Aviva 2013 Annual Report Download - page 137

Strategic report Governance IFRS Financial statements Other information
Aviva plc
Annual report and accounts 2013
135
Notes to the consolidated financial statements continued
4 – Subsidiaries continued
(iii) Malaysia
On 12 April 2013 the Group disposed of its 49% interest in its Malaysia long-term business joint ventures, CIMB Aviva Assurance
Berhad and CIMB Aviva Takaful Berhad, to Sun Life Assurance Company of Canada, a subsidiary of Sun Life Financial Inc. for cash
consideration of £153 million resulting in a profit on disposal of £39 million, calculated as follows:
2013
£m
Interest in joint ventures disposed of 120
Cash consideration 153
Less: Transaction costs (3)
Net consideration 150
Currency translation reserve recycled to the income statement 9
Profit on disposal 39
(iv) Russia
On 8 April 2013 the Group disposed of its subsidiary in Russia, Closed Joint Stock Insurance Company Aviva (Zao) (“Aviva Russia”),
to Blagosostoyanie, a non-state pension fund in Russia, for consideration of £30 million, after transaction costs. Net assets disposed
of were £29 million, comprising gross assets of £155 million and gross liabilities of £126 million resulting in a profit on disposal of
£1 million.
(v) Romania Pensions
On 7 May 2013 the Group sold its Romania Pensions business to MetLife, Inc. for consideration of £5 million. Net assets disposed
of were £4 million, comprising gross assets of £11 million and gross liabilities of £7 million resulting in a profit on disposal of
£1 million.
(vi) Poland
In 2013 the Group sold 16% of the total shares in its Polish life and general insurance joint ventures BZ-WBK Aviva Towarzystwo
Ubezpiecze Ogólnych SA and BZ-WBK Aviva Towarzystwo Ubezpiecze na ycie SA, to its joint partner BZ-WBK. Aviva’s remaining
interest in both entities is a 34% share. Due to the change in control, the Group’s investments were reclassified from joint ventures
to associates and the transfer of shares resulted in a £4 million loss.