Consolidated statement
of financial position

Assets

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31 December Note 2012 £m 2011* £m 2010* £m
  • * The Group has adopted updated US GAAP requirements for deferred acquisition costs as an improvement to its accounting policy under IFRS 4 for those operations of the Group which measure insurance assets and liabilities substantially by reference to US GAAP principles. Accordingly, the 2011 and 2010 comparative results and related notes have been adjusted from those previously published for the retrospective application of the change as if the new accounting policy had always applied, as described in note A5.
  • As a result of the adoption of the altered US GAAP requirements as noted above, the 2010 balance sheet has been presented in accordance with IAS 1. The 2010 comparatives for the relevant balance sheet notes which have been affected by this change have been retrospectively adjusted accordingly.
  • The increase in reinsurers’ share of insurance contract liabilities and other liabilities from 2011 to 2012 is attributed to amounts due to the reinsurance arrangements attaching to the purchase by Jackson of REALIC in September 2012, as discussed in note I1.
  • § Included within financial investments are £3,015 million (2011: £7,843 million) of lent securities and £2,012 million of loans and debt securities covering liabilities for funds withheld under reinsurance arrangement of the Group’s US operations from the purchase of REALIC, as discussed in note I1.
Intangible assets attributable to shareholders:        
Goodwill H1(a) 1,469 1,465 1,466
Deferred acquisition costs and other intangible assets H1(b) 4,267 4,234 3,901
Total   5,736 5,699 5,367
Intangible assets attributable to with-profits funds:        
In respect of acquired subsidiaries for venture fund and other investment purposes H2(a) 178 178 166
Deferred acquisition costs and other intangible assets H2(b) 78 89 110
Total   256 267 276
Total intangible assets   5,992 5,966 5,643
Other non-investment and non-cash assets:        
Property, plant and equipment H6 765 748 554
Reinsurers’ share of insurance contract liabilities H3 6,859 1,647 1,344
Deferred tax assets H4 2,314 2,276 2,188
Current tax recoverable H4 254 546 555
Accrued investment income G1,H5 2,798 2,710 2,668
Other debtors G1,H5 1,361 987 903
Total   14,351 8,914 8,212
Investments of long-term business and other operations:        
Investment properties H7 10,880 10,757 11,247
Associate investments accounted for using the equity method H8 113 70 71
Financial investments§: G1      
Loans   11,821 9,714 9,261
Equity securities and portfolio holdings in unit trusts   99,958 87,349 86,635
Debt securities   140,103 124,498 116,352
Other investments   7,900 7,509 5,779
Deposits   12,653 10,708 9,952
Total   283,428 250,605 239,297
Properties held for sale H9 98 3 257
Cash and cash equivalents G1,H10 6,384 7,257 6,631
Total assets B5 310,253 272,745 260,040

Equity and liabilities

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31 December Note 2012 £m 2011* £m 2010 £m
  • * The Group has adopted updated US GAAP requirements for deferred acquisition costs as an improvement to its accounting policy under IFRS 4 for those operations of the Group which measure insurance assets and liabilities substantially by reference to US GAAP principles. Accordingly, the 2011 comparative results and related notes have been adjusted from those previously published for the retrospective application of the change as if the new accounting policy had always applied, as described in note A5.
  • As a result of the adoption of the altered US GAAP requirements as noted above, the 2010 balance sheet has been presented in accordance with IAS 1. The 2010 comparatives for the relevant balance sheet notes which have been impacted by this change have been retrospectively adjusted accordingly.
  • The increase in reinsurers' share of insurance contract liabilities and other liabilities from 2011 to 2012 is attributed to amounts due to the reinsurance arrangements attaching to the purchase by Jackson of REALIC in September 2012, as discussed in note I1.
Equity        
Shareholders’ equity H11 10,359 8,564 7,521
Non-controlling interests   5 43 44
Total equity   10,364 8,607 7,565
Liabilities        
Policyholder liabilities and unallocated surplus of with-profits funds:        
Insurance contract liabilities H12 208,584 180,363 171,291
Investment contract liabilities with discretionary participation features G1 33,812 29,745 25,732
Investment contract liabilities without discretionary participation features G1 18,378 16,967 17,704
Unallocated surplus of with-profits funds H12 10,589 9,215 10,253
Total   271,363 236,290 224,980
         
Core structural borrowings of shareholder-financed operations:        
Subordinated debt H13 2,577 2,652 2,718
Other H13 977 959 958
Total G1,H13 3,554 3,611 3,676
         
Other borrowings:        
Operational borrowings attributable to shareholder-financed operations G1,H13 2,245 3,340 3,004
Borrowings attributable to with-profits operations G1,H13 1,033 972 1,522
Other non-insurance liabilities:        
Obligations under funding, securities lending and sale and repurchase agreements G1 2,436 3,114 4,199
Net asset value attributable to unit holders of consolidated unit trusts and similar funds G1 4,345 3,840 3,372
Deferred tax liabilities H4 3,970 3,929 3,968
Current tax liabilities H4 445 930 831
Accruals and deferred income   833 736 707
Other creditors G1 2,781 2,544 2,321
Provisions H14 601 529 729
Derivative liabilities G1,G3 2,829 3,054 2,037
Other liabilities G1,H15 3,454 1,249 1,129
Total   21,694 19,925 19,293
Total liabilities B5 299,889 264,138 252,475
Total equity and liabilities   310,253 272,745 260,040

The consolidated financial statements were approved by the Board of directors on 12 March 2013 and signed on its behalf.

Paul Manduca
Chairman

Tidjane Thiam
Group Chief Executive

Nic Nicandrou
Chief Financial Officer

 
 

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