Strategic Report Governance Financial Statements
215
RECONCILIATION FROM OPERATING PROFIT TO IFRS CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME The tables below present the reconciliation from the Group’s APM income statement view to the IFRS statement of comprehensive income for the Group. Further information on these tables is included in the Business Review. YEAR ENDED 31 DECEMBER 2024 Alternative profit measure format Statutory accounts format
Other income, expenses and associates £m
Insurance service result £m
Net investment result £m
Other finance costs £m
Quote date difference £m
CSM deferral £m
Adjusted total £m
Reported £m
PBT £m
New business profit CSM amortisation
460 (71) 389 236 (17) (35) (69) 504
2 (462)
– – –
71
Net underlying CSM increase
2 (391)
236
236
In-force operating profit
161
75
(17) (35) (69)
(17) (35) (69)
Other Group companies’ operating results
(17) (35)
Development costs and other
Finance costs
(69) (69)
Underlying operating profit Operating experience and assumption changes
115
115
2 (391)
161
75
(52)
(15)
(15)
(37) 467
22
(12)
(3)
Adjusted operating profit before tax Investment and economic movements
100
2 (369)
16
16
18
(2)
226 (192)
(18) (23)
(23)
(23)
Strategic expenditure
(23)
Adjustment for transactions reported directly in equity in IFRS
20
20
20
20
Adjusted profit before tax Deferral of profit in CSM
113
482
(369)
–
(369)
369
Profit before tax
113
113
113
149
298 (241)
(93)
YEAR ENDED 31 DECEMBER 2023
Alternative profit measure format
Statutory accounts format
Other income, expenses and associates £m
Insurance service result £m
Net investment result £m
Other finance costs £m
Quote date difference £m
CSM deferral £m
Adjusted total £m
Reported £m
PBT £m
New business profit CSM amortisation
355
(12)
(343)
– – –
(62)
62
Net underlying CSM increase
293 191
(12)
(281)
In-force operating profit
191
136
55
191
(15) (24) (68)
(15) (24) (68)
Other Group companies’ operating results
(15) (24) (68)
(15) (24)
Development costs and other
Finance costs
(68) (68)
Underlying operating profit Operating experience and assumption changes
84
84
377
(12)
(281)
136
55
(39)
(15)
(15)
52
(67)
(18)
3
Adjusted operating profit before tax Investment and economic movements
69
429
(12)
(348)
104
104
92
12
215
(70)
(41) (17)
(17)
(17)
Strategic expenditure
(17)
Adjustment for transactions reported directly in equity in IFRS
16
16
16
16
Adjusted profit before tax Deferral of profit in CSM
172
520
(348)
–
(348)
348
Profit before tax
172
172
172
118
273 (122)
(97)
Powered by FlippingBook