Aviva 2014 Annual Report Download - page 136

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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 continued
132
Reconciliation of Group operating profit to profit for the year
For the year ended 31 December 2014
2014
£m
2013
£m
Note
Continuing
operations
Continuing
operations
Discontinued
operations1
Operating profit before tax attributable to shareholders' profits
Life business 1,979 1,901 272
General insurance and health 808 797
—
Fund management 86 93 31
Other:
Other operations (105) (90) (4)
Corporate centre (132) (150)
—
Group debt costs and other interest (463) (502) (9)
Operating profit before tax attributable to shareholders' profits 2,173 2,049 290
Integration and restructuring costs 7 (140) (363) (3)
Operating profit before tax attributable to shareholders' profits after integration and
restructuring costs 2,033 1,686 287
Adjusted for the following:
Investment return variances and economic assumption changes on long-term business 9 72 (49) 452
Short-term fluctuation in return on investments on non-long-term business 10a 261 (336)
—
Economic assumption changes on general insurance and health business 10a (145) 33
—
Impairment of goodwill, associates and joint ventures and other amounts expensed 17a, 20 (24) (77)
—
Amortisation and impairment of intangibles (90) (91) (9)
Profit on the disposal and remeasurement of subsidiaries, joint ventures and associates 4b 174 115 808
Non-operating items before tax 248 (405) 1,251
Profit before tax attributable to shareholders' profits 2,281 1,281 1,538
Tax on operating profit 15a(i) (561) (534) (83)
Tax on other activities 15a(i) (40) 131 (182)
(601) (403) (265)
Profit after tax 1,680 878 1,273
Profit from discontinued operations1 58 1,273
Profit for the year 1,738 2,151
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.
132 | Aviva plc Annual report and accounts 2014