Setting new standards - Friends Life
Setting new standards - Friends Life
Setting new standards - Friends Life
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FINANCIAL STATEMENTS<br />
IFRS FINANCIAL STATEMENTS<br />
EEV SUPPLEMENTARY INFORMATION<br />
Notes to the consolidated accounts continued<br />
3. Segmental information continued<br />
Year ended 31 December 2005<br />
International<br />
Elimination of<br />
UK <strong>Life</strong> & <strong>Life</strong> & Asset inter-segment<br />
Pensions Pensions Management amounts Total<br />
£m £m £m £m £m<br />
Gross earned premiums on insurance<br />
and investment contracts 3,122 2,011 170 - 5,303<br />
Less investment contracts premiums (2,153) (2,003) (170) - (4,326)<br />
Gross earned premiums 969 8 - - 977<br />
Less premiums ceded to reinsurers (56) - - - (56)<br />
Net earned premiums 913 8 - - 921<br />
Fee and commission income and<br />
income from service activities 116 124 276 (33) 483<br />
Investment income 5,180 932 175 - 6,287<br />
Total revenue 6,209 1,064 451 (33) 7,691<br />
Net claims and benefits paid 1,528 4 - - 1,532<br />
Movement in insurance and investment contracts liabilities 3,291 888 157 - 4,336<br />
Transfer to fund for future appropriations 187 - - - 187<br />
Movement in net assets attributable to unit holders 136 - - - 136<br />
Acquisition expenses 207 67 11 - 285<br />
Administrative and other expenses 295 121 376 (33) 759<br />
Finance costs 77 11 1 - 89<br />
Total claims, benefits and expenses 5,721 1,091 545 (33) 7,324<br />
Profit before tax from continuing operations 488 (27) (94) - 367<br />
Policyholder tax (218) - - - (218)<br />
Shareholder tax 67 2 (29) - 40<br />
Segmental results after tax 337 (25) (123) - 189<br />
Inter segment revenue/(expense) (33) - 33 - -<br />
86 <strong>Friends</strong> Provident Annual Report & Accounts 2006