Aviva 2005 Annual Report Download - page 158
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Financial statements continued
Notes to the consolidated financial statements continued
35 – Insurance liabilities continued
(e) Provision for unearned premiums
Movements
The following changes have occurred in the provision for unearned premiums (“UPR”) during the year:
2005 2004
£m £m
Carrying amount at 1 January 4,923 4,686
Premiums written during the year 11,017 10,562
Less:
Premiums earned during the year (10,802) (10,339)
Other movements in UPR 19
Changes in UPR recognised as an expense 216 232
Gross portfolio transfers and acquisitions 174 7
Foreign exchange rate movements 74 8
Other movements (6) (10)
Carrying amount at 31 December 5,381 4,923
36 – Reinsurance assets
(a) Carrying amounts
(i) The reinsurance assets at 31 December comprised:
2005 2004
£m £m
Long-term business 4,706 5,878
General insurance and health 2,424 2,625
Total 7,130 8,503
Of the above total, £3,717 million (2004: £4,433 million) is expected to be recovered more than one year after the balance sheet date.
(ii) The following is a summary of the reinsurance assets and related insurance reserves as at 31 December.
2005 2004
Gross Reinsurance Gross Reinsurance
provisions assets Net provisions assets Net
£m £m £m £m £m £m
Long-term business provisions
Long-term insurance contracts (113,555) 3,816 (109,739) (105,678) 4,304 (101,374)
Participating investment contracts (47,258) – (47,258) (43,974) 619 (43,355)
Non-participating investment contracts (30,051) 890 (29,161) (25,581) 955 (24,626)
(190,864) 4,706 (186,158) (175,233) 5,878 (169,355)
Outstanding claims provisions (11,246) 1,859 (9,387) (11,457) 2,140 (9,317)
Provisions for claims incurred but not reported (2,324) 82 (2,242) (2,023) 86 (1,937)
(204,434) 6,647 (197,787) (188,713) 8,104 (180,609)
Provision for unearned premiums (5,381) 482 (4,899) (4,923) 398 (4,525)
Provision arising from liability adequacy tests (48) – (48) (33) – (33)
Other technical provisions (49) 1 (48) (89) 1 (88)
Totals (209,912) 7,130 (202,782) (193,758) 8,503 (185,255)
(b) Assumptions
The assumptions used for reinsurance contracts follow those used for insurance contracts.
Reinsurance assets are valued net of an allowance for their recoverability.
Aviva plc 2005 Financial statements
156