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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

9 Net Operating Expenses

		£m
	Year to 31 December 2004	Year to 31 December 2003
Long term business
Acquisition costs	181	179
Administration expenses	339	319
	520	498
General insurance business
Acquisition costs	112	78
Administration expenses	46	34
	158	112

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