Consolidated income statement
Consolidated income statement for the year ended 31 December 2017
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For the year ended 31 December 2017 | Notes | 2017 £ million |
2016 £ million |
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Revenue | |||
Gross written premiums | 7,932 | 10,252 | |
Outward reinsurance premiums | (1,858) | (1,568) | |
Net change in provision for unearned premiums | 23 | 4 | |
Net premiums earned | 6,051 | 8,688 | |
Fees from fund management and investment contracts | 771 | 851 | |
Investment return | 33,457 | 63,742 | |
Operational income | 212 | 188 | |
Total income | 1.09 | 40,491 | 73,469 |
Expenses | |||
Claims and change in insurance liabilities | 8,326 | 16,908 | |
Reinsurance recoveries | (1,776) | (2,740) | |
Net claims and change in insurance liabilities | 6,550 | 14,168 | |
Change in provisions for investment contract liabilities | 29,848 | 55,579 | |
Acquisition costs | 734 | 739 | |
Finance costs | 212 | 191 | |
Other expenses | 1,086 | 1,275 | |
Total expenses | 38,430 | 71,952 | |
Profit before tax | 2,061 | 1,517 | |
Tax expense attributable to policyholder returns | (70) | (52) | |
Profit before tax attributable to equity holders | 1,991 | 1,465 | |
Total tax expense | (239) | (343) | |
Tax expense attributable to policyholder returns | 70 | 52 | |
Tax expense attributable to equity holders | 3.06 | (169) | (291) |
Profit for the year | 1.09 | 1,902 | 1,265 |
Attributable to: | |||
Non-controlling interests | 11 | 7 | |
Equity holders of the company | 1,891 | 1,258 | |
Dividend distributions to equity holders of the company during the year | 3.08 | 872 | 830 |
Dividend distributions to equity holders of the company proposed after the year end | 3.08 | 658 | 616 |
p | p | ||
Earnings per share1 | 1.10 | 31.87 | 21.22 |
Total diluted earnings per share1 | 1.10 | 31.73 | 21.13 |
Earnings per share derived from continuing operations2 | 1.10 | 30.52 | 19.68 |
Diluted earnings per share derived from continuing operations2 | 1.10 | 30.38 | 19.59 |