Preliminary Results - Part 2 IFRS

Companies

Old Mutual Limited NPV (DI) (OMU)

UK 100

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£m
	Notes	Year ended 31 December 2010	Year ended 31 December 2009*
Revenue
Gross earned premiums	B3	3,582	3,020
Outward reinsurance		(305)	(267)
Net earned premiums		3,277	2,753
Investment return (non-banking)		10,791	11,112
Banking interest and similar income		4,082	3,989
Banking trading, investment and similar income		204	168
Fee and commission income, and income from service activities		3,061	2,422
Other income		159	196
Total revenues		21,574	20,640
Expenses
Claims and benefits (including change in insurance contract provisions)		(5,039)	(3,786)
Reinsurance recoveries		227	200
Net claims and benefits incurred		(4,812)	(3,586)
Change in investment contract liabilities		(6,899)	(8,345)
Losses on loans and advances		(552)	(511)
Finance costs		(269)	(322)
Banking interest payable and similar expenses		(2,519)	(2,627)
Fee and commission expenses, and other acquisition costs		(963)	(728)
Other operating and administrative expenses		(3,714)	(3,072)
Goodwill impairment	C1(b)	(1)	(266)
Change in third-party interest in consolidated funds		(388)	(470)
Amortisation of PVIF and other acquired intangibles	C1(b)	(297)	(312)
Total expenses		(20,414)	(20,239)
Share of associated undertakings' and joint ventures' profit/(loss) after tax		7	2
Loss on disposal of subsidiaries, associated undertakings and strategic investments	C1(c)	(22)	(50)
Profit before tax		1,145	353
Income tax (expense)/credit	D1(a)	(456)	(400)
Profit/(loss) from continuing operations after tax		689	(47)
Discontinued operations
Loss from discontinued operations after tax	H1	(713)	(71)
Loss after tax for the financial year		(24)	(118)
Attributable to
Equity holders of the parent		(282)	(340)
Non-controlling interests
Ordinary shares	F2(a)	196	158
Preferred securities	F2(a)	62	64
Loss after tax for the financial year		(24)	(118)
Earnings per share
Basic earnings per share based on profit from continuing operations (pence)		8.2	(6.3)
Basic earnings per share based on loss from discontinued operations		(14.7)	(1.5)
Basic earnings per ordinary share (pence)	C3(a)	(6.5)	(7.8)
Diluted earnings per share based on profit from continuing operations (pence)		7.4	(6.3)
Diluted earnings per share based on loss from discontinued operations		(13.5)	(1.5)
Diluted earnings per ordinary share (pence)	C3(a)	(6.1)	(7.8)
Weighted average number of shares - millions	C3(a)	4,859	4,758

			£m
	Notes	Year ended 31 December 2010	Year ended 31 December 2009*
Profit/(loss) after tax for the financial year		(24)	(118)
Other comprehensive income for the financial year
Fair value (losses)/gains
Property revaluation		26	(10)
Net investment hedge		(87)	(41)
Available-for-sale investments
Fair value gains/(losses)		32	112
Recycled to the income statement		-	13
Shadow accounting		(15)	36
Currency translation differences/exchange differences on translating foreign operations		1,039	334
Other movements		31	21
Income tax relating to components of other comprehensive income	D1(c)	13	13
Total other comprehensive income for the financial year from continuing operations		1,039	478
Total other comprehensive income for the financial year from discontinued operations		112	750
Total other comprehensive income for the financial year		1,151	1,228
Total comprehensive income for the financial year		1,127	1,110
Attributable to
Equity holders of the parent		594	709
Non-controlling interests
Ordinary shares		428	334
Preferred securities		105	67
Total comprehensive income for the financial year		1,127	1,110

£m
	Notes	Year ended 31 December 2010	Year ended 31 December 2009*
Core operations
Long-Term Savings	B2	897	636
Nedbank	B2	601	470
M&F	B2	103	70
USAM	B2	87	83
		1,688	1,259
Finance costs		(128)	(104)
Long term investment return on excess assets		31	91
Interest payable to non-core operations - Bermuda		(55)	(40)
Interest receivable from non-core operations - US Life		16	12
Other shareholders' expenses		(71)	(85)
Adjusted operating profit		1,481	1,133
Adjusting items	C1(a)	(482)	(973)
Non-core operations	B2	(3)	1
Profit before tax (net of policyholder tax)		996	161
Income tax attributable to policyholder returns	B2	149	192
Profit before tax		1,145	353
Total income tax (expense)/credit	D1(a)	(456)	(400)
Profit/(loss) from continuing operations after tax		689	(47)
Loss from discontinued operations after tax	H1	(713)	(71)
Loss after tax for the financial year		(24)	(118)

£m
	Notes	Year ended 31 December 2010	Year ended 31 December 2009*
Adjusted operating profit		1,481	1,133
Tax on adjusted operating profit	D1(d)	(347)	(283)
Adjusted operating profit after tax		1,134	850
Non-controlling interests - ordinary shares	F2(a)	(217)	(181)
Non-controlling interests - preferred securities	F2(a)	(62)	(64)
Adjusted operating profit after tax attributable to ordinary equity holders of the parent		855	605
Adjusted weighted average number of shares - (millions)	C3(b)	5,359	5,229
Adjusted operating earnings per share - (pence)	C3(b)	16.0	11.6

£m
	Notes	At 31 December 2010	At 31 December 2009
Assets
Goodwill and other intangible assets		4,965	5,159
Mandatory reserve deposits with central banks		1,079	882
Property, plant and equipment		1,015	828
Investment property		2,040	1,759
Deferred tax assets		416	570
Investments in associated undertakings and joint ventures		162	135
Deferred acquisition costs		1,534	3,138
Reinsurers' share of life assurance policyholder liabilities		982	1,296
Reinsurers' share of general insurance liabilities		122	120
Deposits held with reinsurers		2	146
Loans and advances		51,778	42,393
Investments and securities		106,153	98,461
Current tax receivable		156	169
Client indebtedness for acceptances		190	170
Trade, other receivables and other assets		3,932	3,051
Derivative financial instruments - assets		2,503	2,546
Cash and cash equivalents		4,132	2,982
Non-current assets held for sale	H2	12,391	1
Total assets		193,552	163,806
Liabilities
Life assurance policyholder liabilities		98,631	93,876
General insurance liabilities		397	372
Third-party interests in consolidated funds		3,584	2,906
Borrowed funds	E1	4,204	3,309
Provisions	F1	260	263
Deferred revenue		730	654
Deferred tax liabilities		858	905
Current tax payable		238	210
Trade, other payables and other liabilities		5,661	4,305
Liabilities under acceptances		190	170
Amounts owed to bank depositors		53,236	44,135
Derivative financial instruments - liabilities		1,870	1,990
Non-current liabilities held for sale	H2	12,219	-
Total liabilities		182,078	153,095
Net assets		11,474	10,711
Shareholders' equity
Equity attributable to equity holders of the parent		8,951	8,464
Non-controlling interests
Ordinary shares	F2(b)	1,763	1,537
Preferred securities	F2(b)	760	710
Total non-controlling interests		2,523	2,247
Total equity		11,474	10,711

£m
		Year ended 31 December 2010	Year ended 31 December 2009*
Cash flows from operating activities - continuing operations
Profit before tax		1,145	353
Capital (gains)/losses included in investment income		(8,837)	(9,988)
Profit/(loss) on disposal of property, plant and equipment		(2)	1
Depreciation of property, plant and equipment		103	85
Amortisation and impairment of goodwill and other intangible assets		378	628
Impairment of loans and receivables		552	770
Share-based payment expense		13	21
Share of associated undertakings' (profit)/loss after tax		(7)	(2)
Loss/(profit) arising on disposal of subsidiaries, associated undertakings and strategic investments		22	50
Other non-cash amounts in profit		380	(408)
Non-cash movements in profit before tax		(7,398)	(8,843)
Reinsurers' share of life assurance policyholder liabilities		(155)	(129)
Reinsurers' share of general insurance liabilities		17	(5)
Deferred acquisition costs		(11)	31
Loans and advances		(3,484)	(6,590)
Insurance liabilities		374	(277)
Investment contracts		10,326	13,200
Amounts owed to bank depositors		2,345	5,964
Other operating assets and liabilities		817	(2,069)
Changes in working capital		10,229	10,125
Taxation paid		(413)	(367)
Net cash inflow from operating activities - continuing operations		3,563	1,268
Cash flows from investing activities
Net acquisitions of financial investments	(2,222)		(2,821)
Acquisition of investment properties	(162)		(82)
Proceeds from disposal of investment properties	272		57
Acquisition of property, plant and equipment	(152)		(138)
Proceeds from disposal of property, plant and equipment	-		29
Acquisition of intangible assets	(78)		(43)
Acquisition of interests in subsidiaries	(75)		(5)
Capital funding of discontinued operations	-		(136)
Disposal of interests in subsidiaries, associated undertakings and strategic investments	(16)		40
Net cash outflow from investing activities - continuing operations	(2,433)		(3,099)
Cash flows from financing activities
Dividends paid to
Ordinary equity holders of the Company	(102)		-
Non-controlling interests and preferred security interests	(196)		(190)
Interest paid (excluding banking interest paid)	(79)		(57)
Proceeds from issue of ordinary shares (including by subsidiaries to non-controlling interests)	5		100
Net acquisition/sale of treasury shares	(25)		38
Shares repurchased in buyback programme	-		-
Issue of subordinated and other debt	492		1,049
Subordinated and other debt repaid	(104)		(441)
Net cash inflow/(outflow) from financing activities - continuing operations	(9)		499

£m
	Year ended 31 December 2010	Year ended 31 December 2009*

Net increase/(decrease) in cash and cash equivalents - continuing operations	1,121	(1,332)
Net increase / (decrease) in cash and cash equivalents - discontinued operations	(104)	(47)
Effects of exchange rate changes on cash and cash equivalents	376	160
Cash and cash equivalents at beginning of the year	4,761	5,980
Cash and cash equivalents at end of the year	6,154	4,761
Consisting of
Coins and bank notes	328	263
Money at call and short notice	3,526	2,412
Balances with central banks (other than mandatory reserve deposits)	278	307
Cash and cash equivalents in the statement of financial position	4,132	2,982
Mandatory reserve deposits with central banks	1,079	882
Short-term cash balances held in policyholder funds	522	897
Cash and cash equivalents included in assets held for sale	421	-
Total	6,154	4,761
Other supplementary cash flow disclosures
Interest income received (including banking interest)	5,391	5,394
Dividend income received	383	335
Interest paid (including banking interest)	2,262	2,544

		Millions			£m
For the year ended 31 December 2010	Notes	Number of shares issued and fully paid	Attributable to equity holders of the parent	Total non-controlling interests	Total equity
Shareholders' equity at beginning of the year		5,518	8,464	2,247	10,711
(Loss)/profit after tax for the financial year		-	(282)	258	(24)
Other comprehensive income
Fair value gains/(losses)
Property revaluation		-	21	5	26
Net investment hedge		-	(87)	-	(87)
Available-for-sale investments
Fair value gains		-	562	-	562
Recycled to the income statement		-	(12)	-	(12)
Shadow accounting		-	(349)	-	(349)
Currency translation differences/exchange differences on translating foreign operations		-	794	274	1,068
Other movements		-	1	(4)	(3)
Income tax relating to components of other comprehensive income	D1(c)	-	(54)	-	(54)
Total comprehensive income for the financial year		-	594	533	1,127
Dividends for the year	C4	-	(175)	(152)	(327)
Net acquisition of treasury shares		-	(25)	-	(25)
Acquisition of non-controlling interest in Mutual & Federal	F2	147	51	(51)	-
Change in participation in other subsidiaries	F2	-	-	(57)	(57)
Shares issued in lieu of cash dividend		24	30	-	30
Exercise of share options		6	5	-	5
Other issues of ordinary share capital by the Company		-	3	-	3
Change in share-based payments reserve		-	4	3	7
Transactions with shareholders		177	(107)	(257)	(364)
Shareholders' equity at end of the year		5,695	8,951	2,523	11,474

								£m
For the year ended 31 December 2010	Notes	Share capital	Share premium	Other reserves	Translation reserve	Retained earnings	Perpetual preferred callable securities	Total
Attributable to equity holders of the parent at beginning of the year		552	771	3,087	469	2,897	688	8,464
Profit/(loss) for the financial year attributable to equity holders of the parent		-	-	-	-	(314)	32	(282)
Other comprehensive income
Fair value gains/(losses)
Property revaluation		-	-	21	-	-	-	21
Net investment hedge		-	-	-	(87)	-	-	(87)
Available-for-sale investments
Fair value gains		-	-	562	-	-	-	562
Recycled to income statement		-	-	(12)	-	-	-	(12)
Shadow accounting		-	-	(349)	-	-	-	(349)
Currency translation differences/exchange differences on translating foreign operations		-	-	-	794	-	-	794
Other movements		-	-	15	-	(14)	-	1
Income tax relating to components of other comprehensive income		-	-	(66)	-	-	12	(54)
Total comprehensive income for the financial year		-	-	171	707	(328)	44	594
Dividends for the year	C4	-	-	-	-	(131)	(44)	(175)
Net acquisition of treasury shares		-	-	-	-	(25)	-	(25)
Acquisition of non-controlling interest in Mutual & Federal	F2	15	-	129	-	(93)	-	51
Shares issued in lieu of cash dividends		2	17	-	-	11	-	30
Exercise of share options		1	4	-	-	-	-	5
Other issues of ordinary share capital by the Company		-	3	-	-	-	-	3
Change in share-based payments reserve		-	-	4	-	-	-	4
Transactions with shareholders		18	24	133	-	(238)	(44)	(107)
Attributable to equity holders of the parent at end of the year		570	795	3,391	1,176	2,331	688	8,951

							£m
Other reserves attributable to equity holders of the parent		Merger reserve	Available for sale reserve	Property revaluation reserve	Share-based payments reserve	Other reserves	Total
At beginning of the year		2,716	82	87	191	11	3,087
Fair value gains/(losses)
Property revaluation		-	-	21	-	-	21
Available-for-sale investments
Fair value gains		-	562	-	-	-	562
Recycled to income statement		-	(12)	-	-	-	(12)
Shadow accounting		-	(343)	(6)	-	-	(349)
Other movements		-	2	(1)	20	(6)	15
Income tax relating to components of other comprehensive income		-	(66)	-	-	-	(66)
Acquisition of non-controlling interest in M&F	F2	129	-	-	-	-	129
Change in share-based payments reserve		-	-	-	4	-	4
At end of the year		2,845	225	101	215	5	3,391

		Millions			£m
Year ended 31 December 2009	Notes	Number of shares issued and fully paid	Attributable to equity holders of the parent	Total non-controlling interests	Total equity
Shareholders' equity at beginning of the year		5,516	7,737	1,840	9,577
(Loss)/profit after tax for the financial year		-	(340)	222	(118)
Other comprehensive income
Fair value gains/(losses)
Property revaluation		-	(12)	2	(10)
Net investment hedge		-	(41)	-	(41)
Available-for-sale investments
Fair value gains		-	1,087	-	1,087
Recycled to the income statement		-	239	-	239
Shadow accounting		-	27	-	27
Currency translation differences/exchange differences on translating foreign operations		-	124	178	302
Other movements		-	22	(1)	21
Income tax relating to components of other comprehensive income	D1(c)	-	(397)	-	(397)
Total comprehensive income for the financial year		-	709	401	1,110
Dividends for the year	C4	-	(45)	(145)	(190)
Net sale of treasury shares		-	39	-	39
Issue of ordinary share capital by the Company		-	2	-	2
Change in participation in subsidiaries		-	-	150	150
Exercise of share options		2	3	-	3
Change in share-based payments reserve		-	19	1	20
Transactions with shareholders		2	18	6	24
Shareholders' equity at end of the year		5,518	8,464	2,247	10,711

	Long-Term Savings
	Emerging Markets	Nordic	Retail Europe	Wealth Management	Total Long- Term Savings
Revenue
Gross earned premiums	2,353	122	28	351	2,854
Outward reinsurance	(72)	(5)	(8)	(79)	(164)
Net earned premiums	2,281	117	20	272	2,690
Investment return (non-banking)	4,072	1,144	392	4,409	10,017
Banking interest and similar income	-	169	-	-	169
Banking trading, investment and similar income	-	5	-	-	5
Fee and commission income, and income from service activities	372	238	198	912	1,720
Other income	72	8	-	11	91
Inter-segment revenues	54	20	5	12	91
Total revenues	6,851	1,701	615	5,616	14,783
Expenses
Claims and benefits (including change in insurance contract provisions)	(3,943)	(83)	(25)	(303)	(4,354)
Reinsurance recoveries	83	5	5	75	168
Net claims and benefits incurred	(3,860)	(78)	(20)	(228)	(4,186)
Change in investment contract liabilities	(1,261)	(1,066)	(382)	(4,190)	(6,899)
Losses on loans and advances	-	(4)	(1)	-	(5)
Finance costs (including interest and similar expenses)	-	-	-	-	-
Banking interest payable and similar expenses	-	(78)	-	-	(78)
Fee and commission expenses, and other acquisition costs	(219)	(62)	(75)	(500)	(856)
Other operating and administrative expenses	(941)	(255)	(84)	(390)	(1,670)
Goodwill impairment	-	-	-	-	-
Change in third-party interest in consolidated funds	-	-	-	-	-
Amortisation of PVIF and other acquired intangibles	-	-	-	-	-
Income tax attributable to policyholder returns	(32)	(48)	-	(69)	(149)
Inter-segment expenses	(2)	(2)	(2)	(43)	(49)
Total expenses	(6,315)	(1,593)	(564)	(5,420)	(13,892)
Share of associated undertakings' and joint ventures' profit/(loss) after tax	3	2	-	1	6
Loss on disposal of subsidiaries, associated undertakings and strategic investments	-	-	-	-	-
Adjusted operating profit/(loss) before tax and non-controlling interests	539	110	51	197	897
Tax expense	(146)	(20)	(13)	(44)	(223)
Non-controlling interests	(1)	-	-	-	(1)
Adjusted operating profit/(loss) after tax and non-controlling interests	392	90	38	153	673
Adjusting items net of tax and non-controlling interests	(1)	(87)	(25)	(140)	(253)
Profit/(loss) after tax from continuing operations	391	3	13	13	420
Loss from discontinued operations after tax	-	-	-	-	-
Profit/(loss) after tax attributable to equity holders of the parent	391	3	13	13	420

								£m
Nedbank	M&F	USAM	Other	Consolidation adjustments	Adjusted operating profit	Adjusting items (Note C1)	Non-core operations*	IFRS Income statement

-	728	-	-	-	3,582	-	-	3,582
-	(140)	-	-	-	(304)	-	(1)	(305)
-	588	-	-	-	3,278	-	(1)	3,277
-	56	16	61	435	10,585	(93)	299	10,791
3,913	-	-	-	-	4,082	-	-	4,082
199	-	-	-	-	204	-	-	204
946	28	465	1	-	3,160	(99)	-	3,061
35	-	9	(1)	3	137	-	22	159
20	20	4	29	(207)	(43)	-	43	-
5,113	692	494	90	231	21,403	(192)	363	21,574

-	(436)	-	-	-	(4,790)	-	(249)	(5,039)
-	58	-	-	-	226	-	1	227
-	(378)	-	-	-	(4,564)	-	(248)	(4,812)
-	-	-	-	-	(6,899)	-	-	(6,899)
(548)	-	-	1	-	(552)	-	-	(552)
	-	-	(128)	-	(128)	(141)	-	(269)
(2,422)	-	-	-	-	(2,500)	(19)	-	(2,519)
(3)	(109)	(23)	-	(36)	(1,027)	149	(85)	(963)
(1,485)	(83)	(384)	(93)	(14)	(3,729)	41	(26)	(3,714)
-	-	-	-	-	-	(1)	-	(1)
-	-	-	-	(388)	(388)	-	-	(388)
-	-	-	-	-	-	(297)	-	(297)
-	-	-	-	-	(149)	149	-	-
(54)	(20)	-	(77)	207	7		(7)	-
(4,512)	(590)	(407)	(297)	(231)	(19,929)	(119)	(366)	(20,414)
-	1	-	-	-	7	-	-	7
-	-	-	-	-	-	(22)	-	(22)
601	103	87	(207)	-	1,481	(333)	(3)	1,145
(128)	(24)	(17)	45	-	(347)	(113)	4	(456)
(232)	(5)	-	(41)	-	(279)	21	-	(258)
241	74	70	(203)	-	855	(425)	1	431
10	(11)	(20)	(151)	-	(425)	425	-	-
251	63	50	(354)	-	430	-	1	431
-	-	-	-	-	-	-	(713)	(713)
251	63	50	(354)	-	430	-	(712)	(282)

		£m
	Year ended 31 December 2010		Year ended 31 December 2009
Nordic	4		5
Total Long-Term Savings	4		5
Nedbank	547		504
Bermuda	-		13
Total	551		522

					£m
As at 31 December 2010	Emerging Markets	Nordic	Retail Europe	Wealth Management		Total Long- Term Savings
Life assurance policyholder funds	31,750	11,722	4,317	40,401		88,190
Unit trusts and mutual funds	10,613	1,800	398	14,525		27,336
Third-party client funds	11,732	-	-	-		11,732
Total client funds under management	54,095	13,522	4,715	54,926		127,258
Shareholder funds	2,882	431	245	958		4,516
Total funds under management	56,977	13,953	4,960	55,884		131,774

As at 31 December 2009	Emerging Markets	Nordic	Retail Europe	Wealth Management		Total Long- Term Savings
Life assurance policyholder funds	25,454	9,221	3,569	34,721		72,965
Unit trusts and mutual funds	7,686	1,428	391	11,308		20,813
Third-party client funds	8,229	-	-	-		8,229
Total client funds under management	41,369	10,649	3,960	46,029		102,007
Shareholder funds	2,130	360	210	830		3,530
Total funds under management	43,499	11,009	4,170	46,859		105,537

					£m
Nedbank	M&F	USAM	Total core operations	Non-core operations	Total
846	-	3,846	92,882	13,489	106,371
5,713	-	4,974	38,023	-	38,023
4,164	-	157,555	173,451	-	173,451
10,723	-	166,375	304,356	13,489	317,845
-	210	226	4,952	-	4,952
10,723	210	166,601	309,308	13,489	322,797
					£m
Nedbank	M&F	USAM	Total core operations	Non-core operations	Total
658	-	6,789	80,412	9,602	90,014
3,775	-	4,095	28,683	-	28,683
3,800	-	150,423	162,452	-	162,452
8,233	-	161,307	271,547	9,602	281,149
-	162	169	3,861	-	3,861
8,233	162	161,476	275,408	9,602	285,010

							£m
Nedbank	M&F	USAM	Other	Bermuda	US Life	Consolidation adjustments	Total

637	33	1,181	14	-	-	-	4,965
453	13	1,155	13	-	-	-	2,831
-	-	-	-	-	-	-	1,407
184	20	-	1	-	-	-	243
-	-	26	-	-	-	-	484
1,079	-	-	-	-	-	-	1,079
546	25	16	1	-	-	-	1,015
19	-	-	1	-	-	341	2,040
28	12	148	-	-	-	-	416
96	2	8	25	-	-	-	162
1	19	14	-	124	-	-	1,534
-	19	-	-	124	-	-	212
-	-	-	-	-	-	-	1,187
1	-	14	-	-	-	-	135
31	-	-	-	-	-	-	982
31	-	-	-	-	-	-	141
-	-	-	-	-	-	-	821
-	-	-	-	-	-	-	20
-	122	-	-	-	-	-	122
-	2	-	-	-	-	-	2
46,032	1	-	-	-	-	-	51,778
-	-	-	-	-	-	-	249
46,032	1	-	-	-	-	-	51,529
6,886	553	218	109	2,567	-	2,587	106,153
1,997	-	-	-	17	-	2,044	9,275
3,730	2	-	52	323	-	2,081	11,356
-	4	-	-	201	-	-	4,574
52	119	-	-	-	-	12,033	23,202
241	8	-	-	5	-	48	2,251
866	43	179	1	1,919	-	2,721	8,591
-	-	39	3	-	-	(16,528)	43,452
-	377	-	19	102	-	156	3,352
-	-	-	34	-	-	32	100
47	-	-	-	-	-	-	156
190	-	-	-	-	-	-	190
943	82	138	62	1,038	-	292	3,932
1,350	-	-	109	1	-	476	2,503

							£m
Nedbank	M&F	USAM	Other	Bermuda	US Life	Consolidation adjustments	Total

846	-	-	-	3,933	-	-	98,631
136	-	-	-	3,635	-	-	19,177
-	-	-	-	-	-	-	69,538
710	-	-	-	298	-	-	1,145
-	-	-	-	-	-	-	8,249
-	-	-	-	-	-	-	522
-	397	-	-	-	-	-	397
-	-	-	-	-	-	3,584	3,584
2,456	-	11	1,443	-	-	-	4,204
1,186	-	11	537	-	-	-	1,736
112	-	-	-	-	-	-	112
1,158	-	-	906	-	-	-	2,356
(4)	40	3	47	-	-	-	260
1	11	-	-	-	-	-	730
1	-	-	-	-	-	-	621
-	-	-	-	-	-	-	98
-	11	-	-	-	-	-	11
158	13	-	16	-	-	-	858
12	1	7	13	1	-	-	238
1,717	114	210	120	7	-	350	5,661
190	-	-	-	-	-	-	190
47,279	-	-	-	-	-	-	53,236
1,172	-	-	102	-	-	451	1,870
-	-	-	-	-	12,219	-	12,219
431	2	803	1,860	-	157	(3,480)	-
54,258	578	1,034	3,601	3,941	12,376	905	182,078
4,671	427	864	(1,847)	737	55	-	11,474


2,643	409	832	(2,293)	737	55	-	8,951
2,028	18	32	446	-	-	-	2,523
1,714	18	32	-	-	-	-	1,763
314	-	-	446	-	-	-	760

4,671	427	864	(1,847)	737	55	-	11,474

							£m
Nedbank	M&F	USAM	Other	Bermuda	US Life	Consolidation adjustments	Total

543	30	1,171	13	2	94	-	5,159
393	11	1,142	13	-	-	-	2,729
-	-	-	-	-	89	-	1,649
150	19	1	-	2	5	-	222
-	-	28	-	-	-	-	559
882	-	-	-	-	-	-	882
417	23	19	2	-	1	-	828
18	-	-	-	-	-	221	1,759
24	6	147	8	-	183	-	570
82	-	7	24	-	-	-	135
2	17	29	-	194	1,671	-	3,138
-	17	-	-	194	1,671	-	1,934
-	-	-	-	-	-	-	1,079
2	-	29	-	-	-	-	125
22	-	-	-	-	475	-	1,296
22	-	-	-	-	450	-	539
-	-	-	-	-	-	-	717
-	-	-	-	-	25	-	40
-	120	-	-	-	-	-	120
-	3	-	-	-	35	-	146
37,638	2	-	-	-	54	-	42,393
-	-	-	-	-	53	-	263
37,638	2	-	-	-	1	-	42,130
5,501	425	162	43	2,942	10,045	2,091	98,461
2,044	-	-	-	-	302	1,775	8,168
2,532	2	-	-	461	6,766	1,729	14,821
-	4	-	-	167	2,439	-	5,705
41	87	-	-	-	-	9,503	18,496
209	6	-	-	37	-	-	1,490
675	41	122	-	2,059	3	1,400	5,741
-	-	40	-	-	16	(12,678)	40,066
-	285	-	-	218	519	293	3,859
-	-	-	43	-	-	69	115
51	-	-	8	-	-	-	169
170	-	-	-	-	-	-	170
432	96	126	111	878	213	120	3,051
1,067	-	-	154	-	187	802	2,546

	Long-Term Savings
At 31 December 2010	Emerging Markets	Nordic	Retail Europe	Wealth Management	Total Long- Term Savings
Assets
Goodwill and other intangible assets	120	995	522	1,463	3,100
Goodwill	101	243	198	655	1,197
Present value of acquired in-force business	-	568	246	593	1,407
Software development	11	4	3	20	38
Other intangibles	8	180	75	195	458
Mandatory reserve deposits with central banks	-	-	-	-	-
Property, plant and equipment	396	12	3	16	427
Investment property	1,679	-	-	-	1,679
Deferred tax assets	96	78	27	27	228
Investments in associated undertakings and joint ventures	26	4	-	1	31
Deferred acquisition costs	139	66	316	855	1,376
Insurance contracts	1	14	7	47	69
Investment contracts	118	52	306	711	1,187
Asset management	20	-	3	97	120
Reinsurers' share of life assurance policyholder liabilities	24	12	8	907	951
Insurance contracts	24	1	2	83	110
Unit-linked investment contracts and similar contracts	-	8	-	813	821
Outstanding claims	-	3	6	11	20
Reinsurers' share of general insurance liabilities	-	-	-	-	-
Deposits held with reinsurers	-	-	-	-	-
Loans and advances	343	5,216	1	185	5,745
Policyholder loans	63	-	1	185	249
Other loans and advances	280	5,216	-	-	5,496
Investments and securities	34,519	13,392	4,466	40,856	93,233
Government and government-guaranteed securities	4,704	167	74	272	5,217
Listed other debt securities, preference shares and debentures	2,324	2,798	46	-	5,168
Unlisted other debt securities, preference shares and debentures	4,209	-	20	140	4,369
Listed equity securities	10,991	-	7	-	10,998
Unlisted equity securities	1,945	4	-	-	1,949
Listed pooled investments	672	408	3	1,779	2,862
Unlisted pooled investments	7,936	10,015	4,316	37,671	59,938
Short-term funds and securities treated as investments	1,704	-	-	994	2,698
Other securities	34	-	-	-	34
Current tax receivable	4	1	9	95	109
Client indebtedness for acceptances	-	-	-	-	-
Trade, other receivables and other assets	854	191	58	274	1,377
Derivative financial instruments - assets	557	10	-	-	567
Cash and cash equivalents	1,141	198	93	336	1,768
Non-current assets held for sale	-	-	-	6	6
Inter-segment assets	947	58	56	294	1,355
Total assets	40,845	20,233	5,559	45,315	111,952

	Long-Term Savings
At 31 December 2009	Emerging Markets	Nordic	Retail Europe	Wealth Management	Total Long- Term Savings
Assets
Goodwill and other intangible assets	106	1,035	563	1,602	3,306
Goodwill	91	219	204	656	1,170
Present value of acquired in-force business	-	624	265	671	1,560
Software development	6	1	3	35	45
Other intangibles	9	191	91	240	531
Mandatory reserve deposits with central banks	-	-	-	-	-
Property, plant and equipment	336	7	4	19	366
Investment property	1,518	-	-	2	1,520
Deferred tax assets	54	108	17	23	202
Investments in associated undertakings and joint ventures	20	2	-	-	22
Deferred acquisition costs	123	49	275	778	1,225
Insurance contracts	-	2	-	50	52
Investment contracts	107	47	271	654	1,079
Asset management	16	-	4	74	94
Reinsurers' share of life assurance policyholder liabilities	11	10	6	772	799
Insurance contracts	11	7	4	45	67
Unit-linked investment contracts and similar contracts	-	-	-	717	717
Outstanding claims	-	3	2	10	15
Reinsurers' share of general insurance liabilities	-	-	-	-	-
Deposits held with reinsurers	-	108	-	-	108
Loans and advances	340	4,209	2	148	4,699
Policyholder loans	58	2	2	148	210
Other loans and advances	282	4,207	-	-	4,489
Investments and securities	27,603	10,836	3,693	35,120	77,252
Government and government-guaranteed securities	3,586	150	60	251	4,047
Listed other debt securities, preference shares and debentures	1,825	1,453	53	-	3,331
Unlisted other debt securities, preference shares and debentures	2,989	-	2	104	3,095
Listed equity securities	8,854	1	10	-	8,865
Unlisted equity securities	1,223	15	-	-	1,238
Listed pooled investments	457	547	-	437	1,441
Unlisted pooled investments	6,123	8,670	3,568	34,327	52,688
Short-term funds and securities treated as investments	2,543	-	-	1	2,544
Other securities	3	-	-	-	3
Current tax receivable	4	4	16	86	110
Client indebtedness for acceptances	-	-	-	-	-
Trade, other receivables and other assets	630	155	58	232	1,075
Derivative financial instruments - assets	327	9	-	-	336
Cash and cash equivalents	189	344	81	278	892
Non-current assets held for sale	-	-	-	-	-
Inter-segment assets	1,352	59	23	277	1,711
Total assets	32,613	16,935	4,738	39,337	93,623

		£m
	Year ended 31 December 2010	Year ended 31 December 2009
Emerging Markets	-	(51)
Wealth Management	-	(7)
Total Long-Term Savings	-	(58)
Nedbank	(1)	-
USAM	(21)	1
Other	-	7
(Loss)/profit on disposal of subsidiaries, associated undertakings and strategic investments	(22)	(50)

		%
Long-term investment rates	Year ended 31 December 2010	Year ended 31 December 2009
Emerging Markets	9.4	13.3
Nordic	1.8	1.8
Retail Europe	2.5	2.8
Wealth Management	2.0	5.0
M&F	9.4	13.3

	£m
Year ended 31 December 2009**	Emerging Markets	Nordic	Retail Europe	Wealth Management*	Total Long- Term Savings	M&F	Other	Total Restated
Long-term investment return	126	1	1	109	237	60	91	388
Less: Actual shareholder investment return	88	-	2	21	111	50	61	222
Short-term fluctuations in investment return	38	1	(1)	88	126	10	30	166

	Income statement (average rate)	Statement of financial position (closing rate)
31 December 2010
Rand	11.3095	10.2796
US dollars	1.5459	1.5530
Swedish kronor	11.1364	10.4227
Euro	1.1650	1.1614
31 December 2009
Rand	13.1746	11.9172
US dollars	1.5655	1.6148
Swedish kronor	11.9743	11.5562
Euro	1.1227	1.1268

£m
	Year ended 31 December 2010	Year ended 31 December 2009 Restated
Loss for the financial year attributable to equity holders of the parent	(282)	(340)
Adjusting items	482	973
Tax on adjusting items	(36)	(64)
Non-core operations	(1)	(12)
Loss from discontinued operations - US Life	713	71
Non-controlling interest on adjusting items	(21)	(23)
Adjusted operating profit after tax attributable to ordinary equity holders	855	605
Adjusted weighted average number of ordinary shares - (millions)	5,359	5,229
Adjusted operating earnings per ordinary share - (pence)	16.0	11.6

£m
	Year ended 31 December 2010		Year ended 31 December 2009 Restated
	Gross	Net	Gross	Net
Loss for the financial year attributable to equity holders of the parent	(282)	(282)	(340)	(340)
Dividends declared to holders of perpetual preferred callable securities	(32)	(32)	(32)	(32)
Loss attributable to ordinary equity holders	(314)	(314)	(372)	(372)
Adjustments:
Impairments of goodwill and intangible assets	20	20	266	266
Impairment of discontinued operations	827	827	-	-
Loss/(profit) on disposal of subsidiaries, associated undertakings and strategic investments	22	17	50	53
Realised gains/losses (including impairments) on available-for-sale financial assets	(12)	(12)	239	239
Headline earnings	543	538	183	186
Weighted average number of ordinary shares	4,859	4,859	4,758	4,758
Diluted weighted average number of ordinary shares	5,291	5,291	5,109	5,109
Headline earnings per share (pence)	11.2	11.1	3.8	3.9
Diluted headline earnings per share (pence)	10.1	10.0	3.6	3.6

		£m
	Year ended 31 December 2010	Year ended 31 December 2009
2009 Final dividend paid - 1.5p per 10p share	77	-
2010 Interim dividend paid - 1.1p per 10p share	54	-
Dividends to ordinary equity holders	131	-
Dividends declared to holders of perpetual preferred callable securities	44	45
Dividend payments for the year	175	45

	£m
	Year ended 31 December 2010	Year ended 31 December 2009 Restated
Current tax
United Kingdom tax
Corporation tax	23	46
Overseas tax
South Africa	346	257
United States	(4)	(7)
Europe	61	49
Secondary Tax on Companies (STC)	4	13
Prior year adjustments	(1)	14
Total current tax	429	372
Deferred tax
Origination and reversal of temporary differences	(10)	105
Changes in tax rates/bases	(4)	-
Write down/recognition of deferred tax assets	41	(77)
Total deferred tax	27	28
Total income tax expense/(credit)	456	400

Preliminary Results - Part 2 IFRS

Consolidated income statement

For the year ended 31 December 2010

Consolidated statement of comprehensive income

For the year ended 31 December 2010

Reconciliation of adjusted operating profit to profit after tax

For the year ended 31 December 2010

Basis of preparation

Consolidated statement of financial position

At 31 December 2010

Consolidated statement of cash flows

For the year ended 31 December 2010

Consolidated statement of changes in equity

For the year ended 31 December 2010

Consolidated statement of changes in equity

For the year ended 31 December 2010 continued

Notes to the consolidated financial statements

For the year ended 31 December 2010

A: Accounting policies

Basis of preparation

Segment reporting

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information

B1: Basis of segmentation

Core operations

Non-core operations

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information continued

B2: Adjusted operating profit statement - segment information year ended 31 December 2010

B: Segment information continued

B2: Adjusted operating profit statement - segment information year ended 31 December 2010 continued

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information continued

B2: Adjusted operating profit statement - segment information year ended 31 December 2009 (restated)

B: Segment information continued

B2: Adjusted operating profit statement - segment information year ended 31 December 2009 (restated) continued

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information continued

B3: Gross earned premiums

B4: Impairments of financial assets

B5: Funds under management

B: Segment information continued

B3: Gross earned premiums continued

B5: Funds under management

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2010

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2010 continued

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2010 continued

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2010 continued

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2009

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2009 continued

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2009 continued

B: Segment information continued

B6: Statement of financial position - segment information year ended 31 December 2009 continued

Notes to the consolidated financial statements

For the year ended 31 December 2010 continued

C: Other key performance information

C1: Operating profit adjusting items

(a) Summary of adjusting items

C: Other key performance information continued

C1: Operating profit adjusting items continued

(a) Summary of adjusting items continued

	£m
	Year ended 31 December 2010	Year ended 31 December 2009 Restated
Preferred perpetual callable securities	(12)	(13)
Other	(1)	-
Income tax expense/(credit) - continuing operations	(13)	(13)
Fair value gains/(losses)	181	428
Shadow accounting	(114)	(18)
Income tax expense/(credit) - discontinued operations	67	410
Income tax expense/(credit) relating to components of other comprehensive income	54	397

	£m
	Year ended 31 December 2010		Year ended 31 December 2009 Restated
Income tax expense/(credit)	456	400
Tax on adjusting items
Impact of acquisition accounting	35	40
Profit on disposal of subsidiaries, associated undertakings and strategic investments	5	(2)
Short-term fluctuations in investment return	3	39
Income tax attributable to policyholders returns	(149)	(192)
Tax on dividends declared to holders of perpetual preferred callable securities recognised in equity	(12)	(13)
Fair value gains and losses on group debt instruments	5	-
Tax on non-core operations	4	11
Income tax on adjusted operating profit	347	283

							£m
	Notes	Group excluding Nedbank	Nedbank	At 31 December 2010	Group excluding Nedbank	Nedbank	At 31 December 2009
Senior debt securities and term loans	E1(a)	550	1,186	1,736	662	484	1,146
Mortgage backed securities	E1(b)	-	112	112	-	119	119
Subordinated debt securities (net of Group holdings)	E1(c)	1,198	1,158	2,356	1,034	1,010	2,044
Borrowed funds		1,748	2,456	4,204	1,696	1,613	3,309

Other issues treated as equity for accounting purposes
US$750 million cumulative preference securities	F2(b)	458			458
€500 million perpetual preferred callable securities	F2(b)	338			338
£350 million perpetual preferred callable securities	F2(b)	350			350

Total: Book value		2,894			2,842
Nominal value of the above		3,045			3,162

	£m
	At 31 December 2010	At 31 December 2009
R291 million notes (class A1) repayable 18 November 2039 (11.467%)	4	25
R1.4 billion notes (class A2A) repayable 18 November 2039 (11.817%)	96	84
R98 million notes (class B note) repayable 18 November 2039 (12.067%)	7	6
R76 million notes (class C note) repayable 18 November 2039 (13.317%)	5	4
	112	119

	£m
	At 31 December 2010	At 31 December 2009
Surplus property	16	20
Client compensation	39	30
Warranties on sale of business	3	17
Liability for long service leave	57	49
Restructuring	15	5
Provision for donations	89	84
Other provisions	92	90
	311	295
Post employment benefits	(51)	(32)
Total	260	263

								£m
Year ended 31 December 2010	Surplus property	Client compensation	Warranties on sale of business	Liability for long service leave	Restruct-uring	Provision for donations	Other	Total
Balance at beginning of the year	20	30	17	49	5	84	90	295
Unused amounts reversed	-	-	(10)	-	-	-	(19)	(29)
Unwind of discount	-	-	-	-	-	-	-	-
Charge to income statement	-	7	-	28	9	-	25	69
Utilised during the year	(4)	(9)	-	(27)	-	-	(5)	(45)
Foreign exchange and other movements	-	11	(4)	7	1	5	1	21
Balance at end of the year	16	39	3	57	15	89	92	311

	£m
	At 31 December 2010	At 31 December 2009
R2,000 million non-cumulative preference shares	14	16
R773 million non-cumulative preference shares	5	6
R300 million non-cumulative preference shares	2	2
US$750 million cumulative preferred securities	38	38
R364 million non-cumulative preference shares	3	2
Non-controlling interests - preferred securities	62	64

	£m
Reconciliation of non-controlling interests share of profit for the financial year	Year ended 31 December 2010	Year ended 31 December 2009
The non-controlling interests charge is analysed as follows:
Non-controlling interests - ordinary shares	196	158
Goodwill impairment and impact of acquisition accounting	2	1
Short-term fluctuations in investment return	-	2
Income attributable to Black Economic Empowerment trusts of listed subsidiaries	22	23
Fair value gains on group debt instruments	6	-
Income attributable to US Asset Management non-controlling interests	(9)	(3)
Non-controlling interests share of adjusted operating profit	217	181

Reconciliation of movements in non-controlling interests	£m
Reconciliation of movements in non-controlling interests	Year to 31 December 2010	Year to 31 December 2009
Balance at beginning of the year	1,537	1,147
Non-controlling interests' share of profit	196	158
Non-controlling interests' share of dividends paid	(88)	(80)
Net acquisition of interests	(116)	63
Foreign exchange and other movements	234	249
Balance at end of the year	1,763	1,537

£m
	At 31 December 2010	At 31 December 2009
Guarantees and assets pledged as collateral security	2,883	2,375
Irrevocable letters of credit	207	605
Secured lending	775	555
Other contingent liabilities	55	49