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- Consolidated income statement
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2008
|
Notes
|
Year ended
31 December £m 2008 |
Year ended
31 December Restated* £m 2007 |
|
| Revenue | |||
| Gross earned premiums |
3(iii)
|
5,156
|
5,566
|
| Outward reinsurance |
(335)
|
(293)
|
|
| Net earned premiums |
4,821
|
5,273
|
|
| Investment return (non-banking) |
8
|
(11,578)
|
6,318
|
| Banking interest and similar income |
9
|
4,059
|
3,190
|
| Banking trading, investment and similar income |
10
|
162
|
170
|
| Fee and commission income, and income from service activities |
11
|
2,313
|
2,475
|
| Other income |
270
|
245
|
|
| Total revenues |
|
47
|
17,671
|
| Expenses | |||
| Claims and benefits (including change in insurance contract provisions) |
(3,610)
|
(7,193)
|
|
| Reinsurance recoveries |
|
262
|
236
|
| Net claims and benefits incurred |
(3,348)
|
(6,957)
|
|
| Change in investment contract liabilities |
10,051
|
(2,618)
|
|
| Losses on loans and advances |
(319)
|
(157)
|
|
| Finance costs |
12
|
392
|
(50)
|
| Banking interest payable and similar expenses |
13
|
(2,853)
|
(2,053)
|
| Fee and commission expenses, and other acquisition costs |
14
|
(937)
|
(778)
|
| Other operating and administrative expenses |
15
|
(2,834)
|
(2,813)
|
| Goodwill impairment |
4(ii)
|
(74)
|
(3)
|
| Change in third party interest in consolidated funds |
779
|
(156)
|
|
| Amortisation of PVIF and other acquired intangibles |
4(ii)
|
(361)
|
(360)
|
| Total expenses |
|
496
|
(15,945)
|
| Share of associated undertakings' loss after tax |
21(ii)
|
(1)
|
(1)
|
| Profit on disposal of subsidiaries, associated undertakings and strategic investments |
4(iii)
|
53
|
25
|
| Profit before tax |
595
|
1,750
|
|
| Income tax credit/(expense) |
5(i)
|
88
|
(504)
|
| Profit after tax for the fi nancial year |
|
683
|
1,246
|
| Profit for the financial year attributable to: | |||
| Equity holders of the parent |
441
|
972
|
|
| Minority interests | |||
| Ordinary shares |
6(i)
|
188
|
224
|
|
Preferred securities
|
6(ii)
|
54
|
50
|
| Profit after tax for the financial year |
|
683
|
1,246
|
| Earnings per share |
|
||
| Basic earnings per ordinary share (pence) |
7(i)
|
8.6
|
19.2
|
| Diluted earnings per ordinary share (pence) |
7(i)
|
8.1
|
18.1
|
| Weighted average number of shares - millions |
|
4,755
|
4,894
|
