Segmental analysis of Group operating profit* at constant currency - achieved profit basis

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	6 months 2004 £m	6 months 2003 at 2004 exchange rates £m	6 months 2003 £m
Life achieved operating profit
United Kingdom	356	339	339
France	114	90	90
Ireland	18	31	31
Italy	34	33	33
Netherlands (including Belgium and Luxembourg)	129	69	69
Poland	33	35	40
Spain	78	71	71
Other Europe	7	2	2
International	31	29	30
	800	699	705
Health
United Kingdom	3	4	4
France	2	3	3
Netherlands	28	20	20
	33	27	27
Fund Management
United Kingdom	3	5	5
France	8	6	6
Other Europe	3	-	-
Australia	3	(1)	(1)
	17	10	10
General insurance
United Kingdom	408	313	313
France	13	15	15
Ireland	68	43	43
Netherlands	23	12	12
Other Europe	18	16	16
Canada	59	(32)	(33)
Other	24	21	21
	613	388	387
Non-insurance operations	(15)	(47)	(47)
Corporate costs	(94)	(56)	(56)
Unallocated interest charges
– external	(124)	(94)	(94)
– intra-group	(100)	(104)	(104)
Group operating profit before tax*	1,130	823	828
* Group operating profit before tax, before amortisation of goodwill and exceptional items. All operating profit is from continuing operations.

Restating 2003 modified statutory life profits to account for the impact of exchange rate movements in 2004 would result in modified statutory life profits being restated from £515 million to £511 million for the six months to 30 June 2003.

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