Financial Statements

Consolidated balance sheet

At 31 December 2007

	Notes	2007 £m	2006 £m
Assets
Intangible assets	16	1,456	1,405
Property and equipment	17	81	80
Investment properties	18	2,371	2,426
Investments in associates and joint venture	20	14	15
Deferred tax assets	24	55	-
Financial assets	21	47,710	45,150
Deferred acquisition costs	22	1,093	1,111
Reinsurance assets	23	2,015	85
Current tax assets		4	30
Insurance and other receivables	25	620	606
Cash and cash equivalents	26	4,782	3,581
Total assets		60,201	54,489
Liabilities
Insurance contracts	28	13,607	13,762
Fund for future appropriations		481	439
Financial liabilities
– Investment contracts	32	37,266	32,821
– Loans and borrowings	33	2,349	1,130
Net asset value attributable to unit holders	34	909	941
Provisions	35	146	215
Deferred tax liabilities	24	329	318
Current tax liabilities		113	116
Insurance payables, other payables and deferred income	36	677	582
Total liabilities		55,877	50,324
Equity attributable to equity holders of the parent
Attributable to ordinary shareholders:
Share capital	37, 38	234	214
Share premium	37, 38	2,372	2,051
Other reserves	37, 39	346	542
		2,952	2,807
Attributable to other equity holders	37, 40	810	810
		3,762	3,617
Minority interest	37	562	548
Total equity	37	4,324	4,165
Total equity and liabilities		60,201	54,489

The financial statements were approved by the Board of directors on 18 March 2008.

Sir Adrian Montague
Executive Chairman

Jim Smart
Chief Financial Officer