Operating Profit from Continuing Operations
 Review of Results
Summarised Consolidated Profit and Loss Account – Achieved Profits Basis
 Earnings per Share – Achieved Profits Basis
 Statement of Total Recognised Gains and Losses – Achieved Profits Basis
 Summarised Consolidated Balance Sheet – Achieved Profits Basis
 Reconciliation of Movement in Shareholders’ Capital and Reserves – Achieved Profits Basis
 Notes on the Achieved Profits Basis Supplementary Information
 The Achieved Profits Basis of Financial Reporting
 Report of the Auditors on the Achieved Profits Basis Supplementary Information

 

 

 

 

Summarised Consolidated Profit and Loss Account – Achieved Profits Basis

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Year ended 31 December 1998 1998 £m 1997 £m
Operating profit (including investment returns based on long-term rates of investment return) 
Continuing operations: 
 Long-term business 
 New business 413 410
 Business in force 542 632
 Total long-term business 955 1,042
 General business 39 38*
 Banking (77) (22)
 Other activities (including interest payable) 94 78*
Total continuing operations 1,011 1,136*
Discontinued operations 12 31
Total operating profit 1,023 1,167*
Short-term fluctuations in investment returns 289 538*
Net loss from changes to UK projected long-term rate of investment return and UK and US risk discount rates (notes 2(ii) and 3) (106) (184)
Profit on business disposals 202 –
Reclassification of shareholder reserves of Australian operation – 187
Profit on ordinary activities before tax (including actual investment gains) 1,408 1,708
Tax (371) (519)
Profit for the financial year 1,037 1,189
Dividends (407) (370)
Retained profit for the financial year 630 819
*Restated for altered basis of recognition of investment returns, as explained in note 4(ii).

 

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