continued - St James's Place

Notes to the IFRS Basis Financial Statementscontinued3. SEGMENT REPORTING continuedCash resultSixMonthsEnded30 June2011SixMonthsEnded30 June2010TwelveMonthsEnded31 December2010£ million £ million £ millionLife business 17.7 3.9 27.5Unit Trust business 13.6 8.9 18.3Distribution business – 4.2 4.9Other business (0.5) 1.7 (2.4)Cash result after tax 30.8 18.7 48.3IFRS adjustments (after tax)Share option expense (5.9) (4.9) (8.2)Deferred acquisition costs (‘DAC’) 45.0 54.0 83.6Deferred income (‘DIR’) (29.2) (28.7) (54.6)Acquired value of in-force (‘PVIF’) (1.4) (1.9) (2.9)Sterling reserves 0.3 (1.2) (6.5)IFRS tax adjustments 8.0 (7.6) (4.7)IFRS profit after tax 47.6 28.4 55.0Shareholder tax charge 7.7 7.9 29.2IFRS operating profit before tax 55.3 36.3 84.2Policyholder tax charge/(credit) 3.8 (8.1) 77.7IFRS profit before tax 59.1 28.2 161.9IFRS segment resultSixMonthsEnded30 June2011SixMonthsEnded30 June2010TwelveMonthsEnded31 December2010£ million £ million £ millionLife business– shareholder 49.1 27.5 72.8– policyholder tax gross up 3.8 (8.1) 77.7Unit Trust business 14.4 8.4 17.3Distribution business – 5.9 5.8Other business (8.2) (5.5) (11.7)Profit before tax 59.1 28.2 161.950St. James’s Place plc Registered No. 3183415