Aviva 2002 Annual Report Download - page 64

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Reconciliation of Group operating profit
to profit on ordinary activities before tax
For the year ended 31 December 2002
Restated
2002 2002 2001
1m£m £m
Operating profit before tax based on longer term investment return before
amortisation of goodwill, amortisation of acquired additional value of
in-force long-term business and exceptional items:
Continuing operations
1,622 Modified statutory life profit (4a) 1,022 1,194
97 Health (4a) 61 70
8Fund management (4a) 529
1,398 General insurance (4a) 881 876
(109) Non-insurance operations (69) 7
(346) Corporate costs (10) (218) (187)
(689) Unallocated interest charges (7a) (434) (426)
(48) Wealth management (30) (99)
1,933 Total continuing operations 1,218 1,464
Discontinued operations (4a)
124 – Australia and New Zealand general insurance operations 78 69
–– US general insurance operation –(21)
124 78 48
2,057 1,296 1,512
Amortisation of goodwill
(20) – long-term business (7a & 21c) (13) (13)
(194) – non-long-term business (18) (122) (74)
(214) (135) (87)
(221) Amortisation of acquired additional value of in-force long-term business (139) (64)
–Financial Services Compensation Scheme levy –(31)
–Integration costs (10) –(59)
Operating profit before tax based on longer term investment return
after amortisation of goodwill, amortisation of acquired additional value
1,622 of in-force long-term business and exceptional items (4b) 1,022 1,271
Short-term fluctuation in investment return
(94) – long-term business (7b) (59) (36)
(1,880) – non-long-term business (7b) (1,184) (952)
(1,974) (1,243) (988)
(90) Change in the equalisation provision (40) (57) (56)
(6) Net (loss)/profit arising on the disposal of subsidiary undertakings (17c) (4) 287
(448) (Loss)/profit on ordinary activities before tax (282) 514
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.
50 Aviva plc
Annual report + accounts 2002