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Results summary

International Financial Reporting Standards (IFRS) Basis Results Half year 2019 Half year 2018
Operating profit based on longer-term investment returns from:
Continuing operations £ 2,024m £ 1,669m
Discontinued operations £ 687m £ 736m
Total profit after tax (total continuing and discontinued operations) £ 1,540m £ 1,356m
Earnings per share based on operating profit for the year from continuing operations 65.3p 53.7p
IFRS shareholders' funds per share 757p 613p
European Embedded Value (EEV) Basis Results
New business profit from: £ 1,795m £ 1,767m
Continuing operations £ 1,643m £ 1,588m
Discontinued operations £ 152m £ 179m
Post-tax operating profit based on longer-term investment returns from continuing operations £ 2,641m £ 2,475m
Post-tax profit (from continuing and discontinued operations) £ 4,264m £ 2,968m
Earnings per share based on operating profit from continuing operations 102.1p 96.2p
EEV shareholders' funds per share (including goodwill attributable to shareholders) 2,055p 1,830p
Cash
Operating free surplus generated from continuing insurance and asset management operations £ 1,502m £ 1,173m
Net cash remitted by business units (from continuing and discontinued operations) £ 1,212m £ 1,111m
Dividend per share relating to the reporting period 16.45p 15.67p

Basis of preparation

The results are prepared on two bases: International Financial Reporting Standards (IFRS) and European Embedded Value (EEV). The EEV basis results have been prepared in accordance with the EEV Principles dated April 2016, issued by the European Insurance CFO Forum. Where appropriate , the EEV basis results include the effects of adoption of EU-endorsed IFRS. Continuing operations relate to Asia, US and Central operations (including Africa). It excludes M & GPrudential which met the criteria to be classified as held for distribution at 30 June 2019 and Hence is shown as discontinued. M & GPrudential operating profit is stated after restructuring costs.

The directors are responsible for the preparation of the supplementary information in accordance with the EEV Principles. The EEV basis results for half year 2019 and half year 2018 are unaudited.

Operating profit based on longer-term investment returns

The Group provides supplementary analysis of profit before tax attributable to shareholders in order to distinguish operating-profit based on longer-term investment returns from the other elements of total profit shown.

Operating profit is determined on the basis of including longer-term investment returns.

EEV and IFRS operating profit is stated after excluding the effect of short-term fluctuations in investment returns against long-term assumptions. Furthermore, for EEV basis results, operating profit based on longer-term investment returns excludes the effect of changes in economic assumptions and the mark to market value movement on core borrowings. Separately on the IFRS basis, operating profit also excludes amortisation of accounting adjustments arising principally on the acquisition of REALIC completed in 2012.

Exchange translation – Actual Exchange Rate (AER) and Constant Exchange Rate (CER)

The comparative results have been prepared using previously reported exchange rates (AER basis) except where otherwise stated. Results on a CER basis are also shown for the analysis of IFRS and EEV operating profit based on longer-term investment returns.