Aviva 2013 Annual Report Download - page 136

Aviva plc
Annual report and accounts 2013
134
Notes to the consolidated financial statements continued
4 – Subsidiaries continued
2013
£m
Assets
Intangible assets 77
Investment property 13
Financial Investments 2,955
Reinsurance assets 249
Prepayments and accrued income 9
Other assets 77
Cash and cash equivalents 362
Total assets 3,742
Liabilities
Insurance liabilities 1,338
Liability for investment contracts 1,955
Other liabilities 166
Total liabilities 3,459
Net assets disposed of 283
ALHI non-controlling interest purchase liability settled 166
Cash consideration 117
Less: Transaction costs (6)
Net consideration 277
Currency translation reserve recycled to the income statement 93
Profit on disposal 87
(ii) Spanish long-term business – Aseval
On 18 December 2012 Aviva reached a settlement with Bankia S.A. (“Bankia”) to transfer the Group’s 50% interest in its
subsidiary Aseval Aseguradora Valenciana, Sociedad Anónima de Seguros y Reaseguros (“Aseval”), a Spanish life assurance
company, to Bankia. Aseval was classified as held for sale at this date.
On 24 April 2013 the Group disposed of its entire holding in Aseval to Bankia for cash consideration of £502 million resulting
in a profit on disposal of £197 million, calculated as follows:
2013
£m
Assets
Goodwill 189
Intangible assets 11
Financial Investments 2,378
Reinsurance assets 6
Receivables and other financial assets 12
Prepayments and accrued income 35
Other assets 10
Cash and cash equivalents 75
Total assets 2,716
Liabilities
Insurance liabilities 2,008
Payables and other financial liabilities 76
Other liabilities 120
Total liabilities 2,204
Net assets 512
Non-controlling interests before disposal (158)
Group’s Share of net assets disposed of 354
Cash consideration1 502
Less: transaction costs (5)
Net consideration 497
Currency translation reserve recycled to the income statement 54
Profit on disposal 197
1 Cash consideration of £502 million above includes a loss of £16 million related to hedging the currency exposure on expected proceeds of the sale.