Aviva 2013 Annual Report Download - page 187

Strategic report Governance IFRS Financial statements Other information
Aviva plc
Annual report and accounts 2013
185
Notes to the consolidated financial statements continued
39 – Non-controlling interests
This note gives details of the Group’s non-controlling interests and shows the movements during the year.
Non-controlling interests at 31 December comprised:
2013
£m
2012
£m
Equity shares in subsidiaries 641 424
Share of earnings 321 643
Share of other reserves 259 257
1,221 1,324
Preference shares in General Accident plc 250 250
1,471 1,574
Movements in the year comprised:
2013
£m
2012
£m
Balance at 1 January 1,574 1,530
Profit for the year attributable to non-controlling interests 143 168
Non-controlling interests share of movements in other reserves — 1
Foreign exchange rate movements 34 (37)
Total comprehensive income attributable to non-controlling interests 177 132
Capital contributions from non-controlling interests 1 20
Non-controlling interests share of dividends declared in the year (134) (102)
Changes in non-controlling interest in subsidiaries (147) (6)
Balance at 31 December 1,471 1,574
The Group has one subsidiary whose non-controlling interest (NCI) is material on the basis of their share of profit/(loss), as follows:
Proportion of
ownership interests
held b
y
NCI
Proportion of
voting rights
held b
y
NCI
Profit/(loss)
allocated to NCI Accumulated NCI
Ital
y
2013 2012 2013 2012
2013
£m
2012
£m
2013
£m
2012
£m
Eurovita Assicurazioni S.p.A 61% 61% 61% 61% (45) (25) 29 73
Eurovita Assicurazioni S.p.A (Eurovita) is classified as held for sale as at 31 December 2013. Details can be found in note 4(c) –
Subsidiaries. There were no dividends paid to the non-controlling interest of Eurovita during the year (2012: £nil).
Although the Group holds only 39% of the voting rights of Eurovita, it controls the entity. This is because Finoa S.r.l, a
consolidated special purpose company of the Group which is controlled by Aviva Italia Holding S.p.A., owns 77.6% of Eurovita
and has the ability to use its power over Eurovita to influence its returns.
40 – Contract liabilities and associated reinsurance
The following notes explain how the Group calculates its liabilities to policyholders for insurance and investment products it has
sold to them. Notes 41 and 42 cover these liabilities, and note 43 details the financial guarantees and options given for some of
these products. Note 44 details the reinsurance recoverables on these liabilities while note 45 shows the effects of changes in the
assumptions.
The following is a summary of the contract provisions and related reinsurance assets as at 31 December.
2013 2012
Gross
provisions
£m
Reinsurance
assets
£m
Net
£m
Gross
provisions
£m
Reinsurance
assets
£m
Net
£m
Long-term business
Insurance contracts (94,972) 3,734 (91,238) (131,190) 4,291 (126,899)
Participating investment contracts (70,628) 2 (70,626) (66,849) 3 (66,846)
Non-participating investment contracts (48,140) 2,048 (46,092) (47,699) 1,678 (46,021)
(213,740) 5,784 (207,956) (245,738) 5,972 (239,766)
Outstanding claims provisions
Long-term business (1,287) 53 (1,234) (1,342) 93 (1,249)
General insurance and health (7,730) 849 (6,881) (7,711) 900 (6,811)
(9,017) 902 (8,115) (9,053) 993 (8,060)
Provisions for claims incurred but not reported (2,568) 315 (2,253) (2,843) 354 (2,489)
(225,325) 7,001 (218,324) (257,634) 7,319 (250,315)
Provision for unearned premiums (4,226) 256 (3,970) (4,441) 248 (4,193)
Provision arising from liability adequacy tests (10) — (10) (11) — (11)
Totals (229,561) 7,257 (222,304) (262,086) 7,567 (254,519)
Less: Amounts classified as held for sale 2,948 (37) 2,911 38,501 (883) 37,618
(226,613) 7,220 (219,393) (223,585) 6,684 (216,901)