15 Reconciliation of shareholder net worth.

(XLS:) Notes to the Supplementary Financial Statements – reconciliation of shareholder net worth

 

UK covered business
2012
 
£m

Total
2012
 
£m

UK covered business
2011
 
£m

Total
2011
Restated
£m

1.

During H1 12, the contingent loan was settled between Society and LGPL. On an EEV basis, the contingent loan was modelled within the VIF. On an IFRS basis, the contingent loan asset was 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 P&A and Savings 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 the LGA Triple X securitisation on an EEV and IFRS basis.

SNW of long term operations (IFRS basis)

4,294

5,537

4,209

5,444

Other liabilities (IFRS basis)

(96)

(388)

Shareholders’ equity on the IFRS basis

4,294

5,441

4,209

5,056

Purchased interest in long term business

(63)

(64)

(76)

(77)

Deferred acquisition costs/deferred income liabilities

(235)

(1,093)

(252)

(1,071)

Contingent loan1

(210)

(210)

Deferred tax2

(253)

74

(235)

87

Other3

(565)

(741)

(218)

(554)

Shareholder net worth on the EEV basis

3,178

3,617

3,218

3,231