REG - Phoenix Grp Hldgs - Phoenix Group Holdings - 2015 Annual Results <Origin Href="QuoteRef">PHNX.L</Origin> - Part 10
23/03/2016 08:18
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what period they have done so and why they consider that period to be appropriate, and their statement as to whether they have a reasonable expectation that the entity
will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment, including any related disclosures drawing attention
to any necessary qualifications or assumptions.
Ernst & Young LLP
London
22 March 2016
Notes:
1. The maintenance and integrity of the Phoenix Group Holdings website is the responsibility of the Directors; the work
carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no
responsibility for any changes that may have occurred to the financial statements since they were initially presented on
the website.
2. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from
legislation in other jurisdictions.
CONSOLIDATED INCOME STATEMENT
For the year ended 31 December 2015
Notes 2015£m 2014£m
Gross premiums written 902 981
Less: premiums ceded to reinsurers F3 (1,376) (1,792)
Net premiums written (474) (811)
Fees 95 94
Net investment income C1 1,064 6,034
Total revenue, net of reinsurance payable 685 5,317
Gain on transfer of business I1.5 - 4
Other operating income 7 9
Net income 692 5,330
Policyholder claims (3,931) (3,724)
Less: reinsurance recoveries 326 341
Change in insurance contract liabilities 2,959 (1,990)
Change in reinsurers' share of insurance contract liabilities 1,003 1,651
Transfer from/(to) unallocated surplus F2 84 (11)
Net policyholder claims and benefits incurred 441 (3,733)
Change in investment contract liabilities (232) (408)
Acquisition costs (7) (9)
Change in present value of future profits G7 (6) (9)
Amortisation and impairment of acquired in-force business G7 (148) (98)
Amortisation of customer relationships G7 (15) (15)
Administrative expenses C2 (430) (429)
Net income attributable to unitholders (7) (8)
Total operating expenses (404) (4,709)
Profit before finance costs and tax 288 621
Finance costs C4 (136) (156)
Profit for the year before tax 152 465
Tax credit/(charge) attributable to policyholders' returns C5 33 (129)
Profit before the tax attributable to owners 185 336
Tax credit/(charge) C5 97 (151)
Add: tax attributable to policyholders' returns C5 (33) 129
Tax credit/(charge) attributable to owners C5 64 (22)
Profit from continuing operations for the year attributable to owners 249 314
Discontinued operations
Profit from discontinued operations, net of tax I1.1 - 92
Profit for the year attributable to owners 249 406
Attributable to:
Owners of the parent 201 310
Non-controlling interests D3 48 96
249 406
Earnings per ordinary share
Basic (pence per share) B3.1 89.8p 137.7p
Diluted (pence per share) B3.2 89.6p 137.5p
Earnings per share from continuing operations
Basic (pence per share) B3.1 89.8p 96.7p
Diluted (pence per share) B3.2 89.6p 96.5p
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2015
Notes 2015£m 2014£m
Profit for the year from continuing operations 249 314
Profit from discontinued operations - 92
249 406
Other comprehensive income/(expense):
Items that are or may be reclassified to profit or loss:
Foreign exchange rate movements - 10
Reclassification adjustments relating to foreign collective investment schemes disposed of in the period (10) -
Items that will not be reclassified to profit or loss:
Owner-occupied property revaluation gains G8 4 -
Remeasurements of net defined benefit asset/liability G6 11 240
Tax (charge)/credit relating to other comprehensive income items C5 (5) 11
Total other comprehensive income for the year - 261
Total comprehensive income for the year 249 667
Attributable to:
Owners of the parent 201 571
Non-controlling interests D3 48 96
249 667
PRO FORMA RECONCILIATION OF GROUP OPERATING PROFIT TO RESULT ATTRIBUTABLE TO OWNERS
For the year ended 31 December 2015
Notes 2015£m 2014£m
Operating profit
Phoenix Life 336 487
Ignis - discontinued operations - 17
336 504
Group costs (12) (21)
Total operating profit before adjusting items 324 483
Investment return variances and economic assumption changes on long-term business B2.2 13 12
Variance on owners' funds B2.3 (12) (14)
Amortisation of acquired in-force business (75) (88)
Amortisation of customer relationships (15) (15)
Non-recurring items B1.2 49 126
Profit before finance costs attributable to owners 284 504
Finance costs attributable to owners (99) (88)
Profit before the tax attributable to owners
From continuing operations 185 336
From discontinued operations - 80
B1.2 185 416
Tax credit/(charge) attributable to owners from continuing operations 64 (22)
Tax credit attributable to owners from discontinued operations - 12
Profit for the year attributable to owners 249 406
STATEMENT OF CONSOLIDATED FINANCIAL POSITION
As at 31 December 2015
Notes 2015£m 2014£m
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital D1 - -
Share premium 861 979
Shares held by employee benefit trust and Group entities D2 (5) (8)
Foreign currency translation reserve 96 103
Owner-occupied property revaluation reserve 4 -
Retained earnings 1,478 1,291
Total equity attributable to owners of the parent 2,434 2,365
Non-controlling interests D3 570 913
Total equity 3,004 3,278
Liabilities
Insurance contract liabilities
Liabilities under insurance contracts F1 39,983 42,930
Unallocated surplus F2 877 981
40,860 43,911
Financial liabilities
Investment contracts 7,905 8,451
Borrowings E5 1,998 1,762
Deposits received from reinsurers 378 408
Derivatives E3 1,360 2,192
Net asset value attributable to unitholders 5,120 4,659
Obligations for repayment of collateral received 725 954
E1 17,486 18,426
Provisions G1 28 26
Deferred tax G2 354 364
Reinsurance payables 19 9
Payables related to direct insurance contracts G3 364 358
Current tax G2 7 165
Accruals and deferred income G4 128 130
Other payables G5 677 360
Liabilities classified as held for sale I1.2 1,587 1,776
Total liabilities 61,510 65,525
Total equity and liabilities 64,514 68,803
Notes 2015£m 2014£m
ASSETS
Pension scheme asset G6 506 426
Intangible assets
Goodwill 39 39
Acquired in-force business 1,265 1,413
Customer relationships 202 217
Present value of future profits 17 23
G7 1,523 1,692
Property, plant and equipment G8 19 15
Investment property G9 1,942 1,858
Financial assets
Loans and receivables 577 196
Derivatives E3 1,498 2,558
Equities 12,351 13,168
Investment in joint venture - 133
Fixed and variable rate income securities 31,814 34,384
Collective investment schemes 3,826 3,583
E1 50,066 54,022
Insurance assets
Reinsurers' share of insurance contract liabilities F1 3,954 2,772
Reinsurance receivables 29 67
Insurance contract receivables 9 8
3,992 2,847
Current tax G2 47 8
Prepayments and accrued income 335 405
Other receivables G10 474 750
Cash and cash equivalents G11 3,940 5,067
Assets classified as held for sale I1.2 1,670 1,713
Total assets 64,514 68,803
STATEMENT OF CONSOLIDATED CASH FLOWS
For the year ended 31 December 2015
Notes 2015£m 2014£m
Cash flows from operating activities
Cash utilised by operations I3 (576) (3,716)
Taxation paid (110) (54)
Net cash flows from operating activities (686) (3,770)
Cash flows from investing activities
Proceeds from disposal of businesses, net of cash disposed of I1 - 332
Net cash flows from investing activities - 332
Cash flows from financing activities
Proceeds from issuing ordinary shares, net of associated commission and expenses 2 1
Proceeds from issuing shares in subsidiaries to non-controlling interests D3 35 82
Ordinary share dividends paid B4 (120) (120)
Coupon paid on Perpetual Reset Capital Securities (20) (26)
Cash settlement of Perpetual Reset Capital Securities (3) -
Fees associated with the issuance of subordinated notes (3) -
Dividends paid to non-controlling interests D3 (23) (22)
Repayment of policyholder borrowings (118) (35)
Repayment of shareholder borrowings (190) (1,769)
Proceeds from new policyholder borrowings, net of associated expenses 99 -
Proceeds from new shareholder borrowings, net of associated expenses - 1,184
Interest paid on policyholder borrowings (15) (17)
Interest paid on shareholder borrowings (85) (67)
Net cash flows from financing activities (441) (789)
Net decrease in cash and cash equivalents (1,127) (4,227)
Cash and cash equivalents at the beginning of the year 5,067 9,294
Cash and cash equivalents at the end of the year G11 3,940 5,067
Separate disclosure of the cash flows relating to discontinued operations is provided in note I1.1.2.
Statement of CONSOLIDATED changes in equity
For the year ended 31 December 2015
Sharecapital(note D1)£m Sharepremium£m Shares heldby theemployeebenefittrust andGroupentities(note D2)£m Foreigncurrencytranslationreserve£m Owner-occupied property revaluation reserve Retainedearnings£m Total£m Non-controllinginterests(note D3)£m Total£m
£m
At 1 January 2015 - 979 (8) 103 - 1,291 2,365 913 3,278
Profit for the year - - - 3 - 198 201 48 249
Other comprehensive (expense)/income for the year - - - (10) 4 6 - - -
Total comprehensive (expense)/income for the year - - - (7) 4 204 201 48 249
Issue of ordinary share capital, - 2 - - - - 2 - 2
net of associated commissions and expenses
Dividends paid on ordinary shares - (120) - - - - (120) - (120)
Dividends paid to non-controlling interests - - - - - - - (23) (23)
Coupon paid to non-controlling interests, net of tax relief - - - - - - - (15) (15)
Credit to equity for equity-settled share-based payments - - - - - 4 4 - 4
Shares in subsidiaries subscribed for by non-controlling interests - - - - - - - 35 35
Exchange of non-controlling interests for subordinated notes - - - - - - - (388) (388)
Loss on exchange of - - - - - (12) (12) - (12)
non-controlling interests
Shares distributed by employee benefit trust - - 9 - - (9) - - -
Shares acquired by employee benefit trust - - (6) - - - (6) - (6)
At 31 December 2015 - 861 (5) 96 4 1,478 2,434 570 3,004
Statement of CONSOLIDATED changes in equity
For the year ended 31 December 2014
Sharecapital(note D1)£m Sharepremium£m Shares heldby theemployeebenefittrust andGroupentities(note D2)£m Foreigncurrencytranslationreserve£m Retainedearnings£m Total£m Non-controllinginterests(note D3)£m Total£m
At 1 January 2014 - 1,097 (13) 93 732 1,909 778 2,687
Profit for the year - - - - 310 310 96 406
Other comprehensive income for the year - - - 10 251 261 - 261
Total comprehensive income for the year - - - 10 561 571 96 667
Issue of ordinary share capital, net of associated commissions and expenses - 1 - - - 1 - 1
Dividends paid on ordinary shares - (120) - - - (120) - (120)
Dividends paid on ordinary shares held by the employee trust and Group entities - 1 - - - 1 - 1
Dividends paid to non-controlling interests - - - - - - (22) (22)
Coupon paid to non-controlling interests, net of tax relief - - - - - - (21) (21)
Credit to equity for equity-settled share-based payments - - - - 7 7 - 7
Shares in subsidiaries subscribed for by - - - - - - 82 82
non-controlling interests
Shares distributed by employee benefit trust - - 10 - (10) - - -
Shares acquired by employee benefit trust - - (8) - - (8) - (8)
Shares sold by Group entities - - 3 - 1 4 - 4
At 31 December 2014 - 979 (8) 103 1,291 2,365 913 3,278
Phoenix Group Holdings is subject to Cayman Islands Companies Law. Under Cayman Islands Companies Law distributions can be
made out of profits or share premium subject, in each case, to a solvency test. The solvency test is broadly consistent
with the Group's going concern assessment criteria.
Retained earnings comprise the owners' interest in the post acquisition retained earnings of the subsidiary companies and
the retained earnings of the Company. Distribution of retained earnings held within the long-term business funds and
surplus assets held within the owners' funds of the life companies is subject to retaining sufficient funds to protect
policyholders' interests.
NOTES TO THE IFRS CONSOLIDATED FINANCIAL STATEMENTS
A. SIGNIFICANT ACCOUNTING POLICIES
A1. BASIS OF PREPARATION
The consolidated financial statements for the year ended 31 December 2015 comprise the financial statements of Phoenix
Group Holdings ('the Company') and its subsidiaries (together referred to as 'the Group').
The consolidated financial statements have been prepared on a going concern basis and on a historical cost basis except for
investment property, owner-occupied property and those financial assets, financial liabilities and insurance and investment
contracts with discretionary participation features ('DPF') that have been measured at fair value.
Statement of compliance
The consolidated financial statements have been prepared, in accordance with International Financial Reporting Standards
('IFRSs') as issued by the International Accounting Standards Board ('IASB'). The financial statements are presented in
sterling (£) rounded to the nearest million except where otherwise stated.
Assets and liabilities are offset and the net amount reported in the statement of consolidated financial position only when
there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis,
or to realise the assets and settle the liability simultaneously. Income and expenses are not offset in the consolidated
income statement unless required or permitted by an IFRS or interpretation, as specifically disclosed in the accounting
policies of the Group.
Basis of consolidation
The consolidated financial statements include the financial statements of the Company and its subsidiary undertakings,
including collective investment schemes, where the Group exercises overall control. In accordance with the principles set
out in IFRS 10 Consolidated Financial Statements, the Group controls an investee if and only if the Group has all the
following:
· power over the investee;
· exposure, or rights, to variable returns from its involvement with the investee; and
· the ability to use its power over the investee to affect its returns.
The Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including
relevant activities, substantive and protective rights, voting rights and purpose and design of an investee. The Group
re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or
more of the three elements of control. Further details about the consolidation of subsidiaries, including collective
investment schemes, is included in note H1.
A2. ACCOUNTING POLICIES
The principal accounting policies have been consistently applied in these consolidated financial statements. Where an
accounting policy can be directly attributed to a specific note to the consolidated financial statements, the policy is
presented within that note, with a view to enabling greater understanding of the results and financial position of the
Group. All other significant accounting policies are disclosed below.
A2.1 Foreign currency transactions
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary
economic environment in which the entity operates (the 'functional currency'). The consolidated financial statements are
presented in sterling, which is the Group's presentation currency.
The results and financial position of all Group companies that have a functional currency different from the presentation
currency are translated into the presentation currency as follows:
· assets and liabilities are translated at the closing rate at the period end;
· income, expenses and cash flows denominated in foreign currencies are translated at average exchange rates; and
· all resulting exchange differences are recognised through the statement of consolidated comprehensive income.
Foreign currency transactions are translated into the functional currency of the transacting Group entity using exchange
rates prevailing at the date of translation. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation of monetary assets and liabilities denominated in foreign currencies are recognised
in the consolidated income statement.
Translation differences on debt securities and other monetary financial assets measured at fair value through profit or
loss are included in foreign exchange gains and losses. Translation differences on non-monetary items at fair value through
profit or loss are reported as part of the fair value gain or loss.
A3. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated
assumptions are based on historical experience and various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis of the judgements about carrying values of assets and liabilities that
are not readily apparent from other sources. Actual results may differ from these estimates.
Critical accounting estimates are those which involve the most complex or subjective judgements or assessments. The areas
of the Group's business that typically require such estimates are the measurement of insurance and investment contract
liabilities, determination of the fair value of financial assets and liabilities, impairment tests for intangible assets,
income tax assets and liabilities and pension scheme assets and liabilities. The determination of operating profit requires
management to make judgements, detail of which is included below at A3.6.
A3.1 Insurance and investment contract liabilities
Insurance and investment contract liability accounting is discussed in more detail in the accounting policies in note F1
with further detail of the key assumptions made in determining insurance and investment contract liabilities included in
note F4.
A3.2 Fair value of financial assets and liabilities
Financial assets and liabilities are measured at fair value and accounted for as set out in the accounting policies in note
E1. Where possible, financial assets and liabilities are valued on the basis of listed market prices by reference to quoted
market bid prices for assets and offer prices for liabilities. These are categorised as Level 1 financial instruments and
do not involve estimates. If prices are not readily determinable, fair value is determined using valuation techniques
including pricing models, discounted cash flow techniques or broker quotes. Financial instruments valued where valuation
techniques based on observable market data at the period end are categorised as Level 2 financial instruments. Financial
instruments valued using valuation techniques based on non-observable inputs are categorised as Level 3 financial
instruments. Level 2 and Level 3 financial instruments therefore involve the use of estimates. Further details of the
estimates made are included in note E2.
A3.3 Impairment of intangible assets
Intangible assets are subject to regular impairment reviews as detailed in the accounting policy in note G7. Impairments
are measured as the difference between the carrying value of a particular asset and its recoverable amount. Impairments are
recognised in the consolidated income statement in the period in which they occur. Further details of judgements made in
testing intangible assets for impairment are included in note G7.
A3.4 Income tax assets and liabilities
Deferred tax assets are recognised to the extent that they are regarded as recoverable, that is to the extent that, on the
basis of all the available evidence, it can be regarded as more likely than not that there will be suitable taxable profits
against which the losses can be relieved. Forecasts of future profitability are made which by their nature involve
management's judgement.
The UK taxation regime applies separate rules to trading and capital profits and losses. The distinction between temporary
differences that arise from items of either a capital or trading nature may affect the recognition of deferred tax assets.
The determination of tax provisions included in current tax liabilities involves the use of estimates and judgements.
The accounting policy for income taxes (both current and deferred) is discussed in more detail in the accounting policy in
notes C5 and G2.
A3.5 Pension scheme assets and liabilities
The valuation of pension scheme assets and liabilities is determined using actuarial valuations that include a number of
assumptions. As defined benefit pension schemes are long-term in nature, such assumptions are subject to significant
uncertainty. Details of the key assumptions used are shown in note G6.
A3.6 Operating profit
Operating profit is the Group's non-GAAP measure of performance. The Group is required to make judgements as to the
appropriate longer-term rates of investment return for the determination of operating profit, as detailed in note B2, and
as to what constitutes an operating or non-operating item in accordance with the accounting policy detailed in note B1.2.
A4. ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS IN 2015
The consolidated financial statements for the year ended 31 December 2015, set out on pages 95 to 101, were authorised by
the Board of Directors for issue on 22 March 2016.
In preparing the consolidated financial statements, the Group has adopted the following amendments effective from 1 January
2015:
· Annual Improvements 2010 - 2012 cycle; and
· Annual Improvements 2011 - 2013 cycle.
A5. NEW ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE
The IASB has issued the following new or amended standards and interpretations which apply from the dates shown. The Group
has decided not to early adopt any of these standards, interpretations or amendments where this is permitted. The impact on
the Group of adoption is subject to evaluation:
· IFRS 9 Financial Instruments (2018). This standard will replace IAS 39 Financial Instruments: Recognition and
Measurement. IFRS 9 was originally issued in November 2009 and introduced new requirements for the classification and
measurement of financial assets. The standard was subsequently amended in October 2010 to include requirements for the
classification and measurement of financial liabilities and for derecognition and in November 2013 to include new
requirements for general hedge accounting. Another revised version was issued in July 2014 to include a) an expected credit
loss impairment model (to replace the incurred loss model of IAS 39) and b) limited amendments to the classification and
measurement requirements by introducing a 'fair value through other comprehensive income' option for certain simple debt
instruments. Under IFRS 9, all financial assets will be measured either at amortised cost or fair value and the basis of
classification will depend on the business model and the contractual cash flow characteristics of the financial assets. The
Group expects to continue to value the majority of its financial assets at fair value through profit or loss on initial
recognition, so as to eliminate or reduce any potential accounting mismatch. The expected impact remains subject to
completion of a detailed review.
· IFRS 15 Revenue from Contracts with Customers (2018). IFRS 15 establishes a single comprehensive framework for
determining whether, how and when revenue is recognised. The standard does not apply to insurance contracts and the
financial instruments within the scope of IAS 39. The Group anticipates that the application of IFRS 15 in the future is
likely to have limited impact on the measurement and presentation of amounts reported in respect of the Group's financial
statements.
· Annual Improvements to IFRS 2012-2014 cycle (2016).
· Clarification of Acceptable Methods of Depreciation and Amortisation (Amendments to IAS 16 and IAS 38) (2016).
· Disclosure initiative (Amendments to IAS 1) (2016).
· Disclosure initiative (Amendments to IAS 7) (2017).
· Recognition of Deferred tax assets for unrealised losses (Amendments to IAS 12) (2017).
· IFRS 16 Leases (2019). IFRS 16 will replace IAS 17 Leases. The new standard removes the classification of leases as
either operating or finance leases for the lessee, thereby treating all leases as finance leases. This will result in the
recognition of a right-to use asset and a lease liability for all of the Group's previously classified operating leases.
Short-term leases (less than 12 months) and leases of low-value assets are exempt from the requirements. The Group
anticipates that the application of IFRS 16 in the future is likely to have limited impact on amounts reported in respect
of the Group's financial statements.
B. EARNINGS PERFORMANCE
B1. SEGMENTAL ANALYSIS
The Group defines and presents operating segments based on the information which is provided to the Board, and therefore segmental information in this note is presented on a different basis from profit or loss in the consolidated financial statements.An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses relating to transactions with other components of the Group.For management purposes, the
Group is organised into business units based on their products and services and only has the Phoenix Life operating segment during the reporting period. In the comparative period, the Group had two operating segments as follows:· Phoenix Life - this segment provides a range of whole life, term assurance and pension products; and· Ignis - this segment provided investment management services to the life companies within the Group and to third parties, covering both retail and institutional investors. The
segment has been disposed of effective from 1 July 2014 (see note I1.1).Segmental performance is evaluated based on profit or loss which, in certain respects, is presented differently from profit or loss in the consolidated financial statements. Revenues or expenses that are not directly attributable to a particular segment are allocated between segments where there is a reasonable basis for doing so.Group financing (including finance costs) and owners' taxes are managed on a Group basis and are not
allocated to individual operating segments.Inter-segment transactions are set on an arm's length basis in a manner similar to transactions with third parties. Segmental results include those transfers between business segments which are then eliminated on consolidation.
Predominantly all revenues from external customers are sourced in the UK. No revenue transaction with a single customer
external to the Group amounts to greater than 10% of the Group's revenue.
Predominantly all non-current assets are located in the UK. There are no differences between the measurement of the assets
and liabilities reflected in the primary statements and that reported for the segments.
B1.1 Segmental result
2015
Phoenix Life Unallocated Group Total
£m £m £m
Net premiums written (474) - (474)
Fees 95 - 95
Net investment income 1,048 16 1,064
Other operating income 7 - 7
Net income 676 16 692
Net policyholder claims and benefits incurred 441 - 441
Amortisation and impairment:
Amortisation and impairment of acquired in-force business (148) - (148)
Amortisation of customer relationships (15) - (15)
(163) - (163)
Other expenses (651) (31) (682)
Total expenses (373) (31) (404)
Profit/(loss) before finance costs and tax 303 (15) 288
Finance costs (60) (76) (136)
Profit/(loss) before tax 243 (91) 152
Tax attributable to policyholders' returns 33 - 33
Segmental result before the tax attributable to owners 276 (91) 185
2014
Phoenix Life £m Ignis Unallocated Group Eliminations £m Discontinued operations eliminations £m Total
£m £m £m
Net premiums written (811) - - - - (811)
Fees from:
External customers 94 26 - - (26) 94
Other segment - 38 - (38) - -
94 64 - (38) (26) 94
Net investment income 6,027 (6) 7 - 6 6,034
Other operating income 9 - - - - 9
Gain on transfer of business (18) - 129 - (107) 4
Net income 5,301 58 136 (38) (127) 5,330
Net policyholder claims and benefits incurred (3,733) - - - - (3,733)
Amortisation:
Amortisation of acquired in-force business (98) - - - - (98)
Amortisation of customer relationships and other intangibles (15) - - - - (15)
(113) - - - - (113)
Other expenses (926) (47) 25 38 47 (863)
Total expenses (4,772) (47) 25 38 47 (4,709)
Profit/(loss) before finance costs and tax 529 11 161 - (80) 621
Finance costs (91) - (65) - - (156)
Profit/(loss) before tax 438 11 96 - (80) 465
Tax attributable to policyholders' returns (129) - - - - (129)
Segmental result before the tax attributable to owners 309 11 96 - (80) 336
B1.2 Reconciliation of operating profit before adjusting items to the segmental result
The Group has chosen to report a non-GAAP measure of performance being operating profit. Operating profit is considered to provide a comparable measure of the underlying
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