Wealth Management - Australia

Wealth Management includes MLC Limited, National Australia Financial Management Limited (NAFM), National Australia Asset Management Limited and National Australia Trustees Limited.

Profit & Loss	Half Year to			Favourable / (Unfavourable) Change from
	Mar 01 $m	Sept 00 $m	Mar 00 $m	Sept 2000 %	March 2000 %
Net premium income and other revenue	777	476	103	63.2	large
Investment revenue	111	651	392	(82.9)	(71.7)
Net decrease/(increase) in net policy liabilities	23	(442)	(247)	large	large
Claims, administration and other expenses	(810)	(528)	(152)	(53.4)	large
Operating profit before tax and revaluations	101	157	96	(35.7)	5.2
Income tax expense/(benefit)	(46)	68	51	large	large
Operating profit after tax and before revaluation profit	147	89	45	65.2	large
Revaluation profit	273	191	11	42.9	large
Income tax expense - revaluation profit	84	56	-	(50.0)	large
Revaluation profit	189	135	11	40.0	large
Profit after tax before goodwill and abnormals	336	224	56	50.0	large

Highlights

The Wealth Management operations contributed $336 million to the Australian results, including $147 million from operating profit and $189 million from the revaluation profit of NAFM subsidiaries. The WM contribution did not include any contribution from the MLC Group in the previous corresponding half year, and in the prior half year included only a 3 month contribution. Refer to Wealth Management Line of Business Commentary for detailed analysis of WM results, which are currently largely Australian based.