Aviva 2014 Annual Report Download - page 275

Aviva plc Annual report and accounts 2014
271
Investments held at 31 December 2014 and 31 December 2013 are listed below:
2014
Policyholder
assets
£m
Participating
fund assets
£m
Shareholder
assets
£m
Total
assets
analysed
£m
Less
assets of
operations
classified
as held
for sale
£m
Carrying
value in the
statement
of financial
position
£m
Investment property 4,019 4,610 296 8,925
—
8,925
Loans 302 4,288 20,670 25,260
—
25,260
Financial investments
Debt securities 13,628 82,230 35,803 131,661
—
131,661
Equity securities 26,324 8,813 482 35,619
—
35,619
Other investments 27,181 6,145 2,032 35,358
—
35,358
Total 71,454 106,086 59,283 236,823 — 236,823
Total % 30.2% 44.8% 25.0% 100.0% — 100.0%
2013 Restated 69,294 106,798 53,940 230,032 (2,675) 227,357
2013 Restated % 30.2% 46.4% 23.4% 100.0% — 100.0%
As the table indicates, approximately 25.0% of total investments can be directly attributed to shareholders. The apportionment of
our shareholder assets is predominantly weighted towards debt securities and loans. In comparison, policyholder and participating
funds contain a greater proportion of equities and other investments (e.g. unit trusts), reflecting the underlying investment
mandates.
We carry investments on our statement of financial position at either fair value or amortised cost. At 31 December 2014,
approximately 98% of the Group’s total investments were carried at fair value on the statement of financial position.
Financial investment balances included in the remainder of these disclosures include financial investments of operations
classified as held for sale. For more information about financial investments analysed according to their accounting classification
and valuation approach, as well as the cost, unrealised gains and losses, impairments, fair value and other information concerning
financial investments, see ‘IFRS Financial statements– Note 27 – Financial investments’.
Debt securities
Participating fund asset and shareholder debt securities analysed by credit rating and sector
Participating fund asset and shareholder debt securities analysed by credit rating and product type as at 31 December 2014 are set
out in the table below. Government and corporate debt securities are further analysed by type of issuer.
Ratings
2014 – Participating fund assets
AAA
£m
AA
£m
A
£m
BBB
£m
Less than
BBB
£m
Non-rated
£m
Total
£m
Government
UK Government
—
10,842
—
— — 8 10,850
Non-UK Government 6,758 14,121 1,655 9,502 339 63 32,438
Corporate
Public utilities
—
48 1,575 2,252 140 192 4,207
Convertibles and bonds with warrants
—
—
—
160 — 10 170
Other corporate bonds 3,144 4,714 9,457 7,674 1,153 2,409 28,551
Certificate of deposits — 396 175 2 61 49 683
Structured 731 65 187 81 16 1 1,081
Wrapped credit — 13 45 21 — — 79
Other 527 285 1,446 1,163 327 423 4,171
Total 11,160 30,484 14,540 20,855 2,036 3,155 82,230
Total % 13.6% 37.1% 17.7% 25.3% 2.5% 3.8% 100.0%
2013 10,236 27,796 13,733 23,289 2,421 3,135 80,610
2013 % 12.7% 34.5% 17.0% 28.9% 3.0% 3.9% 100.0%
Other information
Aviva plc Annual report and accounts 2014 |271