Aviva 2013 Annual Report Download - page 264

Aviva plc
Annual report and accounts 2013
262
Selected consolidated financial data
This data is derived from our consolidated financial statements which have been prepared and approved by the directors in
accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB)
and as endorsed by the European Union (EU).
On 2 October 2013 the Group completed the sale of its US Life and related internal asset management operations, which
have been shown as discontinued operations in the income statement, statement of comprehensive income and statement of
cash flows.
The results presented as discontinued operations for 2011 and preceding years also include the results of Delta Lloyd N.V.,
which was deconsolidated during 2011. Between May 2011 and July 2012 Delta Lloyd was accounted for as an associate within
continuing operations. In July 2012, following a further sell-down, the Group’s shareholding fell below 20% and from July 2012
Delta Lloyd was treated as a financial investment within continuing operations at fair value through profit and loss. The Group sold
its remaining shareholding in Delta Lloyd in January 2013.
Restatements
Following the adoption of IAS 19 — Employee benefits (revised), the Group has retrospectively applied the changes to all the
comparative periods in these financial statements. This has led to an increase in profit before tax of £150 million for 2012, £97
million in 2011, £48 million in 2010 and £79 million in 2009, with a corresponding decrease in other comprehensive income.
For further detail of the impact of the restatement please see note 1.
Following the adoption of IFRS 10 — Consolidated financial statements, the Group has retrospectively applied the change to
2012. There is no impact on the result for 2012 as a result of this restatement.
Income statement data
Amounts in accordance with IFRS
Continuing operations
2013
£m
Restated
2012
£m
Restated
2011
£m
Restated
2010
£m
Restated
2009
£m
Income
Gross written premiums 22,035 22,744 26,255 27,192 25,690
Premiums ceded to reinsurers (1,546) (1,571) (1,548) (1,606) (2,294)
Premiums written net of reinsurance 20,489 21,173 24,707 25,586 23,396
Net change in provision for unearned premiums 134 (16) (236) (72) 552
Net earned premiums 20,623 21,157 24,471 25,514 23,948
Fee and commission income 1,279 1,273 1,465 1,451 1,552
Net investment income 12,509 21,135 4,373 16,746 19,902
Share of profit/(loss) after tax of joint ventures and associates 120 (255) (123) 141 (463)
Profit/(loss) on the disposal and remeasurement of subsidiaries, joint ventures and associates 115 (164) 565 163 122
34,646 43,146 30,751 44,015 45,061
Expenses
Claims and benefits paid, net of recoveries from reinsurers (22,093) (23,601) (24,380) (22,240) (21,080)
Change in insurance liabilities, net of reinsurance 2,493 (430) (2,284) (2,837) (1,119)
Change in investment contract provisions (7,050) (4,450) 1,478 (9,212) (11,096)
Change in unallocated divisible surplus 280 (6,316) 2,721 362 (1,479)
Fee and commission expense (3,975) (4,457) (4,326) (5,500) (4,081)
Other expenses (2,220) (2,843) (2,779) (2,116) (3,583)
Finance costs (609) (653) (711) (634) (675)
(33,174) (42,750) (30,281) (42,177) (43,113)
Profit/(loss) before tax 1,472 396 470 1,838 1,948
Tax attributable to policyholders’ returns (191) (221) 178 (394) (217)
Profit/(loss) before tax attributable to shareholders’ profits 1,281 175 648 1,444 1,731
Tax attributable to shareholders' profits (403) (261) (159) (358) (443)
Profit/(loss) after tax from continuing operations 848 (86) 489 1,086 1,288
Profit/(loss) after tax from discontinued operations 1,273 (2,848) (357) 841 103
Total profit/(loss) for the year 2,151 (2,934) 132 1,927 1,391
Amounts in accordance with IFRS Per share Per share Per share Per share Per share
Profit/(loss) per share attributable to equity shareholders:
Basic (pence per share) 65.3p (109.1)p 8.3p 51.7p 40.6p
Diluted (pence per share) 64.5p (109.1)p 8.1p 50.8p 40.3p
Continuing operations
–
Basic (pence per share) 22.0p (11.2)p 13.6p 38.9p 38.1p
Continuing operations
–
Diluted (pence per share) 21.8p (11.2)p 13.4p 38.2p 37.8p
Per share Per share Per share Per share Per share
Dividends per share 15.0 19.0 26.0 25.5 24.0
Millions Millions Millions Millions Millions
Number of shares in issue at 31 December 2,947 2,946 2,906 2,820 2,767
Weighted average number of shares in issue for the year 2,940 2,910 2,845 2,784 2,705