Aviva 2014 Annual Report Download - page 134

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Aviva plc Annual report and accounts 2014
The accounting policies (identified alphabetically) on pages 117 to 129 and notes (identified numerically on pages 137 to 237 are
an integral part of the financial statements.
Consolidated financial statements
130
Consolidated income statement
For the year ended 31 December 2014
2014
£m
2013
£m
Note
Continuing
operations
Continuing
operations
Discontinued
operations1
Income 6
Gross written premiums 21,670 22,035 1,589
Premiums ceded to reinsurers (1,614) (1,546) (100)
Premiums written net of reinsurance 20,056 20,489 1,489
Net change in provision for unearned premiums 1 134
—
Net earned premiums H 20,057 20,623 1,489
Fee and commission income I & J 1,230 1,279 28
Net investment income K 21,889 12,509 2,340
Share of profit after tax of joint ventures and associates 147 120
—
Profit on the disposal and remeasurement of subsidiaries, joint ventures and associates 4b 174 115 808
43,497 34,646 4,665
Expenses 7
Claims and benefits paid, net of recoveries from reinsurers (19,474) (22,093) (2,037)
Change in insurance liabilities, net of reinsurance 41a(ii) (5,570) 2,493 (312)
Change in investment contract provisions (6,518) (7,050) (31)
Change in unallocated divisible surplus 46 (3,364) 280
—
Fee and commission expense (3,389) (3,975) (438)
Other expenses (1,979) (2,220) (293)
Finance costs 8 (540) (609) (16)
(40,834) (33,174) (3,127)
Profit before tax 2,663 1,472 1,538
Tax attributable to policyholders' returns 14d (382) (191) —
Profit before tax attributable to shareholders' profits 2,281 1,281 1,538
Tax expense AC & 14 (983) (594) (265)
Less: tax attributable to policyholders' returns 14d 382 191
—
Tax attributable to shareholders' profits (601) (403) (265)
Profit after tax 1,680 878 1,273
Profit from discontinued operations 58 1,273
Profit for the year 1,738 2,151
Attributable to:
Equity shareholders of Aviva plc 1,569 2,008
Non-controlling interests 39 169 143
Profit for the year 1,738 2,151
Earnings per share AG & 15
Basic (pence per share) 50.4p 65.3p
Diluted (pence per share) 49.6p 64.5p
Continuing operations
–
Basic (pence per share) 48.4p 22.0p
Continuing operations
–
Diluted (pence per share) 47.7p 21.8p
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). See note 4 for further details.
130 | Aviva plc Annual report and accounts 2014