Interim results - 6 months ended 30 June 2007
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A Group capital structure
Analysis of return on capital employed
| |
|
Operating return (Note 1) |
Opening shareholders’ funds including minority interests |
Annualised return on Capital |
| |
|
Before tax £m |
After tax £m |
£m |
% |
| Life assurance |
| United Kingdom |
Note |
413 |
290 |
6,729 |
8.8% |
| France |
|
225 |
147 |
2,291 |
13.2% |
| Ireland |
|
37 |
32 |
1,019 |
6.4% |
| Italy |
|
72 |
44 |
803 |
11.3% |
| Netherlands (including Belgium and Germany) |
|
166 |
122 |
3,837 |
6.5% |
| Poland |
|
71 |
58 |
719 |
16.8% |
| Spain |
|
107 |
75 |
1,375 |
11.2% |
| Other Europe |
|
1 |
1 |
106 |
1.9% |
| Europe |
|
679 |
479 |
10,150 |
9.7% |
| North America |
|
112 |
73 |
2,288 |
6.5% |
| Asia Pacific |
|
47 |
35 |
496 |
14.6% |
| |
|
1,251 |
877 |
19,663 |
9.1% |
| General insurance and health |
| United Kingdom |
|
215 |
150 |
2,887 |
10.7% |
| France |
|
31 |
20 |
333 |
12.4% |
| Ireland |
|
80 |
70 |
423 |
35.8% |
| Netherlands |
|
70 |
51 |
684 |
15.5% |
| Other Europe |
|
22 |
15 |
161 |
19.5% |
| Europe |
|
203 |
156 |
1,601 |
20.4% |
| North America |
|
70 |
45 |
666 |
14.0% |
| Asia Pacific |
|
3 |
2 |
22 |
19.0% |
| |
|
491 |
353 |
5,176 |
14.1% |
| Fund management |
|
45 |
31 |
305 |
21.4% |
| Other business |
|
(45) |
(31) |
754 |
(8.1)% |
| Corporate |
|
(48) |
3 |
(19) |
(29.1)% |
| External debt |
|
(41) |
(29) |
(1,258) |
4.7% |
| Net internal debt |
2 |
(24) |
(17) |
(826) |
4.2% |
| Subordinated debt |
|
(88) |
(62) |
(2,937) |
4.3% |
| |
|
1,541 |
1,125 |
20,858 |
11.1% |
| Less: |
| Minority interests |
|
|
(124) |
(2,137) |
11.9% |
| Direct capital instrument |
|
|
- |
(990) |
- |
| Preference capital |
|
|
(9) |
(200) |
8.5% |
| Return on equity shareholders’ funds |
|
|
992 |
17,531 |
11.6% |
Notes
- The operating return is based upon Group operating profit, which is stated before impairment of goodwill, amortisation of additional value of in-force business, exceptional items and tax including policyholder tax, adjusted for the short-term fluctuation in investment return.
- The net internal debt return before tax of £(24) million comprises investment return of £69 million and Group internal debt costs and other interest of £(93) million.
For the year ended 31 December 2006
| |
|
Operating return (Note 1) |
Opening shareholders’ funds including minority interests |
Return on Capital |
| |
|
Before tax £m |
After tax £m |
£m |
% |
| Life assurance |
| United Kingdom |
Note |
744 |
521 |
6,524 |
8.0% |
| France |
|
402 |
264 |
2,067 |
12.8% |
| Ireland |
|
(40) |
(35) |
482 |
(7.3)% |
| Italy |
|
110 |
68 |
727 |
9.3% |
| Netherlands (including Belgium and Germany) |
|
329 |
235 |
3,055 |
7.7% |
| Poland |
|
162 |
132 |
658 |
20.0% |
| Spain |
|
221 |
143 |
1,228 |
11.7% |
| Other Europe |
|
(13) |
(10) |
95 |
(10.5)% |
| Europe |
|
1,171 |
797 |
8,312 |
9.6% |
| North America |
|
32 |
21 |
332 |
6.3% |
| Asia Pacific |
|
86 |
64 |
430 |
14.9% |
| |
|
2,033 |
1,403 |
15,598 |
9.0% |
| General insurance and health |
| United Kingdom |
|
957 |
670 |
2,907 |
23.0% |
| France |
|
63 |
41 |
362 |
11.3% |
| Ireland |
|
172 |
150 |
545 |
27.5% |
| Netherlands |
|
139 |
98 |
553 |
17.7% |
| Other Europe |
|
54 |
38 |
167 |
22.8% |
| Europe |
|
428 |
327 |
1,627 |
20.1% |
| North America |
|
148 |
96 |
848 |
11.3% |
| Asia Pacific |
|
4 |
3 |
17 |
17.6% |
| |
|
1,537 |
1,096 |
5,399 |
20.3% |
| Other business |
|
65 |
45 |
1,876 |
2.4% |
| Corporate |
|
(83) |
(112) |
(36) |
311.1% |
| External debt |
|
(61) |
(43) |
(1,002) |
4.3% |
| Net internal debt |
2 |
(77) |
(54) |
(1,481) |
3.6% |
| Subordinated debt |
|
(169) |
(118) |
(2,808) |
4.2% |
| |
|
3,245 |
2,217 |
17,546 |
12.6% |
| Less: |
| Minority interests |
|
|
(208) |
(1,457) |
14.3% |
| Direct capital instrument |
|
|
(37) |
(990) |
3.7% |
| Preference capital |
|
|
(17) |
(200) |
8.5% |
| Return on equity shareholders’ funds |
|
|
1,955 |
14,899 |
13.1% |
Notes
- The operating return is based upon Group operating profit, which is stated before impairment of goodwill, amortisation of additional value of in-force business, exceptional items and tax including policyholder tax, adjusted for the short-term fluctuation in investment return.
- The net internal debt return before tax of £(77) million comprises investment return of £151 million and Group internal debt costs and other interest of £(228) million.
