Aviva 2009 Annual Report Download - page 246

244
Aviva plc Notes to the consolidated financial statements continued
Annual Report and Accounts 2009
49 – Payables and other financial liabilities
This note analyses our financial liabilities at the end of the year.
2009 2008 2007
£m £m £m
Payables arising out of direct insurance 1,585 1,716 1,731
Payables arising out of reinsurance operations 544 499 410
Deposits and advances received from reinsurers 928 1,014 1,294
Bank overdrafts 926 605 621
Derivative liabilities (note 57) 2,099 2,024 633
Bank customer accounts 4,618 4,510 2,460
Bank deposits received from other banks 1,933 1,780 1,288
Amounts due to brokers for investment purchases 793 757 901
Obligations for repayment of collateral received (notes 24e(i) & 57c) 3,602 5,497 6,545
Obligations under stock repurchase arrangements (note 24e(ii)) 664 383 358
Other financial liabilities 2,850 2,077 1,891
20,542 20,862 18,132
Less: Amounts classified as held for sale — (22) (72)
20,542 20,840 18,060
Expected to be settled within one year 19,982 18,468 16,097
Expected to be settled in more than one year 560 2,372 1,963
20,542 20,840 18,060
Bank overdrafts arise substantially from unpresented cheques and amount to £422 million (2008: £111 million, 2007: £183 million)
in long-term business operations and £504 million (2008: £494 million, 2007: £438 million) in general business and other
operations.
All payables and other financial liabilities are carried at cost, which approximates to fair value, except for derivative liabilities,
which are carried at their fair values.
We have used the following measurement basis to fair value derivative liabilities:
2009
£m
Level 1 – Quoted market prices in active markets 117
Level 2 – Modelled with significant observable market inputs 1,968
Level 3 – Modelled with significant unobservable market inputs 14
Total 2,099
50 – Other liabilities
This note analyses our other liabilities at the end of the year.
Restated Restated
2009 2008 2007
£m £m £m
Deferred income 423 532 339
Reinsurers’ share of deferred acquisition costs 127 202 233
Accruals 1,623 1,643 1,274
Other liabilities 1,493 2,484 2,010
3,666 4,867 3,856
Less: Amounts classified as held for sale (13) (478) (220)
3,653 4,386 3,636
Expected to be settled within one year 3,214 3,006 2,785
Expected to be settled in more than one year 439 1,380 851
3,653 4,386 3,636