Final Results - Part 3 of 3

Companies

Aberdeen Group plc (ABDN)

UK 100

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	UK	Canada	Europe	Asia	Global investment management	Other	Elimination	Total
2009	£m	£m	£m	£m	£m	£m	£m	£m
Revenue
Net earned premium	1,840	709	883	31	4	-	-	3,467
Net investment return	10,275	2,044	873	12	-	4	(34)	13,174
Other segment income	498	112	29	1	155	7	(8)	794
Inter-segment revenue	8	2	(5)	-	91	539	(635)	-
Total net revenue	12,621	2,867	1,780	44	250	550	(677)	17,435

Expenses
Segment expenses	12,109	2,833	1,737	44	200	603	(654)	16,872
Finance costs	120	13	-	-	5	-	(23)	115
Total expenses	12,229	2,846	1,737	44	205	603	(677)	16,987

Share of (losses)/profits from associates and joint ventures	7	(29)	-	(27)	19	1	-	(29)

Profit/(loss) before tax	399	(8)	43	(27)	64	(52)	-	419

Tax attributable to policyholders' returns	294	-	5	-	-	-	-	299
Tax attributable to equity holders' profits	(51)	33	(3)	-	13	(10)	-	(18)

Profit/(loss) for the year from continuing operations	156	(41)	41	(27)	51	(42)	-	138

Profit for the year from discontinued operations	42	-	-	-	-	-	-	42
Profit/(loss) for the year	198	(41)	41	(27)	51	(42)	-	180

Loss attributable to non-controlling interests from continuing operations	33	-	-	-	-	-	-	33
Profit/(loss) attributable to equity holders of Standard Life plc	231	(41)	41	(27)	51	(42)	-	213

Reconciliation to Group underlying profit: Tax (credit)/expense attributable to equity holders' profits:
From continuing operations	(51)	33	(3)	-	13	(10)	-	(18)
From discontinued operations	42	-	-	-	-	-	-	42

Adjustments to reconcile the Group underlying profit to profit for the year:
From continuing operations	61	1	7	-	2	7	-	78
From discontinued operations	(24)	-	-	-	-	-	-	(24)

Underlying profit/(loss) before tax attributable to equity holders of Standard Life plc and adjusted items:
From continuing operations	199	(7)	45	(27)	66	(45)	-	231
From discontinued operations	60	-	-	-	-	-	-	60
Underlying profit/(loss) before tax attributable to equity holders of Standard Life plc and adjusted items	259	(7)	45	(27)	66	(45)	-	291

Other income included in the income statement is as follows:
Interest income:
From continuing operations	154	145	60	-	1	5	-	365
From discontinued operations	350	-	-	-	-	-	-	350

Other expenses included in the income statement include:
Impairment losses recognised/(reversed):
From continuing operations	30	4	-	-	-	7	-	41
From discontinued operations	19	-	-	-	-	-	-	19
Amortisation of intangible assets¹	11	1	2	-	-	3	-	17
Amortisation of deferred acquisition costs¹	116	12	45	-	-	-	-	173
Depreciation of property, plant and equipment¹	-	2	1	-	1	6	-	10
Interest expense:
From continuing operations	132	19	2	-	5	116	(139)	135
From discontinued operations	238	-	-	-	-	-	-	238

Assets
Segment assets	114,042	20,423	9,441	75	506	796	(839)	144,444
Investments in associates and joint ventures	1,915	104	-	80	32	38	-	2,169
Total assets	115,957	20,527	9,441	155	538	834	(839)	146,613

Additions during the year¹
Intangible assets	6	1	5	-	-	4	-	16
Deferred acquisition costs	105	14	63	19	-	-	-	201
Property, plant and equipment	1	2	-	-	1	9	-	13
Investment properties	348	4	13	-	-	-	-	365
	460	21	81	19	1	13	-	595

	UK	Canada	Europe	Asia	Global investment management	Other	Elimination	Restated total
2008	£m	£m	£m	£m	£m	£m	£m	£m
Revenue
Net earned premium	(4,289)	649	846	16	4	-	-	(2,774)
Net investment return	(11,737)	(1,260)	(1,070)	(15)	12	1	(93)	(14,162)
Other segment income	443	109	24	-	162	6	(34)	710
Inter-segment revenue	21	1	-	3	105	560	(690)	-
Total net revenue	(15,562)	(501)	(200)	4	283	567	(817)	(16,226)

Expenses
Segment expenses	(15,303)	(406)	(221)	14	277	617	(806)	(15,828)
Finance costs	110	12	-	-	2	(4)	(11)	109
Total expenses	(15,193)	(394)	(221)	14	279	613	(817)	(15,719)

Share of profits/(losses) from associates and joint ventures	112	4	7	(25)	(4)	7	-	101

(Loss)/profit before tax	(257)	(103)	28	(35)	-	(39)	-	(406)

Tax attributable to policyholders' returns	(317)	-	(17)	-	-	-	-	(334)
Tax attributable to equity holders' profits	(69)	(64)	5	-	3	(13)	-	(138)

Profit/(loss) for the year from continuing operations	129	(39)	40	(35)	(3)	(26)	-	66
Loss for the year from discontinued operations	(49)	-	-	-	-	-	-	(49)
Profit/(loss) for the year	80	(39)	40	(35)	(3)	(26)	-	17

Loss attributable to non-controlling interests from continuing operations	83	-	-	-	-	-	-	83
Profit/(loss) attributable to equity holders of Standard Life plc	163	(39)	40	(35)	(3)	(26)	-	100

Reconciliation to Group underlying profit: Tax (credit)/expense attributable to equity holders' profits:
From continuing operations	(69)	(64)	5	-	3	(13)	-	(138)
From discontinued operations	(21)	-	-	-	-	-	-	(21)

Adjustments to reconcile the Group underlying profit to profit for the year:
From continuing operations	69	1	3	-	42	2	-	117
From discontinued operations	96	-	-	-	-	-	-	96

Underlying profit/(loss) before tax attributable to equity holders of Standard Life plc and adjusted items:
From continuing operations	212	(102)	48	(35)	42	(37)	-	128
From discontinued operations	26	-	-	-	-	-	-	26

Underlying profit/(loss) before tax attributable to equity holders of Standard Life plc and adjusted items	238	(102)	48	(35)	42	(37)	-	154

Other income included in the income statement is as follows:
Interest income:
From continuing operations	491	142	25	-	9	11	-	678
From discontinued operations	700	-	-	-	-	-	-	700

Other expenses included in the income statement include:
Impairment losses recognised/(reversed)¹	141	1	-	-	-	-	-	142
Amortisation of intangible assets¹	7	-	2	-	-	1	-	10
Amortisation of deferred acquisition costs¹	110	11	42	-	2	-	-	165
Depreciation of property, plant and equipment¹	-	2	1	-	-	7	-	10
Interest expense:
From continuing operations	121	18	3	-	2	112	(126)	130
From discontinued operations	638	-	-	-	-	-	-	638
Assets
Segment assets	107,611	17,458	8,383	41	509	804	(924)	133,882
Investments in associates and joint ventures	2,569	127	202	107	15	78	-	3,098
Total assets	110,180	17,585	8,585	148	524	882	(924)	136,980

Additions during the year¹
Intangible assets	13	-	4	-	-	9	-	26
Deferred acquisition costs	190	16	100	-	-	-	-	306
Property, plant and equipment	267	2	1	-	2	1	-	273
Investment properties	78	30	6	-	-	-	-	114
	548	48	111	-	2	10	-	719

	2009	2008
	£m	£m
UK	6,292	7,400
Continental Europe	51	48
Canada	1,035	1,141
Asia	-	1
Total	7,378	8,590

		2009	Restated 2008
	Notes	£m	£m
Restructuring and corporate transaction expenses		59	71
Commission expenses		331	452
Interest expenses		250	639
Staff costs and other employee-related costs		599	606
Acquisition costs deferred during the year		(201)	(307)
Amortisation of deferred acquisition costs		173	165
Impairment losses on deferred acquisition costs		33	1
Other administrative expenses		608	835
Total administrative expenses		1,852	2,462
Less: administrative expenses from discontinued operations	3.5	(290)	(684)
Administrative expenses		1,562	1,778

		2009	Restated 2008
	Notes	£m	£m
Tax expense/(credit) attributable to policyholders' returns		299	(334)
Tax credit attributable to equity holders' profits		(18)	(138)
		281	(472)

Tax expense/(credit) from discontinued operations	3.5	42	(21)
		323	(493)

Final Results - Part 3 of 3

3.3 Administrative expenses

3.4 Tax expense/(credit)

3.4 Tax expense/(credit) continued

3.5 Discontinued banking operations

Revenue

Net revenue

3.7 Earnings per share

3.7 Earnings per share continued

3.8 Dividends

3.9 Issued share capital

3.10 Insurance contract liabilities, non-participating investment contract liabilities, participating investment contract liabilities and reinsurance assets

Non-participating contract liabilities

Non-participating insurance contracts

Non-participating investment contracts

Participating contract liabilities

3.10 Insurance contract liabilities, non-participating investment contract liabilities, participating investment contract liabilities and reinsurance assets continued

3.11 Borrowings

3.11 Borrowings continued

3.12 Defined benefit and defined contribution plans

3.13 Contingencies

3.13 Contingencies continued

(e) Other

3.14 Commitments

3.15 Related party transactions

Assets of operations classified as held for sale

Assets

Companies

UK 100

Latest directors dealings

	2009	Restated 2008
	£m	£m
Income tax:
UK	162	253
Double tax relief	(1)	(1)
Canada and international	28	19
Adjustment to tax credit in respect of prior years	(3)	(21)
Total income tax	186	250

Deferred tax:
Deferred tax expense/(credit) arising from the current period	137	(743)
Total deferred tax	137	(743)

Total tax expense/(credit)	323	(493)
Less income tax (expense)/credit attributable to discontinued operations	(42)	21
Total income tax expense/(credit) attributable to continuing operations	281	(472)

Attributable to equity holders' profits	(18)	(138)

	2009	2008
	£m	£m
Tax on actuarial (gains)/losses on defined benefit pension schemes	(27)	50
Revaluation of land and buildings	(1)	-
Other	-	3
Tax on fair value gains/(losses) on cash flow hedges attributable to discontinued operations	3	(11)
Aggregate tax effect of items (credited)/debited directly to equity	(25)	42

	2009	2008
	£m	£m
Profit/(loss) for the year from discontinued operations	42	(49)

Fair value gains/(losses) on cash flow hedges	11	(38)
Aggregate equity holder tax effect of items not recognised in the income statement	(3)	11
Other comprehensive income/(expense) for the year from discontinued operations	8	(27)

Total comprehensive income/(expense) for the year from discontinued operations	50	(76)

	2009	2008
Profit from continuing operations (£m)	171	149
Profit/(loss) from discontinued operations (£m)	42	(49)
Profit attributable to equity holders of Standard Life plc (£m)	213	100

Weighted average number of ordinary shares in issue (millions)	2,201	2,176

Basic earnings per share from continuing operations (pence per share)	7.8	6.9
Basic earnings per share from discontinued operations (pence per share)	1.9	(2.3)
Basic earnings per share (pence per share)	9.7	4.6

	2009	2008
	£m	£m
Participating contract liabilities before apportionment	31,269	32,413
Apportionment of non-participating PVFP	292	886
	31,561	33,299

Participating insurance contracts	16,568	17,625
Participating investment contracts	14,993	15,674
Participating contract liabilities after apportionment	31,561	33,299

Unallocated divisible surplus before apportionment	1,940	1,955
Apportionment of non-participating PVFP	(1,149)	(1,091)
Unallocated divisible surplus after apportionment	791	864

	Participating insurance contract liabilities	Non-participating insurance contract liabilities	Participating investment contract liabilities	Total insurance and participating contracts	Reinsurers' share of liabilities (reinsurance asset)	Net 2009
2009	£m	£m	£m	£m	£m	£m
At 1 January	17,625	19,635	15,674	52,934	(6,076)	46,858
Expected change	(627)	(379)	(828)	(1,834)	184	(1,650)
Methodology/modelling changes	(17)	(70)	(12)	(99)	(27)	(126)
Effect of changes in:
Economic assumptions	(311)	1,759	(268)	1,180	(1,117)	63
Non-economic assumptions	(22)	(90)	-	(112)	52	(60)
Effect of:
Economic experience	205	586	133	924	(25)	899
Non-economic experience	(21)	(324)	272	(73)	(4)	(77)
New business	38	777	110	925	(5)	920
Total change in contract liabilities	(755)	2,259	(593)	911	(942)	(31)
Foreign exchange adjustment	(302)	276	(88)	(114)	(14)	(128)
Change in unearned premium reserve	-	(6)	-	(6)	-	(6)
At 31 December	16,568	22,164	14,993	53,725	(7,032)	46,693

	Average interest rates		Carrying amount
	2009	2008	2009	2008
	%	%	£m	£m
Due within 1 year
Standard Life Bank certificates of deposit - GBP	0.91%	4.13%	120	228
Standard Life Funding B.V. commercial paper - GBP	1.25%	6.20%	75	144
Standard Life Funding B.V. commercial paper - EUR	-	5.26%	-	84
			195	456

Due between 1 and 5 years
Standard Life Bank medium term notes - GBP	2.38%	-	513	-
Standard Life Funding B.V. medium term notes - EUR	0.97%	-	108	-
			621	-

Due after 5 years
Standard Life Funding B.V. medium term notes - EUR	-	4.10%	-	117
			-	117
Total certificates of deposit, commercial paper and medium term notes			816	573

	2009	2008
	£m	£m
Current service cost	(53)	(64)
Interest cost on benefit obligation	(93)	(91)
Expected return on plan assets	91	88
Past service cost	1	-
Gains on curtailment	4	-
Expense recognised in the summary consolidated income statement	(50)	(67)

	2009	2008
	£m	£m
Authorised and contracted for but not provided and incurred:
Investment properties	296	127
Property, plant and equipment	-	357
Funding of associates	-	1

	2009	2008
	£m	£m
Guarantees and standby letters of credit	3	4
Commitments to extend credit:
Original term to maturity of less than one year	112	83
Original term to maturity of more than one year	1,859	2,165
Other commitments	715	964

	2009	2009	2008	2008
	Number	£m	Number	£m
At 1 January	2,177,799,354	218	2,174,077,106	217
Demutualisation shares	449	-	-	-
Shares issued in lieu of cash dividends	55,018,211	6	-	-
Shares issued in respect of employee share plans	630,003	-	559,061	-
Shares issued in respect of share options	2,842,293	-	3,142,947	1
Shares issued in respect of bonus issue	1,847	-	20,240	-
At 31 December	2,236,292,157	224	2,177,799,354	218

	2009	2008
	£m	£m
At 1 January	52,273	58,762
Contributions	8,997	10,170
Initial charges and reduced allocations	(21)	(50)
Account balances paid on surrender and other terminations in the year	(6,682)	(6,584)
Investment return credited and related benefits	9,088	(10,907)
Foreign exchange adjustment	376	1,314
Recurring management charges	(303)	(333)
Other	-	(99)
At 31 December	63,728	52,273

	Average interest rates		Carrying amount
	2009	2008	2009	2008
	%	%	£m	£m
Lothian Mortgages No. 3 plc - GBP - Maturity 2039	0.88%	6.47%	626	730
Lothian Mortgages No. 4 plc - EUR - Maturity 2040	0.83%	5.12%	27	175
Lothian Mortgages No. 4 plc - GBP - Maturity 2040	0.73%	6.25%	563	571
Lothian Mortgages Master Issuer plc - USD - Maturity 2028	-	0.61%	-	59
Lothian Mortgages Master Issuer plc - USD - Maturity 2050	0.40%	3.71%	26	35
Lothian Mortgages Master Issuer plc - EUR - Maturity 2050	0.86%	5.16%	348	460
Lothian Mortgages Master Issuer plc - GBP - Maturity 2050	0.75%	6.25%	377	381
Total mortgage backed floating rate notes			1,967	2,411

		2009			2008
	UK	Canada	Ireland	UK	Canada	Ireland
	%	%	%	%	%	%
Rate of increase in salaries	4.80-5.80	3.50	3.50	4.35-5.35	3.50	4.83
Rate of increase in pensions	3.80	1.33	1.00	3.35	1.33	2.00
Discount rate	5.60	6.25	6.00	6.10	7.25	5.70
Inflation assumption	3.80	2.00	2.00	3.35	2.00	2.00
Expected return on plan assets	6.30	7.00	5.93	6.20	7.00	5.90

	2009	2008
	£m	£m
Sale to:
Associates	11,607	17,022
Joint ventures	2	3
	11,609	17,025
Purchase from:
Associates	10,907	17,095
Joint ventures	100	62
	11,007	17,157

	UK regulated life business
	Heritage With Profits Fund*	Proprietary business funds	Life business equity holders' funds	Total UK regulated life business	Overseas life operations	Total life business	Other activities	Group total
2009	£m	£m	£m	£m	£m	£m	£m	£m
Available capital resources

Equity holders' funds
Held outside life assurance funds	-	-	1,077	1,077	1,053	2,130	710	2,840
Held within life assurance funds	-	617	-	617	-	617	-	617

Equity attributable to ordinary equity holders of Standard Life plc	-	617	1,077	1,694	1,053	2,747	710	3,457

Unallocated divisible surplus	791	-	-	791	-	791	-	791

Other qualifying capital
Subordinated liabilities	-	-	265	265	-	265	1,846	2,111
Internal subordinated liabilities	-	-	1,876	1,876	236	2,112	(2,112)	-
	-	-	2,141	2,141	236	2,377	(266)	2,111

Adjustments onto regulatory basis
Changes to the valuation of contract liabilities	1,485	20	-	1,505	(75)	1,430	-	1,430
Exclusion of deferred acquisition costs and other inadmissible assets	(143)	(496)	(484)	(1,123)	(87)	(1,210)	(119)	(1,329)
Exclusion of deferred income	132	207	-	339	(2)	337	-	337
Changes to the valuation of other assets and liabilities	(610)	(90)	645	(55)	79	24	225	249
	864	(359)	161	666	(85)	581	106	687

Total available capital resources to meet regulatory requirement	1,655	258	3,379	5,292	1,204	6,496	550	7,046

Analysed as follows:
Capital not subject to constraints	-	-	3,112	3,112	422	3,534	432	3,966
Capital subject to constraints	1,655	258	267	2,180	782	2,962	118	3,080

Total available capital resources	1,655	258	3,379	5,292	1,204	6,496	550	7,046

Regulatory capital requirement				2,040	666	2,706	81	2,787

		UK regulated life business
	Heritage With Profits Fund		Proprietary business funds	Life business equity holders' funds	Total UK regulated life business	Overseas life operations	Total life business	Other activities	Group total
2009	£m		£m	£m	£m	£m	£m	£m	£m
At 1 January	2,976		267	2,756	5,999	1,188	7,187	558	7,745

Methodology/modelling changes	113		12	-	125	(38)	87	-	87
Change in assumptions used to measure life assurance contract liabilities and experience differences	19		13	-	32	7	39	-	39
New business	(20)		(117)	-	(137)	(26)	(163)	-	(163)
Investment surplus	(124)		17	6	(101)	102	1	-	1
Equity holder/inter-fund transfers	(869)		(63)	932	-	16	16	(16)	-
Dividend transfers	-		-	(173)	(173)	-	(173)	15	(158)
Other factors	(440)		129	(142)	(453)	(45)	(498)	(7)	(505)

At 31 December	1,655		258	3,379	5,292	1,204	6,496	550	7,046

	Opening at 1 January 2009	Gross inflows	Redemptions	Net flows	Market and other movements	Closing at 31 December 2009
	£bn	£bn	£bn	£bn	£bn	£bn
UK
Individual SIPP^(a)	8.7	2.9	(1.1)	1.8	1.3	11.8
Individual pensions	20.7	0.9	(2.3)	(1.4)	3.0	22.3
Group pensions^(a)	14.4	2.6	(1.1)	1.5	2.0	17.9
Institutional pensions	8.6	2.5	(0.9)	1.6	1.8	12.0
Pensions	52.4	8.9	(5.4)	3.5	8.1	64.0
Investment bonds	8.9	0.3	(1.6)	(1.3)	1.1	8.7
Mutual funds^(b)	2.4	1.0	(0.2)	0.8	0.5	3.7
Savings and investments	11.3	1.3	(1.8)	(0.5)	1.6	12.4
Annuities^(c)	11.9	0.6	(1.1)	(0.5)	1.7	13.1
Legacy Life	10.2	0.5	(1.8)	(1.3)	0.2	9.1
Assets not backing products	9.0	-	-	-	(2.0)	7.0
UK life and pensions^(d)	94.8	11.3	(10.1)	1.2	9.6	105.6

Europe
Ireland^(d)	4.7	1.0	(0.8)	0.2	-	4.9
Germany	3.6	0.8	(0.1)	0.7	(0.1)	4.2
Europe life and pensions	8.3	1.8	(0.9)	0.9	(0.1)	9.1

Canada
Group savings and retirement	9.8	1.3	(1.0)	0.3	1.8	11.9
Individual insurance, savings and retirement	5.9	0.7	(0.7)	-	0.8	6.7
Group insurance	0.4	0.4	(0.3)	0.1	-	0.5
Mutual funds^(b)	1.2	0.2	(0.2)	-	0.2	1.4
Assets not backing products	0.7	-	-	-	0.1	0.8
Canada life and pensions	18.0	2.6	(2.2)	0.4	2.9	21.3

Asia life and pensions^(e)	0.5	0.3	(0.1)	0.2	0.1	0.8

Total worldwide life and pensions	121.6	16.0	(13.3)	2.7	12.5	136.8

Non-life business	13.0	0.3	(2.3)	(2.0)	(0.1)	10.9

Standard Life Investments third party assets under management^(a)	45.5	9.7	(4.0)	5.7	5.7	56.9
Consolidation and elimination adjustments^(f)	(23.3)	(3.8)	1.9	(1.9)	(1.8)	(27.0)

Group assets under administration	156.8	22.2	(17.7)	4.5	16.3	177.6

Group assets under administration managed by:
Standard Life Group entities	138.5					152.4
Other third party managers	18.3					25.2
Total	156.8					177.6

	Opening at 1 January 2008	Gross inflows	Redemptions	Net flows	Market and other movements	Closing at 31 December 2008
	£bn	£bn	£bn	£bn	£bn	£bn
UK
Individual SIPP^(a)	7.7	3.4	(0.9)	2.5	(1.5)	8.7
Individual pensions	26.0	1.2	(3.1)	(1.9)	(3.4)	20.7
Group pensions^(a)	16.0	2.6	(1.1)	1.5	(3.1)	14.4
Institutional pensions	10.0	1.8	(1.2)	0.6	(2.0)	8.6
Pensions	59.7	9.0	(6.3)	2.7	(10.0)	52.4
Investment bonds	10.7	1.4	(1.5)	(0.1)	(1.7)	8.9
Mutual funds^(b)	2.6	0.6	(0.3)	0.3	(0.5)	2.4
Savings and investments	13.3	2.0	(1.8)	0.2	(2.2)	11.3
Annuities^(c)	13.0	0.6	(1.1)	(0.5)	(0.6)	11.9
Legacy Life	13.1	0.6	(2.1)	(1.5)	(1.4)	10.2
Assets not backing products	7.3	-	-	-	1.7	9.0
UK life and pensions^(d)	106.4	12.2	(11.3)	0.9	(12.5)	94.8

Europe
Ireland^(d)	3.9	1.1	(0.6)	0.5	0.3	4.7
Germany	2.5	0.8	(0.1)	0.7	0.4	3.6
Europe life and pensions	6.4	1.9	(0.7)	1.2	0.7	8.3

Canada
Group savings and retirement	9.6	1.5	(1.1)	0.4	(0.2)	9.8
Individual insurance, savings and retirement	5.6	0.4	(0.6)	(0.2)	0.5	5.9
Group insurance	0.3	0.3	(0.2)	0.1	-	0.4
Mutual funds^(b)	1.5	0.2	(0.2)	-	(0.3)	1.2
Assets not backing products	0.9	-	-	-	(0.2)	0.7
Canada life and pensions	17.9	2.4	(2.1)	0.3	(0.2)	18.0

Asia life and pensions^(e)	0.4	0.3	-	0.3	(0.2)	0.5

Total worldwide life and pensions	131.1	16.8	(14.1)	2.7	(12.2)	121.6

Non-life business	14.5	1.1	(2.7)	(1.6)	0.1	13.0

Standard Life Investments third party assets under management^(a)	47.7	8.9	(5.5)	3.4	(5.6)	45.5
Consolidation and elimination adjustments^(f)	(24.3)	(4.1)	2.3	(1.8)	2.8	(23.3)

Group assets under administration	169.0	22.7	(20.0)	2.7	(14.9)	156.8

Group assets under administration managed by:
Standard Life Group entities	158.2					138.5
Other third party managers	10.8					18.3
Total	169.0					156.8

	Exposure
	Shareholder	Policyholder (participating)	Policyholder (unit linked)	TPICF and NCI*	Total
2009	£m	£m	£m	£m	£m
Investments in associates and joint ventures	47	1,138	686	72	1,943
Investment property	776	2,314	3,279	742	7,111
Equity securities	479	8,151	40,759	1,469	50,858
Debt securities	9,339	30,208	15,095	876	55,518
Loans and receivables	9,876	211	146	-	10,233
Other financial assets	1,533	7,657	668	112	9,970
Cash and cash equivalents	4,106	904	3,727	190	8,927
Total	26,156	50,583	64,360	3,461	144,560

	Canada non-segregated funds exposure		Standard Life Bank exposure		Other shareholder exposure		Total shareholder exposure
	2009	2008	2009	2008	2009	2008	2009	2008
	£m	£m	£m	£m	£m	£m	£m	£m
Investments in associates and joint ventures	17	15	-	-	30	195	47	210
Investment property	776	854	-	-	-	2	776	856
Equity securities	372	347	-	-	107	66	479	413
Debt securities	5,989	5,420	195	60	3,155	2,792	9,339	8,272
Loans and receivables	2,374	2,137	7,464	9,517	38	16	9,876	11,670
Other financial assets	458	435	194	376	881	1,170	1,533	1,981
Cash and cash equivalents	68	23	1,491	1,470	2,547	2,025	4,106	3,518
Total	10,054	9,231	9,344	11,423	6,758	6,266	26,156	26,920

	Credit rating
	AAA	AA	A	BBB	Below BBB or not rated	Total
2009	£m	£m	£m	£m	£m	£m
Government	1,596	1,419	1,216	-	-	4,231
Corporate - financial institutions	787	532	679	70	416	2,484
Corporate - other	236	200	1,371	434	133	2,374
Other	155	-	11	11	73	250
Total	2,774	2,151	3,277	515	622	9,339

	2009	2008
	£m	£m
Canada non-segregated funds commercial mortgage book	2,374	2,137
Standard Life Bank retail mortgage book	7,464	9,517
Other	38	16
Total	9,876	11,670

	Fair value hierarchy
	Level 1		Level 2		Level 3		Total
	2009	Restated 2008	2009	Restated 2008	2009	Restated 2008	2009	2008
	£m	£m	£m	£m	£m	£m	£m	£m
Equity securities	49,621	38,347	17	31	1,220	1,371	50,858	39,749
Debt securities	26,158	25,581	27,845	23,768	1,515	1,618	55,518	50,967
Derivative financial assets	398	507	970	2,293	-	-	1,368	2,800
Derivative financial liabilities	(81)	(44)	(818)	(1,304)	-	-	(899)	(1,348)
Total	76,096	64,391	28,014	24,788	2,735	2,989	106,845	92,168

	2009	2008
	£m	£m
Total expenses per IFRS income statement	16,987	(15,719)
Total expenses attributable to savings and mortgages included within profit/(loss) for the year from discontinued operations	299	706
Total expenses	17,286	(15,013)
Less claims, commissions and changes in provisions and liabilities	(15,078)	17,238
Less IFRS adjustments and amortisation	(1,171)	(1,189)
Less finance costs	(123)	(129)
Total operating cost base	914	907

			£m
Total opening operating cost base			907

Inflation¹			21
Foreign exchange impact²			25
Organic growth³			(9)
Efficiency savings⁴			(47)
Movement in one-off costs and investing for growth costs⁵			17
Total closing operating cost base			914