Aviva 2009 Annual Report Download - page 284

282
Aviva plc Notes to the Company’s financial statements continued
Annual Report and Accounts 2009
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
2009 2008 2007
Maturity analysis £m £m £m
Within 1 year — — 132
1 – 5 years 2,050 1,402 1,359
Over 5 years 1,111 2,015 1,248
Total 3,161 3,417 2,739
Loans owed to subsidiaries
2009 2008 2007
Maturity analysis of contractual undiscounted cash flows
Principal
£m
Interest
£m
Total
£m
Principal
£m
Interest
£m
Total
£m
Principal
£m
Interest
£m
Total
£m
Within 1 year
1 – 5 years
Over 5 years
155
1,840
1,758
143
431
217
298
2,271
1,975
975
2,124
984
247
593
164
1,222
2,717
1,148
1,846
843
999
258
334
341
2,104
1,177
1,340
Total 3,753 791 4,544 4,083 1,004 5,087 3,688 933 4,621
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
earned in
year
2009
£m
Receivable
at year
end
2009
£m
Income
earned in
year
2008
£m
Receivable
at year end
2008
£m
Income
earned in
year
2007
£m
Receivable
at year end
2007
£m
Subsidiaries 1,496 5,707 1,947 5,596 2,726 3,766
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 51(j).
Services provided by related parties
Expense
incurred
in year
2009
Payable
at year
end
2009
Expense
incurred
in year
2008
Payable
at year
end
2008
Expense
incurred
in year
2007
Payable
at year
end
2007
£m £m £m £m £m £m
Subsidiaries 603 4,195 992 4,435 944 3,879
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 can be found in note 59.