Aviva 2007 Annual Report Download - page 184
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37 – Contract liabilities and associated reinsurance
The following notes explain how we calculate our liabilities to our policyholders for insurance and investment products
we have sold to them. Notes 38 and 39 cover these liabilities and note 40 details the financial guarantees and options
given for some of these products. Note 41 details the reinsurance recoverables on these liabilities whilst note 42 shows
the effects of the assumptions we have changed during the year.
The following is a summary of the contract provisions and related reinsurance assets as at 31 December.
2007 2006
Gross Reinsurance Gross Reinsurance
provisions assets Net provisions assets Net
£m £m £m £m £m £m
Long-term business
Insurance contracts (135,312) 4,298 (131,014) (126,614) 4,139 (122,475)
Participating investment contracts (53,609) 22 (53,587) (49,400) – (49,400)
Non-participating investment contracts (44,635) 1,461 (43,174) (38,958) 1,395 (37,563)
(233,556) 5,781 (227,775) (214,972) 5,534 (209,438)
Outstanding claims provisions
Long-term business (727) 94 (633) (696) 67 (629)
General insurance and health (10,842) 1,634 (9,208) (10,165) 1,659 (8,506)
(11,569) 1,728 (9,841) (10,861) 1,726 (9,135)
Provisions for claims incurred but not reported (2,300) 84 (2,216) (2,553) 79 (2,474)
(247,425) 7,593 (239,832) (228,386) 7,339 (221,047)
Provision for unearned premiums (5,484) 511 (4,973) (5,182) 484 (4,698)
Provision arising from liability adequacy tests (24) – (24) (49) – (49)
Other technical provisions (3) 5 2 (57) 2 (55)
Totals (252,936) 8,109 (244,827) (233,674) 7,825 (225,849)
Less amounts classified as held for sale 627 – 627 – – –
(252,309) 8,109 (244,200) (233,674) 7,825 (225,849)
38 – Insurance liabilities
This note analyses our insurance contract liabilities by type of product and describes how we calculate these liabilities
and what assumptions we have used.
(a) Carrying amount
Insurance liabilities at 31 December comprise:
2007 2006
General General
Long-term insurance Long-term insurance
business and health Total business and health Total
£m £m £m £m £m £m
Long-term business provisions
Participating 66,093 – 66,093 63,705 – 63,705
Unit-linked non-participating 20,601 – 20,601 21,004 – 21,004
Other non-participating 48,618 – 48,618 41,905 – 41,905
135,312 – 135,312 126,614 – 126,614
Outstanding claims provisions 727 10,842 11,569 696 10,165 10,861
Provision for claims incurred but not reported – 2,300 2,300 – 2,553 2,553
727 13,142 13,869 696 12,718 13,414
Provision for unearned premiums – 5,484 5,484 – 5,182 5,182
Provision arising from liability adequacy tests – 24 24 –4949
Other technical provisions – 3 3 – 57 57
Total 136,039 18,653 154,692 127,310 18,006 145,316
Less: Obligations to staff pension schemes
transferred to provisions (note 45a) (1,025) – (1,025) (1,086) – (1,086)
Less amounts classified as held for sale – (627) (627) – – –
135,014 18,026 153,040 126,224 18,006 144,230
Aviva plc
Annual Report and
Accounts 2007
180
Financial
statements
Notes to the consolidated financial statements continued