Aviva 2005 Annual Report Download - page 141

23 – Financial investments continued
2004
Cost/
amortised Unrealised Unrealised
cost gains losses Fair value
£m £m £m £m
Debt securities 94,338 4,527 (146) 98,719
Equity securities 42,161 5,429 (299) 47,291
Other investments
Unit trusts 8,903 737 (74) 9,566
Derivative financial instruments – 617 – 617
Deposits with credit institutions 1,701 – – 1,701
Specialised investment companies 7,942 – – 7,942
Minority holdings in property management undertakings 410 – – 410
Other 83 34 (7) 110
155,538 11,344 (526) 166,356
(c) Other information on investments
(i) In addition to the investments in associates detailed in note 18, the Group holds investments exceeding 20% of a class of the equity
capital in a number of other companies in the United Kingdom and elsewhere. These investments do not represent a material part of the
assets or investment income of the Group. These include the Group’s shareholding in Delta Lloyd Investment Fund NV where nil
(2004: 20.13%) is held directly and a further nil (2004: 11.74%) is held in segregated policyholders funds. As this company invests mainly
in equities and all dividends received are passed on to the shareholders, the Group’s interest has been shown in other financial
instruments in these financial statements.
(ii) Included within financial investments are strategic investments held on a long-term basis as follows:
Market value of shareholding
Long-term business Non-long-term business Total Proportion held
2005 2004 2005 2004 2005 2004 2005 2004 Country of
£m £m £m £m £m £m % % incorporation
Münchener Rückversicherungs-
Gesellschaft 150 205 –179 150 384 0.8% 2.5% Germany
UniCredito Italiano 383 283 501 255 884 538 2.1% 2.8% Italy
Société Générale –242 –2–244 –1.1% France
533 730 501 436 1,034 1,166
All of the above are banking companies, except Münchener Rückversicherungs-Gesellschaft which is a reinsurance company.
(d) Impairments
The accumulated impairment charges on available for sale investments are as follows:
2005
Debt Equity Other
securities securities investments Total
£m £m £m £m
At 1 January 2 369 – 371
Impairment charges for the year 444 755
Reversal of impairment charges during the year (1) (122) (1) (124)
Other 1 (11) – (10)
At 31 December 6 280 6 292
2004
Debt Equity Other
securities securities investments Total
£m £m £m £m
At 1 January 3 510 – 513
Impairment charges for the year ––––
Reversal of impairment charges during the year (1) (137) – (138)
Other – (4) – (4)
At 31 December 2 369 – 371
Financial statements
Aviva plc 2005
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