FINANCIAL HIGHLIGHTS CHAIRMAN'S STATEMENT CHIEF EXECUTIVE'S STATEMENT GROUP BUSINESS REVIEW CORPORATE CITIZENSHIP CORPORATE GOVERNANCE AND DIRECTORS' REPORT BOARD OF DIRECTORS RENUMERATION REPORT FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS

ACHIEVED PROFITS BASIS SUPPLEMENTARY INFORMATION

Supplementary Disclosures FRS 27 "Life Assurance" Statement of Directors' Responsibilities Independent Auditors' Report to Old Mutual plc on the Achieved Profits Basis Supplementary Information Consolidated Profit And Loss Account On An Achieved Profits Basis Consolidated Statement Of Total Recognised Gains And Losses On An Achieved Profits Basis RECONCILIATION OF MOVEMENTS IN CONSOLIDATED ACHIEVED PROFITS EQUITY SHAREHOLDERS' FUNDS CONSOLIDATED BALANCE SHEET ON AN ACHIEVED PROFITS BASIS BASIS OF PREPARATION COMPONENTS OF ACHIEVED PROFITS EQUITY SHAREHOLDERS' FUNDS SEGMENTAL ANALYSIS OF RESULTS VALUE OF NEW BUSINESS ASSUMPTIONS ALTERNATIVE ASSUMPTIONS

Achieved Profits Basis Supplementary Information

for the year ended 31 December 2004

3 RECONCILIATION OF MOVEMENTS IN CONSOLIDATED ACHIEVED PROFITS EQUITY SHAREHOLDERS' FUNDS

		£m
	Year to 31 December 2004	Year to 31 December 2003 (Restated)*
Total recognised gains and losses for the year	797	507
Dividends paid and proposed	(182)	(166)
	615	341
Issue of new capital	-	37
Shares issued under share incentive schemes	15	4
Net sales of shares held in ESOP Trusts and policyholders' funds	33	6
Net increase/(decrease) in achieved profits equity shareholders' funds	663	388
Achieved profits equity shareholders' funds at the beginning of the year	3,452	3,064
Achieved profits equity shareholders' funds at the end of the year	4,115	3,452