CONSOLIDATED BALANCE SHEET As at 31 December 2004 Assets 2003 2004 Restated Notes £m £m Investments Land and buildings 12(i) 3,741 34,595 4,228 31,040 Other financial investments 12(ii) 38,336 35,268 Assets held to cover linked liabilities 13 108,297 84,308 Reinsurers’ share of technical provisions Provision for unearned premiums 16 2,875 67 19 15 3,165 59 10 Long term business provision Claims outstanding Technical provisions for unit-linked liabilities 2,977 3,249 Debtors Debtors arising out of direct insurance operations – Policyholders 122 86 208 198 210 116 85 201 199 242 – Intermediaries Debtors arising out of reinsurance operations Other debtors 616 642 Other assets Tangible assets 14 23 67 24 26 65 29 Cash at bank and in hand Purchased interests in long term business 15 114 120 Prepayments and accrued income Accrued interest and rent 453 800 42 407 892 39 Deferred acquisition costs Other prepayments and accrued income 1,295 1,338 Total assets 151,635 124,925 52 Legal & General Annual Report 2004

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