Investing & Annuities
1 Excludes mortality release of £433m (2017: £332m) from LGR’s £44.5bn net longevity exposure. 2018 mortality release relates to changes in longevity improvement assumptions to align to CMI 2016 tables. Including the reserve release, operating profit was up 14% to £2,335m (2017: £2,055m).
2 The Alternative Performance Measures within the Group’s financial highlights are defined in the glossary, on pages 91 to 96 of this report.
3 Excludes post-tax mortality release of £359m (2017: £274m), and a 2017 one-off US tax benefit of £246m. Including these impacts, EPS was down 3% at 30.79p (2017: 31.87p).
4 Profit after tax attributable to equity holders. Profit after tax attributable to equity holders was up 7% at £1,468m (2017: £1,371m) excluding mortality releases and the 2017 one-off US tax benefit.
5 Solvency II coverage ratio on a shareholder basis is adjusted for the Own Funds and SCR of the With-profits fund and the Group final salary pension schemes.
6 Excludes Longevity Insurance transactions (2018: £287m, 2017: £800m).
7 Constant FX rate comparisons have been calculated by applying the average FX rates for 2017 to both 2017 and 2018 local currency results. Based on actual FX rate, up 2% to £2,580m. Actual FX rate comparisons apply the 2017 and 2018 average FX rates to the equivalent periods’ results respectively.
8 Excludes Legal & General Netherlands which was sold on 6 April 2017.
Nigel Wilson, Group Chief Executive: "2018 saw political uncertainty, asset market declines and slowing economic growth, but we are resilient and performed strongly. We became the UK’s first £1 trillion investment manager, executed a record £9 billion of pension risk transfer deals and invested billions in the UK’s future infrastructure and cities."