Aviva 2013 Annual Report Download - page 146

Aviva plc
Annual report and accounts 2013
144
Notes to the consolidated financial statements continued
5 – Segmental information continued
(b) (ii) Segmental income statement – products and services for the year ended 31 December 2012 – (Restated)3
Life business
£m
General
insurance and
health2
£m
Fund
management
£m
Other
£m
Total
£m
Gross written premiums1 13,209 9,535 — — 22,744
Premiums ceded to reinsurers (930) (641) — — (1,571)
Premiums written net of reinsurance 12,279 8,894 — — 21,173
Net change in provision for unearned premiums — (16) — — (16)
Net earned premiums 12,279 8,878 — — 21,157
Fee and commission income 632 65 331 245 1,273
12,911 8,943 331 245 22,430
Net investment income 20,236 823 6 70 21,135
Inter-segment revenue — — 127 — 127
Share of (loss)/profit of
j
oint ventures and associates (5) 1 3 (254) (255)
Loss on the disposal and remeasurement of subsidiaries,
j
oint ventures and associates (6) (21) — (137) (164)
Segmental income 33,136 9,746 467 (76) 43,273
Claims and benefits paid, net of recoveries from reinsurers (17,839) (5,762) — — (23,601)
Change in insurance liabilities, net of reinsurance (359) (71) — — (430)
Change in investment contract provisions (4,450) — — — (4,450)
Change in unallocated divisible surplus (6,316) — — — (6,316)
Fee and commission expense (1,522) (2,523) (32) (380) (4,457)
Other expenses (1,251) (715) (368) (509) (2,843)
Inter-segment expenses (116) (11) — — (127)
Finance costs (198) (28) (56) (371) (653)
Segmental expenses (32,051) (9,110) (456) (1,260) (42,877)
Profit/(loss) before tax from continuing operations 1,085 636 11 (1,336) 396
Tax attributable to policyholder returns (221) — — — (221)
Profit/(loss) before tax attributable to shareholders’ profits 864 636 11 (1,336) 175
Adjusted for:
Non-operating items from continuing operations (excluding Delta Lloyd as an associate) 967 258 40 182 1,447
Share of Delta Lloyd's non-operating items (before tax), as an associate — — — 523 523
Share of Delta Lloyd's tax expense, as an associate — — — (107) (107)
Operating profit/(loss) before tax attributable to shareholders’ profits
from continuing operations 1,831 894 51 (738) 2,038
Operating profit/(loss) before tax attributable to shareholders’ profits
from discontinued operations4 200 — 55 (16) 239
Operating profit/(loss) before tax attributable to shareholders’ profits 2,031 894 106 (754) 2,277
1 Gross written premiums include inward reinsurance premiums assumed from other companies amounting to £370 million, of which £130 million relates to property and liability insurance and £240 million relates to long-term business.
2 General insurance and health business segment includes gross written premiums of £1,164 million relating to health business. The remaining business relates to property and liability insurance.
3 Restated for the adoption of revised IAS19 and IFRS10. See note 1 for further details.
4 Discontinued operations represent the results of the US life and related internal asset management businesses (US Life) until the date of disposal (2 October 2013). For further details see note 4.