Setting new standards - Friends Life

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FINANCIAL STATEMENTS IFRS FINANCIAL STATEMENTS EEV SUPPLEMENTARY INFORMATION Notes to the consolidated accounts continued 6. Net claims and benefits paid Year ended 31 December 2006 Gross Amounts Total net claims and receivable claims and benefits from benefits paid reinsurers paid £m £m £m Protection 145 (42) 103 Investment 782 (1) 781 Individual pensions 180 - 180 Group pensions 179 - 179 Annuities 301 - 301 Total 1,587 (43) 1,544 Year ended 31 December 2005 Gross Amounts Total net claims and receivable claims and benefits from benefits paid reinsurers paid £m £m £m Protection 133 (35) 98 Investment 863 (2) 861 Individual pensions 143 - 143 Group pensions 140 - 140 Annuities 290 - 290 Total 1,569 (37) 1,532 7. Acquisition expenses 2006 2005 £m £m Commission 302 247 Other acquisition expenses 229 186 Deferral (334) (272) Amortisation 215 124 Net acquisition expenses 412 285 92 Friends Provident Annual Report & Accounts 2006
PARENT COMPANY ACCOUNTS ABBREVIATIONS AND DEFINITIONS Notes to the consolidated accounts continued 8. Administrative and other expenses (a) Analysis of administrative and other expenses 2006 2005 £m £m Amortisation of intangible assets 79 95 Impairment of intangible assets 58 112 Impairment of investment in associate - 4 Employee remuneration 184 183 Share based payments: Equity-settled transactions 20 26 Cash-settled transactions 2 2 Auditors’ remuneration 9 17 Investment expenses and charges 118 91 Investment property expenses 5 5 Operating lease rentals: Land and buildings 21 21 Equipment 4 4 Renewal commission 22 35 Office costs 12 13 Movement in provision for past sales 8 40 Sundry administrative expenses 76 111 Total administrative and other expenses 618 759 Sub-lease rentals of £2m (2005: £2m) were received during the year. The categorisation of certain expenses has been amended in 2006 resulting in some reclassification of expenses reported in 2005. (b) Auditors’ remuneration At the Company’s Annual General Meeting held on 25 May 2006, the shareholders approved the reappointment of KPMG Audit Plc as auditor to the Company and subsidiaries. On 20 October 2006, the directors of F&C approved the appointment of KPMG Audit Plc as auditor to F&C Asset Management plc and its subsidiaries. Ernst & Young LLP were auditors to F&C Asset Management plc and its subsidiaries prior to this date. The following tables give an analysis of the total fees excluding VAT in respect of services provided to the Group by each firm. Information concerning the auditors’ appointment process is given in the Corporate Governance Report on pages 55 and 56. Friends Provident Annual Report & Accounts 2006 93
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ANNUAL REVIEW CORPORATE GOVERNANCE
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Friends Provident plc Pixham End Do
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