Aviva 2007 Annual Report Download - page 247
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Aviva plc
Annual Report and
Accounts 2007
243
Financial
statements
I – Related party transactions
The Company receives dividend and interest income from subsidiaries and pays interest and fee expense to those
subsidiaries in the normal course of business. These activities are reflected in the table below.
Loans to and from subsidiaries are made on normal arm’s length commercial terms. The maturity analysis of the related
party loans is as follows:
Loans owed by subsidiaries
2007 2006
Maturity analysis £m £m
Within 1 year 132 645
1 to 5 years 1,359 1,253
Over 5 years 1,248 1,388
Total 2,739 3,286
Loans owed to subsidiaries
2007 2006
Principal Interest Total Principal Interest Total
Maturity analysis of contractual undiscounted cash flows £m £m £m £m £m £m
Within 1 year 1,846 258 2,104 1,031 240 1,271
1 to 5 years 843 334 1,177 3,372 353 3,725
Over 5 years 999 341 1,340 348 74 422
Total 3,688 933 4,621 4,751 667 5,418
Other related party balances comprise dividends and interest receivable and payable, as well as inter-company balances
for fees and other transactions in the normal course of business.
Dividends, loans, interest
Services provided to related parties
Income Income
earned Receivable at earned Receivable at
in year year end in year year end
2007 2007 2006 2006
£m £m £m £m
Subsidiaries 2,726 3,766 1,084 6,449
The related parties’ receivables are not secured and no guarantees were received in respect thereof. The receivables will be
settled in accordance with normal credit terms. Details of guarantees, indemnities and warranties given by the Company
on behalf of related parties are given in note 50(h).
Services provided by related parties
Expense Expense
incurred Payable at incurred Payable at
in year year end in year year end
2007 2007 2006 2006
£m £m £m £m
Subsidiaries 944 3,879 1,341 7,908
The related parties’ payables are not secured and no guarantees were received in respect thereof. The payables will be
settled in accordance with normal credit terms.
The directors and key management of the Company are considered to be the same as for the Group. Information on both
the Company and Group key management compensation may be found in note 58.