Aviva 2002 Annual Report Download - page 61

Download and view the complete annual report

Please find page 61 of the 2002 Aviva annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 116

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116

Consolidated profit and loss account
Technical account – long-term business
For the year ended 31 December 2002
Restated
2002 2002 2001
1m£m £m
29,095 Gross premiums written – continuing operations (6a) 18,330 17,564
(725) Outward reinsurance premiums (457) (335)
28,370 Written and earned premiums, net of reinsurance (B & 6a) 17,873 17,229
7,642 Investment income (F & 7a) 4,815 6,841
Claims paid
(19,890) Gross amount (12,531) (10,332)
693 Reinsurers’ share 437 270
(19,197) (12,094) (10,062)
Change in the provision for claims
360 Gross amount 227 (306)
13 Reinsurers’ share 8(28)
373 235 (334)
(18,824) Claims incurred, net of reinsurance (C) (11,859) (10,396)
Change in long-term business provision (P)
(5,849) Gross amount (3,685) (5,467)
2,408 Reinsurers’ share 1,517 10
(3,441) (2,168) (5,457)
301 Change in technical provision for linked business, net of reinsurance (P) 190 (727)
(3,140) Changes in other technical provisions, net of reinsurance (1,978) (6,184)
(3,271) Net operating expenses (9) (2,061) (2,224)
(427) Investment expenses and charges (7a) (270) (240)
(14,021) Unrealised losses on investments (F & 7a) (8,833) (11,120)
(159) Other technical charges (24a) (100) (49)
259 Tax attributable to long-term business (I & 14b) 163 641
94 Allocated investment return transferred from the non-technical account (F & 7b) 59 36
4,445 Transfers from the fund for future appropriations (S) 2,801 6,230
(13,080) Other income/(charges) (8,241) (6,726)
968 Balance on the long-term business technical account – continuing operations (G) 610 764
968 Balance on the long-term business technical account 610 764
413 Tax credit attributable to balance on the long-term business technical account 260 353
1,381 Profit from long-term business operations before tax 870 1,117
The table below provides a reconciliation between the analysis used in the narrative sections of this Report and the profit from
long-term business operations above.
Restated
2002 2002 2001
1m£m £m
Long-term business operating profit before amortisation of acquired additional
value of in-force long-term business and amortisation of goodwill on associated
1,622 undertakings (4a) 1,022 1,194
Amortisation of acquired additional value of in-force long-term business
(221) (included within other technical charges) (139) (64)
(20) Amortisation of goodwill on associated undertakings (7a & 21c) (13) (13)
1,381 Profit from long-term business operations before tax 870 1,117
The accounting policies (identified alphabetically) on pages 44 to 46 and notes (identified numerically) on pages 56 to 90 are an integral part of these accounts.
The auditor’s report is on page 43.
47 Aviva plc
Annual report + accounts 2002