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for the year ended 30 June 2011

CONSOLIDATED

2011 2010 Note $m $m

Revenue

Insurance premium income 7,874 7,645 Reinsurance and other recoveries income 4,786 1,506 Banking interest income 4,401 4,022 Investment revenue 9.1 1,358 1,570 Other income 9.2 614 939 Total revenue 19,033 15,682

Expenses

General Insurance claims expense (9,331) (5,966) Life insurance claims and policyowner liabilities expense (862) (848) Outwards reinsurance premium expense (1,001) (766) Interest expense (3,532) (3,149) Fees and commissions expense (485) (545) Operating expenses 10 (2,654) (2,765) Impairment expense 7.5.2 (325) (479) Loss on sale of subsidiaries (109) – Outside benefcial interests in managed funds (32) (46) Total expenses (18,331) (14,564) Proft before income tax 702 1,118 Income tax expense 11.1 (245) (329) Proft for the fnancial year 457 789

Other comprehensive income

Net change in fair value of cash fow hedges 22 60 204 Net change in fair value of available-for-sale fnancial assets 22 31 13 Exchange differences on translation of foreign operations 22 (39) 9 Actuarial (losses) gains on defned beneft plans 13.3 (11) 5 Other movements – 6 Income tax expense on other comprehensive income 11.3.2 (21) (60) Other comprehensive income net of income tax 20 177 Total comprehensive income for the fnancial year 477 966

Proft for the fnancial year attributable to:

Owners of the Company 453 780 Non-controlling interests 4 9 Proft for the fnancial year 457 789

Total comprehensive income for the fnancial year attributable to:

Owners of the Company 473 957 Non-controlling interests 4 9 Total comprehensive income for the fnancial year 477 966

Cents Cents

Earnings per share:

Basic earnings per share 3 35.56 61.81 Diluted earnings per share 3 35.56 60.10

The consolidated statement of comprehensive income is to be read in conjunction with the accompanying notes.

Consolidated statement of comprehensive income