Financial highlights
These results reflect a healthy overall performance from around the Group. Funds under management grew by 31%, with operating profit benefiting both from a better than expected result from our Skandia acquisition and good progress in our other businesses
Wherever the items asterisked in the highlights are used, whether in the highlights or the Business review, the following definitions apply:
* For long-term and general insurance business, adjusted operating profit is based on a long-term investment return, includes investment returns on life funds' investments in Group equity and debt instruments and is stated net of income tax attributable to policyholder returns. For all businesses, adjusted operating profit excludes goodwill impairment, the impact of acquisition accounting, initial costs of Black Economic Empowerment schemes, the impact of closure of unclaimed shares trusts, profit/(loss) on disposal of subsidiaries, associated undertakings and strategic investments and dividends declared to holders of perpetual preferred callable securities.
Adjusted operating earnings per ordinary share is calculated on the same basis as adjusted operating profit. It is stated after tax attributable to adjusted operating profit and minority interests. It excludes income attributable to Black Economic Empowerment trusts of listed subsidiaries. The calculation of the adjusted weighted average number of shares includes own shares held in policy holder' funds and Black Economic Empowerment trusts.
Numbers for currencies other than Sterling are translated at average rate for profit and loss items and at closing rates for year-end balances.
