Aviva 2013 Annual Report Download - page 126

Aviva plc
Annual report and accounts 2013
124
Consolidated financial statements
Consolidated income statement
For the year ended 31 December 2013
2013
£m
Restated2,3
2012
£m
Note
Continuing
operations
Discontinued
operations1
Continuing
operations
Discontinued
operations1
Income 6
Gross written premiums 22,035 1,589 22,744 3,796
Premiums ceded to reinsurers (1,546) (100) (1,571) (207)
Premiums written net of reinsurance 20,489 1,489 21,173 3,589
Net change in provision for unearned premiums 134 — (16) —
Net earned premiums H 20,623 1,489 21,157 3,589
Fee and commission income I & J 1,279 28 1,273 23
Net investment income K 12,509 2,340 21,135 2,241
Share of profit/(loss) after tax of
j
oint ventures and associates 120 — (255) —
Profit/(loss) on the disposal and remeasurement of subsidiaries,
j
oint ventures and associates 4b 115 808 (164) (2,359)
34,646 4,665 43,146 3,494
Expenses 7
Claims and benefits paid, net of recoveries from reinsurers (22,093) (2,037) (23,601) (2,721)
Change in insurance liabilities, net of reinsurance 41 a(ii) 2,493 (312) (430) (1,566)
Change in investment contract provisions (7,050) (31) (4,450) (77)
Change in unallocated divisible surplus 46 280 — (6,316) —
Fee and commission expense (3,975) (438) (4,457) (498)
Other expenses (2,220) (293) (2,843) (1,307)
Finance costs 8 (609) (16) (653) (21)
(33,174) (3,127) (42,750) (6,190)
Profit/(loss) before tax 1,472 1,538 396 (2,696)
Tax attributable to policyholders’ returns 14d (191) — (221) —
Profit/(loss) before tax attributable to shareholders’ profits 1,281 1,538 175 (2,696)
Tax expense AC & 14 (594) (265) (482) (152)
Less: tax attributable to policyholders’ returns 14 191 — 221 —
Tax attributable to shareholders’ profits (403) (265) (261) (152)
Profit/(loss) after tax 878 1,273 (86) (2,848)
Profit/(loss) from discontinued operations 1,273 (2,848)
Profit/(loss) for the year 2,151 (2,934)
Attributable to:
Equity shareholders of Aviva plc 2,008 (3,102)
Non-controlling interests 39 143 168
Profit/(loss) for the year 2,151 (2,934)
Earnings/(loss) per share AG & 15
Basic (pence per share) 65.3p (109.1)p
Diluted (pence per share) 64.5p (109.1)p
Continuing operations
–
Basic (pence per share) 22.0p (11.2)p
Continuing operations
–
Diluted (pence per share) 21.8p (11.2)p
1 Discontinued operations represent the results of the US life and related internal asset management businesses (US Life) until the date of disposal (2 October 2013). For further details see note 4.
2 Following the adoption of the revised IAS 19 ‘Employee benefits’ the Group has retrospectively applied the changes to the comparative period in these financial statements. This has led to an increase in profit before tax for
continuing operations of £150 million for 2012 with a corresponding decrease in other comprehensive income. For further detail of the impact of the restatement please see note 1.
3 Following the adoption of IFRS 10 ‘Consolidated financial statements’ the Group has retrospectively applied the change to the comparative period in these financial statements. For further details of the impact of the restatement
please see note 1.
The accounting policies (identified alphabetically) on pages 110 to 123 and notes (identified numerically) on pages 131 to 237 are
an integral part of the financial statements.