REG - Legal & General Grp - L&G Half-year Report 2017 Part 2 <Origin Href="QuoteRef">LGEN.L</Origin> - Part 4
09/08/2017 07:07
- Part 4: For the preceding part double click ID:nRSI4600Nc
- - - - - (1) (1)
Profit/(loss) before tax attributable to
equity holders 468 163 195 51 41 53 (145) 826
Tax (expense)/credit attributable to equity holders of the company (82) (35) (24) (30) (6) (10) 28 (159)
Profit/(loss) for the period 386 128 171 21 35 43 (117) 667
Group
expenses
General and debt
LGR2 LGIM LGC LGI2 Insurance Savings1 costs Total
For the year ended 31 December 2016 £m £m £m £m £m £m £m £m
Operating profit/(loss) 809 366 257 319 52 99 (340) 1,562
Investment and other variances1 37 (32) 162 (124) 16 (51) 5 13
Gains attributable to non-controlling interests - - - - - - 7 7
Profit/(loss) before tax attributable to
equity holders 846 334 419 195 68 48 (328) 1,582
Tax (expense)/credit attributable to equity holders of the company (148) (68) (52) (72) (13) (22) 58 (317)
Profit/(loss) for the period 698 266 367 123 55 26 (270) 1,265
1. H1 17 Investment and other variances - LGI includes the £17m net gain resulting from the disposal of subsidiaries during the period (H1 16: Savings includes the £4m net gain resulting from the disposal of subsidiaries during the period; FY 16: Savings includes the £60m net loss resulting from the disposal of subsidiaries during the year).
2. During 2017, changes have been made to the organisational structure. The IDOL business has been transferred to LGI from LGR. Comparatives have been restated accordingly. The impact of this reclassification has been to reduce LGR H1 16 operating profit by £1m and profit before tax by £1m (FY 16: reduce LGR operating profit by £2m and profit before tax by £1m). LGI operating profit and profit before tax are showing corresponding increases.
IFRS and Release from Operations
Page 41
2.09 Segmental analysis (continued)
(b) Income
LGC
General and
LGR LGIM1 LGI Insurance Savings other2 Total
For the six months ended 30 June 2017 £m £m £m £m £m £m £m
Internal income - 78 - - - (78) -
External income 2,810 12,988 896 167 1,436 621 18,918
Total income 2,810 13,066 896 167 1,436 543 18,918
LGC
General and
LGR3 LGIM1,4 LGI Insurance Savings4 other2,4 Total
For the six months ended 30 June 2016 £m £m £m £m £m £m £m
Internal income - 66 - - - (66) -
External income 9,075 24,129 1,182 159 2,368 5,610 42,523
Total income 9,075 24,195 1,182 159 2,368 5,544 42,523
LGC
General and
LGR3 LGIM1,4 LGI Insurance Savings4 other2,4 Total
For the year ended 31 December 2016 £m £m £m £m £m £m £m
Internal income - 139 - - - (139) -
External income 13,831 49,812 2,257 326 4,406 7,337 77,969
Total income 13,831 49,951 2,257 326 4,406 7,198 77,969
1. LGIM internal revenue relates to investment management services provided to other segments.
2. LGC and other includes LGC, inter-segmental eliminations and group consolidation adjustments.
3. During 2017, changes have been made to the organisational structure. The IDOL business has been transferred to LGI from LGR. Comparatives have been amended accordingly. The impact of this reclassification has been to reduce LGR H1 16 external income by £8m (FY 16: reduce by £20m) with corresponding increases in LGI external income.
4. An internal transaction (H1 16: £79m; FY 16: £175m) has been reclassified between LGIM, Savings and LGC and other internal and external income.
IFRS and Release from Operations
Page 42
2.10 Earnings per share
(a) Earning per share
Adjusted Adjusted Adjusted Adjusted
Profit Earnings profit earnings Profit Earnings profit earnings
after tax per share1 after tax per share1,2 after tax per share1 after tax per share1,2
30.06.17 30.06.17 30.06.17 30.06.17 30.06.16 30.06.16 30.06.16 30.06.16
£m p £m p £m p £m p
Operating profit after tax 795 13.40 795 13.40 616 10.39 616 10.39
Investment and other variances 151 2.54 134 2.26 52 0.88 48 0.81
Earnings per share based on profit
attributable to equity holders 946 15.94 929 15.66 668 11.27 664 11.20
Adjusted Adjusted
Profit Earnings profit earnings
after tax per share1 after tax per share1,2
Full year Full year Full year Full year
31.12.16 31.12.16 31.12.16 31.12.16
£m p £m p
Operating profit after tax 1,244 20.98 1,244 20.98
Investment and other variances 14 0.24 72 1.22
Earnings per share based on profit
attributable to equity holders 1,258 21.22 1,316 22.20
1. Earnings per share is calculated by dividing profit after tax derived from continuing operations by the weighted average number of ordinary shares in issue during the period, excluding employee scheme treasury shares.
2. Adjusted earnings per share has been calculated after excluding the net current year profit after tax of £17m, resulting from the disposal of L&G Netherlands. (H1 16: excluding the net gain of £4m, resulting from the disposal of Suffolk Life; FY 16: excluding the net loss after tax of £58m, resulting from the disposal of Suffolk Life and the classification of Cofunds as held for sale).
IFRS and Release from Operations
Page 43
2.10 Earnings per share (continued)
(b) Diluted earnings per share
Adjusted Adjusted
Number Profit Earnings profit earnings
of shares after tax per share1 after tax per share1,2
30.06.17 30.06.17 30.06.17 30.06.17 30.06.17
m £m p £m p
Profit attributable to equity holders of the company 5,933 946 15.94 929 15.66
Net shares under options allocable for no further consideration 25 - (0.06) - (0.06)
Diluted earnings per share 5,958 946 15.88 929 15.60
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