Summarised consolidated balance sheet - modified statutory basis

As at 31 December 2004

	2004 £m	2003 £m
Assets
Goodwill	1,135	1,105
Investments
Land and buildings	637	637
Investments in associated undertakings and participating interests	178	279
Variable yield securities	3,149	2,967
Fixed interest securities	10,750	10,098
Mortgages and loans, net of non-recourse funding	1,387	929
Deposits	1,871	435
Other investments	29	34
	18,001	15,379

Reinsurers’ share of technical provisions	2,589	2,926
Reinsurers’ share of provision for linked liabilities	852	579
Assets of the long-term business	148,209	136,709
Assets held to cover linked liabilities	51,144	40,665
Other assets	9,889	10,829
Acquired value of in-force long-term business	451	488
Total assets	232,270	208,680

Liabilities
Shareholders' funds
Equity	7,130	6,354
Non-equity	1,190	200
Minority interests	924	811
	9,244	7,365
Subordinated debt	2,823	2,814
Total capital, reserves and subordinated debt	12,067	10,179
Liabilities of the long-term business	131,099	121,125
Fund for future appropriations	9,218	8,443
Technical provision for linked liabilities	51,996	41,244
General insurance liabilities	18,155	17,515
Borrowings	1,423	1,720
Other creditors and provisions	8,312	8,454
Total liabilities	232,270	208,680