C1 Group capital structure

Capital management

C1 – Group capital structure

Shareholders’ funds, including minority interest

	2009 Closing shareholders’ funds				Restated 2008 Closing shareholders’ funds
	IFRS net assets £m	Internally generated AVIF £m	Total equity £m		IFRS net assets £m	Internally generated AVIF £m	Total equity £m
Life assurance
United Kingdom	4,454	1,343	5,797		3,649	1,420	5,069
France	1,707	1,386	3,093		1,854	1,018	2,872
Ireland	1,139	201	1,340		1,212	280	1,492
Italy	1,405	290	1,695		1,407	264	1,671
Delta Lloyd	2,983	(148)	2,835		2,979	(313)	2,666
Poland	239	1,073	1,312		310	1,105	1,415
Spain	1,288	662	1,950		1,373	816	2,189
Other Europe	435	(87)	348		369	(34)	335
Europe	9,196	3,377	12,573		9,504	3,136	12,640
North America	3,072	(1,490)	1,582		2,693	(1,943)	750
Asia Pacific	595	146	741		735	246	981
	17,317	3,376	20,693		16,581	2,859	19,440
General insurance and health
United Kingdom	1,876	—	1,876		2,592	—	2,592
France	410	—	410		400	—	400
Ireland	450	—	450		545	—	545
Delta Lloyd	545	—	545		705	—	705
Other Europe	329	—	329		377	—	377
Europe	1,734	—	1,734		2,027	—	2,027
North America	928	—	928		878	—	878
Asia Pacific	24	—	24		19	—	19
	4,562	—	4,562		5,516	—	5,516
Fund management	269	—	269		340	—	340
Other business	(246)	—	(246)		(199)	—	(199)
Corporate	(34)	—	(34)		(30)	—	(30)
Subordinate debt	(4,637)	—	(4,637)		(4,606)	—	(4,606)
External debt	(852)	—	(852)		(919)	—	(919)
Net Internal debt	(1,293)	—	(1,293)		(2,110)	—	(2,110)
	(6,793)	—	(6,793)		(7,524)	—	(7,524)
Shareholders’ funds, including minority interest	15,086	3,376	18,462		14,573	2,859	17,432
Less: Minority interest			(4,237)				(3,080)
Direct capital instruments			(990)				(990)
Preference capital			(200)				(200)
Equity shareholders’ funds			13,035				13,162
Less: Goodwill and intangibles1			(4,628)				(4,944)
Equity shareholders funds’ excluding goodwill and intangibles			8,407				8,218

1. Goodwill and intangibles comprise £3,381 million (31 December 2008:£3,583 million) of goodwill in subsidiaries, £1,367 million (31 December 2008: £1,557 million) of intangibles in subsidiaries, £150 million (31 December 2008: £163 million) of goodwill and intangibles in joint ventures and £264 million (31 December 2008: £335 million) of goodwill in associates, net of associated deferred tax liabilities of £271 million (31 December 2008: £423 million) and the minority share of intangibles of £263 million (31 December 2008: £271 million).