Aviva 2009 Annual Report Download - page 262

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Aviva plc Notes to the consolidated financial statements continued
Annual Report and Accounts 2009
56 – Risk management continued
Impairment of financial assets
The following table provides information regarding the carrying value of financial assets that have been impaired and the ageing
of financial assets that are past due but not impaired.
Financial assets that are past due but not impaired
Carrying
value in
Neither Financial the
past due Greater assets that statement
nor 0-3 3-6 6 months- than have been
of financial
impaired months months 1 year 1 year impaired position
At 31 December 2009 £m £m £m £m £m £m £m
Debt securities 160,400 — — — — 110 160,510
Reinsurance assets 7,572 — — — — — 7,572
Other investments 34,811 — — — — 15 34,826
Loans 40,039 355 35 17 6 627 41,079
Receivables and other financial assets 8,814 647 61 32 71 7 9,632
Financial assets that are past due but not impaired
Carrying
Neither Financial value in the
past due Greater assets that statement
nor 0-3 3-6 6 months- than have been of financial
impaired months months 1 year 1 year impaired position
At 31 December 2008 £m £m £m £m £m £m £m
Debt securities 150,284 — — — — 114 150,398
Reinsurance assets 7,867 25 — — — 2 7,894
Other investments 36,509 1 — — — 1 36,511
Loans 41,091 227 658 13 11 237 42,237
Receivables and other financial assets 8,932 539 293 33 6 13 9,816
Financial assets that are past due but not impaired
Carrying
Neither Financial value in the
past due Greater assets that statement
nor 0-3 3-6 6 months- than have been of financial
impaired months months 1 year 1 year impaired position
At 31 December 2007 £m £m £m £m £m £m £m
Debt securities 121,440 — — — — 71 121,511
Reinsurance assets 8,052 — — — — 2 8,054
Other investments 36,500 — — — — — 36,500
Loans 35,937 210 11 3 15 17 36,193
Receivables and other financial assets 8,337 200 21 13 2 46 8,619
Credit terms are set locally within overall credit limits prescribed by the Group Credit Committee and within the framework of the
Group Credit Policy. The credit quality of financial assets is managed at the local business unit level. Where assets have been
classed as “past due and impaired”, an analysis is made of the risk of default and a decision is made whether to seek collateral
from the counterparty.
There were no material financial assets that would have been past due or impaired had the terms not been renegotiated.