Financial Statements

Consolidated Balance Sheet as at 31 December 2005

	Notes	2005 £m	2004 £m
Assets
Goodwill and other intangible assets	8	450	322
Property and equipment	9	410	418
Investment property	10	435	417
Investments in associates	11	29	29
Financial assets	12	13,533	13,135
Total investments		13,997	13,581
Reinsurers’ share of insurance contract liabilities	13	4,406	4,424
Insurance and reinsurance debtors	14	2,547	2,684
Deferred acquisition costs	15	465	487
Deferred tax assets	23	33	174
Other debtors and other assets	16	636	617
		669	791
Cash and cash equivalents	17	1,617	1,866
		24,561	24,573
Non current assets and assets of operations held for sale	36	36	81
Total assets		24,597	24,654

Equity, reserves and liabilities
Equity and reserves
Shareholders’ equity		2,743	2,321
Subordinated guaranteed perpetual notes	19	–	444
Minority interests		391	368
Total equity and reserves	18	3,134	3,133
Liabilities
Loan capital	19	1,071	607
Insurance contract liabilities	20	17,204	17,191
Insurance and reinsurance liabilities	21	475	778
Borrowings	22	251	349
Current tax liabilities	23	55	78
Deferred tax liabilities	23	236	101
Provisions	24	693	914
Other liabilities	25	1,478	1,426
Provisions and other liabilities		2,462	2,519
		21,463	21,444
Liabilities of operations held for sale	36	–	77
Total liabilities		21,463	21,521
Total equity, reserves and liabilities		24,597	24,654
The notes form an integral part of these consolidated financial statements. The financial statements were approved on 8 March 2006 by the Board of Directors and are signed on its behalf by: George Culmer Chief Financial Officer

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