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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;    ;$W   ;H  ;1'  ;<  ;C   ; +  ;!  ;:   ;#Y  ;Z   ;)   ;,  ;F   ;^  ;  ;"!  ;,C  ;2&  ;-m  ;.  ;/t  ;0t  ;REP1:+REP2:+# Retail_GI;ss, Retail_IFA_Regular;+ Retail_IFA_Single;!6( Retail_Plan_GI;- Retail_Plan_Regular;{, Retail_Plan_Single;( Retail_Regular;' Retail_Single;.) Retail_Weighted;C^0 RetailIFA_Plan_Regular;/ RetailIFA_Plan_Single;+ RetailIFA_Regular;&* RetailIFA_Single;)G, RetailIFA_Weighted;Ji  Sch1_2;%  Sch3;) Sch4;*$ Taiwan_FUM;%/& UKColInv_FUM;$ UKScAm_FUM;`ibZ  3  @@   6Effect of changes in economic assumptions (Schedule 2)Tax (Schedule 6)Amort of g'willReverse presentationFAS 133UK StyleandSIF/CBOplusFAS115Minorityreval investment movementFAS 142Switch (note 11a) (note 11b) (note 11d)Curian*Profit before tax before minority interestMinority interests (note 11b) Comprising:Other US OperationsProfit before tax 'Reversal of FAS 133 and FAS 115 effects`derivative instruments. Such gains and losses are not generally recognised for UK GAAP purposes.Consistent with the ABI SORP, investment returns included in the UK operating result are determined on a long-term basis. These amounts are explained in Schedule 10.Tax on operating profit0Tax on effect of changes in economic assumptions subsidiary owned by JNL;Additional shareholders' interest on achieved profits basisProfits are translated at average exchange rates, consistent with the method applied for modified statutory basis results. The amounts recorded above for Schedule 9.1$Basic earnings per share (note 9.1a)9.1aand Schedule 11)RUK basis operating profit for the Half Year 2004 includes the following long-term 4Five year average included in operating result above8Long-term returns on equity based investments (note 10c)CLong-term investment returns included in UK basis operating profit -Long-term returns on equity based investmentsUS GAAPeffects adjustments2(US GAAP as published also includes the change in &the fair value of hedging instruments)Long-term investment returns The difference between actual investment returns and long-term returns is included within the profit and loss account as short-term fluctuations in investment returns.^Short-term fluctuations (net of related change to amortisation of acquisition costs) comprise Yactual investment return on investments less long-term returns (net of related changes to,Long-term gains credited to operating result Jackson National Life (note 13c)13dLocal currency : Half Year 20030Operating profit before amortisation of goodwillThe memorandum results for Half Year 2003 and Full Year 2003 have been calculated by applying average Half Year 2004 exchange rates to operating profit and exchange rates at 30 June 2004 to shareholders'uThe Half Year 2003 statutory basis results have been restated for the change in accounting for reinsurance contracts. 6.6% to 7.9%)(4) Half Year 2004 Results: Sensitivities9Half Year 2004 Pre-tax operating profit from new business 30 June 2004 Shareholders' FundsHalf Year ended 30 June 2004Full Year 2003as for Half Year 2004 results2004 m minorityMemorandum only - estimated unwind of discount in 2003 applying the same economic assumptions as for the Half Year 2004 results:2004 Unaudited Interim results 2004 Unaudited Interim Results2004 mHalf year 2004Half of full years 2000 to 2003Restated4f'Asia - changes to operating assumptions%Shareholders' funds summary (note 7a)"UK and Europe Operations (note 7b)Long-term default assumption=Averaged losses in excess of the long-term default assumptionGross averaged losses<Related change to amortisation of deferred acquisition costs4Shareholders' capital and reserves at 1 January 20042Shareholders' capital and reserves at 30 June 2004Exchange movements (note 8a)"Investment in operations (note 8b)3Adjustment for net of tax start-up losses of Curian8a8bInvestment in operations reflects increases in share capital. This includes certain non cash items as a result of timing differences.Half year 2004 12c!but included in profit before tax2004 Unaudited Interim Results 2004 bn2004 2003Half Year 2004Date: 27 July 20044ethe present value, at risk discount rates, of the projected release of this capital and the investment earnings on the capital.Asia Mutual Funds4Total Asian Operations (before development expenses)>Jackson National Life net of surplus note borrowings (note 7g)Profit (loss) for the period.Short-term fluctuations in investment returns +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 andSchedule 2 (continued)The spread variance comprises:/Variance excluding long-term default assumption Other itemsOther operations (note 6c) (note 7i)7ixRestated for the implementation of UITF Abstract 38 - "Accounting for ESOP Trusts". The change is reflected in restated"figures for other net liabilities.Other net liabilities (note 7i)KHalf Year 2004 average rate applied to profit and loss account bHalf Year 2004 closing rate applied to shareholders' funds (note 13b)Other operations (note 13d)Eof tax charges for comparative periods has been adjusted accordingly.` average exchange rates. The applicable rate for Jackson National Life is 1.82 (2003 - 1.61).2 asset allocation fund managed in South Africa.~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 businesses7g7h3Holding company net cash and short-term investments7Operating profit (loss) before amortisation of goodwill/Profit (loss) on ordinary activities before tax#Statutory basis shareholders' funds(See Schedule 7 - note 7c).Asian Operations (note 13d)The unwind of discount for UK and Europe long-term business operations represents the unwind of discount on the value of in force business at the beginning of the period (adjusted for the effect of current year assumption changes); the expected return on smoothed surplus assets retained within the PAC with-profitsShort-term fluctuations in investment returns represent the difference between total investment returns in the period attributable toWon in force variable annuity business in future periods based on current period equity #These are explained in Schedule 12.Business Area (Schedule 15) UK and Europe OperationsCInternal insurance and investment funds under management (note 14a)@14a As included in the summarised consolidated balance sheet. &in shareholders' capital and reserves. Jackson National Life (note 10a funds at the period ends..amortisation of acquisition costs) as follows:0Foreign currency translation: Rates of ExchangeBForeign currency translation: Effect of rate movements on resultsHeld within Egg4dSub-total Retail Opening FUM Less redemptions Net flowsMarket and currency movements Q2 2003PRUDENTIAL 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 OperationsdConsistent with the adoption for Full Year 2003 reporting of the ABI SORP, issued i< n November 2003, Xthe Half Year 2003 tax charge for UK and Europe Insurance Operations has been reduced byV2m due to the adoption of altered accounting policy of certain reinsurance contracts.Operating result!Reconciliation from US to UK GAAPOtherFunds under managementAnalysis by business areaForeign currency translation Schedule 1 Post-tax and MinorityEarningsPre-taxTaxPost-tax interests per sharem(pence)BBased on operating profit after tax and related minority interests6before amortisation of goodwill and exceptional items Amortisation of goodwill7Based on profit for the period after minority interestsNotes 1a Schedule 2#(1) Basis of preparation of results(2) Economic assumptions>Pre-tax expected long-term nominal rates of investment return: UK equitiesOverseas equities 6.2% to 7.5%PropertyGiltsCorporate bondsE(applying the rates listed above to the investments held by the fund)The charge for averaged realised losses shown above is as compared to the long-term default assumption for fixed income securities, which isAsian Operations (note 5e)Asian Operations (note 6c)AsianAsian Operations (note 12b)&US Operations (Jackson National Life)developed long-term fixed income securities markets, set by reference to period end rates of return on fixed income securities. This "active" For countries where long-term fixed income securities markets are underdeveloped, investment return assumptions and risk discount ratesare based on an assessment of long-term economic conditions. Except for the countries listed above, this basis is appropriate to the Group's Asian operations.fund (see Schedule 7), and the expected return on shareholders' assets held in other UK and Europe long-term business operations."Less: long-term default assumption (Schedule 5 - note 5d)As reported aboveVInvestment return related (loss) gain due primarily to changed expectation of profits 8Tax charge (credit) on operating profit (loss) (note 6a). Jackson National Life (note 6b)=Tax charge (credit) on items not included in operating profitGTax charge (credit) on gain (loss) from changes in economic assumptionsvrisk based capital required by the National Association of Insurance Commissioners (NAIC) at the Company Action level -(30 June 2003 144m, 31 December 2003 164m).|must be retained. The impact of the related capital charge is to reduce Jackson National Life's shareholders' funds by 176m31 December 2003 of (1)m.>Core structural borrowings of shareholder financed operations: (Schedule 11)Total (note 10b)6Averaged realised losses on fixed maturity securities:9Tax charge (credit) on operating profit (loss) (note 13a)Long-term business:-UK and Europe Insurance Operations (note 13b)$Tax on profit on ordinary activitiesThe profit and loss accounts of foreign subsidiaries are translated at average exchange rates for the period. Assets and liabilities of foreign subsidiaries are translated at period-end exchange rates. Foreign currency borrowings that have been used to finance or provide a hedge against Group equity investments in overseas subsidiaries are translated at period-end exchange rates. The impact of these currency translations is recorded as a component of the movementShareholders' funds have, where appropriate, been restated for the implementation of UITF Abstract 38 - "Accounting for ESOP Trusts".}The 51m of negative fluctuations in Half Year 2004 reflect the difference the PAC Life Fund actual investment return of 3.0% InvestmentThe memorandum results for Half Year 2003 and Full Year 2003 have been calculated by applying average Half Year 2004 exchange rates. Schedule 17.2OForeign currency translation: Effect of rate movements on New Business results0Effect of rate movements on new business results@ $Expected long-term rate of inflation3Post-tax expected long-term nominal rate of return:'Pension business (where no tax applies)Life business 2Risk margin included within the risk discount rateRisk discount rate QExpected long-term spread between earned rate and rate credited to policyholders Risk discount rate-Weighted expected long-term rate of inflationWeighted risk discount rate2Economic assumptions and sensitivities (continued) Full YearTotalGroup=Pre-tax expected long-term nominal rates of investment returnDecrease in rates of 1%Risk discount rates Schedule 36Operating profit from new long-term insurance businessNote3a(Jackson National Life net of tax profitsPre capital chargePost capital chargeMEMORANDUM ONLY4Estimated results applying same economic assumptions Schedule 4 Full Year 'Operating profit from business in force$Experience variances and other itemsJackson National Life.Return on surplus assets (over target surplus)Experience variances : Persistency Mortality and morbidityExpenses-Loss from strengthening operating assumptions-Notes4a4b Schedule 52003 mLong-term business Jackson National Life (note 5b)EShare of investment return of funds managed by PPM America, that are  Asian OperationsAsian OperationslLong-term returns for these investments have been determined by applying a long-term rate of return of 7.6%.g jNew Business notes (note 11c)accounted 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.9Restatement of statutory basis results for Half Year 2003?The average number of shares for the Half Year 2003 was 1,995m.=Averaged realised gains (losses) on fixed maturity securitiesfRealised gains (losses) arising in period (net of related change to amortisation of acquisition costs)9Actual gains less averaged losses excluded from operating6profit but included in profit before tax (Schedule 12)!Broker-dealer and fund management;Short-term fluctuations in investment returns (Schedule 12)On operating profit(On realised investment gains and losses 0On short-term fluctuations in investment returnsOther Operations (note 12c)QActual less averaged realised gains and losses for fixed maturities (Schedule 10)XShort-term fluctuations for the Asian Operations primarily reflect bond value movements.3Current year realised and unrealised (losses) gains](Shortfall) excess of current year gains over long-term gains excluded from operating result 17.1a17.1b17.1c(note 17.1b and 17.1c) (note 17.1a) (note 17.1c) (note 17.2b) (note 17.2a)1Annual premium equivalent insurance product sales Gross investment product inflows,Total insurance and investment product flows17.2a17.2bThe UK and Europe insurance product sales have been reduced as certain investment mandates are reported as M&G investment funds under management.changes in Singapore.|shareholders' funds at that date would have been higher by 11m. This represents a pre-tax profit of 21m less related tax basis of assumption has been applied in preparing the results of the Group's UK, European and US long-term business operations. For the Group's Asian operations, the active basis is appropriate for business written in Japan and Korea and for US dollar denominated business written in Hong Kong..Half Year 2003 - Restated for revised ABI SORPUnder this guidance, the basis for setting long-term expected rates of return on investments and risk discount rates are, for countries with which are included within the analysis of operating profit, also reflect the impact on shareholders' funds at the start of the reporting period.Assets of PAC with-profits fundmby reference to the Achieved Profits basis operating results for new business written in the relevant period.The economic assumption< s shown above for Asian Operations have been determined by weighting each country's economic assumptions as follows: Pre-tax gains (losses) resulting from changes in economic assumptions included within the profit on ordinary activities before tax arise assumptions are:~The estimated increase (decrease) in the Half Year 2004 Group results that would arise from the following changes in economic qand the long-term assumed rate for the Half Year of 3.5%, being half of the 7.1% set out in note 2 of Schedule 2.[The 44m of negative fluctuations in Half Year 2004 primarily reflect bond value movements.'included in profit before tax (note 5c)DActual gains less averaged losses excluded from operating result but|charge of 11m (as analysed by business operation in Schedule 8) and an adjustment for exchange effects to reflect rates at UK andexchange rate movements reflect the difference between Half Year 2004 and Full Year 2003 closing exchange rates as applied to shareholders' fundsqat 1 January 2004 and the difference between Half Year 2004 closing and Half Year 2004 average rates for profits.UK GAAP results exclude the impact of profits and losses that are recognised under US GAAP as a result of the implementation of FAS 133 on accounting forAfter excluding FAS 133 effects and adjusting for minority interests, realised investment gains, net of related change to amortisation of acquisition costs, are $55m.Under US GAAP, following FAS 115, the fixed income securities of JNL are carried in the balance sheet at fair value. Movements in unrealised gains and losses areThe achieved profits basis results have been prepared in accordance with the guidance issued by the Association of British Insurers ingDecember 2001 "Supplementary Reporting for long-term insurance business (the achieved profits method)".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,Kin force are measured using the revised operating and economic assumptions.New business operating profit and the unwind of discount and experience variances included in the analysis of operating profit from businessAs originally reportedNotes to Schedules :[(1) Insurance and investment new business for overseas operations has been calculated using">(2) Represents cash received from sale of investment products."b(3) Annual Equivalents, calculated as regular new business contributions + 10% single new business"- contributions, are subject to roundings.X(5) In Asia, 'Other' insurance operations include Thailand, The Philippines and Vietnam."A(6) Scottish Amicable and Prudential branded Investment Products."b(7) Balance includes segregated pensions fund business, private finance flows and M&G South Africa"a(8) Mandatory Provident Fund product sales in Hong Kong are included at Prudential's 36% interest"# of the Hong Kong MPF operation.J(9) Balance sheet figures have been calculated at closing exchange rates. " Schedule 22Gconsolidated into Group results, but attributable to external investorsTotal 5a5bJackson National Life - summary!Short-term fluctuations comprise:>Actual investment return on investments less long-term returns*included within operating profit (note 5c)5cThis comprises:FActual less averaged realised gains and losses (including impairments)'for fixed maturity securities (note 5d)5dQJackson National Life - Actual less averaged realised gains and losses (includingUS$mFive year total Schedule 6Long-term business: UK Modified StatutoryTotal tax on operating profit-Tax on items not included in operating profit3Total tax on items not included in operating profit,(including tax on actual investment returns)6a6bAExcluding tax charge on broker dealer and fund management result.6c Schedule 7Long-term business operations<Actual shareholders' funds less smoothed shareholders' fundsM&GEggUS Operations (note 7d)Before capital charge ,Excluding assets in excess of target surplus"Assets in excess of target surplusAfter capital charge8Adjustment from post-tax long-term investment returns to!Prior year adjustment (note 9.2b) As restated#post-tax actual investment returns ?Based on profit for the financial year after minority interestsAs previously published.PRUDENTIAL PLC - NEW BUSINESS - HALF YEAR 2004US (1)Asia (1)HY 2004HY 2003-Total Investment Products - Gross Inflows (2)*Annual Equivalents (3)UK Insurance Operations : (4)Direct to Customer:Life - With Profit BondLife - Other Bond Life - OtherBusiness to Business:Total :#European Insurance Operations : (1) US Insurance Operations : (1)Equity-Linked Indexed Annuities Asian Insurance Operations : (1)China India (@26%) Indonesia Korea  Other (5)M&G institutional (7)Hong Kong MPF Products (8)M&G institutional (4) (7)2004 movement relative to 2003US (9)US Banking Products Curian CapitalExternal Funds under ManagementDPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2004 VERSUS QUARTER 2 2003Q2 2004 M&G (4) (7)Hong Kong MPF Products (8)DPRUDENTIAL PLC - NEW BUSINESS - QUARTER 2 2004 VERSUS QUARTER 1 2004Q1 2004 7.3% to 8.3%The 29m charge in 2004 for changes to operating assumptions primarily reflects expense assumption changes in Vietnam and persistency assumptionyIf the economic assumptions applied for Half Year 2004 had been in place at 31 December 2003, the achieved profits basis 2Prior Year adjustment on implementation of UITF 38The 35m charge for other items includes adverse experience variances of 15m for persistency and 8m for renewal expenses. The 50m cost of strengthened persistency assumption for the Half Year 2003 relates to personal pension policies sold by the now discontinued direct sales force. These comprise gains of $58m on fixed maturity investments which are included within UK operating results on five year averaged basis (as shown in Schedule 10)<and realised losses on equities and preferred shares of $3m.Other operations7a7b7c8Relates to broker dealer and fund management operations.7dJHeld within US Operations relating to broker dealer and banking businesses7eKNet core structural borrowings of shareholder financed operations comprise:Jackson National Life 7f Schedule 8Jackson Long-termNationalbusinessLifeAsiaEurope operationstotal7Operating profit (including investment return based on long-term rates of returns)$US broker dealer and fund managementOther income and expenditureMinority interests=Development costs included above (net of tax) borne centrally4Intragroup dividends (including statutory transfer) External dividends7Proceeds from issues of share capital by parent company Analysed as:*Achieved Profits basis shareholders' funds Schedule 10 UK basis operating result(Broker dealer and fund management result*Operating result for UK reporting purposesAverage exchange rates10aRinvestment returns (net of related change to amortisation of acquisition costs) 10b10c Schedule 11 Longer-termSegmental result forreturnsBasis GAAP purposesUS $m4Realised investment gains (losses), net of related 6change to amortisation of acquisition costs (note 11a)Tax (charge) credit Net income Movements in shareholders' fundsNet income (as shown above)11a\Adjustment from post-tax long-term investment returns to post-tax actual investment returns 11b11cExchange rates Schedule 12 Long-term business Jackson National Life (note 12a)DShare of investment return of funds managed by PPM America, that are12a12b Schedule 134Tax on short-term fluctuations in investment ret< urns13a13b13c Schedule 14 Funds under management - summary US OperationsExternal funds5Total insurance and investment funds under management Managed by:Prudential Portfolio ManagersOther managers Schedule 152Funds under management - analysis by business area Investments Fixed Income held to coverEquities SecuritiesLand and BuildingsOther Investmentslinked liabilities Published Half Year2003 bn bnUS Operations (note 15a)@ Group TotalNote 2The following translation rates have been applied:ClosingAverage Hong KongJapanMalaysia SingaporeTaiwanUSAUK and Europe Operations Insurance OperationsAsia development expenses=Net increase (decrease) in shareholders' capital and reserves>Tax on operating profit based on long-term investment returns.4c Schedule 16 !Broker dealer and fund managementexchange rates+TOTAL INSURANCE AND INVESTMENT NEW BUSINESS UK & Europe+/- (%)Total Insurance Products Group Total INSURANCE OPERATIONSSingleRegularIndividual PensionsCorporate PensionsIndividual Annuities Sub-Total DWP RebatesIntermediated Distribution :Bulk AnnuitiesPartnerships :Total UK Insurance OperationsInsurance Products #Total European Insurance Operations(Total UK & European Insurance Operations?The average number of shares for the Half Year 2004 was 2,004m.Fixed AnnuitiesVariable AnnuitiesSub-Total Retail_ A comparison between the results at actual exchange rates and at constant exchange rates ise given in the press release. The sterling results for individual quarters represent the difference^ between the year to date reported sterling results at successive quarters and will include4 foreign exchange movements from earlier periods.\(4) Investment mandates previously reported as UK Corporate Pensions in 2003 are reported as"c M&G institutional funds under management. The impact of this is to reduce UK Corporate pensionsT APE sales by 16m for the first half of 2003 and by 32m for the full year 2003.f institutional business. M&G institutional funds under management for Q2 2003 have been restated tod include funds managed on behalf of the Prudential Staff Pension Scheme previously categorised asf internal funds. Other movements reflect the net flows arising from the cash portion of a tacticalGuaranteed Investment ContractsGIC - Medium Term NoteTotal US Insurance Operations Japan!Total Asian Insurance Operations t as M&G institutional funds under management. 2002 UK insurance sales now reflect this change in presentation. INVESTMENT OPERATIONS Opening FUM Gross inflows Redemptions Net inflowsOther movementsMarket & currency movementsNet movement in FUM Closing FUM&M&G branded retail investment products Total M&G IndiaKoreaOther Mutual Fund Operations"Total Asian Mutual Fund Operations!Total Asian Investment OperationsTotal Investment ProductsM&G Total Deposit Liabilities Retail Assets4Prudential branded UK retail investment products (6)02003 bn Schedule 21 Schedule 20 Schedule 19 Schedule 18Total tax chargeMemorandum using As publishedTotal US OperationsOther OperationsvUK 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)Rates of exchange#Effect of rate movements on resultsAAdjustment from post-tax long-term investment returns to post-taxactual investment returns "UK and Europe Insurance Operations5Cost of strengthened persistency assumption (note 4b),UK and Europe Insurance Operations (note 5a)XJackson National Life - Actual investment return on investments less long-term returns Increase in rates of 1%15a Subject to provisions for permanent diminution in value, the fixed income securities of US Operations are valued at amortised cost.&Group Summary and Insurance Operations-Investment Operations and US Banking ProductsOther informationAAdjustment for post-tax effect of changes in economic assumptionsJackson National Life (note 3a)Jackson National Life (note)Surplus assets retained within the PAC with-profits fund are smoothed for this purpose to remove the effects of short term volatility of investment valuesJackson National Life - Spread variance and averaged realised losses on bonds in excess of charge for long-term default assumptionSpread (notes 4c and 4d).Group Summary: Quarter 2 2004 v Quarter 2 2003.Group Summary: Quarter 2 2004 v Quarter 1 2004 Schedule 9.2$Basic earnings per share (note 9.2a)9.2a9.2bcIncluding tax credit on development expenses. Tax charges on Asian fund management results are nowhrecorded within those of Other operations rather than Asian long-term business operations. The analysishrecorded within those of other Operations rather than Asian long-term business operations. The analysisThe prior year adjustment reflects the application of altered accounting policy for certain reinsurance contracts following the adoption of the revised Statement of Recommended Practice ?issued by the Association of British Insurers in November 2003.Earnings per share (note 1a)pThe key economic assumptions and sensitivity of the results to changes in those assumptions are described below..US 10 year treasury bond rate at end of periodEWeighted pre-tax expected long-term nominal rate of investment return-(3) Effect of changes in economic assumptions Half Year &Capital charge (note 7a on Schedule 7)Half Year 2003%Unwind of discount (notes 4a and 4f)Unwind of discount (note 4f)dAveraged realised losses on bonds in excess of long-term default assumption (Schedule 5 and note 4c))Change in operating assumptions (note 4e)>UK and Europe Insurance Operations - smoothing of asset valuesFund management Asian fund management operations2Reconcilation from JNL HY2004 US GAAP basis result)to UK GAAP basis result for US operationsand adjusted forminority interestsand other minorOther US Subsidiaries*Shareholders' funds at beginning of period$Shareholders' funds at end of periodThe UK GAAP results are determined after adjustment for minority interests. For UK reporting purposes the segmental result of Jackson National Life reflectsoits proportionate interests in the results of two investment funds that are consolidated as quasi-subsidiaries.11d Schedule 17.1Long-term operations adjusted for reversal of FAS 133 andFAS 115 effects`UK and Europe Insurance Operations - cost of strengthened persistency assumption and other itemspresented as part of the determination of the spread variance. The charge for the default assumption is calculated using a weighted risk marginreserve (RMR) approach. An RMR charge is individually assigned to asset classes based on credit ratings and, where necessary, credit analysis.NThis is then weighted by reference to the carrying value of the investments. YJackson National Life - spread variance and long-term returns on equity based investmentsThe spread variance shown above has been determined after including longer-term returns on equity based investments. This treatment is consistent withinvestments, are excluded from operating profit but included within the total profit or loss for the reporting period. An analysis of the short-term fluctuations-in investment returns is shown in Schedule 5.the inclusion of long-term investment returns within operating profit. Short-term fluctuations in investment returns, including those for equity based 2003 m M consolidated into Group results, but attributable to exte< rnal investorsshareholders on the achieved profits basis and the return included within operating profit as described in note 4a on Schedule 4. Half Year 2004,Tax charge on profit on ordinary activities Holding company borrowings-Jackson National Life surplus note borrowingsLvalues of assets. 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