Final Results - PART 1 OF 4
Profit
· Operating profit2,3 up 12% to £3,010 million (2015: £2,688 million4)
· Operating EPS2,3 up 3% to 51.1p (2015: 49.7p4)
· Operating profit and operating EPS exclude the impact of the change in the Ogden discount rate in UK general insurance, which has been classified as an exceptional item
· IFRS profit after tax down 22% to £859 million (2015: £1,097 million4) including the £380 million after-tax charge due to the reduction in the Ogden discount rate
1B1BCapital
· Solvency II capital surplus5 £11.3 billion (2015: £9.7 billion)
· Solvency II coverage ratio5,6 of 189% (2015: 180%)
· Solvency II operating capital generation £3.5 billion
· Net asset value up 6% to 414p per share (2015: 390p4)
· Holding company liquidity7 £1.8 billion (2015: £1.3 billion)
2B2B15BCash
· 2016 total dividend up 12% to 23.3p (2015: 20.8p)
· Dividend pay-out ratio 46% (2015: 42%4), progress towards 50% target
· Cash remittances up 20% to £1,805 million (2015: £1,507 million)
3B3B16BGrowth
· General insurance net written premiums3 up 15% to £8,211 million (2015: £7,171 million)
· Life insurance value of new business up 13% to £1,352 million (2015: £1,192 million)
· Fund management operating profit up 30% to £138 million (2015: £106 million)
· AIMS AUM trebled to £9 billion (2015: £3 billion)
· Total group assets under management up to £450 billion
4B4B17BCombined ratio
· General insurance combined operating ratio 95.2% (2015: 94.6%) excluding the Ogden discount rate impact. Including the Ogden impact, the combined operating ratio was 101.1%.