Aviva 2013 Annual Report Download - page 28

Aviva plc
Annual report and accounts 2013
26
Measuring our performance in 2013
In the following pages you can read more
about our 2013 performance.
Financial key performance indicators Our performance
Cash remittances
Cash remittances
(£m)
2013
£1,269m
2012
£904m
2011
£778m
Relevance and measurement Performance
Sustainable cash remittances from our
businesses to the Group is a key nancial
priority. This indicator measures the
gross amount of dividends paid by
businesses to the Group.
The overall improvement in cash
remittances was driven by increases
from UK & Ireland Life and UK General
Insurance. The remittance from UK
General Insurance was received in
January 2014, although in future we
expect to receive remittances in the
fourth quarter each year. We continue
to take action on capital efciency to
increase these cash remittances.
Adjusted operating prot1, 2
Adjusted total operating profit
2011 2012 2013
2,600
2,029
2,277
1,926
2,339
2,049
Adjusted operating profit – total (£m)
Adjusted operating profit – continuing excluding Delta Lloyd (£m)
Relevance and measurement Performance
This measures our operating protability
on an International Financial Reporting
Standards (IFRS) basis. It excludes
non-operating items such as
restructuring costs, impairments,
short-term investment volatility and
prots or losses arising on disposals.
Operating prot on a continuing basis
was up 6%, principally due to lower
operating costs across our markets.
The results also include a £129 million
adverse impact from the Canadian
oods in June and July 2013.
IFRS prot/(loss) before tax2
IFRS prot/(loss) before tax
(£m)
2013
£2,819m prot
2012
£(2,521)m loss
2011
£184m prot
Relevance and measurement Performance
This measures the total IFRS prot or
loss during the year including operating
prot and non-operating items such
as restructuring costs, impairments,
short-term investment volatility and
prots or losses arising on disposals.
The IFRS prot before tax was £2.8
billion for the year. This includes a £0.8
billion prot on the disposal of our US
Life business (including recycling of
reserves of £0.6 billion on completion).
Excluding the impact of the US disposal,
expense efciencies achieved across the
Group have driven an increase in prot
before tax. The loss in 2012 reected the
write-down of £3.3 billion in the value
of our US business.
1 The Group’s accounting policy for operating prot (also referred to as adjusted operating prot) remains consistent with prior periods and is set out in ‘IFRS Financial Statements – Accounting Policies’ in
the annual report and accounts.
2 The Group adopted the amendments to IAS19 during the year and the requirements of the revised standard have been applied retrospectively. Comparatives have been restated accordingly.