Aviva 2007 Annual Report Download - page 168
Download and view the complete annual report
Please find page 168 of the 2007 Aviva annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1
-
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
-
255
-
256
-
257
-
258
-
259
-
260
-
261
-
262
-
263
-
264
-
265
-
266
-
267
-
268
-
269
-
270
-
271
-
272
-
273
-
274
-
275
-
276
-
277
-
278
19 – Interests in, and loans to, associates continued
(b) Principal associates
The principal associates included above are:
Country of
Type of Proportion incorporation
Company business Class of share held and operation
Aviva Life Insurance Company India
Private Limited Insurance Ordinary shares of RS1 each 26.0% India
Banca Network Investimenti SpA Product distribution Ordinary shares of 11 each 49.75% Italy
Cyrte Fund I CV Investment fund Partnership share 13.04% Netherlands
Cyrte Fund II BV Investment fund Ordinary shares of 11 each 16.00% Netherlands
Cyrte Fund III CV Investment fund Partnership share 17.91% Netherlands
RBSG Collective Investments Limited Investment Ordinary shares of £1 each 49.99% Great Britain
RBS Life Investments Limited Insurance Ordinary shares of £1 each 49.99% Great Britain
All investments in principal associates are unlisted and are held by subsidiaries.
In June 2007, the Group sold its holdings in The British Aviation Insurance Company Limited to Berkshire Hathaway for
£15 million, resulting in a loss on disposal of £7 million.
(c) Additional information
Summarised aggregate financial information on the Group’s interests in its associates is as follows:
2007 2006
£m £m
Share of revenues 385 427
Share of results before tax 51 48
Share of assets 3,218 3,111
Share of liabilities (2,324) (2,498)
Share of net assets 894 613
The associates have no significant contingent liabilities to which the Group is exposed, nor has the Group any significant
contingent liabilities in relation to its interest in them.
(d) Impairment testing
The Group’s investments in RBS Life Investments Limited and RBSG Collective Investments Limited have been tested
for impairment by comparing their carrying values (which include goodwill which arose on their acquisition) with their
recoverable amounts. The recoverable amounts for both the investments have been determined based on value in use
calculations. The calculations use cash flow projections based on business plans approved by management covering a five
year period and a risk adjusted discount rate of 81%. Cash flows beyond that five year period have been extrapolated
using a growth rate of 4.5%. The recoverable amounts significantly exceed the carrying values of both the investments
and a reasonably possible change to the key underlying assumptions will not cause the carrying values of the investments
to exceed their recoverable amounts.
Aviva plc
Annual Report and
Accounts 2007
164
Financial
statements
Notes to the consolidated financial statements continued