Consolidated income statement

Consolidated income statement for the year ended 31 December 2018

  1. Discontinued operations reflects the results of Mature Savings following the group's announcement in December 2017 to sell the Mature Savings business to Swiss Re.
  2. All earnings per share calculations are based on profit attributable to equity holders of the company.
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

 

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