Aviva 2014 Annual Report Download - page 180

Aviva plc Annual report and accounts 2014
Notes to the consolidated financial statements continued
176
26 – Interests in structured entities continued
2014 20132
Assets Under
Management
£m
Investment
Management
Fees
£m
Assets Under
Management
£m
Investment
Management
Fees
£m
Investment funds1 10,251 92 23,730 94
Specialised investment vehicles: 2,831 12 2,301 9
A
nalysed as:
OEICs 1,185 5 1,211 3
PLPs 1,609 7 1,051 5
SICAVs 37 — 39 1
Total 13,082 104 26,031 103
1 Investment funds relate to the Group’s Spanish and Polish pension funds. 31 December 2013 AUM includes funds managed by the Group’s US external mutual fund management business which was sold in 2014.
2 2013 figures have been restated to include certain externally owned funds which had been excluded from this disclosure in the prior year. The net impact on assets under management has been an increase of £805 million.
27 – Financial investments
This note analyses our financial investments by type and shows their cost and fair value. These will change from one period to the
next as a result of new business written, claims paid and market movements.
(a) Carrying amount
Financial investments comprise:
2014
Restated1
2013
At fair value through
profit or loss
At fair value through
profit or loss
Trading
£m
Other than
trading
£m
Available
for sale
£m
Total
£m
Trading
£m
Other than
trading
£m
Available for
sale
£m
Total
£m
Fixed maturity securities
Debt securities
UK government
—
20,590
—
20,590 — 17,297
—
17,297
UK local authorities
—
18
—
18 — 133
—
133
Non-UK government (note 27e)
—
44,140 815 44,955 — 43,113 781 43,894
Corporate bonds
Public utilities
—
8,419 24 8,443 — 7,988 25 8,013
Other corporate
—
47,003 182 47,185 — 48,820 255 49,075
Convertibles and bonds with warrants attached
—
170
—
170 — 310 79 389
Other
—
8,177
—
8,177 — 7,070
—
7,070
—
128,517 1,021 129,538 — 124,731 1,140 125,871
Certificates of deposit
—
2,123
—
2,123 — 934
—
934
— 130,640 1,021 131,661 — 125,665 1,140 126,805
Equity securities
Ordinary shares
Public utilities
—
2,929
—
2,929 — 3,716
—
3,716
Banks, trusts and insurance companies
—
7,267 8 7,275 — 7,968 39 8,007
Industrial miscellaneous and all other
—
25,127 2 25,129 — 25,258 2 25,260
—
35,323 10 35,333 — 36,942 41 36,983
Non-redeemable preference shares
—
286
—
286 — 397
—
397
— 35,609 10 35,619 — 37,339 41 37,380
Other investments
Unit trusts and other investment vehicles
—
29,636 4 29,640 — 28,599 7 28,606
Derivative financial instruments (note 59) 4,088
—
—
4,088 2,124 —
—
2,124
Deposits with credit institutions
—
539
—
539 — 598 3 601
Minority holdings in property management undertakings
—
754
—
754 — 796
—
796
Other investments
–
long-term
—
335 1 336 — 386 3 389
Other investments
–
short-term
—
1
—
1— 1
—
1
4,088 31,265 5 35,358 2,124 30,380 13 32,517
Total financial investments 4,088 197,514 1,036 202,638 2,124 193,384 1,194 196,702
Less assets classified as held for sale
Fixed maturity securities
—
—
—
—
— (2,413) (7) (2,420)
Equity securities
—
—
—
—
— (54)
—
(54)
Other investments
—
—
—
—
— (201)
—
(201)
—
—
—
—
— (2,668) (7) (2,675)
4,088 197,514 1,036 202,638 2,124 190,716 1,187 194,027
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 restatement
Of the above total, £120,743 million (2013 restated: £115,278 million) is due to be recovered in more than one year after the
statement of financial position date.
Other debt securities of £8,177 million (2013: £7,070 million) include residential and commercial mortgage-backed securities,
as well as other structured credit securities.
176 | Aviva plc Annual report and accounts 2014