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Notes to the consolidated fnancial statements (continued)

for the year ended 30 June 2011

8. Life – Specifc disclosures (continued)

8.2 Sources of Life business operating proft

LIFE

Life Investment Other Life Total insurance linked investment statutory contracts contracts contracts funds $m $m $m $m

2011

Shareholders’ operating proft in the statutory funds The shareholders’ operating proft after tax in the statutory funds is represented by:

Investment earnings on shareholders’ retained profts and capital 66 4 1 71 Emergence of shareholders’ planned profts 94 – – 94 Experience (loss) (39) – – (39) Reversal of capitalised loss 2 – – 2 Management services proft – 8 – 8 123 12 1 136 Cumulative losses carried forward at the end of the fnancial year 24 – – 24

Life Act policyowners’ operating proft in the statutory funds The Life Act policyowners’ operating proft after tax in the statutory funds is represented by:

Investment earnings on retained profts 26 – – 26 Emergence of policyowner planned profts 63 – – 63 Experience proft 4 – – 4 93 – – 93

2010

Shareholders’ operating proft in the statutory funds The shareholders’ operating proft after tax in the statutory funds is represented by:

Investment earnings on shareholders’ retained profts and capital 87 5 1 93 Emergence of shareholders’ planned profts 92 – – 92 Experience proft 13 – – 13 Reversal of capitalised loss 1 – – 1 Management services proft – 18 1 19 193 23 2 218 Cumulative losses carried forward at the end of the fnancial year 28 – – 28

Life Act policyowners’ operating proft in the statutory funds The Life Act policyowners’ operating proft after tax in the statutory funds is represented by:

Investment earnings on retained profts 23 – – 23 Emergence of policyowner planned profts 60 – – 60 Experience proft 5 – – 5 88 – – 88

A policyowner is one who holds a policy with the Life companies (refer defnition in note 8.7.1). The shareholder represents the Life companies’ interest in the statutory funds. A statutory fund is a fund of a life company that relates solely to the life insurance business of that life company as defned by the Life Insurance Act 1995 (Life Act).