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Annuities_IFA_Single;(2+ Annuities_Regular;"* Annuities_Single;%D, Annuities_Weighted;Gf3 AnnuitiesIFA_Plan_Regular;2 AnnuitiesIFA_Plan_Single;APP1:*APP2:*& asia_Funds_I= ) Asia_re_Regular= WX( Asia_re_Single= [\* Asia_re_Weighted= _`& Asia_Regular; % Asia_Single; " Bank_Egg;cg' Bank_Plan_Egg;}. Bank_Plan_PruBranded;) Bank_PruBranded;jl! Banking;$ BankingTot;CAT1:*CAT2:*- Closed_Dist_Regular;, Closed_Dist_Single;/+ Corporate_Regular;* Corporate_Single;,, Corporate_Weighted;Gd3 CorporateIFA_Plan_Regular;2 CorporateIFA_Plan_Single;( Europe_Regular; ' Europe_Single; FRE1:*FRE2:*# India_FUM; * JNL_BankProducts;&*% JNL_Regular;$ JNL_Single;# Korea_Fum;&4>0 MG_Direct_Plan_Regular; / MG_Direct_Plan_Single;  + MG_Direct_Regular; * MG_Direct_Single;   MG_FUM;$ MG_Funds_I; $ MG_Funds_R; - MG_IFA_Plan_Regular; , MG_IFA_Plan_Single; ( MG_IFA_Regular; $' MG_IFA_Single; 'D% MG_Inst_FUM;'$ MG_Regular; 0# MG_Single; 3P% MG_Weighted; Sp! MPF_FUM;# Other_FUM;pz. Partnerships_regular;%- Partnerships_Single;%PER1:*PER2:*% PPM_Funds_I; % PPM_Funds_R; ) PPM_Plan_Single; $ PPM_Single;   @;/   ;A   ;   ;@   ;1h  ;;  ;/  ;!  ;-e  ;,!  ;+<   ;D   ;2  ;e @;#V   ;2   ;"U   ;0D   ;  ;.$   ;H   ;REP1:*REP2:*# Retail_GI;ss, Retail_IFA_Regular;+ Retail_IFA_Single;!6( Retail_Plan_GI;- Retail_Plan_Regular;{, Retail_Plan_Single;( Retail_Regular;' Retail_Single;.) Retail_Weighted;C^0 RetailIFA_Plan_Regular;/ RetailIFA_Plan_Single;+ RetailIFA_Regular;&* RetailIFA_Single;)G, RetailIFA_Weighted;Ji  Sch1_2;$  Sch3;( Sch4;)$ Taiwan_FUM;%/& UKColInv_FUM;$ UKScAm_FUM;`i The difference between actual investment returns and longer-term returns is included within the profit and loss account as short-term fluctuations in investment returns.Exchange rates Schedule 12 Jackson National Life (note 12a)DShare of investment return of funds managed by PPM America, that are12a12b2Realised and unrealised gains on preference shares Schedule 137Tax on profit on sale of UK general business operationsThe 50m cost of strengthened persistency assumption for 2003 relates to personal pension policies sold by the now discontinued direct sales force.The presentation of Jackson National Life's operating profit is consistent with the basis introduced for 2003 interim reporting. The charge for averaged realised losses shown above is as compared to the long-term default assumption for fixed income securities, which is presented as part of the determination &Excluding long-term default assumptiontThe spread variance shown above has been determined after including longer-term returns on equity based investments.0(after utilisation of available capital losses) %Tax on profit on ordinary activities 13a13b13c Schedule 14 Funds under management - summary2002 bn US Operations Prudential AsiaExternal funds5Total insurance and investment funds under management Schedule 152Funds under management - analysis by business areaOther Investmentslinked liabilities2003 2002 bn US Operations (note 15a)Note Long-term default assumption=Averaged losses in excess of the long-term default assumptionGross averaged losses- in payment for altered inflation assumption) assumptions.The profit and loss accounts of foreign subsidiaries are translated at average exchange rates for the year. Assets and liabilities of foreign subsidiaries are translated at year-end exchange rates. Foreign currency borrowings that have been used to finance or provide a hedge against Group equity investments in 2The following translation rates have been applied:AverageYear-end Hong KongJapanMalaysia SingaporeTaiwanUSAUK and Insurance OperationsAsia development expenses=Net increase (decrease) in shareholders' capital and reserves Total chargeY"Supplementary Reporting for long-term insurance business (the achieved profits method)".>Tax on operating profit based on long-term investment returns. (note 11b)4c Schedule 16 Prudential Asia Schedule 17!Broker dealer and fund managementexchange rates Schedule 9.1$Basic earnings per share (note 9.1a)9.1a$Basic earnings per share (note 9.2a) Schedule 9.22002 Unaudited Results&Restatement of Statutory basis results9.2aHAdjustment for post-tax profit on sale of UK general business operations!Prior year adjustment (note 9.2b),Investment depreciation on preference shares9.2b?issued by the Association of British Insurers in November 2003. Jackson National Life (note 13c)Prudential Asia (note 13d)13dRestatedLocal currency : MEMORANDUM ONLY;Estimated results applying the same economic assumptions asJackson National Life (note) As restated12c*Current year realised and unrealised gains.Longer-term gains credited to operating result!but included in profit before tax-UK and Europe Insurance Operations (note 13b)subsidiary owned by JNL<and realised losses on equities and preferred shares of $9m.JNLPPMA/Broker Dealer Comprising:Other US Operations3Adjustment for net of tax start-up losses of Curian1The average number of shares for 2003 was 1,996m.AExcluding tax relief on broker dealer and fund management result.Date: 24 February, 2004above for exchange rate movements reflect the difference between year end 2003 and 2002 exchange rates as applied to shareholders' funds Yat 1 January 2003 and the difference between year end and average 2003 rates for profits.gThe 2002 tax charge for UK and Europe Insurance Operations has been reduced by 2m due to the adoption "UK and Europe Insurance Operations 6.6% to 7.9%long-term fixed income securities markets, set by reference to period end rates of return on fixed income securities. This "active" basis of assumption sis appropriate for business written in Japan and Korea and for US dollar denominated business written in Hong Kong.setting has been applied in preparing the results of the Group's UK, Europe and US operations. For the Group's Asian operations, the active basis For countries where long-term fixed income securities markets are underdeveloped, investment return assumptions and risk discount rates are basedon an assessment of long-term economic conditions. Except for the countries listed above, this basis is appropriate to the Group's Asian operations."UK and Europe Insurance operations,UK and Europe Insurance Operations (note 5a)UK and Europe OperationsEurope2002Memorandum only for 2002 - estimated unwind of discount in 2002 applying the same economic assumptions as for the 2003 results: mm ?Core structural borrowings of shareholder financed operations: US GAAPadjusted for minority and reversal of FAS 133effects and FAS115 adjustments (note 11d)2(US GAAP as published also includes the change in &the fair value of hedging instruments)Minority interests (note 11b)on operating profitCapital contributions.Dividends paid to intermediate holding company%Reversal of FAS133 and FAS115 effectsHSuch gains and losses are not generally recognised for UK GAAP purposes.xrisk based capital required by the National Association of Insurance Commissioners (NAIC) at the Company Action level must be retained.for within Other Comprehensive Income. Under UK GAAP, subject to provisions for permanent diminution in value, these securities are carried in the balance sheet at amortised cost . The value movement under US GAAP is therefore not reported for UK GAAP purposes and is a reconciling item within the analysis above.The UK GAAP results are determined after adjustment for minority interests. For UK reporting purposes the segmental result of Jackson National Life reflects oits proportionate interests in the results of two investment funds that are consolidated as quasi subsidiaries.11d2003 bn Schedule 18 As publishedTotal US Operations3Total Prudential Asia (before development expenses)Other Operations-Prudential Asia (before development expenses)The profit and loss account charge or credit in respect of changes in economic assumptions, which is shown as an item excluded from operating profit, reflects the effect on shareholders' funds at the start of the reporting period. The effect of changes in operating assumptions, which are included within the vUK long-term business smoothed shareholders' funds reflect an adjustment to PAC life fund assets, for the purposes of {determining the unwind of discount included in operating profits, to remove the effects of short-term volatility in market |In determining the cost of capital of Jackson National Life it has been assumed that an amount equal to 200 per cent of the Profit and loss account+impairments) for fixed maturity securities Representing:Other items (note 4b)This treatment is consistent with the inclusion of longer-term investment returns within operating profits. Short-term fluctuations in investment returns,Rates of exchange#Effect of rate movements on resultsAAdjustment from post-tax long-term investment returns to post-taxactual investment returns 5Cost of strengthened persistency assumption (note 4b)XJackson National Life - Actual investment return on investments less long-term returns #post-tax actual investment returns Prudential Asia (note 12b)Increase in rates of 1%5Profit arising from reorganisation of long-term funds15a Subject to provisions for permanent diminution in value, the fixed income securities of US Operations are valued at amortised cost.Other informationAAdjustment for post-tax effect of changes in economic assumptions< Under this guidance the basis for setting long-term expected rates of return on investments and risk discount rates are, for countries with developed New business operating profit and the unwind of discount and experience variances included in the analysis of operating profit from business in force arePAC with-profits fund assetsJackson National Life (note 3a)hAveraged realised losses on bonds in excess of long-term default assumption (See schedule 5 and note 4c)Surplus assets retained within the PAC with-profits fund are smoothed for this purpose to remove the effects of short term volatility of investment valuesSpread (notes 4c and 4d)2003 Unaudited results(4) 2003 Results sensitivitiesThe estimated increase (decrease) in the 2003 Group results that would arise from the following changes in economic assumptions are:/2003 Pre-tax operating profit from new business$31 December 2003 Shareholders' Funds'included in profit before tax (note 5c)?Actual less averaged losses excluded from operating result but "Basic earnings per share (note 1a)JActual less averaged realised gains and losses (including impairments) for#fixed maturity securities (note 5d)?Based on profit for the financial year after minority interestsWthe Achieved Profits basis operating results for new business written in 2003 and 2002. Schedule 3As previously publishedsShort-term fluctuations in investment returns represent the difference between total investment returns in the year8Actual less long-term return on equity based investmentsJackson National Life - Summary.Jackson National Life (note 10a & Schedule 11)The achieved profits basis results have been prepared in accordance with the guidance issued by the Association of British Insurers in December 2001EWeighted pre-tax expected long-term nominal rate of investment return$Profit (loss) for the financial yearLong-term business:Long-term business :Experience variances:"Accounting for retirement benefitsExplanatory note{statements rather than that the FRS17 basis be applied in preparing its profit and loss account and balance sheet position.The FRS 17 basis of measurement determines liabilities by applying discount rates that reflect the current rate of return on high quality corporate bonds. and shareholders' funds. Movements on the element attributable to the PAC life fund would be reflected in movements in the Fund for Future Appropriations. IThe impact on shareholders' results would be as shown in the table below.attributable to the PAC life fund are an element of expenses which are incorporated in the valuation of business in force by discounting the value of future contributions to the KSummary of financial position for defined benefit schemes on an FRS17 basisThe financial reporting impact if the FRS 17 basis had been applied in preparing the Group's results, rather than the SSAP 24 basis, is as follows: Profit and loss Statement of accountrecognised gains Deficit in schemescharge and losses ContributionspaidMovement in year Prudential Staff Pension SchemeOther defined benefit schemes+less: amount attributable to PAC life fund AShareholders' share that would be reflected in MSB and AP basis Related taxNet of shareholders' tax Service cost &Actual less expected return on assets Finance (expense) income Experience losses on liabilities&Interest on pension scheme liabilitiesLoss on changes of assumptions Expected return on assets As in prior years, the Group's statutory basis results for 2003 have been determined after application of SSAP 24 for accounting for pension costs of defined benefit schemes.If the FRS17 basis was to be applied in determining the Group's statutory basis results, the reported impact would be allocated between the elements attributable to the PAC life fund at 1 Jan 2003at 31 Dec 2003 Deficit inBresults if FRS17 had been applied to the 2003 financial statementsbeginning of the year (adjusted for the effect of current year assumption changes); the expected return on smoothed surplus assets retained within the PAC with-profits fund (see Schedule 7), and the expected return on shareholders' assets held in other UK and Europe long-term business operations.The unwind of discount for UK and European long-term business operations represents the unwind of discount on the value of in-force business at the individually assigned to asset classes based on credit ratings and, where necessary, credit analysis. This is then weighted by reference to the carrying valueof the spread variance. The charge for the default assumption is calculated using a weighted risk margin reserve (RMR) approach. An RMR charge is The memorandum results for 2002 have been calculated by application of average 2003 exchange rates to operating profits and exchange rates at 31 December 2003 to shareholders' using 2003 Memorandumwattributable to shareholders on the achieved profits basis and the return included within operating profit as describednIf the economic assumptions applied for 2003 had been in place at 31 December 2002, the achieved profits basis6Shareholders' capital and reserves at 31 December 2003Year ended 31 December 2003aUK basis operating profit for the year ended 31 December 2003 includes the following longer-term ^Realised losses arising in period (net of related change to amortisation of acquisition costs)3Average for 2003 applied to profit and loss account,Year end 2003 applied to shareholders' funds[Jackson National Life - spread variance and longer-term returns on equity based investments4ethe present value, at risk discount rates, of the projected release of this capital and the investment earnings on the capital.Prudential Asia (note 5e) Egg (note 7f)>Jackson National Life net of surplus note borrowings (note 7g).Short-term fluctuations in investment returns "Less: long-term default assumption (Schedule 5 - note 5d)+Total realised gains and losses arising in:/Five year average included in operating result 3Long-term default assumption (Schedule 4 - note 4c)assumption (Schedule 4)3Averaged losses in excess of the long-term default 5e&Smoothed shareholders' funds (note 7c)Capital charge (note 7d)Other US operations (note 7e)Goodwill (note 7f)(Holding company net borrowings (note 7g)Total (note 7h)yThe proportion of surplus allocated to shareholders from the UK with-profits business has been based on the present levelof 10%. Future bonus rates have been set at levels which would fully utilise the assets of the with-profits fund over the lifetimeof the business in force.|A charge is deducted from the annual result and balance sheet value for the cost of capital supporting solvency requirements|for the Group's long-term business operations. The cost is the difference between the nominal value of solvency capital and~Where solvency capital is held within a with-profits long-term fund, the value placed on surplus assets in the fund is alreadyrdiscounted to reflect its release over time and no further adjustment is necessary in respect of solvency capital.Total goodwill comprises :?Other operations, relating to M&G and acquired Asian businesses7g7hHolding Company#Jackson National Life surplus notes7Operating profit (loss) before amortisation of goodwill/Profit (loss) on ordinary activities before tax#Statutory basis shareholders' funds5Averaged realised losses on fixed maturity securitiesWon in force variable annuity business in future periods based on current period equity VInvestment return related gain (loss) due primarily to changed expectation of profits qLonger-term returns for these investments have been determined by applying a longer-term rate of return of 7.75%.k oUActual less averaged realised gains and losses for fixed maturities (see Schedule 10)SShort-term fluctuations for Prudential Asia primarily reflect bond value movements.Business Area (Schedule 15)CInternal insurance and investment funds under< management (note 14a)@14a As included in the summarised consolidated balance sheet. Jackson National Life - spread variance and averaged realised losses on bonds in excess of charge for long-term default assumption'Asia - changes to operating assumptions*Capital charge (see note 7d on Schedule 7)Uanalysis of the short-term fluctuations in investment returns is shown in Schedule 5.?Short-term fluctuations in investment returns (per Schedule 12)&in shareholders' capital and reserves.funds at the period ends..amortisation of acquisition costs) as follows:0Foreign currency translation: Rates of ExchangeBForeign currency translation: Effect of rate movements on resultsThe economic assumptions shown above for Prudential Asia have been determined by weighting each country's economic assumptions by reference to including those for equity based investments, are excluded from operating profit but included within the total profit or loss for the reporting period. An As reported aboveUS 10 year treasury bond rate<Tax charge (credit) on profit (loss) on ordinary activities Held within Egg4d PRUDENTIAL PLCSupplementary informationScheduleAchieved Profits basis resultsEarnings per share&Economic assumptions and sensitivitiesOperating profit New businessBusiness in force-Short-term fluctuations in investment returns Tax chargeShareholders' fundsSummaryReconciliation of movementStatutory basis results US OperationsOperating result!Reconciliation from US to UK GAAPOtherFunds under managementAnalysis by business areaForeign currency translation Schedule 1 Post-tax and Minority minority EarningsPre-taxTaxPost-tax interests per sharem(pence)BBased on operating profit after tax and related minority interests6before amortisation of goodwill and exceptional items Amortisation of goodwillNotes 1a Schedule 2#(1) Basis of preparation of resultsforeign subsidiaries are also translated at year-end exchange rates. The impact of these currency translations is recorded as a component of the movementFOperating profit before amortisation of goodwill and exceptional items2002 statutory basis comparative results include the effect of the prior year adjustment for reinsurance accounting - see also Schedule 9.2.xin note 4a on Schedule 4. The 531m of positive fluctuations in 2003 reflects the difference between the PAC life fund tax credit of 130m (as analysed by business operation in Schedule 8) and an adjustment for exchange effects to reflect rates atTax (Schedule 6)New business (Schedule 3)Business in force (Schedule 4);Short-term fluctuations in investment returns (Schedule 5) 6Effect of changes in economic assumptions (Schedule 2)Consistent with the ABI SORP, investment returns included in the UK operating result are determined on a longer-term basis. These amounts are explained in Schedule 10.#These are explained in Schedule 12.These comprise losses of $64m on fixed maturity investments which are included within UK operating results on five year averaged basis (as shown in Schedule 10)Basis of Preparation of Results>measured using the revised operating and economic assumptions.pThe key economic assumptions and sensitivity of the results to changes to those assumptions are described below.(2) Economic assumptions UK Operations>Pre-tax expected long-term nominal rates of investment return: UK equitiesOverseas equities 7.0% to 7.8%PropertyGiltsCorporate bondsE(applying the rates listed above to the investments held by the fund)$Expected long-term rate of inflation3Post-tax expected long-term nominal rate of return:'Pension business (where no tax applies)Life business 2Risk margin included within the risk discount rateRisk discount rate %US Operations (Jackson National Life)QExpected long-term spread between earned rate and rate credited to policyholders Risk discount ratePrudential Asia-Weighted expected long-term rate of inflationWeighted risk discount rate$2002 - restated for revised ABI SORPranalysis of operating profit, also reflect the impact on shareholders' funds at the start of the reporting period.$Unwind of discount (notes 4a and 4f)Unwind of discount (note 4f))Change in operating assumptions (note 4e)>UK and Europe Insurance Operations - smoothing of asset values(see Schedule 7 - note 7c).`UK and Europe Insurance Operations - cost of strengthened persistency assumption and other itemsThe 100m charge for other items for 2003 includes a temporary 35m adverse experience variance for persistency; a 29m restructuring charge; an adverse 19m of other negative items and experience variances. For 2002, the 37m for other items includes 16m of UK re-engineering costs.fThe spread variance on the current basis and that applied for interim 2003 reporting is set out below:4f#revisions to mortality assumptions.The 27m charge in 2003 for changes to operating assumptions primarily reflects expense assumption changes in Japan. The 2002 credit of 42m arose fromcactual investment return of 16.5% and the long-term assumed rate of 6.8% (see Schedule 2 - note 2).dShort-term fluctuations for Prudential Asia for 2002 of 66m primarily reflect bond value movements.8Tax charge (credit) on operating profit (loss) (note 6a). =Tax charge (credit) on items not included in operating profit%Shareholders' funds summary (note 7a)"UK and Europe Operations (note 7b)US Operations (note 7f)Other net liabilitiesbvalues of assets. Shareholders' funds in the balance sheet are determined on an unsmoothed basis.xThe impact of the related capital charge is to reduce Jackson National Life's shareholders' funds by 164m (2002 138m)./Holding company cash and short-term investmentsExchange movements (note 8a)"Investment in operations (note 8b)8aProfits are translated at average exchange rates i.e. a basis consistent with the method applied for modified statuory basis results. The amounts recorded8bvshareholders' funds at that date would have been lower by 414m. This represents a pre-tax loss of 540m less related31 December 2002 of (4)m.Investment in operations reflects increases in share capital. This includes certain non cash items as a result of timing differences.6Broker dealer and fund management result (Schedule 11)AAveraged realised losses on fixed maturity securities comprising:Total (note 10b)4Five year average included in operating result above3Actual less averaged losses excluded from operating(result but included in profit before taxand other minor`Short-term fluctuations, (net of related change to amortisation of acquisition costs), comprise Zactual investment return on investments less longer-term returns (net of related change toJActual investment return on investments less longer-term returns for othershareholders' funds comprise:9Tax charge (credit) on operating profit (loss) (note 13a)[of the altered accounting policy for certain reinsurance contracts - see also Schedule 9.2.Properties Equities Fixed Income Securities Total held to cover Investments schemes by the with-profits fund and other UK long-term business operations. Since, as a result of the April 2002 valuation, the expected level of employers' contribution rates This is consistent with FRS17. For 2003, this standard permits that the financial position of the Group on an FRS17 basis be explained by way of note to the Group's financial the PSPS scheme assets as at that date of 4,034m exceeded the actuarially determined liabilities of 3,658m by 376m. Consequently, the Scheme assets were sufficient to The reported excess of assets over liabilities will be particularly volatile from period to period, as a result of movements in the values of equities held by the Scheme and changes in actuarialuremains unaltered, there would be no impact on the achieved profits basis results for long-term business operations. <YThe 5 April 2002 actuarial valuation has not been updated. On an indicative basis only, the Group estimates that the 110% funding level will probably have reduced but, if an update (note 16a) (note 16b)16a Profit and loss account charge16bSActuarial gains and losses recorded in the statement of recognised gains and losses2Economic assumptions and sensitivities (continued)*(3) Effect of altered economic assumptionsTotalGroup=Pre-tax expected long-term nominal rates of investment returnDecrease in rates of 1%Risk discount rates6Operating profit from new long-term insurance businessNote3a(Jackson National Life net of tax profitsPre capital chargePost capital charge Schedule 4'Operating profit from business in force2002 m$Experience variances and other itemsJackson National Life.Return on surplus assets (over target surplus) Persistency Expenses-Loss from strengthening operating assumptionsNotes4a4b Schedule 52003 mLong-term business Jackson National Life (note 5b)EShare of investment return of funds managed by PPM America, that are Gconsolidated into Group results, but attributable to external investorsTotal 5aannuitant mortality assumption change of 18m; a strengthening of renewal expense assumptions of 29m; other positive assumption changes of 30m; and,Pre-tax losses resulting from changes in economic assumptions included within the profit (loss) on ordinary activities before tax arise as follows: of the investments.1The average number of shares for 2002 was 1,988m.The prior year adjustment reflects the application of altered accounting policy for certain reinsurance contracts following the adoption of the revised Statement of Recommended Practice <Related change to amortisation of deferred acquisition costs+Profit before tax before minority interests*Profit before tax after minority interests>on realised investment gains and losses and minority interestsAfter excluding FAS133 effects and adjusting for minority interests, realised investment losses, net of related change to amortisation of acquisition costs, are $73m.Other operations (note 12c)_Excess (shortfall) of current year gains over longer-term gains excluded from operating result  UK and Europe OperationsZinvestment returns (net of related change to amortisation of deferred acquisition costs) ;for Full Year 2003 results (at average 2002 exchange rates)2003 Unaudited Results The Group's principal defined benefit scheme, the Prudential Staff Pension Scheme (PSPS), was subject to full actuarial valuation basis as at 5 April 2002. The market value of cover 110% of the benefits that had accrued to members, allowing for expected future increases in earnings. As a result of the valuation, the employers' contribution rate has Xcontinued at the minimum prescribed under the Scheme rules, which is 12.5% of salaries. On the Achieved Profits basis of reporting, the impact of FRS17 for 2003 would also be limited to that attributable to shareholders' funds as shown in the table below. Pension costs of the valuation results to 31 December 2003 had been undertaken, it would be expected to reveal a more balanced funding level than the FRS17 balance sheet disclosure suggests.uIn determining this assessment the Group has not sought external advice from the PSPS scheme actuaries, Watson Wyatt.Total Group position1(principally assumed rate of increase in pensions (note 18b) (note 18a)18a18b5b!Short-term fluctuations comprise:>Actual investment return on investments less long-term returns*included within operating profit (note 5c)5cThis comprises::Actual less longer-term return on equity based investments5dQJackson National Life - Actual less averaged realised gains and losses (includingUS$mFive year total Schedule 6Long-term business: Jackson National Life (note 6b)Prudential Asia (note 6c)Total tax on operating profit-Tax on items not included in operating profit7Tax on profit of sale of UK general business operations/(after utilisation of available capital losses)3Total tax on items not included in operating profit,(including tax on actual investment returns)6a6b6c-Including tax relief on development expenses. Schedule 7Long-term business operations<Actual shareholders' funds less smoothed shareholders' fundsM&GEggBefore capital charge ,Excluding assets in excess of target surplus"Assets in excess of target surplusAfter capital chargeOther operations7a7b7c8Relates to broker dealer and fund management operations.7dJHeld within US Operations relating to broker dealer and banking businesses7eKNet core structural borrowings of shareholder financed operations comprise:Jackson National Life 7f Schedule 8Jackson Long-termNational PrudentialbusinessLifeAsia operationstotal0Reconciliation of movement in shareholders funds7Operating profit (including investment return based on long-term rates of returns)$US broker dealer and fund managementOther income and expendituretax on operating profit4tax on short-term fluctuations in investment returns0tax on effect of changes in economic assumptionstotal tax chargeMinority interests=Development costs included above (net of tax) borne centrally4Intragroup dividends (including statutory transfer) External dividends7Proceeds from issues of share capital by parent company4Shareholders' capital and reserves at 1 January 2003 Analysed as:;Additional shareholders' interest on Achieved Profits basis*Achieved Profits basis shareholders' funds8Adjustment from post-tax long-term investment returns to Schedule 10 UK basis operating result*Operating result for UK reporting purposesAverage exchange rates10aELonger-term investment returns included in UK basis operating profit *Reconciliation from JNL 2003 US GAAP basis0result to UK GAAP basis result for US Operationsper JNL financial statementsUS subsidiariesReverse FAS 133and FAS115 effects(note 11a) and returns (note 11c) adjust forminority interestsRetirement benefits:Longer-term returns on equity based investments (note 10c)10b10c/Longer-term returns on equity based investments Schedule 11 Longer-termSegmental result for investment UK Modified Statutory returnsBasis GAAP purposesUS $m4Realised investment gains (losses), net of related 6change to amortisation of acquisition costs (note 11a)Tax (charge) credit0on short-term fluctuations in investment returns Net income Movements in shareholders' fundsNet income (as shown above)+Net movement in other comprehensive income Total movement in year (Shareholders' funds at beginning of year#Shareholders' funds at end of year 11aDTax charge (credit) on short-term fluctuations in investment returns7Tax credit on loss from changes in economic assumptionsUK GAAP results exclude the impact of profits and losses that are recognised under US GAAP as a result of the implementation of FAS133 on accounting for derivative instruments.Under US GAAP, following FAS115, the fixed income securities of JNL are carried in the balance sheet at fair value. 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