Segmentation of summarised consolidated balance sheet - EEV basis
As at 31 December 2004
| Life and related businesses 2004 £m |
General business and other 2004 £m |
Group 2004 £m |
Restated* Life and related businesses 2003 £m |
Restated* General business and other 2003 £m |
Restated* Group 2003 £m |
|
|---|---|---|---|---|---|---|
| Total assets before acquired additional value of in-force long-term business | 200,205 | 31,614 | 231,819 | 177,953 | 30,239 | 208,192 |
| Acquired additional value of in-force long-term business | 451 | - | 451 | 488 | - | 488 |
| Total assets included in the modified statutory balance sheet | 200,656 | 31,614 | 232,270 | 178,441 | 30,239 | 208,680 |
| Liabilities of the long-term business | (192,313) | - | (192,313) | (170,812) | - | (170,812) |
| Liabilities of the general insurance business | - | (27,890) | (27,890) | - | (27,689) | (27,689) |
| Net assets on a modified statutory basis | 8,343 | 3,724 | 12,067 | 7,629 | 2,550 | 10,179 |
| Additional value of in-force long-term business1 | 4,875 | - | 4,875 | 4,340 | - | 4,340 |
| Net assets on an EEV basis2 | 13,218 | 3,724 | 16,942 | 11,969 | 2,550 | 14,519 |
| Shareholders’ capital, share premium, shares held by employee trusts and merger reserves | 5,638 | 4,622 | ||||
| Modified statutory basis retained profit | 2,682 | 1,932 | ||||
| Additional EEV basis retained profit | 4,617 | 4,198 | ||||
| Shareholders’ funds on an EEV basis | 12,937 | 10,752 | ||||
| Minority interests | 1,182 | 953 | ||||
| 14,119 | 11,705 | |||||
| Subordinated debt | 2,823 | 2,814 | ||||
| Total capital, reserves and subordinated debt on an EEV basis | 16,942 | 14,519 | ||||
| * Restated for the effect of implementing European Embedded Value principles. | ||||||
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:
| 31 December 2004 £m |
31 December 2003 £m |
Movement in the year £m |
|
|---|---|---|---|
| Group’s share included in shareholders’ funds | 4,617 | 4,198 | 419 |
| Minority interest share | 258 | 142 | 116 |
| Balance at 31 December | 4,875 | 4,340 | 535 |
2 Analysis of net assets on an EEV basis is as follows:
| 31 December 2004 £m |
31 December 2003 £m |
|
|---|---|---|
| Embedded value | 13,014 | 11,751 |
| RBSG goodwill | 204 | 218 |
| Long-term business net assets on an EEV basis | 13,218 | 11,969 |
