Aviva 2013 Annual Report Download - page 164

Aviva plc
Annual report and accounts 2013
162
Notes to the consolidated financial statements continued
20 – Interests in, and loans to, associates continued
Impairment testing
Management has determined that the goodwill in Aviva Life Insurance Company India Limited is fully impaired. An impairment
of £29 million (2012: £147 million) has been recognised in respect of this associate, reducing its goodwill to £nil.
The recoverable amount of property management undertakings is the fair value less costs to sell of the associate, measured
in accordance with the Group’s accounting policy for Investment Property (see accounting policy Q).
Loans to associates
The loans are not secured and no guarantees were received in respect thereof. They are interest-bearing and are repayable on
termination of the relevant partnership.
(ii) No associates are considered to be material from a Group perspective (2012: none). All investments in principal associates are
held by subsidiaries. The Group’s principal associates are as follows:
Name Nature of activities Principal place of business
Proportion of
ownership interest
2013 2012
Aviva Life Insurance Company India Limited Life insurance India 26.00% 26.00%
SCPI Logipierre 1 Property Management France 44.46% 44.46%
SCPI Selectipierre 2 Property Management France 22.16% 22.16%
SCPI Ufifrance Immobilier Property Management France 20.40% 20.40%
SCPI Croissance Immo Property Management France 46.84% 46.84%
Encore +1 Property Management UK 12.32% 12.49%
1 The Group has significant influence over Encore + and it is therefore accounted for as an associate.
(iii) The aggregate carrying amount of the Group’s interests in all individually immaterial associates, and related financial
information representing the Group’s share, is as follows:
2013
£m
Restated1
2012
£m
Carrying amount of the Group’s interest 267 265
Post-tax loss (20) (240)
Other comprehensive income — (7)
Total comprehensive income (20) (247)
1 Restated for the adoption of IFRS10. See note 1 for further details.
(iv) The associates have no significant contingent liabilities to which the Group is exposed.
In certain jurisdictions the ability of associates to transfer funds in the form of cash dividends or to repay loans and advances
made by the Group is subject to local corporate or insurance laws and regulations and solvency requirements. We do not believe
that these requirements constitute a material limitation on the ability of the associates to transfer funds to the Group.