Aviva 2001 Annual Report Download - page 93

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Five year review
2001 2000 1999 1998 1997
£m £m £m £m £m
Premium income after reinsurance and investment sales
Life assurance, investment sales and health
premiums, including share of associates 19,906 18,036 15,450 11,619 10,993
General insurance 8,433 8,990 8,373 7,428 7,225
Total continuing operations 28,339 27,026 23,823 19,047 18,218
Consolidated profit and loss account
Life assurance (achieved profit basis) 1,674 1,569 1,496 1,440 1,382
Health 70 68 24 17 9
Fund management and non-insurance operations 27 37 46 37 24
General insurance 945 412 459 496 922
Corporate costs and unallocated interest charges (613) (546) (402) (286) (284)
Wealth management (99) (133) – – –
Operating profit including life achieved profit –
continuing operations 2,004 1,407 1,623 1,704 2,053
Deduct life achieved profit (1,674) (1,569) (1,496) (1,440) (1,382)
Add modified statutory life profit 1,203 1,190 1,172 1,075 943
Operating profit on continuing operations before tax,
amortisation of goodwill, amortisation of acquired additional
value of in-force long-term business and exceptional items 1,533 1,028 1,299 1,339 1,614
Discontinued operations (21) (554) 201 152 268
Amortisation of goodwill and acquired value of long-term business (151) (121) (56) (10) –
Financial Services Compensation Scheme levy (31) ––––
Integration costs (59) (425) (163) (645) –
Operating profit before tax 1,271 (72) 1,281 836 1,882
Short-term fluctuation in investment return (988) 258 250 784 1,070
Change in the equalisation provision (56) (27) (55) 47 (73)
Net profit/(loss) arising on the sale of subsidiary undertakings 287 (1,058) (8) 17 –
Loss on withdrawal from London Market operations –(448) – – –
Merger transaction costs –(59) – (75) –
(Loss)/profit on ordinary activities before tax 514 (1,406) 1,468 1,609 2,879
Tax (424) (255) (382) (482) (792)
Minorities (57) (52) (66) (40) (94)
Dividends (874) (872) (790) (729) (574)
Retained (loss)/profit transferred to reserves (841) (2,585) 230 358 1,419
Consolidated shareholders’ funds
Equity shareholders’funds 11,672 13,433 15,473 14,691 13,022
Non-equity shareholders’funds 200 200 200 202 202
11,872 13,633 15,673 14,893 13,224
Pence per ordinary share
Net asset value (a) 530p 606p 700p 669p 603p
Market price (London) (a) 845p 1082p 998p 941p 848p
Earnings per share attributable to equity shareholders (b):
Operating profit before amortisation of goodwill, amortisation
of acquired additional value of in-force long-term business
and exceptional items, after tax, attributable to equity
shareholders in respect of continuing operations 43.2p 28.3p 39.2p 35.5p 32.0p
Ordinary dividend (c) 38.0p 38.0p 34.3p 31.7p 25.1p
Notes
(a) The net asset value and market price (London) are as at 31 December. Market prices for 1999 and 1998 are for CGU plc, while that for 1997 is for
Commercial Union plc. The net asset value is calculated based on equity shareholders’funds, adding back the equalisation provision.
(b) Basic earnings per ordinary share are shown only. No figures have been provided for diluted earnings per share.
(c) Figures for 1999 and 1998 are based on the weighted average dividends per share of CGU plc and Norwich Union plc. Figures for 1997 are based on the
weighted average dividends per share of Commercial Union plc, General Accident plc and Norwich Union plc.
91 CGNU plc