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Group Market Consistent Embedded Value statement of earnings

For the year ended 31 December 2009

 
 
£m
 
Notes
Year ended
31 December
2009
Year ended
31 December
2008
Long Term Savings
Covered business
554
578
Asset management
26
42
Banking
16
23
596
643
Nedbank
Banking
470
575
Mutual and Federal
General insurance
70
76
US Asset Management
Asset management
83
97
Other operating segments
Finance costs
(104)
(140)
Interest payable to non-core operations
(40)
-
Other shareholders' expenses
(69)
(19)
Adjusted operating Group MCEV earnings before tax from core operations
1,006
1,232
Bermuda non-core operations
Long term business
8
(254)
Adjusted operating Group MCEV earnings before tax*
1,014
978
Adjusting items
C1
913
(2,037)
Total Group MCEV earnings before tax for the financial year
1,927
(1,059)
Income tax attributable to shareholders
(145)
13
Total Group MCEV earnings after tax for the financial year
1,782
(1,046)
Total Group MCEV earnings for the financial year attributable to:
Equity holders of the parent
1,562
(1,284)
Non-controlling interests
Ordinary shares
156
184
Preferred securities
64
54
Total Group MCEV earnings after tax for the financial year
1,782
(1,046)
Basic total Group MCEV earnings per ordinary share (pence)
31.3
(25.7)
Weighted average number of shares - millions
4,994
4,995

For long-term business and general insurance businesses, adjusted operating MCEV earnings are based on short-term and long-term investment returns respectively, include investment returns on life funds' investments in Group equity and debt instruments, and are stated net of income tax attributable to policyholder returns. For the US Asset Management business it includes compensation costs in respect of certain long-term incentive schemes defined as non-controlling interests in accordance with IFRS. For all businesses, adjusted operating MCEV earnings exclude goodwill impairment, the impact of acquisition accounting, put revaluations related to long-term incentive schemes, the impact of closure of unclaimed shares trusts, profit/(loss) on disposal of subsidiaries, associated undertakings and strategic investments, dividends declared to holders of perpetual preferred callable securities, and fair value (profits)/losses on certain Group debt movements