Consolidated Balance Sheet

At 31 December 2008

ASSETS	Notes	2008 £m	2007 £m
Cash and cash equivalents	16	14.1	11.6
Financial investments at fair value through income	17	2,868.1	2,638.9
Reinsurance assets	18
– reinsurers share of outstanding claims		360.8	270.2
– reinsurers share of unearned premium		31.0	27.5
– debtors arising from reinsurance operations		325.1	319.2
Loans and receivables, including insurance receivables
– insurance receivables	19	305.5	183.1
loans and receivables	19	68.7	36.8
Current income tax assets		13.3	4.0
Deferred tax assets	14	11.1	13.4
Property and equipment	20	8.4	5.8
Intangible assets	21	110.2	69.0
Investment in jointly owned entity	34	1.5	–
Total assets		4,117.8	3,579.5

EQUITY AND RESERVES
Share capital	22	134.6	134.4
Share premium	24	231.5	230.8
Other reserves	24	272.4	(30.2)
Treasury shares	24	(25.1)	(2.1)
Retained earnings	24	602.4	719.0
Equity attributable to equity holders of the parent		1,215.8	1,051.9
Minority interest	24	0.3	0.4
Total equity and reserves		1,216.1	1,052.3

LIABILITIES
Insurance contracts	18
– outstanding claims		1,692.8	1,350.2
– unearned premium		549.4	501.8
– creditors arising from insurance operations		84.9	34.0
Trade and other payables	25	123.2	207.1
Current income tax liabilities		6.9	25.7
Borrowings	26	295.9	277.5
Retirement benefit obligations	27	4.0	2.8
Deferred tax liabilities	14	144.6	128.1
Total liabilities		2,901.7	2,527.2

Total equity, reserves and liabilities		4,117.8	3,579.5

The attached notes form an integral part of these consolidated financial statements.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2009. They were signed on its behalf by:

Roger Taylor Chairman

Richard Hextall Group Finance Director