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

4 CONSOLIDATED BALANCE SHEET ON AN ACHIEVED PROFITS BASIS

		£m
	At 31 December 2004	At 31 December 2003 (Restated)*
Assets
Goodwill	1,152	1,264
Insurance and other assets	37,608	32,409
Banking assets	27,500	24,042
Total long term in-force business asset	872	700
Total assets	67,132	58,415

Liabilities
Achieved profits equity shareholders' funds	4,115	3,452
Minority interests	1,529	1,312
Subordinated liabilities	-	15
Insurance and other liabilities	35,589	30,724
Banking liabilities	25,899	22,912
Total liabilities	67,132	58,415

Reconciliation of total long term in-force business asset
Value of in-force business	1,592	1,276
OMUSL statutory solvency adjustment	(716)	(566)
OMI life subsidiaries statutory solvency adjustment	(19)	(17)
Adjustment for discounting CGT	15	7
Total long term in-force business asset	872	700

* Comparative figures have been restated to reflect the adoption of Urgent Issues Taskforce Abstract 38 "Accounting for ESOP Trusts" (UITF38). The effect of this restatement is that consolidated achieved profits equity shareholders' funds of £3,561 million (R42,503 million) before prior year adjustments have been decreased by £109 million (R1,301 million).

This supplementary information has been approved by the Board and signed on its behalf by:

Julian V F Roberts
Group Finance Director
28 February 2005