53 Results 2013 United Kingdom Amounts in GBP millions Amounts in EUR millions 2013 2012 % 2013 2012 % Net underlying earnings 155 112 38% 182 139 31% Tax on underlying earnings (71) (23) - (84) (29) (190%) Underlying earnings before tax by product  segment Life 83 66 26% 98 81 21% Pensions 2 25 (92%) 2 31 (94%) Distribution (2) (2) 0% (2) (2) 0% Underlying earnings before tax 84 89 (6%) 98 110 (11%) Net fair value items (14) (26) 46% (16) (31) 48% Gains / (losses) on investments 41 68 (40%) 48 84 (43%) Impairment charges (26) - - (31) - - Other income / (charges) (38) 28 - (45) 34 - Income before tax 46 159 (71%) 55 197 (72%) Income tax attributible to policyholder return (27) (32) 16% (32) (40) 20% Income before tax on shareholders return 19 127 (85%) 22 157 (86%) Income tax on shareholders return 83 13 - 97 16 - Net income 102 140 (27%) 120 173 (31%) Life insurance gross premiums 5,546 4,900 13% 6,537 6,047 8% Total gross premiums 5,546 4,900 13% 6,537 6,047 8% Investment income 1,743 1,894 (8%) 2,054 2,337 (12%) Fees and commission income 68 108 (37%) 80 133 (40%) Total revenues 7,356 6,902 7% 8,670 8,517 2% Commissions and expenses 629 594 6% 741 734 1% of which operating expenses 328 269 22% 387 333 16% Amounts in GBP millions Amounts in EUR millions New life sales 2013 2012 % 2013 2012 % Life 58 72 (19%) 68 89 (24%) Pensions 802 686 17% 946 847 12% Total recurring plus 1/10 single 860 758 13% 1,014 936 8% Amounts in GBP millions Amounts in EUR millions Gross deposits (on and off balance) 2013 2012 % 2013 2012 % Variable annuities 3 22 (86%) 3 27 (89%) Pensions 236 8 - 278 10 - Total gross deposits 239 30 - 281 37 - Weighted average rate Closing rate as of Exchange rates Per 1 EUR 2013 2012 31-Dec-13 December 31,  2012 GBP 0.8484 0.8103 0.832 0.8111