Consolidated income statement
Consolidated income statement for the year ended 31 December 2018
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| For the year ended 31 December 2018 | Notes | 2018 £ million |
2017 £ million |
|---|---|---|---|
| Revenue | |||
| Gross written premiums | 13,253 | 7,932 | |
| Outward reinsurance premiums | (2,131) | (1,858) | |
| Net change in provision for unearned premiums | 19 | 23 | |
| Net premiums earned | 11,103 | 6,051 | |
| Fees from fund management and investment contracts | 802 | 771 | |
| Investment return | 11,847 | 33,457 | |
| Operational income | 1,206 | 212 | |
| Total income | 1.10 | 1,264 | 40,491 |
| Expenses | |||
| Claims and change in insurance liabilities | 8,612 | 8,326 | |
| Reinsurance recoveries | (1,053) | (1,776) | |
| Net claims and change in insurance liabilities | 7,559 | 6,550 | |
| Change in provisions for investment contract liabilities | (11,304) | 29,848 | |
| Acquisition costs | 893 | 734 | |
| Finance costs | 238 | 212 | |
| Other expenses | 1,776 | 1,086 | |
| Total expenses | (838) | 38,430 | |
| Profit before tax | 2,102 | 2,061 | |
| Tax expense attributable to policyholder returns | (53) | (70) | |
| Profit before tax attributable to equity holders | 2,049 | 1,991 | |
| Total tax expense | (358) | (239) | |
| Tax expense attributable to policyholder returns | 53 | 70 | |
| Tax expense attributable to equity holders | 3.07 | (305) | (169) |
| Profit for the year | 1,808 | 1,902 | |
| Attributable to: | |||
| Non-controlling interests | (19) | 11 | |
| Equity holders of the company | 1,827 | 1,891 | |
| Dividend distributions to equity holders of the company during the year | 3.05 | 932 | 872 |
| Dividend distributions to equity holders of the company proposed after the year end | 3.05 | 704 | 658 |
| p | p | ||
| Earnings per share1 | 1.09 | 30.79 | 31.87 |
| Total diluted earnings per share1 | 1.09 | 30.64 | 31.73 |
| Earnings per share derived from continuing operations2 | 1.09 | 29.72 | 30.52 |
| Diluted earnings per share derived from continuing operations2 | 1.09 | 29.57 | 30.38 |