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Analysis of shareholder profi t
for the year ended 31 December 2007
This table shows a detailed analysis of the source of net profit after income tax attributable to shareholders of AMP Limited by
business unit.
2007 2006
All amounts are after income tax $m $m
AMP Financial Services 663 607
AMP Capital Investors 150 115
Total business unit operating earnings1 813 722
Group Office costs (43) (37)
Total operating earnings1 770 685
Underlying investment income 158 184
Interest expense on Group debt (59) (63)
Discontinued business – Cobalt/Gordian2 78 67
AMP Limited tax loss recognition 13 n/a
Underlying profit 960 873
Investment income market adjustment – 77
Profit after income tax before other items 960 950
Profit on sale of Cobalt/Gordian business and fair value release provision 93 20
Employee defined benefit schemes 6 5
Fair value of debt and derivatives (4) 2
Other items 1 (1)
Profit attributable to shareholders of AMP Limited before accounting mismatches 1,056 976
Mismatch items (71) (61)
Net profit after accounting mismatches 985 915

Footnote:

1
Business unit and total operating earnings for 2006 have been restated as a result of the sale of the Cobalt/Gordian business.

2
As previously announced to the market, on 11 December 2007, the AMP group entered into a sale agreement for its closed reinsurance operations, Cobalt/Gordian.