Aviva 2002 Annual Report Download - page 105

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Restated (c) Restated (c) Restated (c) Restated (c)
2002 2001 2000 1999 1998
£m £m £m £m £m
Premium income after reinsurance and investment sales
Life assurance, investment sales,
including share of associates 19,200 19,065 17,349 15,048 11,342
General insurance 7,805 7,850 8,356 7,699 6,782
Health 928 841 687 402 277
Total continuing operations 27,933 27,756 26,392 23,149 18,401
Consolidated profit and loss account
Life assurance (achieved profit basis) 1,524 1,665 1,533 1,455 1,410
Health 61 70 68 24 17
Fund management and non-insurance operations (64) 36 73 87 67
General insurance 881 876 330 444 429
Corporate costs and unallocated interest charges (652) (613) (546) (402) (286)
Wealth management (30) (99) (133) – –
Operating profit including life achieved profit –
continuing operations 1,720 1,935 1,325 1,608 1,637
Deduct life achieved profit (1,524) (1,665) (1,569) (1,496) (1,440)
Add modified statutory life profit 1,022 1,194 1,190 1,172 1,075
Operating profit on continuing operations before tax,
amortisation of goodwill, amortisation of acquired additional
value of in-force long-term business and exceptional items 1,218 1,464 946 1,284 1,272
Discontinued operations 78 48 (472) 216 219
Amortisation of goodwill and acquired value of long-term business (274) (151) (121) (56) (10)
Financial Services Compensation Scheme levy –(31) – – –
Integration costs –(59) (425) (163) (645)
Operating profit before tax 1,022 1,271 (72) 1,281 836
Short-term fluctuation in investment return (1,243) (988) 258 250 784
Change in the equalisation provision (57) (56) (27) (55) 47
Net (loss)/profit arising on the disposal of subsidiary undertakings (4) 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 (282) 514 (1,406) 1,468 1,609
Tax (206) (198) (255) (382) (482)
Minority interests (46) (57) (52) (66) (40)
Dividends (536) (874) (872) (790) (729)
Retained (loss)/profit transferred (from)/to reserves (1,070) (615) (2,585) 230 358
Consolidated shareholders’ funds
Equity shareholders’ funds 9,469 11,552 13,087 15,473 14,691
Non-equity shareholders’ funds 200 200 200 200 202
9,669 11,752 13,287 15,673 14,893
Pence per ordinary share
Net asset value (a) 433p 524p 591p 700p 669p
Market price (London) (a) 443p 845p 1082p 998p 941p
Earnings per share attributable to equity shareholders (b):
MSSB 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 34.8p 40.8p 24.6p 38.5p 32.5p
Ordinary dividend (d) 23.0p 38.0p 38.0p 34.3p 31.7p
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. 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) The profit and loss account figures for 2001 and the balance sheet figures for 2000 and 2001 have been restated for the effects of implementing accounting standard
FRS19 “Deferred Tax”. All years have been restated for the reclassification of the results of the various service companies from life assurance to non-insurance operations.
(d) Figures for 1999 and 1998 are based on the weighted average dividends per share of CGU plc and Norwich Union plc.
Five year review
91 Aviva plc
Annual report + accounts 2002