Aviva 2009 Annual Report Download - page 209

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(252,108)
207
Performance review
Aviva plc Notes to the consolidated financial statements continued
Corporate responsibility
Annual Report and Accounts 2009
Governance
Shareholder information
Financial statements IFRS
Financial statements MCEV
Other information
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.
2009 2008 2007
Gross Reinsurance Gross Reinsurance Gross Reinsurance
provisions assets Net provisions assets Net provisions assets Net
£m £m £m £m £m £m £m £m £m
Long-term business
Insurance contracts (154,058) 4,299 (149,759) (156,188) 4,466 (151,722) (135,312) 4,298 (131,014)
Participating investment contracts (66,559) — (66,559) (65,278) 52 (65,226) (53,609) 22 (53,587)
Non-participating investment contracts (43,456) 1,258 (42,198) (42,281) 1,047 (41,234) (44,635) 1,461 (43,174)
(264,073) 5,557 (258,516) (263,747) 5,565 (258,182) (233,556) 5,781 (227,775)
Outstanding claims provisions
Long-term business (921) 40 (881) (907) 145 (762) (727) 94 (633)
General insurance and health (9,977) 1,194 (8,783) (11,842) 1,737 (10,105) (10,842) 1,634 (9,208)
(10,898) 1,234 (9,664) (12,749) 1,882 (10,867) (11,569) 1,728 (9,841)
Provisions for claims incurred but not reported (2,719) 449 (2,270) (2,518) 29 (2,489) (2,099) 29 (2,070)
(277,690) 7,240 (270,450) (279,014) 7,476 (271,538) (247,224) 7,538 (239,686)
Provision for unearned premiums (4,781) 332 (4,449) (5,493) 418 (5,075) (5,484) 511 (4,973)
Provision arising from liability adequacy tests (7) — (7) (13) — (13) (24) — (24)
Other technical provisions — — — — —
— (3) 5 2
Totals (282,478) 7,572 (274,906) (284,520) 7,894 (276,626) (252,735) 8,054 (244,681)
Less: Amounts classified as held for sale 20 — 20 709 — 709 627 — 627
(282,458) 7,572 (274,886) (283,811) 7,894 (275,917) 8,054 (244,054)
Financial statements IFRS