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Aviva plc
Annual Report and
Accounts 2007
148
Financial
statements
Notes to the consolidated financial statements continued
6 – Details of expenses
This note gives further detail on the items appearing in the second section of the consolidated income statement.
Restated
2007 2006
£m £m
Claims and benefits paid
Claims and benefits paid to policyholders on long-term business
Insurance contracts 14,743 12,460
Participating investment contracts 5,604 4,350
Non-participating investment contracts 64 428
Claims and benefits paid to policyholders on general insurance and health business 7,779 7,232
28,190 24,470
Less: Claim recoveries from reinsurers
Insurance contracts (1,056) (1,009)
Participating investment contracts (13) (17)
Claims and benefits paid, net of recoveries from reinsurers 27,121 23,444
Change in insurance liabilities
Change in insurance liabilities 3,360 1,649
Change in reinsurance asset for insurance provisions 147 971
Change in insurance liabilities, net of reinsurance 3,507 2,620
Change in investment contract provisions
Investment income allocated to investment contracts 885 3,122
Other changes in provisions
Participating investment contracts 1,025 2,683
Non-participating investment contracts 90 198
Change in reinsurance asset for investment contract provisions 18 (1)
Change in investment contract provisions 2,018 6,002
Change in unallocated divisible surplus (2,922) 558
Fee and commission expense
Acquisition costs
Commission expenses for insurance and participating investment contracts 3,351 2,919
Change in deferred acquisition costs for insurance and participating investment contracts (627) 210
Deferrable costs for non-participating investment contracts 265 230
Other acquisition costs 1,348 1,376
Change in deferred acquisition costs for non-participating investment contracts (279) (159)
Reinsurance commissions and other fee and commission expense 325 467
4,383 5,043
Other expenses
Other operating expenses
Staff costs and other expenses 2,724 2,750
Central costs and sharesave schemes 163 160
Depreciation (note 20) 129 122
Impairment of goodwill on subsidiaries (note 16a) 10 94
Amortisation of acquired value of in-force business (note 17) 160 58
Amortisation of intangible assets (note 17) 106 72
Net impairment of acquired value of in-force business (note 17) –28
Impairment/(reversal of impairment) of intangible assets (note 17) 4(2)
Integration and restructuring costs (note 3c) 153 246
3,449 3,528
Impairments
Net impairment/(reversal of impairment) on loans 9(4)
Net impairment/(reversal of impairment) on financial investments 49 (1)
Net impairment on receivables and other financial assets 15
Net impairment on non-financial assets (1) –
58 –
Other net foreign exchange (gains)/losses (34) 29
Finance costs (note 7) 1,208 847
Total expenses 38,788 42,071