Consolidated statement of financial position

Assets

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31 December Note 2013 £m 2012* £m 2011* £m

* The Group has adopted new accounting standards on consolidated financial statements and joint arrangements, and amendments to the employee benefits accounting standard, from 1 January 2013, as described in note A2. Accordingly, the 2012 and 2011 comparative balance sheets and the 2012 related notes have been adjusted retrospectively from those previously published.

Included within financial investments are £3,791 million (2012: £3,015 million) of lent securities.

The 2011 balance sheet has been presented to comply with the IAS 1 requirement that applies on adoption of new accounting standards.

§ The Group agreed in July 2013 to sell, subject to regulatory approval, its closed book life assurance business in Japan. As at 31 December 2013, the business was classified as held for sale.

Intangible assets attributable to shareholders:        
Goodwill C5.1(a) 1,461 1,469 1,465
Deferred acquisition costs and other intangible assets C5.1(b) 5,295 4,177 4,143
Total   6,756 5,646 5,608
Intangible assets attributable to with-profits funds:        
Goodwill in respect of acquired subsidiaries for venture fund and other investment purposes C5.2(a) 177 178 178
Deferred acquisition costs and other intangible assets C5.2(b) 72 78 89
Total   249 256 267
Total intangible assets   7,005 5,902 5,875
Other non-investment and non-cash assets:        
Property, plant and equipment C13 920 754 737
Reinsurers’ share of insurance contract liabilities C4.1(a)iv 6,838 6,854 1,643
Deferred tax assets C8.1 2,412 2,306 2,261
Current tax recoverable C8.2 244 248 541
Accrued investment income C1.1 2,609 2,771 2,694
Other debtors C1.1 1,746 1,325 966
Total   14,769 14,258 8,842
Investments of long-term business and other operations:        
Investment properties C14 11,477 10,554 10,470
Investment in joint ventures and associates accounted for using the equity method D7 809 635 516
Financial investments:        
Loans C3.4 12,566 12,743 10,381
Equity securities and portfolio holdings in unit trusts   120,222 98,626 85,963
Debt securities C3.3 132,905 138,907 123,647
Other investments   6,265 7,547 7,240
Deposits   12,213 12,248 10,340
Total   296,457 281,260 248,557
Assets held for sale§ D1(c) 916 98 3
Cash and cash equivalents   6,785 6,126 6,741
Total assets C1, C3.1 325,932 307,644 270,018

Equity and liabilities

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31 December Note 2013 £m 2012* £m 2011* £m

* The Group has adopted new accounting standards on consolidated financial statements and joint arrangements, and amendments to the employee benefits accounting standard, from 1 January 2013 as described in note A2. Accordingly, the 2012 and 2011 comparative balance sheets and the 2012 related notes have been adjusted retrospectively from those previously published.

The Group agreed in July 2013 to sell, subject to regulatory approval, its closed book life assurance business in Japan. As at 31 December 2013, the business was classified as held for sale.

As a result of the adoption of the new accounting standards described above, the 2011 balance sheet has been presented in accordance with IAS 1.

Equity        
Shareholders’ equity   9,650 10,359 8,564
Non-controlling interests   1 5 43
Total equity   9,651 10,364 8,607
Liabilities        
Policyholder liabilities and unallocated surplus of with-profits funds:        
Insurance contract liabilities   218,185 205,484 177,611
Investment contract liabilities with discretionary participation features   35,592 33,812 29,745
Investment contract liabilities without discretionary participation features   20,176 18,378 16,967
Unallocated surplus of with-profits funds   12,061 10,589 9,215
Total C4.1(a) 286,014 268,263 233,538
Core structural borrowings of shareholder-financed operations:        
Subordinated debt   3,662 2,577 2,652
Other   974 977 959
Total C6.1 4,636 3,554 3,611
Other borrowings:        
Operational borrowings attributable to shareholder-financed operations C6.2 2,152 2,245 3,329
Borrowings attributable to with-profits operations C6.2 895 968 925
Other non-insurance liabilities:        
Obligations under funding, securities lending and sale and repurchase agreements   2,074 2,381 3,114
Net asset value attributable to unit holders of consolidated unit trusts and similar funds   5,278 5,145 4,124
Deferred tax liabilities C8.1 3,778 3,964 3,926
Current tax liabilities C8.2 395 443 928
Accruals and deferred income   824 751 654
Other creditors   3,307 2,701 2,473
Provisions C12 635 591 518
Derivative liabilities C3.5(b) 1,689 2,832 3,046
Other liabilities   3,736 3,442 1,225
Total   21,716 22,250 20,008
Liabilities held for sale D1(c) 868
Total liabilities C1,C3.1 316,281 297,280 261,411
Total equity and liabilities   325,932 307,644 270,018

The consolidated financial statements were approved by the Board of directors on 11 March 2014. They were signed on its behalf by:

Paul Manduca
Chairman

Tidjane Thiam
Group Chief Executive

Nic Nicandrou
Chief Financial Officer

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