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Consolidated income statement

Consolidated income statement for the year ended 31 December 2018

  1. Discontinued operations reflects the results of Mature Savings following the group's announcement in December 2017 to sell the Mature Savings business to Swiss Re.
  2. All earnings per share calculations are based on profit attributable to equity holders of the company.
For the year ended 31 December 2018 Notes 2018
£ million
2017
£ million
Revenue
Gross written premiums 13,253 7,932
Outward reinsurance premiums (2,131) (1,858)
Net change in provision for unearned premiums 19 twenty three
Net premiums earned 11,103 6,051
Fees from fund management and investment contracts 802 771
Investment return 11,847 33,457
Operational income 1,206 212
Total income 1.10 1,264 40,491
Expenses
Claims and change in insurance liabilities 8,612 8,326
Reinsurance recoveries (1,053) (1,776)
Net claims and change in insurance liabilities 7,559 6,550
Change in provisions for investment contract liabilities (11,304) 29,848
Acquisition costs 893 734
Finance costs 238 212
Other expenses 1,776 1,086
Total expenses (838) 38,430
Profit before tax 2,102 2,061
Tax expense attributable to policyholder returns (53) (70)
Profit before tax attributable to equity holders 2,049 1,991
Total tax expense (358) (239)
Tax expense attributable to policyholder returns 53 70
Tax expense attributable to equity holders 3.07 (305) (169)
Profit for the year 1,808 1,902
 
Attributable to:  
Non-controlling interests (19) 11
Equity holders of the company 1,827 1,891
 
Dividend distributions to equity holders of the company during the year 3.05 932 872
Dividend distributions to equity holders of the company proposed after the year end 3.05 704 658
p p
Earnings per share 1 1.09 30.79 31.87
Total diluted earnings per share 1 1.09 30.64 31.73
Earnings per share derived from continuing operations 2 1.09 29.72 30.52
Diluted earnings per share derived from continuing operations 2 1.09 29.57 30.38

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