Aviva 2007 Annual Report Download - page 142
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3 – Subsidiaries continued
The acquisition of Hamilton Life Assurance Company Limited (Hamilton Life) has given rise to goodwill on acquisition of
£21 million, calculated as follows:
Purchase cost:
£m
Cash paid 44
Attributable costs 1
Total consideration 45
The assets and liabilities at the date of acquisition were:
Fair value and
accounting
policy
Book value adjustments Fair value
£m £m £m
Assets
Acquired value of in-force business on investment contracts – 3 3
Investments 122 – 122
Other assets 5–5
Total assets 127 3 130
Liabilities
Gross insurance liabilities (34) – (34)
Investment contract liabilities (68) – (68)
Other liabilities (4) – (4)
Total liabilities (106) – (106)
Total net assets acquired 21 3 24
Goodwill arising on acquisition 21
Included in the consideration paid and goodwill arising on the Hamilton Life acquisition is £20 million in respect of
unrecognised deferred tax assets, which the Group may be able to utilise in future years but cannot recognise now.
The assets and liabilities as at the acquisition date in both the tables above are stated at their provisional values, and may
be amended in 2008, in accordance with paragraph 62 of IFRS 3, Business Combinations.
The results of the Hamilton companies have been included in the consolidated financial statements of the Group with
effect from 1 November 2007, and have contributed £1 million to the consolidated profit before tax.
(vi) Material acquisitions summary
2007
£m
Total net assets 283
Less: Minority interests –
Net assets acquired 283
Goodwill arising on acquisition 114
Total consideration 397
The total consideration comprised:
Cash paid 388
Attributable costs 9
397
(vii) Other
In addition to the goodwill arising on the above acquisitions, the Group also made a number of smaller acquisitions,
giving rise to additional goodwill of £1 million. Total goodwill arising in the year was £115 million (see note 16(a)).
Aviva plc
Annual Report and
Accounts 2007
138
Financial
statements
Notes to the consolidated financial statements continued