Consolidated Income Statement.

Consolidated Income Statement.
(XLS:) Consolidated Income Statement

For the year ended 31 December 2013

Notes

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. The impact is to reduce profit for the year by £3m for 2012.

Revenue

 

 

 

Gross written premiums

31(iv)

6,162

5,668

Outward reinsurance premiums

31(iv)

(874)

(718)

Net change in provision for unearned premiums

 

(18)

(25)

Net premiums earned

 

5,270

4,925

Fees from fund management and investment contracts

7

1,040

875

Investment return

32

32,221

28,828

Operational income

3

720

342

Total revenue

 

39,251

34,970

 

 

 

 

Expenses

 

 

 

Claims and change in insurance liabilities

 

5,767

8,588

Reinsurance recoveries

 

(1,113)

(779)

Net claims and change in insurance liabilities

33

4,654

7,809

Change in provisions for investment contract liabilities

22(ii)

30,458

23,656

Acquisition costs

11

855

784

Finance costs

25(ii)

163

165

Other expenses

3

1,694

1,194

Transfers to unallocated divisible surplus

23

112

155

Total expenses

 

37,936

33,763

 

 

 

 

Profit before tax

 

1,315

1,207

Tax expense attributable to policyholder returns

34(i)

(181)

(174)

Profit before tax

 

1,134

1,033

Total tax expense

 

(419)

(409)

Tax expense attributable to policyholder returns

34(i)

181

174

Tax expense attributable to equity holders

34(i)

(238)

(235)

Profit for the year

 

896

798

 

 

 

 

Attributable to:

 

 

 

Non-controlling interests

 

3

(12)

Equity holders of the Company

 

893

810

 

 

 

 

Dividend distributions to equity holders of the Company during the year

4

479

394

Dividend distributions to equity holders of the Company proposed after the year end

4

408

337

 

 

 

 

 

 

p

p

Earnings per share

 

 

 

Based on profit attributable to equity holders of the Company

5

15.20

13.84

 

 

 

 

Diluted earnings per share

 

 

 

Based on profit attributable to equity holders of the Company

5

15.00

13.61

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