Aviva 2014 Annual Report Download - page 152

Aviva plc Annual report and accounts 2014
Notes to the consolidated financial statements continued
148
5 – Segmental information continued
(b) (ii) Segmental income statement – products and services for the year ended 31 December 2013
Long-term
business
£m
General
insurance and
health2
£m
Fund
management
£m
Other
£m
Total
£m
Gross written premiums1 12,674 9,361 —
—
22,035
Premiums ceded to reinsurers (905) (641) —
—
(1,546)
Premiums written net of reinsurance 11,769 8,720 —
—
20,489
Net change in provision for unearned premiums
—
134 —
—
134
Net earned premiums 11,769 8,854 —
—
20,623
Fee and commission income 656 80 292 251 1,279
12,425 8,934 292 251 21,902
Net investment income/(expense) 12,184 349 3 (27) 12,509
Inter-segment revenue
—
— 143
—
143
Share of profit of joint ventures and associates 117 3 —
—
120
(Loss)/profit on the disposal and remeasurement of subsidiaries, joint ventures and associates 125 (10) —
—
115
Segmental income 24,851 9,276 438 224 34,789
Claims and benefits paid, net of recoveries from reinsurers (16,333) (5,760) —
—
(22,093)
Change in insurance liabilities, net of reinsurance 2,519 (26) —
—
2,493
Change in investment contract provisions (7,050) — —
—
(7,050)
Change in unallocated divisible surplus 280 — —
—
280
Fee and commission expense (1,078) (2,492) (34) (371) (3,975)
Other expenses (764) (495) (369) (592) (2,220)
Inter-segment expenses (134) (9) —
—
(143)
Finance costs (219) (11) (4) (375) (609)
Segmental expenses (22,779) (8,793) (407) (1,338) (33,317)
Profit
/
(loss) before tax from continuing operations 2,072 483 31 (1,114) 1,472
Tax attributable to policyholder returns (191) — —
—
(191)
Profit/(loss) before tax attributable to shareholders' profits from continuing operations 1,881 483 31 (1,114) 1,281
Adjusted for:
Non-operating items from continuing operations 20 314 62 372 768
Operating profit/(loss) before tax attributable to shareholders' profits
from continuing operations 1,901 797 93 (742) 2,049
Operating profit/(loss) before tax attributable to shareholders' profits
from discontinued operations3 272 — 31 (13) 290
Operating profit/(loss) before tax attributable to shareholders' profits 2,173 797 124 (755) 2,339
1 Gross written premiums include inward reinsurance premiums assumed from other companies amounting to £246 million, of which £142 million relates to property and liability insurance and £104 million relates to long-term
business.
2 General insurance and health business segment includes gross written premiums of £1,196 million relating to health business. The remaining business relates to property and liability insurance.
3 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). For further details see note 4.
148 | Aviva plc Annual report and accounts 2014