Summarised consolidated balance sheet – achieved profit basis As at 30 June 2004
| Long-term business 30 June 2004 £m | General business and other 30 June 2004 £m | Group 30 June 2004 £m | Long-term business 30 June 2003 £m | Re-stated* general business and other 30 June 2003 £m | Restated* Group 30 June 2003 £m | Group 31 December 2003 £m | |
|---|---|---|---|---|---|---|---|
| Total assets before acquired additional value of in-force long-term business | 179,990 | 29,712 | 209,702 | 168,853 | 28,570 | 197,423 | 208,192 |
| Acquired additional value of in-force long-term business | 458 | - | 458 | 522 | - | 522 | 488 |
| Total assets included in the modified statutory balance sheet | 180,448 | 29,712 | 210,160 | 169,375 | 28,570 | 197,945 | 208,680 |
| Liabilities of the long- term business |
(173,147) | - | (173,147) | (162,133) | - | (162,133) | (170,765) |
| Liabilities of the general insurance business |
- | (27,110) | (27,110) | - | (27,333) | (27,333) | (27,736) |
| Net assets on a modified statutory basis | 7,301 | 2,602 | 9,903 | 7,242 | 1,237 | 8,479 | 10,179 |
| Additional value of in-force long-term business1 | 4,851 | - | 4,851 | 4,043 | - | 4,043 | 4,744 |
| Net assets on an achieved profit basis2 | 12,152 | 2,602 | 14,754 | 11,285 | 1,237 | 12,522 | 14,923 |
| Share-holders’ capital, share premium, shares held by employee trusts and merger reserves | 4,604 | 4,666 | 4,622 | ||||
| Modified statutory basis
retained profit |
1,773 | 1,810 | 1,932 | ||||
| Additional achieved profit basis retained profit |
4,677 | 3,942 | 4,611 | ||||
| Share-holders’ funds on an achieved profit basis | 11,054 | 10,418 | 11,165 | ||||
| Minority interests | 949 | 879 | 944 | ||||
| 12,003 | 11,297 | 12,109 | |||||
| Subord-inated debt | 2,751 | 1,225 | 2,814 | ||||
| Achieved profit basis total capital, reserves and subord-inated debt | 14,754 | 12,522 | 14,923 | ||||
| * Restated for the effect of a change in accounting policy in respect of the treatment of shares held by employee trusts as a deduction from shareholders’ capital. Further details are set out on the Basis of preparation page. 1 The analysis between the Group’s and the minority interest share of the additional value of in-force long-term business is as follows: |
|||||||
| 30 June 2004 £m |
Movement in the period £m |
31 December 2003 £m |
|
|---|---|---|---|
| Group’s share included in shareholders’ funds | 4,677 | 66 | 4,611 |
| Minority interest share | 174 | 41 | 133 |
| Balance | 4,851 | 107 | 4,744 |
2 Analysis of net assets on an achieved profit basis is made up as follows:
| 30 June 2004 £m |
30 June 2003 £m |
31 December 2003 £m |
|
|---|---|---|---|
| Long-term business net assets on an achieved profit basis | 12,152 | 11,285 | 12,373 |
| Comprises: | |||
| Embedded value | 11,941 | 11,061 | 12,155 |
| RBSG goodwill | 211 | 224 | 218 |
