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Aviva plc
Annual Report and
Accounts 2007
147
Financial
statements
5 – Details of income
This note gives further detail on the items appearing in the first section of the consolidated income statement.
Restated
2007 2006
£m £m
Gross written premiums (note 4a)
Long-term:
Insurance contracts 15,589 13,188
Participating investment contracts 4,033 4,120
General insurance and health 11,369 11,427
30,991 28,735
Less: premiums ceded to reinsurers (note 4a) (1,658) (1,501)
Gross change in provision for unearned premiums (note 38e) (24) 89
Reinsurers’ share of change in provision for unearned premiums (note 41c(iii)) 34
Net change in provision for unearned premiums (21) 93
Net earned premiums 29,312 27,327
Fee and commission income
Fee income from investment contract business 416 410
Fund management fee income 576 395
Other fee income 481 779
Reinsurance commissions receivable 223 204
Other commission income 110 98
Net change in deferred revenue (46) (16)
1,760 1,870
Total revenue 31,072 29,197
Net investment income
Interest and similar income
From financial instruments designated as trading and other than trading 6,427 5,444
From AFS investments and financial instruments at amortised cost 1,485 968
7,912 6,412
Dividend income 2,095 2,115
Other income from investments designated as trading
Realised gains and losses 49 124
Unrealised gains and losses (see policy J) 65 208
114 332
Other income from investments designated as other than trading
Realised gains and losses 5,017 4,989
Unrealised gains and losses (see policy J) (5,968) (998)
(951) 3,991
Realised gains on AFS investments 391 162
Net income from investment properties
Rent 844 757
Expenses relating to these properties (27) (27)
Realised gains on disposal 105 46
Fair value (losses)/gains on investment properties (745) 1,507
177 2,283
Realised gains on loans 759
Foreign exchange gains and losses on investments other than trading 11 128
Other investment income 72 8
Net investment income 9,828 15,490
Share of (loss)/profit after tax of joint ventures (note 18a) (339) 462
Share of profit after tax of associates (note 19a) 35 23
Share of (loss)/profit after tax of joint ventures and associates (304) 485
Profit on disposal of subsidiaries and associates (note 3b) 49 222
Total income 40,645 45,394