Aviva 2013 Annual Report Download - page 178

Aviva plc
Annual report and accounts 2013
176
Notes to the consolidated financial statements continued
27 – Financial investments continued
(f) Exposure to worldwide banks – debt securities
Direct shareholder and participating fund assets exposures to worldwide bank debt securities (net of non-controlling
interests, excluding policyholder assets)
Shareholder assets Participatin
g
fund assets
2013
Total
senior debt
£bn
Total
subordinated
debt
£bn
Total
debt
£bn
Total
senior debt
£bn
Total
subordinated
debt
£bn
Total
debt
£bn
Austria — — — 0.2 — 0.2
France 0.2 — 0.2 3.4 0.9 4.3
Germany — — — 0.5 0.5 1.0
Italy 0.1 0.1 0.2 0.3 0.1 0.4
Netherlands 0.2 0.2 0.4 1.8 0.1 1.9
Spain 0.8 0.1 0.9 0.9 0.1 1.0
United Kingdom 0.6 0.3 0.9 0.7 0.9 1.6
United States 0.5 0.1 0.6 1.0 0.1 1.1
Other 0.4 0.3 0.7 1.7 0.5 2.2
Total 2.8 1.1 3.9 10.5 3.2 13.7
Less: assets of operations classified as held for sale — — — — — —
Total (excluding assets held for sale) 2.8 1.1 3.9 10.5 3.2 13.7
2012 Total 4.2 2.3 6.5 11.7 3.9 15.6
Net of non-controlling interests, our direct shareholder assets exposure to worldwide bank debt securities is £3.9 billion. The
reduction from 2012 is principally driven by the disposal of our US business during 2013. The majority of our holding (72%) is in
senior debt. The primary exposures are to Spain (23%), UK (23%) and US (15%) banks. Net of non-controlling interests, our direct
shareholder asset exposure to worldwide bank equity securities is £0.3 billion. Our holdings include strategic holdings in Italian
banks of £132 million.
Net of non-controlling interests, the participating fund exposures to worldwide bank debt securities, where the risk to our
shareholders is governed by the nature and extent of our participation within those funds, is £13.7 billion. The majority of the
exposure (77%) is in senior debt. Participating funds are the most exposed to French (31%), Dutch (14%) and UK (12%) banks.
Direct shareholder and participating fund assets exposures to worldwide bank debt securities (gross of non-controlling
interests, excluding policyholder assets)
Shareholder assets Participatin
g
fund assets
2013
Total
senior debt
£bn
Total
subordinated
debt
£bn
Total
debt
£bn
Total
senior debt
£bn
Total
subordinated
debt
£bn
Total
debt
£bn
Austria — — — 0.2 — 0.2
France 0.2 — 0.2 3.8 0.9 4.7
Germany 0.1 — 0.1 0.6 0.5 1.1
Italy 0.1 0.1 0.2 0.7 0.1 0.8
Netherlands 0.2 0.2 0.4 1.8 0.2 2.0
Spain 1.1 0.1 1.2 1.2 0.1 1.3
United Kingdom 0.6 0.3 0.9 0.8 1.0 1.8
United States 0.5 0.2 0.7 1.0 0.1 1.1
Other 0.5 0.3 0.8 2.0 0.6 2.6
Total 3.3 1.2 4.5 12.1 3.5 15.6
Less: assets of operations classified as held for sale — — — — — —
Total (excluding assets held for sale) 3.3 1.2 4.5 12.1 3.5 15.6
2012 Total 4.9 2.4 7.3 13.3 4.4 17.7
Gross of non-controlling interests, our direct shareholder assets exposure to worldwide bank debt securities is £4.5 billion. The
majority of our holding (73%) is in senior debt. The primary exposures are to Spain (27%), UK (20%) and US (16%) banks. Gross
of non-controlling interests, our direct shareholder asset exposure to worldwide bank equity securities is £0.4 billion. Our holdings
include strategic holdings in Italian banks of £258 million.
Gross of non-controlling interests, the participating fund exposures to worldwide bank debt securities, where the risk to our
shareholders is governed by the nature and extent of our participation within those funds, is £15.6 billion. The majority of the
exposure (78%) is in senior debt. Participating funds are the most exposed to French (30%), Dutch (13%) and UK (12%) banks.