Aviva 2009 Annual Report Download - page 289

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Performance review
Aviva plc MCEV financial statements continued
Corporate responsibility
Annual Report and Accounts 2009
Governance
Shareholder information
Financial statements IFRS
Financial statements MCEV
Other information
Reconciliation of shareholders’ equity on IFRS and MCEV bases
For the year ended 31 December 2009
2009 IFRS Adjustment MCEV
£m £m £m £m
Ordinary share capital 692 — 692
Capital reserves 4,478 — 4,478
Other reserves 1,829 213 2,042
Shares held by employee trusts (68) — (68)
Retained earnings 3,425 — 3,425
Additional retained earnings on an MCEV basis — 2,466 2,466
Equity attributable to ordinary shareholders of Aviva plc 10,356 2,679 13,035
Preference share capital 200 — 200
Direct capital instruments 990 — 990
Minority interests 3,540 697 4,237
Total equity 15,086 3,376 18,462
Restated
2008 IFRS Adjustment MCEV
£m £m £m £m
Ordinary share capital 664 — 664
Capital reserves 4,505 — 4,505
Other reserves 2,141 1,429 3,570
Shares held by employee trusts (33) — (33)
Retained earnings 3,902 — 3,902
Additional retained earnings on an MCEV basis — 554 554
Equity attributable to ordinary shareholders of Aviva plc 11,179 1,983 13,162
Preference share capital 200 — 200
Direct capital instruments 990 — 990
Minority interests 2,204 876 3,080
Total equity 14,573 2,859 17,432
Reconciliation of IFRS total equity to MCEV net worth
For the year ended 31 December 2009
Restated
2009 2008
£m £m
Net assets on a statutory IFRS net basis 15,086 14,573
Adjusting for general business and other net assets on a statutory IFRS net basis 2,231 2,008
Life and related businesses net assets on a statutory IFRS net basis 17,317 16,581
Goodwill and other intangibles (2,606) (2,947)
Acquired value of in-force business (1,493) (2,490)
Adjustment for share of joint ventures and associates (377) (472)
Adjustment for assets to regulatory value net of tax (19) 1,474
Adjustment for DAC and DIR net of tax (2,653) (2,680)
Adjustment for differences in technical provisions 1,414 406
Other accounting and tax differences 630 937
MCEV net worth 12,213 10,809
MCEV value of in-force 6,226 5,770
MCEV1 18,439 16,579
1.Comprises embedded value of £15,001 million (31 December 2008: £14,212 million) and minority interest in long-term business assets of £3,438 million (31 December 2008: £2,367 million).
Financial statements MCEV