Financial History
Sterling
| £m | |||||
| 2004 | 2003 (Restated) |
2002 (Restated) |
2001 (Restated) |
2000 (Restated) |
|
| Life assurance new business premiums | |||||
| Single | 3,389 |
3,200 |
4,003 |
2,140 |
1,902 |
| Recurring | 240 |
262 |
219 |
217 |
248 |
| Annual premium equivalent | 579 |
583 |
619 |
431 |
438 |
| Summary consolidated profit and loss account | |||||
| South Africa | |||||
| Life assurance | |||||
| - Technical result | 313 |
260 |
208 |
249 |
250 |
| - Long term investment return | 167 |
178 |
135 |
148 |
215 |
480 |
438 |
343 |
397 |
465 |
|
| Asset management | 53 |
55 |
28 |
37 |
46 |
| Banking | 177 |
(10) |
165 |
290 |
269 |
| General insurance | 89 |
73 |
35 |
46 |
44 |
799 |
556 |
571 |
770 |
824 |
|
| United States | |||||
| Life assurance | 96 |
85 |
83 |
13 |
- |
| Asset management | 89 |
81 |
95 |
116 |
44 |
185 |
166 |
178 |
129 |
44 |
|
| United Kingdom and Rest of World | |||||
| Life assurance | 18 |
20 |
(3) |
(2) |
13 |
| Asset management | 10 |
(8) |
2 |
(3) |
34 |
| Banking | 14 |
4 |
56 |
79 |
58 |
42 |
16 |
55 |
74 |
105 |
|
1,026 |
738 |
804 |
973 |
973 |
|
| Other shareholders' income/ expenses | (33) |
(40) |
(22) |
(29) |
(34) |
| Debt service costs | (37) |
(48) |
(58) |
(67) |
(28) |
| Write-down of strategic investments | - |
- |
- |
(21) |
- |
| Adjusted operating profit | 956 |
650 |
724 |
856 |
911 |
| Goodwill amortisation and impairment | (110) |
(206) |
(120) |
(632) |
(54) |
| Loss on disposal/ write-down of investment in Dimension Data Holdings plc | - |
(5) |
(68) |
(269) |
- |
| Restructuring and integration costs | (21) |
(32) |
(14) |
- |
- |
| Change in credit provisioning methodology | - |
(87) |
- |
- |
- |
| Fines and penalties | (49) |
- |
- |
- |
- |
| Short term fluctuations in investment return | 226 |
143 |
(91) |
126 |
(180) |
| Investment return adjustment for own shares held in policyholders' funds | (94) |
12 |
42 |
76 |
(73) |
| Operating profit on ordinary activities before tax | 908 |
475 |
473 |
157 |
604 |
| Non-operating items | (35) |
(32) |
(6) |
- |
356 |
| Profit on ordinary activities before tax | 873 |
443 |
467 |
157 |
960 |
| Tax on profit on ordinary activities | (286) |
(241) |
(224) |
(319) |
(138) |
| Profit/(loss) on ordinary activities after tax | 587 |
202 |
243 |
(162) |
822 |
| Minority interests (equity and non-equity) | (103) |
71 |
(44) |
(26) |
(341) |
| Profit/(loss) for the financial year | 484 |
273 |
199 |
(188) |
481 |
| Dividends paid and proposed | (182) |
(166) |
(161) |
(158) |
(152) |
| Retained profit/(loss) for the financial year | 302 |
107 |
38 |
(346) |
329 |
| p | |||||
| Earnings and dividend per share | 2004 | 2003 (Restated) |
2002 (Restated) |
2001 (Restated) |
2000 (Restated) |
| Adjusted operating earnings per share | 15.3 |
10.0 |
11.3 |
12.1 |
18.4 |
| Basic earnings per share | 14.1 |
8.0 |
5.9 |
(5.8) |
15.7 |
| Dividend per share | 5.25 |
4.8 |
4.8 |
4.8 |
4.7 |
| Adjusted weighted average number of shares - millions | 3,748 |
3,727 |
3,670 |
3,550 |
3,373 |
| Weighted average number of shares - millions | 3,432 |
3,411 |
3,354 |
3,234 |
3,057 |
| £m | |||||
| Consolidated balance sheet | 2004 | 2003 (Restated) |
2002 (Restated) |
2001 (Restated) |
2000 (Restated) |
| Assets | |||||
| Intangible assets (goodwill) | 1,152 |
1,264 |
1,598 |
1,580 |
2,279 |
| Insurance and other assets | 37,608 |
32,409 |
26,231 |
31,553 |
26,288 |
| Banking assets | 27,500 |
24,042 |
21,377 |
11,309 |
17,287 |
66,260 |
57,715 |
49,206 |
44,442 |
45,854 |
|
| Liabilities | |||||
| Equity shareholders' funds | 3,245 |
2,754 |
2,424 |
2,108 |
3,046 |
| Minority interests | 1,527 |
1,310 |
927 |
565 |
1,013 |
| Subordinated liabilities | - |
15 |
18 |
22 |
39 |
| Insurance and other liabilities | 35,589 |
30,724 |
25,602 |
31,292 |
26,355 |
| Banking liabilities | 25,899 |
22,912 |
20,235 |
10,455 |
15,401 |
66,260 |
57,715 |
49,206 |
44,442 |
45,854 |
|
| Funds under management | 140,124 |
125,226 |
123,334 |
142,819 |
168,223 |
| Adjusted embedded value | 5,359 |
4,015 |
3,828 |
3,437 |
5,465 |
| Exchange rates | 2004 |
2003 |
2002 |
2001 |
2000 |
| Sterling/Rand | |||||
| Average rate | 11.7986 |
12.3487 |
15.7878 |
12.3923 |
10.5213 |
| Closing rate | 10.8482 |
11.9367 |
13.8141 |
17.4286 |
11.3148 |
| Sterling/US Dollar | |||||
| Average rate | 1.8327 |
1.6354 |
1.5030 |
1.4405 |
1.5159 |
| Closing rate | 1.9158 |
1.7833 |
1.6105 |
1.4542 |
1.4937 |
The information contained in the above financial history is extracted from published accounts. Comparative years have been restated for the implementation of FRS 19 “Deferred Tax”, UITF Abstract 37 “Purchases and Sales of Own Shares” and UITF Abstract 38 “Accounting for ESOP Trusts”.
