14 - Earnings per share
Our IFRS loss per share, on a total return basis, for the six month period is a loss of 3.9 pence (six months to 30 June 2007: 31.0 pence profit). The 7% increase in operating profit to £1,233 million (six months to 30 June 2007: £1,151 million) is more than offset by the impact of investment variances and economic assumption changes in our long-term business and adverse short-term fluctuations in our general insurance businesses, resulting from the current economic climate and volatile investment markets, of £950 million (six months to 30 June 2007: £144 million favourable).
