23 Unallocated divisible surplus.

23 Unallocated divisible surplus.

The participating funds operate with an excess of assets over the amount required to meet the policyholder liabilities.

The nature of benefits for the contracts within these funds is such that the allocation of surpluses between ordinary equity holders and participating policyholders is uncertain. The amount of surplus which has not been allocated at the balance sheet date is classified within liabilities as the unallocated divisible surplus. Adjustments made to comply with FRS 27 are charged to the unallocated divisible surplus.

(XLS:) Unallocated divisible surplus

 

2013
£m

20121
£m

1.

The Consolidated Income Statement has been restated to reflect the adoption by the Group of amendments to IAS 19, ‘Employee Benefits’. Further details are contained in Note 1.

As at 1 January

1,153

1,038

Transferred from the income statement

112

155

Actuarial losses on defined benefit pension schemes transferred from the statement of comprehensive income

(49)

(38)

Foreign exchange adjustments

5

Other

(2)

As at 31 December

1,221

1,153

The with-profits part of the LTF is managed on the basis that it will remain open to new business and therefore there is no expectation of any distribution from the inherited estate.

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