Final Results - Part 5 of 5

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Aberdeen Group plc (ABDN)

UK 100

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	UK	Global investment management¹	Canada	International	Other	Elimination	Total
2011	£m	£m	£m	£m	£m	£m	£m
Fee based revenue	625	383	166	221	-	(172)	1,223
Spread/risk margin	75	-	281	-	-	-	356
Total income	700	383	447	221	-	(172)	1,579
Acquisition expenses	(169)	-	(61)	(40)	-	-	(270)
Maintenance expenses	(332)	(227)	(201)	(132)	(3)	172	(723)
Investment for transformation and growth	(53)	(31)	(36)	(12)	(5)	-	(137)
Group corporate centre costs	-	-	-	-	(45)	-	(45)
Capital management	10	-	38	1	25	-	74
India and China JV businesses	-	-	-	2	-	-	2
Other	64	-	-	-	-	-	64
Operating profit/(loss) before tax from continuing operations	220	125	187	40	(28)	-	544
Tax on operating profit	(16)	(30)	(31)	(8)	(2)	-	(87)
Operating profit/(loss) after tax from continuing operations	204	95	156	32	(30)	-	457
Non-operating items	(95)	(4)	(74)	(16)	(25)	-	(214)
Tax on non-operating items	26	1	19	3	6	-	55
IFRS profit/(loss) for the year from continuing operations	135	92	101	19	(49)	-	298
Profit from discontinued operations	-	-	-	-	-	-	-
IFRS profit/(loss) after tax attributable to equity holders	135	92	101	19	(49)	-	298
Other movements in equity							(240)
Total movements in equity							58
Opening IFRS shareholder net assets							3,903
Closing IFRS shareholder net assets							3,961

	UK	Global investment management¹	Canada	International	Other	Elimination	Total
2010	£m	£m	£m	£m	£m	£m	£m
Fee based revenue	593	331	150	212	-	(155)	1,131
Spread/risk margin	148	-	222	-	-	-	370
Total income	741	331	372	212	-	(155)	1,501
Acquisition expenses	(172)	-	(64)	(31)	-	-	(267)
Maintenance expenses	(312)	(194)	(193)	(129)	-	155	(673)
Investment for transformation and growth	(61)	(34)	(35)	(15)	(4)	-	(149)
Group corporate centre costs	-	-	-	-	(50)	-	(50)
Capital management	(21)	-	30	1	17	-	27
India and China JV businesses	-	-	-	(23)	-	-	(23)
Other	59	-	-	-	-	-	59
Operating profit/(loss) before tax from continuing operations	234	103	110	15	(37)	-	425
Tax on operating profit	(36)	(27)	(20)	(8)	2	-	(89)
Operating profit/(loss) after tax from continuing operations	198	76	90	7	(35)	-	336
Non-operating items	33	3	78	(3)	(26)	-	85
Tax on non-operating items	9	-	(23)	-	5	-	(9)
IFRS profit/(loss) for the year from continuing operations	240	79	145	4	(56)	-	412
Profit from discontinued operations	20	-	-	-	-	-	20
IFRS profit/(loss) after tax attributable to equity holders	260	79	145	4	(56)	-	432
Other movements in equity							14
Total movements in equity							446
Opening IFRS shareholder net assets							3,457
Closing IFRS shareholder net assets							3,903

	Covered
	UK (and HWPF TVOG)	Canada	International	Total non-covered	Group elimination	Total	Pence per share
2011	£m	£m	£m	£m	£m	£m	p
Opening EEV	3,581	1,758	732	1,205	45	7,321	322
Opening adjustments	-	-	-	-	-	-
Adjusted opening EEV	3,581	1,758	732	1,205	45	7,321
New business contribution	204	73	58	-	-	335
Contributions from in-force business	257	251	46	-	-	554
Non-covered business	-	-	-	100	-	100
EEV operating profit before tax from continuing operations	461	324	104	100	-	989

Tax on EEV operating profit	(115)	(80)	(26)	(44)	-	(265)
EEV operating profit after tax from continuing operations	346	244	78	56	-	724	31
							31
EEV non-operating (loss)/profit after tax and EEV profit after tax from discontinued operations	(322)	(108)	53	(22)	44	(355)	(15)
EEV profit after tax	24	136	131	34	44	369

Non-trading adjustments	(397)	(182)	4	313	-	(262)
Closing EEV	3,208	1,712	867	1,552	89	7,428	317

	Covered
	UK (and HWPF TVOG)	Canada	International	Total non-covered	Group elimination	Total	Pence per share
2010	£m	£m	£m	£m	£m	£m	p
Opening EEV	3,054	1,553	658	1,163	7	6,435	288
Opening adjustments	-	-	-	-	-	-
Adjusted opening EEV	3,054	1,553	658	1,163	7	6,435
New business contribution	173	68	67	-	-	308
Contributions from in-force business	255	182	26	-	-	463
Non-covered business	-	-	-	16	-	16
EEV operating profit before tax from continuing operations	428	250	93	16	-	787

Tax on EEV operating profit	(117)	(64)	(21)	(47)	-	(249)
EEV operating profit/(loss) after tax from continuing operations	311	186	72	(31)	-	538	24

EEV non-operating profit/(loss) after tax and EEV profit after tax from discontinued operations	250	(33)	21	2	38	278	12
EEV profit/(loss) after tax	561	153	93	(29)	38	816

Non-trading adjustments	(34)	52	(19)	71	-	70
Closing EEV	3,581	1,758	732	1,205	45	7,321	322

	UK	Investment management	Canada	International	Other	Total
2011	£m	£m	£m	£m	£m	£m
Operating profit/(loss) before tax from continuing operations	220	125	187	40	(28)	544
Tax on EEV operating profit	(16)	(30)	(31)	(8)	(2)	(87)
Operating profit/(loss) after tax from continuing operations	204	95	156	32	(30)	457

Impact of different treatment of assets and actuarial reserves	-	-	(11)	4	-	(7)
DAC and DIR¹, intangibles, tax and other	11	-	11	(34)	-	(12)
Look through to investment management	36	(41)	2	3	-	-
EEV operating capital and cash generation from continuing operations	251	54	158	5	(30)	438

EEV operating profit after tax - PVIF	138	-	82	66	-	286
EEV operating profit/(loss) after tax from continuing operations	389	54	240	71	(30)	724

	Opening AUA at 1 Jan 2011	Gross inflows	Redemptions	Net inflows	Market and other movements	Closing AUA at 31 Dec 2011
	£bn	£bn	£bn	£bn	£bn	£bn
Fee business
UK¹	76.5	10.5	(7.6)	2.9	(1.6)	77.8
Institutional pensions	15.8	3.2	(1.8)	1.4	0.3	17.5
Conventional with profits (excluding annuities)	6.6	0.2	(1.7)	(1.5)	0.2	5.3
UK total	98.9	13.9	(11.1)	2.8	(1.1)	100.6
Standard Life Investments third party²	71.6	12.9	(8.6)	4.3	(4.1)	71.8
Canada	14.0	2.3	(1.7)	0.6	(0.3)	14.3
International (wholly owned)	11.1	2.5	(1.1)	1.4	(0.2)	12.3
Consolidation/eliminations³	(32.2)	(7.7)	4.7	(3.0)	(0.5)	(35.7)
Total fee business	163.4	23.9	(17.8)	6.1	(6.2)	163.3

Spread/risk
UK	13.4	0.5	(1.2)	(0.7)	1.7	14.4
Canada	10.1	1.1	(1.4)	(0.3)	0.5	10.3
Total spread/risk business	23.5	1.6	(2.6)	(1.0)	2.2	24.7

Assets not backing products¹	8.1	-	-	-	0.4	8.5
Joint ventures	1.2	0.4	(0.1)	0.3	(0.3)	1.2
Non-life assets	1.4	-	-	-	0.2	1.6
Other consolidation/eliminations³	(0.8)	-	-	-	(0.1)	(0.9)

Group assets under administration	196.8	25.9	(20.5)	5.4	(3.8)	198.4

	Opening AUA at 1 Jan 2010	Gross inflows	Redemptions	Net inflows	Market and other movements	Closing AUA at 31 Dec 2010
	£bn	£bn	£bn	£bn	£bn	£bn
Fee business
UK	66.6	9.4	(7.3)	2.1	7.5	76.2
Institutional pensions	12.0	3.6	(1.2)	2.4	1.4	15.8
Conventional with profits (excluding annuities)	6.9	0.2	(1.1)	(0.9)	0.6	6.6
UK total	85.5	13.2	(9.6)	3.6	9.5	98.6
Standard Life Investments third party	56.9	12.4	(6.2)	6.2	8.5	71.6
Canada	11.3	2.2	(1.8)	0.4	2.3	14.0
International (wholly owned)	9.1	2.2	(0.8)	1.4	0.6	11.1
Consolidation/eliminations¹	(23.9)	(6.7)	3.0	(3.7)	(4.6)	(32.2)
Total fee business	138.9	23.3	(15.4)	7.9	16.3	163.1

Spread/risk
UK	13.1	0.5	(1.1)	(0.6)	0.9	13.4
Canada	9.2	0.9	(1.3)	(0.4)	1.3	10.1
Total spread/risk business	22.3	1.4	(2.4)	(1.0)	2.2	23.5

Assets not backing products	7.8	-	-	-	0.6	8.4
Joint ventures	0.8	0.4	(0.1)	0.3	0.1	1.2
Non-life assets	1.6	-	-	-	(0.2)	1.4
Other consolidation/eliminations¹	(1.3)	-	-	-	0.5	(0.8)

Group assets under administration	170.1	25.1	(17.9)	7.2	19.5	196.8

	Fee (F) - Spread/risk (S/R)	Opening AUA at 1 Jan 2011	Gross inflows	Redemptions		Net inflows	Market and other movements	Closing AUA at 31 Dec 2011
	Fee (F) - Spread/risk (S/R)	£bn	£bn	£bn		£bn	£bn	£bn
UK
Individual SIPP¹	F	14.9	3.3	(1.6)		1.7	(0.2)	16.4
Other individual pensions	F	23.6	0.7	(2.3)		(1.6)	0.6	22.6
Investment bonds	F	8.7	0.2	(1.2)		(1.0)	(0.1)	7.6
Mutual funds	F	5.3	1.8	(0.4)		1.4	(0.6)	6.1
Annuities	S/R	13.4	0.5	(1.2)		(0.7)	1.7	14.4
Legacy life	F	9.1	0.3	(1.8)		(1.5)	(0.1)	7.5
Wealth¹	F	0.5	0.5	(0.1)		0.4	-	0.9
UK retail		75.5	7.3	(8.6)		(1.3)	1.3	75.5
Corporate pensions	F	21.0	3.9	(1.9)		2.0	(1.0)	22.0
Institutional pensions	F	15.8	3.2	(1.8)		1.4	0.3	17.5
UK corporate		36.8	7.1	(3.7)		3.4	(0.7)	39.5
Assets not backing products¹		6.9	-	-	-		0.1	7.0
UK long-term savings		119.2	14.4	(12.3)		2.1	0.7	122.0

Canada
Fee	F	10.7	1.6	(1.1)		0.5	(0.3)	10.9
Spread/risk	S/R	3.6	0.2	(0.4)		(0.2)	0.4	3.8
Group savings and retirement		14.3	1.8	(1.5)		0.3	0.1	14.7
Fee	F	1.7	0.5	(0.3)		0.2	-	1.9
Spread/risk	S/R	5.9	0.4	(0.6)		(0.2)	0.2	5.9
Individual insurance, savings and retirement		7.6	0.9	(0.9)		-	0.2	7.8
Group insurance	S/R	0.6	0.5	(0.4)		0.1	(0.1)	0.6
Mutual funds	F	1.6	0.2	(0.3)		(0.1)	-	1.5
Assets not backing products		1.2	-	-		-	0.3	1.5
Canada long-term savings		25.3	3.4	(3.1)		0.3	0.5	26.1

International
Ireland	F	6.0	1.6	(0.8)		0.8	(0.2)	6.6
Germany	F	5.0	0.8	(0.3)		0.5	0.1	5.6
Hong Kong	F	0.1	0.1	-		0.1	(0.1)	0.1
Wholly owned long-term savings		11.1	2.5	(1.1)		1.4	(0.2)	12.3
Joint ventures long-term savings		1.2	0.4	(0.1)		0.3	(0.3)	1.2
International long-term savings		12.3	2.9	(1.2)		1.7	(0.5)	13.5
Total worldwide long-term savings		156.8	20.7	(16.6)		4.1	0.7	161.6
Non-life assets		1.4	-	-		-	0.2	1.6
Standard Life Investments third party assets under management²		71.6	12.9	(8.6)		4.3	(4.1)	71.8
Consolidation and elimination adjustments³		(33.0)	(7.7)	4.7		(3.0)	(0.6)	(36.6)
Group assets under administration		196.8	25.9	(20.5)		5.4	(3.8)	198.4

Group assets under administration managed by:
Standard Life Group entities		164.0						163.3
Other third party managers		32.8						35.1
Total		196.8						198.4

		Gross inflows	Redemptions	Net inflows	Gross inflows	Redemptions	Net inflows
	Fee (F) - Spread/risk (S/R)	12 months to 31 Dec 2011	12 months to 31 Dec 2011	12 months to 31 Dec 2011	12 months to 31 Dec 2010	12 months to 31 Dec 2010	12 months to 31 Dec 2010
	Fee (F) - Spread/risk (S/R)	£m	£m	£m	£m	£m	£m
UK
Individual SIPP^1,2	F	3,329	(1,596)	1,733	3,436	(1,493)	1,943
Other individual pensions	F	748	(2,371)	(1,623)	827	(2,486)	(1,659)
Investment bonds	F	203	(1,183)	(980)	247	(1,054)	(807)
Mutual funds¹	F	1,790	(406)	1,384	1,647	(355)	1,292
Annuities	S/R	459	(1,134)	(675)	491	(1,133)	(642)
Protection	S/R	76	(52)	24	85	(57)	28
Legacy life	F	294	(1,876)	(1,582)	345	(1,333)	(988)
Wealth²	F	453	(47)	406	n/a	n/a	n/a
UK retail		7,352	(8,665)	(1,313)	7,078	(7,911)	(833)
Corporate pensions¹	F	3,904	(1,880)	2,024	2,994	(1,604)	1,390
Institutional pensions	F	3,209	(1,795)	1,414	3,631	(1,191)	2,440
UK corporate		7,113	(3,675)	3,438	6,625	(2,795)	3,830
UK long-term savings³		14,465	(12,340)	2,125	13,703	(10,706)	2,997

Canada
Fee	F	1,626	(1,096)	530	1,483	(1,063)	420
Spread/risk	S/R	229	(435)	(206)	176	(403)	(227)
Group savings and retirement		1,855	(1,531)	324	1,659	(1,466)	193
Fee	F	540	(341)	199	438	(280)	158
Spread/risk	S/R	312	(557)	(245)	296	(624)	(328)
Individual insurance, savings and retirement		852	(898)	(46)	734	(904)	(170)
Group insurance	S/R	442	(356)	86	411	(332)	79
Mutual funds¹	F	218	(329)	(111)	313	(352)	(39)
Canada long-term savings		3,367	(3,114)	253	3,117	(3,054)	63

International
Ireland	F	1,582	(761)	821	1,349	(638)	711
Germany	F	823	(259)	564	796	(130)	666
Hong Kong	F	81	(18)	63	43	(8)	35
Wholly owned long-term savings		2,486	(1,038)	1,448	2,188	(776)	1,412
Joint ventures long-term savings⁴		415	(140)	275	378	(124)	254
International long-term savings		2,901	(1,178)	1,723	2,566	(900)	1,666
Other consolidation/eliminations²		(85)	8	(77)	n/a	n/a	n/a
Total worldwide long-term savings		20,648	(16,624)	4,024	19,386	(14,660)	4,726

		Net flows
	Fee (F) - Spread/risk (S/R)	3 months to 31 Dec 2011	3 months to 30 Sep 2011	3 months to 30 Jun 2011	3 months to 31 Mar 2011	3 months to 31 Dec 2010
	Fee (F) - Spread/risk (S/R)	£m	£m	£m	£m	£m
UK
Individual SIPP¹	F	312	423	487	511	439
Other individual pensions	F	(385)	(407)	(359)	(472)	(411)
Investment bonds	F	(255)	(243)	(233)	(249)	(201)
Mutual funds	F	215	326	434	409	430
Annuities	S/R	(164)	(164)	(175)	(172)	(184)
Protection	S/R	5	6	8	5	8
Legacy life	F	(434)	(502)	(387)	(259)	(249)
Wealth¹	F	112	101	80	113	n/a
UK retail		(594)	(460)	(145)	(114)	(168)
Corporate pensions	F	403	356	706	559	281
Institutional pensions	F	307	295	518	294	628
UK corporate		710	651	1,224	853	909
UK long-term savings		116	191	1,079	739	741

Canada
Fee	F	194	89	90	157	44
Spread/risk	S/R	(32)	(58)	(58)	(58)	(53)
Group savings and retirement		162	31	32	99	(9)
Fee	F	54	52	45	48	40
Spread/risk	S/R	(69)	(76)	(62)	(38)	(60)
Individual insurance, savings and retirement		(15)	(24)	(17)	10	(20)
Group insurance	S/R	23	20	22	21	18
Mutual funds	F	(24)	(19)	(21)	(47)	(19)
Canada long-term savings		146	8	16	83	(30)

International
Ireland	F	171	114	242	294	244
Germany	F	131	141	152	140	200
Hong Kong	F	18	15	15	15	17
Wholly owned long-term savings		320	270	409	449	461
Joint ventures long-term savings²		68	67	38	102	61
International long-term savings		388	337	447	551	522
Other consolidation/eliminations¹		(11)	(28)	(14)	(24)	-
Total worldwide long-term savings		639	508	1,528	1,349	1,233

		Single premiums			New regular premiums		PVNBP
	Fee (F) - Spread/risk (S/R)	12 months to 31 Dec 2011	12 months to 31 Dec 2010	12 months to 31 Dec 2011		12 months to 31 Dec 2010	12 months to 31 Dec 2011	12 months to 31 Dec 2010	Change³	Change in constant currency³
	Fee (F) - Spread/risk (S/R)	£m	£m	£m		£m	£m	£m	%	%
UK
Individual SIPP¹	F	3,278	3,201	77		69	3,570	3,461	3%	3%
Other individual pensions	F	320	338	22		23	366	397	(8%)	(8%)
Investment bonds	F	179	202	-		-	179	202	(11%)	(11%)
Mutual funds	F	1,794	1,625	24		23	1,972	1,795	10%	10%
Annuities	S/R	312	341	-		-	312	341	(9%)	(9%)
Protection	S/R	-	-	-		1	1	1	-	-
UK retail		5,883	5,707	123		116	6,400	6,197	3%	3%
Corporate pensions¹	F	1,889	1,225	620		508	4,607	3,287	40%	40%
Institutional pensions	F	3,027	3,472	1		-	3,028	3,472	(13%)	(13%)
UK corporate		4,916	4,697	621		508	7,635	6,759	13%	13%
UK long-term savings		10,799	10,404	744		624	14,035	12,956	8%	8%

Canada
Fee	F	458	465	33		68	937	1,297	(28%)	(29%)
Spread/risk	S/R	99	51	4		10	164	169	(3%)	(4%)
Group savings and retirement		557	516	37		78	1,101	1,466	(25%)	(26%)
Fee	F	540	438	-		-	540	438	23%	22%
Spread/risk	S/R	203	186	4		4	243	224	8%	7%
Individual insurance, savings and retirement		743	624	4		4	783	662	18%	17%
Group insurance	S/R	4	2	53		38	826	607	36%	34%
Mutual funds	F	218	313	-		-	218	313	(30%)	(31%)
Canada long-term savings		1,522	1,455	94		120	2,928	3,048	(4%)	(5%)

International
Ireland	F	1,496	1,260	8		9	1,531	1,298	18%	17%
Germany	F	47	39	29		24	424	337	26%	25%
Hong Kong	F	24	14	49		44	320	294	9%	13%
Wholly owned long-term savings		1,567	1,313	86		77	2,275	1,929	18%	18%
India²		46	34	89		104	414	444	(7%)	(1%)
China²		36	40	11		15	86	106	(19%)	(20%)
Joint ventures long-term savings		82	74	100		119	500	550	(9%)	(5%)
International long-term savings		1,649	1,387	186		196	2,775	2,479	12%	13%

Total worldwide long-term savings		13,970	13,246	1,024		940	19,738	18,483	7%	7%

		Opening AUM at 1 Jan 2011	Gross inflows	Redemptions	Net inflows	Market and other movements	Net movement in AUM	Closing AUM at 31 Dec 2011
		£m	£m	£m	£m	£m	£m	£m
UK	Mutual funds^1,2	9,179	4,346	(2,703)	1,643	(12)	1,631	10,810
	Private equity	3,437	87	(136)	(49)	(78)	(127)	3,310
	Segregated funds	13,979	262	(1,486)	(1,224)	493	(731)	13,248
	Pooled property funds	1,702	296	-	296	(45)	251	1,953
Total UK		28,297	4,991	(4,325)	666	358	1,024	29,321
Canada	Mutual funds^1,3	1,789	219	(332)	(113)	(29)	(142)	1,647
	Separate mandates	3,443	577	(510)	67	305	372	3,815
Total Canada		5,232	796	(842)	(46)	276	230	5,462
International	Europe	3,806	1,842	(708)	1,134	376	1,510	5,316
	India⁴	3,392	306	-	306	(987)	(681)	2,711
	Other	1,131	144	(9)	135	(257)	(122)	1,009
Total International		8,329	2,292	(717)	1,575	(868)	707	9,036

Total worldwide investment products excluding money market and related funds		41,858	8,079	(5,884)	2,195	(234)	1,961	43,819
	UK money market funds⁵	3,953	-	-	-	(3,901)	(3,901)	52
	India cash funds⁵	1,435	(120)	-	(120)	(93)	(213)	1,222
Total worldwide investment products		47,246	7,959	(5,884)	2,075	(4,228)	(2,153)	45,093

		Single premiums		New regular premiums		PVNBP⁵
	Fee (F) - Spread/risk (S/R)	3 months to 31 Dec 2011	3 months to 31 Dec 2010	3 months to 31 Dec 2011	3 months to 31 Dec 2010	3 months to 31 Dec 2011	3 months to 31 Dec 2010	Change³	Change in constant currency³
	Fee (F) - Spread/risk (S/R)	£m	£m	£m	£m	£m	£m	%	%
UK
Individual SIPP¹	F	674	723	14	15	730	770	(5%)	(5%)
Other individual pensions	F	39	39	6	5	53	54	(2%)	(2%)
Investment bonds	F	31	62	-	-	31	62	(50%)	(50%)
Mutual funds	F	339	449	4	5	376	483	(22%)	(22%)
Annuities	S/R	82	60	-	-	82	60	37%	37%
Protection	S/R	-	-	-	-	-	-	-	-
UK retail		1,165	1,333	24	25	1,272	1,429	(11%)	(11%)
Corporate pensions¹	F	248	174	95	87	666	502	33%	33%
Institutional pensions	F	711	875	-	-	711	875	(19%)	(19%)
UK corporate		959	1,049	95	87	1,377	1,377	-	-
UK long-term savings		2,124	2,382	119	112	2,649	2,806	(6%)	(6%)

Canada
Fee	F	137	103	9	7	248	185	34%	35%
Spread/risk	S/R	41	17	-	1	54	26	108%	105%
Group savings and retirement		178	120	9	8	302	211	43%	44%
Fee	F	146	129	-	-	146	129	13%	14%
Spread/risk	S/R	49	67	-	1	53	76	(30%)	(31%)
Individual insurance, savings and retirement		195	196	-	1	199	205	(3%)	(3%)
Group insurance	S/R	1	-	10	11	145	174	(17%)	(17%)
Mutual funds	F	51	65	-	-	51	65	(22%)	(22%)
Canada long-term savings		425	381	19	20	697	655	6%	6%

International
Ireland	F	392	423	2	3	403	438	(8%)	(8%)
Germany	F	22	20	12	7	185	113	64%	64%
Hong Kong	F	3	7	13	18	92	124	(26%)	(24%)
Wholly owned long-term savings		417	450	27	28	680	675	1%	1%
India²		9	11	21	21	96	95	1%	16%
China²		8	12	3	5	20	41	(51%)	(53%)
Joint ventures long-term savings		17	23	24	26	116	136	(15%)	(6%)
International long-term savings		434	473	51	54	796	811	(2%)	-

Total worldwide long-term savings		2,983	3,236	189	186	4,142	4,272	(3%)	(3%)

		Opening AUM at 1 Oct 2011	Gross inflows	Redemptions	Net inflows	Market and other movements	Net movement in AUM	Closing AUM at 31 Dec 2011
		£m	£m	£m	£m	£m	£m	£m
UK	Mutual funds^1,2	10,637	763	(688)	75	98	173	10,810
	Private equity	3,462	23	(72)	(49)	(103)	(152)	3,310
	Segregated funds	12,627	23	(97)	(74)	695	621	13,248
	Pooled property funds	1,976	60	-	60	(83)	(23)	1,953
Total UK		28,702	869	(857)	12	607	619	29,321
Canada	Mutual funds^1,3	1,554	53	(78)	(25)	118	93	1,647
	Separate mandates	3,583	103	(160)	(57)	289	232	3,815
Total Canada		5,137	156	(238)	(82)	407	325	5,462
International	Europe	4,857	602	(155)	447	12	459	5,316
	India⁴	3,002	110	-	110	(401)	(291)	2,711
	Other	845	121	(9)	112	52	164	1,009
Total International		8,704	833	(164)	669	(337)	332	9,036

Total worldwide investment products excluding money market and related funds		42,543	1,858	(1,259)	599	677	1,276	43,819
	UK money market funds⁵	53	-	-	-	(1)	(1)	52
	India cash funds⁵	1,538	(307)	-	(307)	(9)	(316)	1,222
Total worldwide investment products		44,134	1,551	(1,259)	292	667	959	45,093

	Opening AUM at 1 Oct 2011	Gross inflows	Redemptions	Net inflows	Market and other movements	Net movement in AUM	Closing AUM at 31 Dec 2011
	£m	£m	£m	£m	£m	£m	£m
Third party investment products	44,134	1,551	(1,259)	292	667	959	45,093
Third party insurance contracts (new business classified as insurance products)	24,962	1,199	(651)	548	1,174	1,722	26,684
Total third party assets under management	69,096	2,750	(1,910)	840	1,841	2,681	71,777
UK money market funds and India cash funds⁵	1,591	(307)	-	(307)	(10)	(317)	1,274
Total third party assets under management excluding money market and related funds	67,505	3,057	(1,910)	1,147	1,851	2,998	70,503
Standard Life Investments - total assets under management	149,838						154,876

	Exposure
	Shareholder	Policyholder (participating)	Policyholder (unit linked)	TPICF and NCI¹	Total
31 December 2011	£m	£m	£m	£m	£m
Investments in associates and joint ventures	15	-	27	13	55
Investment property	831	2,181	4,418	1,313	8,743
Equity securities	571	9,140	46,363	2,457	58,531
Debt securities	11,511	30,028	21,879	3,758	67,176
Loans	2,903	179	137	-	3,219
Other financial assets	536	1,796	1,357	374	4,063
Cash and cash equivalents	1,085	1,657	5,122	1,323	9,187
Total	17,452	44,981	79,303	9,238	150,974

	Exposure
	Shareholder	Policyholder (participating)	Policyholder (unit linked)	TPICF and NCI¹	Total
31 December 2010	£m	£m	£m	£m	£m
Investments in associates and joint ventures	32	1,557	1,143	117	2,849
Investment property	862	2,297	4,147	1,104	8,410
Equity securities	564	9,335	48,449	1,959	60,307
Debt securities	10,594	29,884	18,596	2,290	61,364
Loans	2,823	207	106	-	3,136
Other financial assets²	960	959	935	232	3,086
Cash and cash equivalents	1,623	221	3,538	423	5,805
Total	17,458	44,460	76,914	6,125	144,957

	Canada non-segregated funds exposure		Other shareholder exposure		Total shareholder exposure
	31 Dec 2011	31 Dec 2010	31 Dec 2011	31 Dec 2010	31 Dec 2011	31 Dec 2010
	£m	£m	£m	£m	£m	£m
Investments in associates and joint ventures	15	21	-	11	15	32
Investment property	831	862	-	-	831	862
Equity securities	412	459	159	105	571	564
Debt securities	6,836	6,359	4,675	4,235	11,511	10,594
Loans	2,902	2,811	1	12	2,903	2,823
Other financial assets¹	163	116	373	844	536	960
Cash and cash equivalents	228	184	857	1,439	1,085	1,623
Total	11,387	10,812	6,065	6,646	17,452	17,458

	Exposure
	Shareholder	Policyholder (participating)	Policyholder (unit linked)	TPICF and NCI¹	Total
31 December 2011	£m	£m	£m	£m	£m
Government, provincial and municipal	4,028	19,695	9,408	709	33,840
Banks	1,880	3,442	4,817	1,436	11,575
Other financial institutions	1,534	4,015	2,564	348	8,461
Other corporate	3,829	2,451	4,692	1,247	12,219
Other	240	425	398	18	1,081
Total	11,511	30,028	21,879	3,758	67,176

		PVNBP
	Fee (F) - Spread/risk (S/R)	3 months to 31 Dec 2011¹	3 months to 30 Sep 2011	3 months to 30 Jun 2011	3 months to 31 Mar 2011	3 months to 31 Dec 2010¹
	Fee (F) - Spread/risk (S/R)	£m	£m	£m	£m	£m
UK
Individual SIPP	F	730	857	978	1,006	770
Other individual pensions	F	53	71	155	98	54
Investment bonds	F	31	44	51	54	62
Mutual funds	F	376	455	584	568	483
Annuities	S/R	82	83	74	73	60
Protection	S/R	-	-	1	-	-
UK retail		1,272	1,510	1,843	1,799	1,429
Corporate pensions	F	666	1,028	1,536	1,294	502
Institutional pensions	F	711	643	802	872	875
UK corporate		1,377	1,671	2,338	2,166	1,377
UK long-term savings		2,649	3,181	4,181	3,965	2,806

Canada
Fee	F	248	132	124	377	185
Spread/risk	S/R	54	33	22	48	26
Group savings and retirement		302	165	146	425	211
Fee	F	146	123	128	143	129
Spread/risk	S/R	53	59	54	77	76
Individual insurance, savings and retirement		199	182	182	220	205
Group insurance	S/R	145	195	162	324	174
Mutual funds	F	51	47	54	66	65
Canada long-term savings		697	589	544	1,035	655

International
Ireland	F	403	290	386	450	438
Germany	F	185	81	90	72	113
Hong Kong	F	92	77	78	99	124
Wholly owned long-term savings		680	448	554	621	675
India²		96	106	62	150	95
China²		20	20	23	26	41
Joint ventures long-term savings		116	126	85	176	136
International long-term savings		796	574	639	797	811

Total worldwide long-term savings		4,142	4,344	5,364	5,797	4,272

	Government, Provincial and Municipal¹		Banks		Other financial institutions		Other corporate		Other		Total
	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010	2011	2010
	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m	£m
AAA	1,117	1,166	147	82	143	421	307	290	166	135	1,880	2,094
AA	1,405	1,519	729	1,002	378	382	352	232	-	-	2,864	3,135
A	1,501	1,378	893	483	650	494	2,384	1,928	-	-	5,428	4,283
BBB	-	-	70	36	54	16	727	517	-	-	851	569
Below BBB or not rated	5	-	41	13	309	351	59	78	74	71	488	513
Total	4,028	4,063	1,880	1,616	1,534	1,664	3,829	3,045	240	206	11,511	10,594

	31 Dec 2011	31 Dec 2010
	£m	£m
Canada non-segregated funds commercial mortgage book	2,902	2,811
Other	1	12
Total	2,903	2,823

	Fair value hierarchy
	Level 1		Level 2		Level 3		Total
	31 Dec 2011	31 Dec 2010	31 Dec 2011	31 Dec 2010	31 Dec 2011	31 Dec 2010	31 Dec 2011	31 Dec 2010
	£m	£m	£m	£m	£m	£m	£m	£m
Equity securities	57,286	59,059	-	40	1,245	1,208	58,531	60,307
Debt securities	27,699	25,147	38,095	34,731	1,382	1,486	67,176	61,364
Derivative financial assets	577	435	1,635	908	-	-	2,212	1,343
Derivative financial liabilities	(434)	(95)	(668)	(829)	-	-	(1,102)	(924)
Total	85,128	84,546	39,062	34,850	2,627	2,694	126,817	122,090

	2011	2010
	£m	£m
Total expenses per IFRS income statement	8,542	17,622

Less: Claims, commissions and changes in provisions and liabilities	(6,640)	(15,694)
Less: IFRS adjustments and amortisation	(803)	(892)
Less: Finance costs	(116)	(113)
Total operating cost base in respect of continuing operations	983	923

	UK	Global investment management	Canada	International	Other	Total
2011	£m	£m	£m	£m	£m	£m
Opening operating cost base in respect of continuing operations	369	229	171	96	58	923
Inflation¹	11	11	5	2	1	30
Foreign exchange impact²	-	-	2	1	-	3
Organic growth³	53	18	2	11	-	84
Efficiency savings⁴	(40)	2	9	(8)	(8)	(45)
Movement in investing for transformation and growth costs⁵	(8)	(3)	1	(3)	1	(12)
Closing operating cost base in respect of continuing operations	385	257	190	99	52	983

	2011	2010	Movement
	£m	£m	£m
Investment in operating cost base	137	149	(12)
Investment capitalised	36	36	-
Additional investment in joint venture businesses	23	16	7
Total investment for transformation and growth	196	201	(5)