Aviva 2014 Annual Report Download - page 150

Aviva plc Annual report and accounts 2014
Notes to the consolidated financial statements continued
146
5 – Segmental information continued
(a) (iv) Segmental statement of financial position as at 31 December 2013 – (Restated)1
United Kingdom &
Ireland Europe
Life
£m
GI
£m
France
£m
Poland
£m
Italy, Spain
and Other
£m
Canada
£m
Asia
£m
Aviva
Investors
£m
Other
Group
activities
£m
Total
£m
Goodwill — 1,039
—
9 303 49 49 27
—
1,476
Acquired value of in-force business and intangible
assets 148 2 122 8 637 58 2 48 43 1,068
Interests in, and loans to, joint ventures and
associates 1,001
—
153 9 94
—
210 —
—
1,467
Property and equipment 22 20 229 2 5 12 4 1 18 313
Investment property 6,364 7 1,545
—
2
—
— 982 551 9,451
Loans 22,629 270 852
—
23 76 29 —
—
23,879
Financial investments 90,646 4,696 65,601 3,045 20,469 3,402 2,756 687 2,725 194,027
Deferred acquisition costs 1,316 456 229 23 100 268 4 — 1 2,397
Other assets 19,620 4,167 11,051 220 1,967 1,081 343 532 5,455 44,436
Assets of operations classified as held for sale —
—
—
—
3,042
—
62 — 9 3,113
Total assets 141,746 10,657 79,782 3,316 26,642 4,946 3,459 2,277 8,802 281,627
Insurance liabilities
Long-term business and outstanding claims
provisions 67,484 5,657 16,185 2,640 9,575 2,372 2,142 — 45 106,100
Unearned premiums 248 2,094 404 43 298 1,088 50 — 1 4,226
Other insurance liabilities — 84 50
—
1 92 — — 2 229
Liability for investment contracts 54,679
—
49,856 14 9,750
—
— 1,759
—
116,058
Unallocated divisible surplus 1,857
—
4,292 72 342
—
150 —
—
6,713
Net asset value attributable to unitholders 287
—
3,032
—
324
—
— — 6,719 10,362
External borrowings 2,620
—
—
—
72
—
— — 5,127 7,819
Other liabilities, including inter-segment liabilities 8,489 (3,337) 3,782 114 963 411 354 272 5,032 16,080
Liabilities of operations classified as held for sale —
—
—
—
3,003
—
20 —
—
3,023
Total liabilities 135,664 4,498 77,601 2,883 24,328 3,963 2,716 2,031 16,926 270,610
Total equity 11,017
Total equity and liabilities 281,627
1 The statement of financial position has been restated following the adoption of amendments to IAS 32 ‘Financial Instruments: Presentation’ – see note 1 for details. There is no impact on the result or the total equity
for any period presented as a result of this statement.
(b) Further analysis by products and services
The Group’s results can be further analysed by products and services which comprise long-term business, general insurance and
health, fund management and other activities.
Long-term business
Our long-term business comprises life insurance, long-term health and accident insurance, savings, pensions and annuity business
written by our life insurance subsidiaries, including managed pension fund business. Long-term business also includes our share of
the other life and related business written in our associates and joint ventures, as well as lifetime mortgage business written in the
UK.
General insurance and health
Our general insurance and health business provides insurance cover to individuals and to small and medium sized businesses, for
risks associated mainly with motor vehicles, property and liability, such as employers’ liability and professional indemnity liability,
and medical expenses.
Fund management
Our fund management business invests policyholders’ and shareholders’ funds and provides investment management services for
institutional pension fund mandates. It manages a range of retail investment products, including investment funds, unit trusts,
OEICs and ISAs. Clients include Aviva Group businesses and third-party financial institutions, pension funds, public sector
organisations, investment professionals and private investors.
Other
Other includes service companies, head office expenses such as Group treasury and finance functions, and certain financing costs
and taxes not allocated to business segments.
Discontinued operations
In the products and services analysis, the results of US Life (including the related internal asset management business) for
comparative periods are presented as discontinued operations up to the date of disposal in October 2013.
146 | Aviva plc Annual report and accounts 2014