Legal & General Group Plc L&G FY 2014 results -3-
04 März 2015 - 8:01AM
UK Regulatory
of restructuring costs.
IFRS and Cash 34
Consolidated Income Statement
For the year ended 31 December 2014
2014 2013 (1)
Notes GBPm GBPm
Revenue
Gross written premiums 10,168 6,162
Outward reinsurance premiums (1,122) (874)
Net change in provision for unearned premiums 1 (18)
Net premiums earned 9,047 5,270
Fees from fund management and investment contracts 1,085 1,040
Investment return 40,639 32,234
Operational income 746 720
Total revenue 51,517 39,264
Expenses
Claims and change in insurance liabilities 15,071 5,767
Reinsurance recoveries (975) (1,113)
Net claims and change in insurance liabilities 14,096 4,654
Change in provisions for investment contract
liabilities 33,385 30,458
Acquisition costs 873 855
Finance costs 183 166
Other expenses 1,748 1,694
Transfers (from)/to unallocated divisible surplus (181) 112
Total expenses 50,104 37,939
Profit before tax 1,413 1,325
Tax expense attributable to policyholder returns (175) (181)
Profit before tax attributable to equity holders 1,238 1,144
Total tax expense (421) (419)
Tax expense attributable to policyholder returns 175 181
Tax expense attributable to equity holders 2.22 (246) (238)
Profit for the year 992 906
Attributable to:
Non-controlling interests 7 13
Equity holders of the Company 985 893
Dividend distributions to equity holders of
the Company during the year 2.12 580 479
Dividend distributions to equity holders of
the Company proposed after the year end 2.12 496 408
p p
Earnings per share
Based on profit attributable to equity holders
of the Company 2.08 16.70 15.20
Diluted earnings per share
Based on profit attributable to equity holders
of the Company 2.08 16.54 15.00
1.The Consolidated Income Statement has been restated to reflect
the adoption by the Group of IFRS 10, 'Consolidated Financial
Statements'. Further details are contained in Note 2.24. The impact
is to increase the profit for the year by GBP10m for 2013.
IFRS and Cash 35
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2014
2014 2013 (1)
GBPm GBPm
Profit for the year 992 906
Items that will not be reclassified subsequently
to profit or loss
Actuarial losses on defined benefit pension
schemes (94) (145)
Actuarial losses on defined benefit pension schemes
transferred to unallocated divisible surplus 38 49
Total items that will not be reclassified to
profit or loss subsequently (56) (96)
Items that may be reclassified subsequently
to profit or loss
Exchange differences on translation of overseas
operations 12 (16)
Net change in financial investments designated
as available-for-sale 26 (88)
Total items that may be reclassified to profit
or loss subsequently 38 (104)
Other comprehensive expense after tax (18) (200)
Total comprehensive income for the year 974 706
Total comprehensive income attributable to:
Non-controlling interests 7 13
Equity holders of the Company 967 693
1. The Consolidated Statement of Comprehensive Income has been
restated to reflect the adoption by the Group of IFRS 10,
'Consolidated Financial Statements'. Further details are contained
in Note 2.24. The impact is to increase the total comprehensive
income for the year by GBP10m for 2013.
IFRS and Cash 36
Consolidated Balance Sheet
As at 31 December 2014
2014 2013 (1)
Notes GBPm GBPm
Assets
Goodwill 79 73
Purchased interest in long term businesses and
other intangible assets 342 308
Deferred acquisition costs 1,936 1,880
Investment in associates and joint ventures 149 101
Property, plant and equipment 146 129
Investment property 2.11 8,152 6,377
Financial investments 2.11 360,614 334,540
Reinsurers' share of contract liabilities 2,906 2,897
UK deferred tax asset 2.22 54 82
Current tax recoverable 217 310
Other assets 2,249 2,121
Cash and cash equivalents 22,709 17,454
Total assets 399,553 366,272
Equity
Share capital 2.13 149 148
Share premium 2.13 969 959
Employee scheme treasury shares (37) (39)
Capital redemption and other reserves 117 57
Retained earnings 4,830 4,517
Shareholders' equity 6,028 5,642
Non-controlling interests 275 265
Total equity 6,303 5,907
Liabilities
Participating insurance contracts 2.17 6,579 6,972
Participating investment contracts 2.18 7,667 7,493
Unallocated divisible surplus 983 1,221
Value of in-force non-participating contracts (208) (248)
Participating contract liabilities 15,021 15,438
Non-participating insurance contracts 2.17 49,876 40,273
Non-participating investment contracts 2.18 288,558 278,754
Non-participating contract liabilities 338,434 319,027
Core borrowings 2.15 2,977 2,453
Operational borrowings 2.16 715 775
Provisions 2.21 1,247 1,128
UK deferred tax liabilities 2.22 180 -
Overseas deferred tax liabilities 2.22 434 362
Current tax liabilities 9 14
Payables and other financial liabilities 16,131 9,305
Other liabilities 963 1,045
Net asset value attributable to unit holders 17,139 10,818
Total liabilities 393,250 360,365
Total equity and liabilities 399,553 366,272
1. The Consolidated Balance Sheet has been restated to reflect the adoption
by the Group of IFRS 10, 'Consolidated Financial Statements'. Further
details are contained in Note 2.24. The impact is to increase the total
equity by GBP207m for 2013.
IFRS and Cash 37
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