Summarised consolidated profit and loss account - modified statutory basis
For the year ended 31 December 2004
| 2004 €m | 2004 £m | 2003 £m | |
|---|---|---|---|
| Premium income (after reinsurance) and investment sales Continuing operations |
|||
| 29,713 | Life premiums, including share of associates’ premiums | 20,205 | 19,035 |
| 2,396 | Investment sales | 1,629 | 1,141 |
| 1,462 | Health premiums | 994 | 1,066 |
| 33,571 | 22,828 | 21,242 | |
| 12,963 | General insurance premiums | 8,815 | 8,524 |
| 46,534 | Total | 31,643 | 29,766 |
| Operating profit | |||
| 1,743 | Modified statutory life profit1 | 1,185 | 1,122 |
| 86 | Health | 58 | 61 |
| 63 | Fund management | 43 | 10 |
| 1,950 | General insurance | 1,326 | 911 |
| (159) | Non-insurance operations1 | (108) | (48) |
| (262) | Corporate costs | (178) | (160) |
| (684) | Unallocated interest charges | (465) | (406) |
| 2,737 | Operating profit before tax, amortisation of goodwill, amortisation of acquired additional value of in-force long-term business and exceptional items* | 1,861 | 1,490 |
| (177) | Amortisation of goodwill | (120) | (103) |
| (185) | Amortisation of acquired additional value of in-force long-term business | (126) | (135) |
| (72) | Financial Services Compensation Scheme and other levies | (49) | - |
| 2,303 | Operating profit before tax | 1,566 | 1,252 |
| 192 | Short-term fluctuation in investment return | 131 | 212 |
| (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) |
| 2,188 | Profit on ordinary activities before tax | 1,488 | 1,390 |
| (522) | Tax on profit on ordinary activities | (355) | (367) |
| 1,666 | Profit on ordinary activities after tax | 1,133 | 1,023 |
| (112) | Minority interests | (76) | (74) |
| 1,554 | Profit for the financial year | 1,057 | 949 |
| (25) | Preference dividends | (17) | (17) |
| (9) | Direct capital instrument appropriation | (6) | - |
| 1,520 | Profit for the financial year attributable to equity shareholders | 1,034 | 932 |
| (845) | Ordinary dividends | (575) | (545) |
| 675 | Retained profit transferred to reserves | 459 | 387 |
| * All operating profit is from continuing operations. | |||
| 1 The results of our UK equity release business have been reclassified from non-insurance to the life insurance profits. | |||
