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FINANCIAL HIGHLIGHTS CHAIRMAN’S STATEMENT CHIEF EXECUTIVE’S STATEMENT GROUP BUSINESS REVIEW CORPORATE CITIZENSHIP CORPORATE GOVERNANCE AND DIRECTORS’ REPORT BOARD OF DIRECTORS REMUNERATION REPORT FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ACHIEVED PROFITS BASIS SUPPLEMENTARY INFORMATION FINANCIAL HISTORY NOTICE OF ANNUAL GENERAL MEETING SHAREHOLDER INFORMATION

Notes to the Financial Statements

for the year ended 31 December 2004

7 Investment Expenses And Charges

		£m
	Year to 31 December 2004	Year to 31 December 2003
Technical account long term business
Interest payable	4	7
Investment management expenses	27	17
	31	24
Non-technical account insurance and asset management businesses
Interest payable	22	33
Other finance costs	15	15
	37	48

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