Proforma reconciliation of group operating profit to profit after tax – IFRS
For the six month period to 30 June 2009
| 6 months 2009 £m |
Restated 6 months 2008 £m |
full year 2008 £m |
|
|---|---|---|---|
| Operating profit before tax attributable to shareholders’ profits | |||
| Long-term business | |||
| United Kingdom | 368 | 428 | 751 |
| Europe | 478 | 486 | 881 |
| North America | 24 | 30 | 16 |
| Asia Pacific | 70 | 14 | 46 |
| Total long-term busines (note 1) | 940 | 958 | 1,694 |
| General insurance and health | |||
| United Kingdom | 284 | 316 | 656 |
| Europe | 167 | 137 | 397 |
| North America | 87 | 76 | 145 |
| Asia Pacific | 7 | (1) | – |
| Total General insurance and health (note 2) | 545 | 528 | 1,198 |
| Fund management | |||
| United Kingdom | 2 | 20 | 46 |
| Europe | 25 | 33 | 49 |
| North America | 8 | 13 | 14 |
| Asia Pacific | – | 9 | 14 |
| Total Fund management (note 3) | 35 | 75 | 123 |
| Other: | |||
| Other operations and regional costs (note 4) | (107) | (66) | (198) |
| Corporate centre (note 5) | (46) | (71) | (141) |
| Group debt costs and other interest (note 6) | (318) | (201) | (379) |
| Operating profit before tax attributable to shareholders’ | 1,049 | 1,223 | 2,297 |
| Adjusted for the following: | |||
| Investment return variances and economic assumption changes on long-term business (note 7) | 155 | (636) | (1,631) |
| Short-term fluctuation in return on investments on non-long-term business (note 8) | (125) | (314) | (819) |
| Economic assumption changes on general insurance and health business | 52 | 6 | (94) |
| Impairment of goodwill | (5) | (42) | (66) |
| Amortisation and impairment of intangibles | (58) | (51) | (117) |
| Profit on the disposal of subsidiaries and associates | 20 | 9 | 7 |
| Integration and restructuring costs (note 9) | (148) | (132) | (326) |
| Exceptional items | – | (84) | (551) |
| Profit/(loss) (before tax) | 940 | (21) | (1,300) |
| Tax on operating profit | (235) | (351) | (487) |
| Tax on other activities | 42 | 288 | 902 |
| (193) | (63) | 415 | |
| Profit/(loss) for the period | 747 | (84) | (885) |
The six months to 30 June 2008 have been restated to reflect the restatements for the consolidation of managed funds and to reflect the change in accounting policy for latent reserves. More detail is included in the Financial Supplement – A1 Basis of Preparation.
