REG - Legal & General Grp - L&G FY 2014 results part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 2

Legal & GeneralAnnouncement

04/03/2015 07:12

- Part 2: For the preceding part double click  ID:nRSD4568Ga 

                                                                                                                                                                                                                                   3     (7)   (13)  1     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Total experience variances                                                                                                                                                                                                                                                                                                                                                                                                      (18)  (13)  (34)  9     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Changes to valuation assumptions                                                                                                                                                                                                                                                                                                                                                                                                                        
 Persistency2                                                                                                                                                                                                                                                                                                                                                                                                                                            42    -     7     -     
 Mortality/Morbidity3                                                                                                                                                                                                                                                                                                                                                                                                                                    37    61    9     (13)  
 Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                15    (5)   8     -     
 Other4                                                                                                                                                                                                                                                                                                                                                                                                                                                  (62)  (8)   7     -     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Total valuation assumption changes                                                                                                                                                                                                                                                                                                                                                                                              32    48    31    (13)  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Movement in non-cash items                                                                                                                                                                                                                                                                                                                                                                                                                                                      
 Deferred tax                                                                                                                                                                                                                                                                                                                                                                                                                                            6     (11)  5     -     
 Utilisation of brought forward trading losses                                                                                                                                                                                                                                                                                                                                                                                   (9)   (62)  (4)   (70)  
 Acquisition expense tax relief                                                                                                                                                                                                                                                                                                                                                                                                  (42)  -     (51)  -     
 Deferred Acquisition Costs (DAC)5                                                                                                                                                                                                                                                                                                                                                                                               (71)  -     (63)  -     
 Deferred Income Liabilities (DIL)5                                                                                                                                                                                                                                                                                                                                                                                              46    -     47    -     
 Other6                                                                                                                                                                                                                                                                                                                                                                                                                                                  -     41    (3)   22    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Total non-cash movement items                                                                                                                                                                                                                                                                                                                                                                                                   (70)  (32)  (69)  (48)  
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Other                                                                                                                                                                                                                                                                                                                                                                                                                                                   (7)   -     10    -     
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Operating profit after tax                                                                                                                                                                                                                                                                                                                                                                                                                              361   346   339   241   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Tax gross up                                                                                                                                                                                                                                                                                                                                                                                                                                            99    82    105   69    
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 Operating profit before tax                                                                                                                                                                                                                                                                                                                                                                                                                             460   428   444   310   
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
 1. The mortality/morbidity experience variances in LGAS in 2014 primarily relates to adverse morbidity on one of our group protection products.                                                                                                                                                                                                                                                                             
 2. The persistency va