RBS 2013 Annual Report Download - page 450
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Notes on the consolidated accounts
448
20 Discontinued operations and assets and liabilities of disposal groups
The Group sold the first tranche of ordinary shares representing 34.7% of the share capital of Direct Line Insurance Group plc (DLG) in October 2012
via an Initial Public Offering. On 13 March 2013, the Group sold a further 16.8% of ordinary shares in DLG and ceded control. This fulfilled the Group’s
plan to cede control of DLG by the end of 2013 and is a step toward complete disposal by the end of 2014, as required by the European Commission.
Consequently, DLG is treated as a discontinued operation until 12 March 2013 and as an associate thereafter.
On 20 September 2013, the Group sold a further 20% of ordinary shares in DLG and at 31 December held 28.5% of the issued ordinary share capital of
DLG.
(a) Profit/(loss) from discontinued operations, net of tax
2013 2012 2011
£m £m £m
Direct Line Group
Net premium income 699 3,718 4,256
Other income 62 (16) 30
Total income 761 3,702 4,286
Operating expenses (171) (1,406) (892)
Profit before insurance net claims and impairment losses 590 2,296 3,394
Insurance net claims (445) (2,427) (2,968)
Impairment losses — — (2)
Operating profit/(loss) before tax 145 (131) 424
Tax charge (18) (53) (123)
Profit/(loss) after tax from discontinued general insurance business 127 (184) 301
Other
Total income 26 29 42
Operating expenses (1) (3) (5)
Profit before impairment losses 25 26 37
Impairment losses — (4) 8
Profit before tax 25 22 45
Tax charge (11) (8) (11)
Profit after tax 14 14 34
Businesses acquired exclusively with a view to disposal
Profit/(loss) after tax 7 (2) 13
Profit from other discontinued operations, net of tax 21 12 47
Other discontinued operations reflect the results of RFS Holdings attributable to the State of the Netherlands and Santander following the legal
separation of ABN AMRO Bank N.V. on 1 April 2010. The profit from discontinued operations includes a gain of £37 million (2012 - £112 million loss;
2011 - £42 million profit) attributable to non-controlling interests.