Aviva 2006 Annual Report Download - page 222
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Aviva plc
Annual Report and Accounts 2006 218
Financial statements of the Company continued
Notes to the Company financial statements continued
J – Related party transactions
The Company receives dividend and interest income from subsidiaries and pays interest and fee expense to those subsidiaries in the
normal course of business. These activities are reflected in the table below.
Loans to and from subsidiaries, associates and joint ventures are made on normal arm’s length commercial terms. The maturity analysis of
the related party loans is as follows:
Loans owned by subsidiaries
Maturity analysis 2006 2005
£m£m
Within 1 year 645 869
1-5 years 1,253 705
Over 5 years 1,388 2,907
3,286 4,481
Loans owed to subsidiaries
Maturity analysis of contractual undiscounted cash flows 2006 2005
Principal Interest Total Principal Interest Total
£m £m £m £m £m £m
Within 1 year 1,031 240 1,271 1,121 233 1,354
1-5 years 3,372 353 3,725 2,019 540 2,559
Over 5 years 348 74 422 1,495 478 1,973
Total 4,751 667 5,418 4,635 1,251 5,886
Other related party balances comprise dividend and interest receivable and payable, as well as inter-company balances for fees and other
transactions in the normal course of business.
Dividends, loans, interest
Services provided to related parties
Income earned Receivable at Income earned Receivable
in year year end in year at year end
2006 2006 2005 2005
£m £m £m £m
Subsidiaries 1,084 6,449 1,925 4,481
The related parties’ receivables are not secured and no guarantees were received in respect thereof. The receivables will be settled
in accordance with normal credit terms. Details of guarantees, indemnities and warranties given by the Company on behalf of related
parties are given in note 46(f).
Services provided by related parties
Expense incurred Payable at Expense incurred Payable at
in year year end in year year end
2006 2006 2005 2005
£m £m £m £m
Subsidiaries 1,341 7,908 238 5,336
The related parties’ payables arenot secured and no guarantees werereceived in respect thereof. The payables will be settled in
accordance with normal credit terms.
The directors and key management of the Company are considered to be the same as for the Group. Information on both the Company
and Group key management compensation may be found in note 53.
Financial statements continued