Aviva 2005 Annual Report Download - page 120

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Financial statements continued
Notes to the consolidated financial statements continued
4 – Segmental information continued
(iii) Life and pensions and investment sales – new business and total income
For the purpose of recording life and pensions new business premiums, the Group’s policy is to include life insurance, long-term health
and accident insurance, savings, pensions and annuity business written by our life insurance subsidiaries, including managed pension fund
business and our share of the other life and related business written in our associates and joint ventures, as well as the equity release
business written in the UK. This includes both insurance and investment contracts as defined under IFRS 4, Insurance Contracts, and is
consistent with the definition of covered business used for our supplementary embedded value reporting.
An analysis of new long-term business sales is provided below. In this table, single premiums are those relating to products issued by
the Group which provide for the payment of one premium only. Regular premiums are those where there is a contractual obligation to
pay on an ongoing basis. Life and pensions total income represents all net written premiums in the year for insurance contracts and
investment contracts, excluding non-participating investment contracts which are required to be accounted for under IAS 39,
Financial Instruments: Recognition and Measurement, and IAS 18, Revenue.
New single premiums New regular premiums Total income
2005 2004 2005 2004 2005 2004
£m £m £m £m £m £m
Life and pensions:
United Kingdom – Group companies 6,573 6,297 485 499 4,676 4,768
– associates and joint ventures –205 –17 –319
6,573 6,502 485 516 4,676 5,087
France 3,077 2,454 76 62 3,553 2,892
Netherlands 1,245 1,131 146 148 2,582 1,859
Other Europe
Ireland 372 203 63 66 182 195
Italy 1,940 1,529 58 45 1,357 1,084
Poland 120 60 30 31 312 267
Spain 1,395 1,566 100 91 1,248 1,206
Other 406 336 80 90 152 565
International 798 660 113 105 870 706
Total life and pensions (including share of associates
and joint ventures) 15,926 14,441 1,151 1,154 14,932 13,861
Retail sales of mutual fund type products:
United Kingdom 1,139 840 21 19 1,160 859
Netherlands 563 196 ––563 196
Other Europe
Poland 49 75 4253 77
Other 410 254 ––410 254
International 213 243 ––213 243
Total investment sales 2,374 1,608 25 21 2,399 1,629
Total long term savings (including share of associates
and joint ventures) 18,300 16,049 1,176 1,175 17,331 15,490
Included within new business sales is £5,071 million single premiums and £357 million regular premiums (2004: £4,338 million and
£410 million respectively) in respect of contracts that meet the definition of “non-participating investment” contracts under IFRS 4,
Insurance Contracts. Under IFRS, the premiums on these contracts are not included in the Group income statement under earned
premiums, but are included on the balance sheet as a deposit.
Aviva plc 2005 Financial statements
118