changes

7

(162)

(21)

Losses attributable to non-controlling interests

 

(12)

(3)

Profit before tax

 

835

1,334

Tax expense attributable to equity holders of the Company

9

(168)

(259)

Effect of tax rate changes and other taxation impacts

9

67

156

Profit for the year

 

734

1,231

Losses attributable to non-controlling interests

 

12

3

Profit attributable to equity holders of the Company

 

746

1,234

 

 

 

 

 

 

p

p

Earnings per share

10

 

 

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

 

14.01

19.08

Based on profit attributable to equity holders of the Company

 

12.75

21.17

Diluted earnings per share

10

 

 

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

 

13.78

18.77

Based on profit attributable to equity holders of the Company

 

12.54

20.83

During the year, the Group has changed the management lines of the international subsidiaries to reflect the development of our international strategy. This has had the consequence of changing the reportable segments of the Group as outlined in Note 27 to the Group consolidated financial statements. The prior period segmental information has been restated accordingly.