Aviva 2009 Annual Report Download - page 300

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Aviva plc MCEV financial statements continued
Annual Report and Accounts 2009
M5 – Segmentation of condensed consolidated statement of financial position
Restated
2009 2008
General
Life and related business and Life and related General business
businesses other
Group businesses and other Group
£m £m £m £m £m £m
Total assets before acquired value of in-force
long-term business 307,117 45,880 352,997 305,562 46,634 352,196
Acquired additional value of in-force long-term business 1,394 — 1,394 2,366 — 2,366
Total assets included in the IFRS statement of
financial position 308,511 45,880 354,391 307,928 46,634 354,562
Liabilities of the long-term business (291,194) — (291,194) (291,347) — (291,347)
Liabilities of the general insurance and other businesses — (48,111) (48,111) — (48,642) (48,642)
Net assets on a statutory IFRS basis 17,317 (2,231) 15,086 16,581 (2,008) 14,573
Additional value of in-force long-term business1 3,376 — 3,376 2,859 — 2,859
Net assets on an MCEV basis2 20,693 (2,231) 18,462 19,440 (2,008) 17,432
Equity capital, capital reserves, shares held by employee trusts
and other reserves 7,144 8,706
IFRS basis retained earnings 3,425 3,902
Additional MCEV basis retained earnings 2,466 554
Equity attributable to ordinary shareholders of Aviva plc
on an MCEV basis 13,035 13,162
Preference share capital and direct capital instruments 1,190 1,190
Minority interests 4,237 3,080
MCEV basis total equity 18,462 17,432
1.The analysis between the group’s and minority interests’ share of the additional value of in-force long-term business is as follows:
2009
£m
Restated
2008
£m
Movement
in year
£m
Group’s share included in shareholders’ funds
Minority interests’ share
Movements in AFS securities
Additional value of in-force long-term business
2,466
697
213
3,376
554
876
1,429
2,859
1,912
(179)
(1,216)
517
2.Analysis of net assets on an MCEV basis is made up as follows:
2009
£m
Restated
2008
£m
Embedded value
Minority interests
Goodwill and intangible assets allocated to long-term business3
Notional allocation of IAS19 pension fund deficit to long-term business4
Long-term business net assets on an MCEV basis
15,001
3,438
18,439
2,606
(352)
20,693
14,212
2,367
16,579
2,947
(86)
19,440
3.Goodwill and intangible assets includes amounts related to associated undertakings and joint ventures.
4.The value of the Aviva Staff Pension Schemes deficit has been notionally allocated between segments, based on current funding and the Life proportion has been included within the long-term
business net assets on an MCEV basis. The pension fund deficit notionally allocated to long-term business is net of the agreed funding borne by the UK with-profit funds.