Aviva 2005 Annual Report Download - page 116

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Financial statements continued
Notes to the consolidated financial statements continued
4 – Segmental information continued
General
Long-term Fund insurance
business management and health Other Total
For the year ended 31 December 2004 £m £m £m £m £m
Gross written premiums 14,216 – 10,562 – 24,778
Premiums ceded to reinsurers (683) – (744) – (1,427)
Net written premiums 13,533 – 9,818 – 23,351
Change in unearned premium reserve – – (176) – (176)
Net earned premiums 13,533 – 9,642 – 23,175
Fee and commission income 534 203 197 334 1,268
14,067 203 9,839 334 24,443
Net investment income 14,503 8 1,176 46 15,733
Inter-segment revenue – 114 – – 114
Other income – – 13 21 34
Segment income 28,570 325 11,028 401 40,324
Claims and benefits paid, net of recoveries from reinsurers (12,015) – (5,784) – (17,799)
Change in insurance liabilities, net of reinsurance (5,393) – (711) – (6,104)
Change in investment contract provisions (5,635) – – – (5,635)
Change in unallocated divisible surplus (1,330) – – – (1,330)
Fee and commission expense (1,865) (70) (2,482) (54) (4,471)
Other operating expenses
Depreciation (14) (4) (19) (60) (97)
Amortisation of acquired value of in force business (72) – – – (72)
Amortisation of intangible assets –––––
Net impairment of acquired value of in force business (13) – – – (13)
Amortisation of other intangible assets (7) – – – (7)
Impairment of goodwill on subsidiaries (18) – (2) (21) (41)
Net impairment of property and equipment (1) (24) (25)
Net impairment of other financial assets (3) – – – (3)
Other reversal of impairment losses recognised in the income statement
Inter-segment expenses (105) – (9) – (114)
Other expenses (788) (218) (610) (692) (2,308)
Finance costs (161) – (43) (72) (276)
Segment expenses (27,420) (292) (9,660) (923) (38,295)
Segment result before share of profit/(loss) of joint ventures and associates 1,150 33 1,368 (522) 2,029
Share of profit/(loss) of joint ventures and associates 235 (6) – 13 242
Segment result before tax 1,385 27 1,368 (509) 2,271
Unallocated costs
Finance costs on central borrowings (see below) (246)
Tax attributable to policyholders’ returns (383)
Tax attributable to shareholders’ profits (271)
Profit/(loss) for the year 1,371
Finance costs on central borrowings comprise interest payable on borrowings by holding companies within the Group which is not
allocated to operating companies.
Impairment losses, and reversal of such losses, recognised directly in equity were £nil and £138 million respectively in long-term business.
Aviva plc 2005 Financial statements
114