Aviva 2013 Annual Report Download - page 128

Aviva plc
Annual report and accounts 2013
126
Consolidated financial statements continued
Reconciliation of Group operating profit to profit/(loss) for the year
For the year ended 31 December 2013
2013
£m
Restated2
2012
£m
Note
Continuing
operations
Discontinued
operations1 Total
Continuing
operations
Discontinued
operations1 Total
Operating profit before tax attributable to shareholders' profits
Life business 1,901 272 2,173 1,831 200 2,031
General insurance and health 797 — 797 894 — 894
Fund management 93 31 124 51 55 106
Other:
Other operations (90) (4) (94) (177) (4) (181)
Corporate centre (150) — (150) (136) — (136)
Group debt costs and other interest (502) (9) (511) (537) (12) (549)
Operating profit before tax attributable to shareholders' profits
(excluding Delta Lloyd as an associate) 2,049 290 2,339 1,926 239 2,165
Share of operating profit (before tax) of Delta Lloyd as an associate — — — 112 — 112
Operating profit before tax attributable to shareholders' profits 2,049 290 2,339 2,038 239 2,277
Integration and restructuring costs 7 (363) (3) (366) (461) (7) (468)
Operating profit before tax attributable to shareholders' profits
after integration and restructuring costs 1,686 287 1,973 1,577 232 1,809
Adjusted for the following:
Investment return variances and economic assumption changes on
life business 9 (49) 452 403 (620) 342 (278)
Short-term fluctuation in return on investments on non-life business 10a (336) — (336) 7 — 7
Economic assumption changes on general insurance and health business 10a 33 — 33 (21) — (21)
Impairment of goodwill, associates and
j
oint ventures and other
amounts expensed 17a, 19, 20 (77) — (77) (60) (782) (842)
Amortisation and impairment of intangibles (91) (9) (100) (128) (129) (257)
Profit/(loss) on the disposal and remeasurement of subsidiaries,
j
oint
ventures and associates 4b 115 808 923 (164) (2,359) (2,523)
Non-operating items before tax (excluding Delta Lloyd as
an associate) (405) 1,251 846 (986) (2,928) (3,914)
Share of Delta Lloyd's non-operating items (before tax) as an associate — — — (523) — (523)
Non-operating items before tax (405) 1,251 846 (1,509) (2,928) (4,437)
Share of Delta Lloyd's tax expense, as an associate — — — 107 — 107
Profit/(loss) before tax attributable to shareholders' profits 1,281 1,538 2,819 175 (2,696) (2,521)
Tax on operating profit 15a(i) (534) (83) (617) (499) (78) (577)
Tax on other activities 15a(i) 131 (182) (51) 238 (74) 164
(403) (265) (668) (261) (152) (413)
Profit/(loss) for the year 878 1,273 2,151 (86) (2,848) (2,934)
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 of
£150 million for 2012 with a corresponding decrease in other comprehensive income. 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.