Aviva 2007 Annual Report Download - page 191
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38 – Insurance liabilities continued
(ii) Gross figures
Before the effect of reinsurance, the loss development table is:
All prior years 2001 2002 2003 2004 2005 2006 2007 Total
Accident year £m £m £m £m £m £m £m £m £m
Gross cumulative claim payments
At end of accident year (3,029) (2,952) (2,819) (2,971) (3,345) (3,653) (4,393)
One year later (4,766) (4,486) (4,190) (4,561) (5,011) (5,525)
Two years later (5,303) (4,921) (4,613) (4,981) (5,449)
Three years later (5,701) (5,233) (4,972) (5,263)
Four years later (5,966) (5,466) (5,258)
Five years later (6,121) (5,618)
Six years later (6,223)
Estimate of gross ultimate claims
At end of accident year 6,590 6,250 6,385 6,891 7,106 7,533 8,530
One year later 6,770 6,372 6,172 6,557 6,938 7,318
Two years later 6,775 6,287 6,124 6,371 6,813
Three years later 6,798 6,257 6,036 6,178
Four years later 6,754 6,205 5,932
Five years later 6,679 6,122
Six years later 6,630
Estimate of gross ultimate claims 6,630 6,122 5,932 6,178 6,813 7,318 8,530
Cumulative payments (6,223) (5,618) (5,258) (5,263) (5,449) (5,525) (4,393)
3,201 407 504 674 915 1,364 1,793 4,137 12,995
Effect of discounting (266) (4) (4) (4) (2) (3) (5) (9) (297)
Present value 2,935 403 500 670 913 1,361 1,788 4,128 12,698
Cumulative effect of foreign
exchange movements – 19 24 37 46 36 99 – 261
Effect of acquisitions 12 3 2 63 17 23 29 34 183
Present value recognised
in the balance sheet 2,947 425 526 770 976 1,420 1,916 4,162 13,142
Aviva plc
Annual Report and
Accounts 2007
187
Financial
statements