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Consolidated income statement

Consolidated income statement for the year ended 31 December 2016

  1. All earnings per share calculations are based on profit attributable to equity holders of the company.
  2. Adjusted earnings per share have been calculated after excluding the net loss after tax, £58m, resulting from the disposal of Suffolk life and the classification of cofunds as held for sale (2015: excluding the $25m net loss after tax resulting from the disposal of subsiduary and joint venture investments).
For the year ended 31 December 2015 Notes 2016
£m
2015
£m
Revenue      
Gross written premiums   10,325 6,321
Outward reinsurance premiums   (1,573) (1,603)
Net change in provision for unearned premiums   4 21
Net premiums earned   8,756 4,739
Fees from fund management and investment contracts   1,068 1,139
Investment return   67,824 5,947
Operational income   321 876
Total revenue   77,969 12,701
       
Expenses      
Claims and change in insurance liabilities   17,896 5,080
Reinsurance recoveries   (2,745) (2,466)
Net claims and change in insurance liabilities   15,151 2,614
Change in provisions for investment contract liabilities   58,578 5,615
Acquisition costs   793 838
Finance costs   198 186
Other expenses   1,569 1,893
Transfers to/(from) unallocated divisible surplus   (187) 141
Total expenses   76,102 11,287
       
Profit before tax   1,867 1,414
Tax expense attributable to policyholder returns   (285) (59)
Profit before tax attributable to equity holders   1582 1,355
Total tax expense   (602) (320)
Tax expense attributable to policyholder returns   285 59
Tax expense attributable to equity holders 2.16 (317) (261)
Profit for the year   1,265 1,094
       
Attributable to:      
Non-controlling interests   7 19
Equity holders of the company   1,258 1,075
       
Dividend distributions to equity holders of the company during the year 2.18 830 701
Dividend distributions to equity holders of the company proposed after the year end 2.18 616 592
       
      p
Earnings per share1 2.10 21.22 18.16
Adjusted earnings per share1,2 2.10 22.20 18.58
       
Diluted earnings per share1 2.10 21.13 18.04
Adjusted diluted earnings per share1,2 2.10 22.11 18.46
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