Financial summaries 2001 - 2003
| Restated 2003(c)* £m |
Restated 2002(c) ** £m |
Restated 2001(c) ** £m |
|
|---|---|---|---|
| Premium income after reinsurance and investment sales | |||
| Life assurance, investment sales, including share of associates | 20,176 | 19,200 | 19,065 |
| General insurance | 8,524 | 7,805 | 7,850 |
| Health | 1,066 | 928 | 841 |
| Total continuing operations | 29,766 | 27,933 | 27,756 |
| Consolidated profit and loss account | |||
| Life assurance (European embedded value basis/achieved profit basis) | 1,496 | 1,518 | 1,662 |
| Health | 61 | 61 | 70 |
| Fund management and non-insurance operations | 4 | (88) | (60) |
| General insurance | 911 | 881 | 876 |
| Corporate costs and unallocated interest charges | (566) | (652) | (613) |
| Operating profit including EEV profit/life achieved profit – continuing operations | 1,906 | 1,720 | 1,935 |
| Deduct EEV profit/life achieved profit | (1,496) | (1,518) | (1,662) |
| Adjustment in respect of life service companies (d) | (58) | - | - |
| Add modified statutory life profit | 1,138 | 1,016 | 1,191 |
| Operating profit on continuing operations before tax, amortisation of goodwill, amortisation of acquired additional value of in-force long-term business and exceptional items | 1,490 | 1,218 | 1,464 |
| Discontinued operations | - | 78 | 48 |
| Amortisation of goodwill and acquired additional value of in-force long-term business | (238) | (274) | (151) |
| Financial Services Compensation Scheme levy and other levies | - | - | (31) |
| Integration costs | - | - | (59) |
| Operating profit/(loss) before tax | 1,252 | 1,022 | 1,271 |
| Short-term fluctuation in investment return | 212 | (1,243) | (988) |
| Change in the equalisation provision | (49) | (57) | (56) |
| Net profit/(loss) on the disposal of subsidiary and associated undertakings | (6) | (4) | 287 |
| Exceptional costs for termination of operations | (19) | - | - |
| Loss on withdrawal from London Market operations | - | - | - |
| Merger transaction costs | - | - | - |
| Profit/(loss) on ordinary activities before tax | 1,390 | (282) | 514 |
| Tax | (367) | (206) | (198) |
| Minority interests | (74) | (46) | (57) |
| Dividends | (562) | (536) | (874) |
| Retained profit/(loss) transferred to/(from) reserves | 387 | (1,070) | (615) |
| Consolidated shareholders’ funds | |||
| Equity shareholders’ funds | 6,354 | 5,636 | 6,274 |
| Non-equity shareholders’ funds | 200 | 200 | 200 |
| Shareholder funds per statutory accounts | 6,554 | 5,836 | 6,474 |
| Additional value of internally-generated in-force long-term business | 4,198 | 3,468 | 5,268 |
| Shareholders’ funds on an EEV basis | 10,752 | 9,304 | 11,742 |
| Pence per ordinary share | |||
| Net asset value per statutory accounts (a) | 298p | 264p | 290p |
| Net asset value (on a European embedded value basis/achieved profit basis) (a) | 484p | 417p | 524p |
| Market price (London) (a) | 490p | 443p | 845p |
| Earnings per share attributable to equity shareholders (b): | |||
| MSSB operating profit before amortisation of goodwill, amortisation of acquired additional value of in-force long-term business and exceptional items, after tax, attributable to equity shareholders in respect of continuing operations | 44.0p | 34.8p | 40.8p |
| Ordinary dividend | 24.15p | 23.0p | 38.0p |
* On a European embedded value (EEV) basis.
**On an achieved profits basis.
Notes
- The net asset value and market price (London) are as at 31 December. The net asset value is calculated based on equity shareholders’ funds, adding back the equalisation provision.
- Basic earnings per ordinary share are shown only. No figures have been provided for diluted earnings per share.
- The profit and loss account and balance sheet figures have been restated to reflect the following changes in accounting policy and presentational changes.
- The 2001 profit and loss account figures were restated in 2002 for the reclassification of the results of various service companies from life assurance to non-insurance operations.
- The 2001 profit and loss account figures and the balance sheet figures for 2001 were restated in 2002 for the effects of implementing FRS19 “Deferred Tax”.
- The 2001 results of the Australia and New Zealand general insurance have been reclassified from continuing operations to discontinued operations following the disposal of the business in 2002.
- Equity shareholders’ funds for 2001 and 2002 have been restated for the changes in accounting policies in respect of the internally-generated additional value of in-force long-term business no longer recognised and the treatment of shares held by employee trusts as a deduction from shareholders’ funds.
- The wealth management result has been included within fund management and non-insurance operations in all years.
- The 2003 profit and loss account figures and the balance sheet figures for 2003 and 2002 have been restated to reflect the adoption of European embedded value (EEV) Principles, in place of the achieved profits basis of reporting.
- The proportion of the results of the Group's UK and French asset management operation, the results of Norwich Union Equity Release and the proportion of the results of Norwich Union Life Services operations that arise from the provision of fund management and other services to the life business have been included within life assurance operating profit on an EEV basis but are included within fund management and non-insurance on a MSSB basis.