Consolidated Balance Sheet

at 31 December 2004

			Rm
	Notes	At 31 December 2004	At 31 December 2003 (Restated)*
Intangible assets
Goodwill	18	12,497	15,088
Insurance and other assets
Investments
Land and buildings	19	8,386	8,081
Other financial investments	20	280,317	271,631
		288,703	279,712
Assets held to cover linked liabilities	20	86,536	69,949
	5(i)	375,239	349,661
Reinsurers’ share of technical provisions
Provision for unearned premiums		152	227
Long term business provision		2,918	3,593
Claims outstanding		759	645
	31	3,829	4,465
Debtors
Debtors arising from direct insurance operations	21	1,877	2,686
Debtors arising from reinsurance operations		239	84
Other debtors		3,309	5,610
		5,425	8,380
Other assets
Tangible fixed assets	22	803	966
Cash at bank and in hand		5,467	8,296
Present value of acquired in-force business	23	1,780	2,315
Other assets	24	4,610	3,963
		12,660	15,540
Prepayments and accrued income
Accrued interest and rent		2,278	2,196
Deferred acquisition costs	25	7,214	5,097
Other prepayments and accrued income		1,334	1,516
		10,826	8,809
Total insurance and other assets		407,979	386,855
Banking assets
Cash and balances at central banks		10,055	12,235
Treasury bills and other eligible bills	26(a)	16,110	10,600
Loans and advances to banks	26(b)	27,358	24,972
Loans and advances to customers	26(c)	186,316	180,674
Debt securities	26(f)	20,976	16,952
Equity shares and other variable yield securities	26(g)	2,811	3,784
Interests in associated undertakings	26(h)	987	1,719
Tangible fixed assets	22	2,423	2,638
Land and buildings	19	1,738	1,683
Other assets	24	26,638	28,602
Prepayments and accrued income		2,933	3,126
Total banking assets		298,345	286,985
Total assets		718,821	688,928

			Rm
	Notes	At 31 December 2004	At 31 December 2003 (Restated)*
Called up share capital	27	4,187	4,584
Share premium account	27	6,509	7,007
Merger reserve	27	1,996	2,196
Profit and loss account	27	26,103	22,995
Reserve in respect of own shares held in policyholders’ funds		38,795	36,782
	27	(3,593)	(3,908)
Equity shareholders’ funds		35,202	32,874
Minority interests
Equity	27	9,427	7,783
Non-equity	27	7,138	7,854
		16,565	15,637
Subordinated liabilities	27	–	179
Insurance and other liabilities
Technical provisions
Provision for unearned premiums		835	955
Long term business provision		251,006	246,612
Claims outstanding		7,376	4,978
	31	259,217	252,545
Technical provisions for linked liabilities		86,536	69,949
Provisions for other risks and charges	32	6,932	6,576
Creditors
Creditors arising from direct insurance operations	33(a)	3,308	5,706
Creditors arising from reinsurance operations		108	36
Other creditors including tax and social security	33(b)	19,346	21,550
Amounts owed to credit institutions	34	5,065	4,501
Convertible loan stock	34(a)(i)	3,602	4,261
		31,429	36,054
Accruals and deferred income		1,964	1,611
Total insurance and other liabilities		386,078	366,735
Banking liabilities
Deposits by banks	35	30,607	52,295
Customer accounts	36	189,933	166,827
Debt securities in issue	37	16,956	5,586
Other liabilities	38	35,025	38,199
Provisions for deferred tax	39	1,030	2,732
Subordinated liabilities	30	7,358	7,745
Convertible loan stock	34(a)(ii)	67	119
Total banking liabilities		280,976	273,503
Total liabilities		718,821	688,928
Commitments	44	11,629	12,144
Contingent liabilities	45	20,688	28,910

* Comparative figures have been restated to reflect the adoption of Urgent Issues Taskforce Abstract 38 “Accounting for ESOP Trusts”. Details of the changes are set out in notes 1, 3 and 27.

FINANCIAL STATEMENTS:

Consolidated Balance Sheet

at 31 December 2004