C2 Analysis of return on capital employed

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C2 – Analysis of return on capital employed

				2009
	Operating return1
	Before tax £m	After tax £m	Opening shareholders’ funds including minority interests £m	Return on capital %
Life assurance
United Kingdom	787	567	5,069	11.2%
France	785	515	2,872	17.9%
Ireland	64	55	1,492	3.7%
Italy	216	147	1,671	8.8%
Delta Lloyd	531	388	2,666	14.6%
Poland	499	404	1,415	28.6%
Spain	113	79	2,189	3.6%
Other Europe	27	23	335	6.9%
Europe	2,235	1,611	12,640	12.7%
North America	266	266	750	35.5%
Asia Pacific	101	71	981	7.2%
	3,389	2,515	19,440	12.9%
General insurance and health
United Kingdom	494	356	2,592	13.7%
France	96	63	400	15.8%
Ireland	57	50	545	9.2%
Delta Lloyd	143	104	705	14.8%
Other Europe	(21)	(15)	377	(4.0)%
Europe	275	202	2,027	10.0%
North America	144	98	878	11.2%
Asia Pacific	6	4	19	21.1%
	919	660	5,516	12.0%
Fund management	51	36	340	10.6%
Other business	(173)	(121)	(199)	60.8%
Corporate	(182)	(156)	(30)	520.0%
Subordinate debt	(293)	(211)	(4,606)	4.6%
External debt	(42)	(30)	(919)	3.3%
Internal debt	(186)	(134)	(2,110)	6.4%
Shareholders’ funds, including minority interest	3,483	2,559	17,432	14.7%
Less: Minority interest		(366)	(3,080)	11.9%
Direct capital instruments		(44)	(990)	4.4%
Preference capital		(17)	(200)	8.5%
Return on equity shareholders’ funds		2,132	13,162	16.2%

1.The operating return is based upon group MCEV operating profit, which is stated before impairment of goodwill, amortisation of intangibles, exceptional items and investment variance.

2.The net internal debt return loss before tax of £(186) million comprises investment return of £41 million offset by group internal debt costs and other interest of £(227) million.

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