Preliminary results - 12 months ended 31 December 2005
Summarised consolidated income statement – IFRS basis
For the year ended 31 December 2005
| 2005 €m |
2005 £m |
2004 £m |
|
|---|---|---|---|
| Income | |||
| All profit is from continuing operations. | |||
| 36,738 | Premiums written net of reinsurance | 24,982 | 23,351 |
| 36,557 | Net premiums earned | 24,859 | 23,175 |
| 2,716 | Fee and commission income | 1,847 | 1,268 |
| 34,886 | Net investment income | 23,722 | 15,733 |
| 526 | Share of profit after tax of joint ventures and associates | 358 | 242 |
| 225 | Other income | 153 | 34 |
| 74,910 | 50,939 | 40,452 | |
| Expenses | |||
| (28,979) | Claims and benefits paid, net of recoveries from reinsurers | (19,706) | (17,799) |
| (15,259) | Change in insurance liabilities, net of reinsurance | (10,376) | (6,104) |
| (11,491) | Change in investment contract provisions | (7,814) | (5,635) |
| (2,168) | Change in unallocated divisible surplus | (1,474) | (1,330) |
| (6,362) | Fee and commission expense | (4,326) | (4,471) |
| (4,681) | Other expenses | (3,184) | (2,566) |
| (896) | Finance costs | (609) | (522) |
| 5,074 | Profit before tax | 3,450 | 2,025 |
| (1,356) | Tax attributable to policyholders’ returns | (922) | (383) |
| 3,718 | Profit before tax attributable to shareholders’ profits | 2,528 | 1,642 |
| Tax expense | |||
| (1,692) | United Kingdom tax | (1,150) | (280) |
| (591) | Overseas tax | (402) | (374) |
| (2,283) | (1,552) | (654) | |
| 1,356 | Less: tax attributable to policyholders’ returns | 922 | 383 |
| (927) | Tax attributable to shareholders’ profits | (630) | (271) |
| 2,791 | Profit for the year | 1,898 | 1,371 |
| Attributable to: | |||
| 2,598 | Equity shareholders of Aviva plc | 1,767 | 1,275 |
| 193 | Minority interests | 131 | 96 |
| 2,791 | 1,898 | 1,371 | |
| 2005 | 2005 | 2004 | |
|---|---|---|---|
| Earnings per share – IFRS basis | |||
| 108.1c | Basic (pence per share) | 73.5p | 55.8p |
| 107.2c | Diluted (pence per share) | 72.9p | 55.3p |
Subsequent to 31 December 2005, the directors proposed a final dividend for 2005 of 17.44p (final 2004: 16.00p) per ordinary share, amounting to £418 million (final 2004: £364 million) in total. Subject to the approval by shareholders at the AGM, the dividend will be paid on 17 May 2006 and will be accounted for as an appropriation of retained earnings in the year ending 31 December 2006.
During 2005 the directors declared a final dividend for 2004 of 16.00p per ordinary share (final 2003: 15.15p) and an interim dividend for 2005 of 9.83p per ordinary share (interim 2004: 9.36p) totalling £364 million (2004: £342 million) and £233 million (2004: £211 million) respectively.
