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Interim Report 2005

Summarised consolidated income statement – IFRS basis

For the six months ended 30 June 2005

6 months
2005
€m 		    6 months
2005
£m 		6 months
2004
£m 		Full year
2004
£m
    Income      
18,365   Premiums written net of reinsurance (see note 15h and note 15j) 12,672 11,677 23,351
17,909   Net premiums earned 12,357 11,380 23,175
777   Fee and commission income 536 379 872
14,607   Net investment income 10,079 2,934 16,050
36   Share of profit after tax of joint ventures and associates 25 36 99
772   Other operating income 533 258 357
34,101     23,530 14,987 40,553
    Expenses      
(7,939)   Change in insurance liabilities, net of reinsurance (5,478) (1,508) (6,104)
(13,566)   Claims and benefits paid, net of recoveries from reinsurers (9,360) (8,811) (17,625)
(4,351)   Expenses attributed to investment contracts (3,002) (1,715) (5,635)
(514)   Change in unallocated divisible surplus (355) 890 (1,330)
(2,926)   Fee and commission expense (2,019) (1,868) (4,734)
(2,358)   Other operating expenses (1,627) (1,338) (2,655)
(401)   Finance costs (277) (209) (445)
2,046   Profit before tax 1,412 428 2,025
(417)   Tax attributable to policyholders’ returns (288) 21 (383)
1,629   Profit before tax attributable to shareholders’ profits 1,124 449 1,642
    Tax expense      
(642)   United Kingdom tax (443) (44) (280)
(220)   Overseas tax (152) (115) (374)
(862)     (595) (159) (654)
417   Less: tax attributable to policyholders’ returns 288 (21) 383
(445)   Tax attributable to shareholders’ profits (307) (180) (271)
1,184   Profit for the period 817 269 1,371
    Attributable to:      
1,096   Equity shareholders of Aviva plc 756 234 1,275
88   Minority interests 61 35 96
1,184     817 269 1,371

All profit is from continuing operations.

6 months
2005 		  6 months
2005 		6 months
2004		 Full year
2004
  Earnings per share – IFRS basis      
47.1c Basic (pence per share) 32.5p 10.0p 55.8p
46.5c Diluted (pence per share) 32.1p 9.9p 55.3p

Subsequent to 30 June 2005, the directors proposed an interim dividend for 2005 of 9.83p (interim 2004: 9.36p) per ordinary share, £233 million (interim 2004: £211 million) in total. This will be accounted for as an appropriation of retained earnings in the full year ending 31 December 2005.

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Aviva plc Interim Report 2005