55 Results 2012 United Kingdom Amounts in GBP millions Amounts in EUR millions 2012 2011 % 2012 2011 % Net underlying earnings 112 39 187% 139 44 - Tax on underlying earnings (23) (26) 12% (29) (30) 3% Underlying earnings before tax by product  segment Life 66 88 (25%) 81 101 (20%) Pensions 25 (69) - 31 (79) - Distribution (2) (6) 67% (2) (8) 75% Underlying earnings before tax 89 13 - 110 14 - Net fair value items (26) (5) - (31) (6) - Gains / (losses) on investments 68 44 55% 84 51 65% Impairment charges - (55) - - (62) - Other income / (charges) 28 (49) - 34 (57) - Income before tax 159 (52) - 197 (60) - Income tax attributible to policyholder return (32) (37) 14% (40) (43) 7% Income before tax on shareholders return 127 (89) - 157 (103) - Income tax on shareholders return 13 50 (74%) 16 58 (72%) Net income 140 (39) - 173 (45) - Life insurance gross premiums 4,900 5,611 (13%) 6,047 6,474 (7%) Total gross premiums 4,900 5,611 (13%) 6,047 6,474 (7%) Investment income 1,894 1,867 1% 2,337 2,154 8% Fees and commission income 108 119 (9%) 133 137 (3%) Total revenues 6,902 7,597 (9%) 8,517 8,765 (3%) Commissions and expenses 594 724 (18%) 734 835 (12%) of which operating expenses 269 401 (33%) 333 463 (28%) Amounts in GBP millions Amounts in EUR millions New life sales 2012 2011 % 2012 2011 % Life 72 66 9% 89 77 16% Pensions 686 672 2% 847 775 9% Total recurring plus 1/10 single 758 738 3% 936 852 10% Amounts in GBP millions Amounts in EUR millions Gross deposits (on and off balance) 2012 2011 % 2012 2011 % Variable annuities 22 49 (55%) 27 56 (52%) Pensions 8 - - 10 - - Total gross deposits 30 49 (39%) 37 56 (34%) Weighted average rate Closing rate as of Exchange rates Per 1 EUR 2012 2011 December 31,  2012 December 31,  2011 GBP 0.8103 0.8667 0.8111 0.8353