Overview
During 2004, we made good progress against our business objectives, including solid improvements in operating profit and efficiency. We further strengthened our financial position and created shareholder value by restructuring the Group and through the turnaround in and proposed sale of the Life Services business.
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Operating profit before tax of £107million (2003: £98million) reflecting solid performance in both Henderson and Life Services
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Profit on ordinary activities before tax* of £41million (2003 loss: £864million) after write-downs, interest costs, amortisation, impairment of goodwill and present value of in-force business and profit on business disposals totalling £66million (2003: £-962million)
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Profit on ordinary activities after tax £38million (2003: £847million loss)
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Henderson operating profit up 63% to £52million (2003: £32million)
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Henderson cost to income ratio improved to 79% (2003:84%)
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Henderson assets under management of £69.1billion (2003: £70.6billion)
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Life Services operating profit up 6% to £86million (2003: £81million)
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Life Services' traditional embedded value £1.46billion (30 June 2004: £1.31billion, 31 December 2003: £1.15billion)
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On track for sale of Life Services - expected completion in April 2005
* Excluding minority interests. Profit on ordinary activities before tax including minority interests was £47million for the year to 31 December 2004.
Results releases
Results figures
Market presentation