Consolidated Balance Sheet

As at 31 December 2014

Notes

2014
£m

20131
£m

1.

The Consolidated Balance Sheet has been restated to reflect the adoption by the group of IFRS 10, ‘Consolidated Financial Statements’. Further details are contained in Note 1. The impact is to increase the total equity by £207m for 2013.

Assets

 

 

 

Goodwill

31

79

73

Purchased interest in long term businesses and other intangible assets

10

342

308

Deferred acquisition costs

11

1,936

1,880

Investment in associates and joint ventures

48

149

101

Property, plant and equipment

12

146

129

Investment property

13

8,152

6,377

Financial investments

13

360,614

334,540

Reinsurers’ share of contract liabilities

22(i)/23(i)

2,906

2,897

UK deferred tax asset

36(iv)

54

82

Current tax recoverable

36(v)

217

310

Other assets

16

2,249

2,121

Cash and cash equivalents

15

22,709

17,454

Total assets

 

399,553

366,272

 

 

 

 

Equity

 

 

 

Share capital

40(i)

149

148

Share premium

40(i)

969

959

Employee scheme treasury shares

40(ii)

(37)

(39)

Capital redemption and other reserves

 

117

57

Retained earnings

 

4,830

4,517

Shareholders’ equity

 

6,028

5,642

Non-controlling interests

41

275

265

Total equity

 

6,303

5,907

 

 

 

 

Liabilities

 

 

 

Participating insurance contracts

22

6,579

6,972

Participating investment contracts

23

7,667

7,493

Unallocated divisible surplus

24

983

1,221

Value of in-force non-participating contracts

25

(208)

(248)

Participating contract liabilities

 

15,021

15,438

Non-participating insurance contracts

22

49,876

40,273

Non-participating investment contracts

23

288,558

278,754

Non-participating contract liabilities

 

338,434

319,027

Core borrowings

26

2,977

2,453

Operational borrowings

26

715

775

Provisions

27

1,247

1,128

UK deferred tax liabilities

36(iv)

180

Overseas deferred tax liabilities

36(iv)

434

362

Current tax liabilities

36(v)

9

14

Payables and other financial liabilities

28

16,131

9,305

Other liabilities

42

963

1,045

Net asset value attributable to unit holders

13(v)

17,139

10,818

Total liabilities

 

393,250

360,365

Total equity and liabilities

 

399,553

366,272

The notes form an integral part of these financial statements.

The financial statements and the supplementary financial statements were approved by the board of directors on 3 March 2015 and were signed on their behalf by:

Signature John Stewart, Chairman (handwriting)

John Stewart
Chairman

Nigel Wilson
Group Chief Executive

Mark Gregory
Group Chief Financial Officer