Summarised consolidated profit and loss account - EEV basis
For the year ended 31 December 2004
| 2004 €m |
2004 £m |
Restated* 2003 £m |
|||
|---|---|---|---|---|---|
| Operating profit | |||||
| 2,369 | Life EEV operating return | 1,611 | 1,496 | ||
| 86 | Health | 58 | 61 | ||
| 34 | Fund management1 | 23 | (4) | ||
| 1,950 | General insurance | 1,326 | 911 | ||
| (46) | Non-insurance operations2 | (31) | 8 | ||
| (262) | Corporate costs | (178) | (160) | ||
| (684) | Unallocated interest charges | (465) | (406) | ||
| 3,447 | Operating profit before tax, amortisation of goodwill and exceptional items** | 2,344 | 1,906 | ||
| (177) | Amortisation of goodwill | (120) | (103) | ||
| (72) | Financial Services Compensation Scheme and other levies | (49) | - | ||
| 3,198 | Operating profit before tax | 2,175 | 1,803 | ||
| 831 | Variation from longer-term investment return | 565 | 779 | ||
| (468) | Effect of economic assumption changes | (318) | (55) | ||
| (34) | Change in the equalisation provision | (23) | (49) | ||
| (200) | Net loss on the disposal of subsidiary and associated undertakings | (136) | (6) | ||
| (73) | Exceptional costs for termination of operations | (50) | (19) | ||
| 3,254 | Profit on ordinary activities before tax | 2,213 | 2,453 | ||
| (957) | Tax on operating profit – before amortisation of goodwill and exceptional items | (651) | (563) | ||
| 6 | Tax on credit/(charge) on (loss)/profit on other ordinary activities | 4 | (176) | ||
| 2,303 | Profit on ordinary activities after tax | 1,566 | 1,714 | ||
| (244) | Minority interests | (166) | (121) | ||
| 2,059 | Profit for the financial year | 1,400 | 1,593 | ||
| (25) | Preference dividends | (17) | (17) | ||
| (9) | Direct capital instrument appropriation | (6) | - | ||
| 2,025 | Profit for the financial year attributable to equity shareholders | 1,377 | 1,576 | ||
| (845) | Ordinary dividends | (575) | (545) | ||
| 1,180 | Retained profit for the financial year | 802 | 1,031 | ||
| * Restated for the effect of implementing European Embedded Value principles. | |||||
| ** All operating profit is from continuing operations. | |||||
| 1 Excludes the proportion of the results of Morley’s fund management businesses and of our French asset management operation Aviva Gestion d’Actifs (AGA) that arise from the provision of fund management services to our life businesses. These results are included within the life EEV operating return. | |||||
| 2 Excludes the results of Norwich Union Equity Release (NUER). Also excludes the proportion of the results of Norwich Union Life Services relating to the services provided to the UK life business. These results are included within the life EEV operating return. Other subsidiaries providing services to our life businesses do not significantly impact the Group results. | |||||
