Preliminary results - 12 months ended 31 December 2006 01 March 2007
16. Segmental information
(a) Segmental results – primary reporting format – business segments
The principal activity of the Group is financial services, which is managed using the following reportable segments: long-term business, fund management, general insurance and health.
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 and our share of the other life and related business written in our associates and joint ventures, as well as the lifetime mortgage business written in the United Kingdom.
Fund management activities
Our fund management business invests policyholders' and shareholders' funds, provides investment management services for institutional pension fund mandates and 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.
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.
Other
Other activities not related to the core business segments or which are not reportable segments due to their immateriality, such as RAC non-insurance operations, our banking businesses and service companies are included as "Other" in the following tables. Head office expenses, such as Group treasury and finance functions are also reported as "Other", together with eliminations and any other reconciling items. Certain financing costs and taxes are not allocated among the segments.
The accounting policies of the segments are the same as those for the Group as a whole. Any transactions between the business segments are on normal commercial terms and market conditions.
Segment assets and liabilities comprise operating assets and liabilities, being the majority of the balance sheet but excluding items such as tax and certain borrowings.
(b) Segmental results of the income statement – primary reporting format – business segments for the year ended 31 December 2006
| Long-term business £m | Fund management £m | General insurance and health £m | Other £m | Total £m | |
|---|---|---|---|---|---|
| Segment income from external customers: | |||||
| Net written premiums | 16,532 | - | 10,702 | - | 27,234 |
| Net earned premiums | 16,532 | - | 10,795 | - | 27,327 |
| Fee and commission income | 630 | 452 | 172 | 616 | 1,870 |
| 17,162 | 452 | 10,967 | 616 | 29,197 | |
| Net investment income | 13,928 | 17 | 1,299 | 229 | 15,473 |
| Inter-segment revenue | - | 199 | - | - | 199 |
| Profit on the disposal of subsidiaries and associates | 12 | - | 88 | 122 | 222 |
| Segment income | 31,102 | 668 | 12,354 | 967 | 45,091 |
| Claims and benefits paid, net of recoveries from reinsurers | (16,523) | - | (6,921) | - | (23,444) |
| Change in insurance liabilities, net of reinsurance | (2,594) | - | (26) | - | (2,620) |
| Change in investment contract provisions | (6,002) | - | - | - | (6,002) |
| Change in unallocated divisible surplus | (558) | - | - | - | (558) |
| Fee and commission expense | (2,125) | (111) | (2,742) | (65) | (5,043) |
| Other operating expenses | |||||
| Depreciation | (12) | (3) | (19) | (89) | (123) |
| Amortisation of acquired value of in-force business | (58) | - | - | - | (58) |
| Net impairment of acquired value of in-force business | (28) | - | - | - | (28) |
| Amortisation and net impairment of intangible assets | (32) | (1) | (18) | (19) | (70) |
| Impairment of goodwill | - | - | - | (94) | (94) |
| Other impairment losses recognised in the income statement | 6 | - | (5) | (1) | - |
| Inter-segment expense | (190) | - | (8) | (1) | (199) |
| Other expenses | (990) | (392) | (806) | (996) | (3,184) |
| Finance costs | (367) | - | (3) | (230) | (600) |
| Segment expenses | (29,473) | (507) | (10,548) | (1,495) | (42,023) |
| Segment result before share of profit/(loss) of joint ventures and associates | 1,629 | 161 | 1,806 | (528) | 3,068 |
| Share of profit/(loss) of joint ventures and associates | 471 | (7) | 5 | 16 | 485 |
| Segmental result before tax | 2,100 | 154 | 1,811 | (512) | 3,553 |
| Unallocated costs: | |||||
| Finance costs on central borrowings | (230) | ||||
| Tax attributable to policyholders’ returns | (346) | ||||
| Tax attributable to shareholders’ profits | (588) | ||||
| Total unallocated expenses | (1,164) | ||||
| Profit for the year | 2,389 |
Finance costs on central borrowings comprise interest payable on borrowings by holding companies within the Group which are not allocated to operating companies.
Proforma reconciliation to operating profit before tax attributable to shareholders’ profits
| Long-term business £m | Fund management £m | General insurance and health £m | Other £m | Total £m | |
|---|---|---|---|---|---|
| Segment result before tax | 2,100 | 154 | 1,811 | (512) | 3,553 |
| Finance costs on central borrowings | - | - | (2) | (228) | (230) |
| Adjusted for the following items: | |||||
| Impairment of goodwill | - | - | - | 94 | 94 |
| Amortisation and impairment of acquired value of in-force business | 100 | - | - | - | 100 |
| Amortisation and impairment of intangible assets | 32 | 1 | 18 | 19 | 70 |
| Financial Services Compensation Scheme and other levies | - | - | (6) | - | (6) |
| Short-term fluctuation in return on investments backing general insurance and health business | - | - | (149) | - | (149) |
| Profit on the disposal of subsidiaries and associates | (12) | - | (88) | (122) | (222) |
| Integration and restructuring costs | 21 | - | 95 | 130 | 246 |
| Unallocated interest and corporate costs reallocation | 1 | - | 1 | (2) | - |
| 2,242 | 155 | 1,680 | (621) | 3,456 | |
| Less: | |||||
| Tax attributable to policyholders’ returns | (346) | - | - | - | (346) |
| Operating profit before tax attributable to shareholders’ profits | 1,896 | 155 | 1,680 | (621) | 3,110 |
(c) Segmental results of the income statement – primary reporting format – business segments for the year ended 31 December 2005
| Long-term business £m | Fund management £m | General insurance and health £m | Other £m | Total £m | |
|---|---|---|---|---|---|
| Segment income from external customers: | |||||
| Net written premiums | 14,671 | - | 10,311 | - | 24,982 |
| Net earned premiums | 14,671 | - | 10,188 | - | 24,859 |
| Fee and commission income | 598 | 318 | 218 | 717 | 1,851 |
| 15,269 | 318 | 10,406 | 717 | 26,710 | |
| Net investment income | 21,985 | 15 | 1,603 | 119 | 23,722 |
| Inter-segment revenue | - | 112 | - | - | 112 |
| (Loss)/profit on the disposal of subsidiaries and associates | (10) | - | 41 | 122 | 153 |
| Segment income | 37,244 | 445 | 12,050 | 958 | 50,697 |
| Claims and benefits paid, net of recoveries from reinsurers | (13,482) | - | (6,224) | - | (19,706) |
| Change in insurance liabilities, net of reinsurance | (10,004) | - | (372) | - | (10,376) |
| Change in investment contract provisions | (7,814) | - | - | - | (7,814) |
| Change in unallocated divisible surplus | (1,474) | - | - | - | (1,474) |
| Fee and commission expense | (1,481) | (78) | (2,756) | (15) | (4,330) |
| Other operating expenses | |||||
| Depreciation | (11) | (6) | (17) | (78) | (112) |
| Amortisation of acquired value of in-force business | (27) | - | - | - | (27) |
| Net impairment of acquired value of in-force business | (28) | - | - | - | (28) |
| Amortisation and net impairment of intangible assets | (24) | - | (5) | (16) | (45) |
| Impairment of goodwill | (14) | - | - | (29) | (43) |
| Other impairment losses recognised in the income statement | (37) | - | - | - | (37) |
| Inter-segment expense | (103) | - | (9) | - | (112) |
| Other expenses | (999) | (236) | (615) | (1,024) | (2,874) |
| Finance costs | (203) | - | (58) | (100) | (361) |
| Segment expenses | (35,701) | (320) | (10,056) | (1,262) | (47,339) |
| Segment result before share of profit/(loss) of joint ventures and associates | 1,543 | 125 | 1,994 | (304) | 3,358 |
| Share of profit/(loss) of joint ventures and associates | 322 | (1) | 1 | 18 | 340 |
| Segmental result before tax | 1,865 | 124 | 1,995 | (286) | 3,698 |
| Unallocated costs: | |||||
| Finance costs on central borrowings | (248) | ||||
| Tax attributable to policyholders’ returns | (922) | ||||
| Tax attributable to shareholders’ profits | (630) | ||||
| Total unallocated costs | (1,800) | ||||
| Profit for the year | 1,898 |
Finance costs on central borrowings comprise interest payable on borrowings by holding companies within the Group which are not allocated to operating companies.
Proforma reconciliation to operating profit before tax attributable to shareholders’ profits
| Long-term business £m | Fund management £m | General insurance and health £m | Other £m | Total £m | |
|---|---|---|---|---|---|
| Segment result before tax | 1,865 | 124 | 1,995 | (286) | 3,698 |
| Finance costs on central borrowings | - | - | - | (248) | (248) |
| Adjusted for the following items: | |||||
| Impairment of goodwill | 14 | - | - | 29 | 43 |
| Amortisation and impairment of acquired value of in-force business | 73 | - | - | - | 73 |
| Amortisation and impairment of intangible assets | 24 | - | 5 | 16 | 45 |
| Short-term fluctuation on investment return | - | - | (517) | - | (517) |
| Loss/(Profit) on the disposal of subsidiaries and associates | 10 | - | (41) | (122) | (153) |
| Integration costs | - | - | 77 | 32 | 109 |
| Unallocated interest | - | (1) | 25 | (24) | - |
| Corporate costs reallocation | 1 | 1 | 7 | (9) | - |
| 1,987 | 124 | 1,551 | (612) | 3,050 | |
| Less: | |||||
| Tax attributable to policyholders’ returns | (922) | - | - | - | (922) |
| Operating profit before tax attributable to shareholders’ profits | 1,065 | 124 | 1,551 | (612) | 2,128 |
(d) Segmental balance sheet – primary reporting format – business segments as at 31 December 2006
| Long-term business £m | Fund management £m | General insurance and health £m | Other £m | Total £m | |
|---|---|---|---|---|---|
| Goodwill | 1,316 | 9 | 390 | 1,195 | 2,910 |
| Acquired value of in-force business and intangible assets | 2,301 | 18 | 287 | 122 | 2,728 |
| Investments in joint ventures and associates | 3,526 | 44 | 39 | 81 | 3,690 |
| Property and equipment | 416 | 4 | 94 | 390 | 904 |
| Investment property | 14,714 | - | 384 | 25 | 15,123 |
| Loans | 18,805 | - | 735 | 6,905 | 26,445 |
| Financial investments | |||||
| Debt securities | 102,815 | 3 | 7,933 | 2,290 | 113,041 |
| Equity securities | 52,782 | 19 | 2,858 | 1,103 | 56,762 |
| Other investments | 32,453 | 8 | 457 | 132 | 33,050 |
| Other assets | 24,383 | 534 | 9,755 | 1,854 | 36,526 |
| Segment assets | 253,511 | 639 | 22,932 | 14,097 | 291,179 |
| Unallocated assets – tax assets | 1,543 | ||||
| Total assets | 292,722 | ||||
| Insurance liabilities | 126,224 | - | 18,006 | - | 144,230 |
| Liability for investment contracts | 88,358 | - | - | - | 88,358 |
| Unallocated divisible surplus | 9,465 | - | - | - | 9,465 |
| Net asset value attributable to unitholders | 3,786 | 1 | 23 | - | 3,810 |
| External borrowings | 3,894 | - | 11 | 4,037 | 7,942 |
| Other liabilities, including inter-segment liabilities | 6,999 | 313 | (712) | 9,719 | 16,319 |
| Segment liabilities | 238,726 | 314 | 17,328 | 13,756 | 270,124 |
| Unallocated liabilities | |||||
| Central borrowings | 4,195 | ||||
| Tax liabilities | 4,339 | ||||
| Total liabilities | 278,658 | ||||
| Total equity | 14,064 | ||||
| Total equity and liabilities | 292,722 | ||||
Central borrowings are borrowings by holding companies within the Group which are not allocated to operating companies. In 2006, there has been a reclassification of Amstelhuys loans into “Other” business from our general insurance and health segment.
(e) Segmental balance sheet – primary reporting format – business segments as at 31 December 2005
| Long-term business £m | Fund management £m | General insurance and health £m | Other £m | Total £m | |
|---|---|---|---|---|---|
| Goodwill | 631 | - | 398 | 1,245 | 2,274 |
| Acquired value of in-force business and intangible assets | 424 | - | 265 | 114 | 803 |
| Investments in joint ventures and associates | 2,815 | 46 | 39 | 114 | 3,014 |
| Property and equipment | 367 | 4 | 126 | 388 | 885 |
| Investment property | 12,895 | - | 338 | 42 | 13,275 |
| Loans | 18,240 | - | 3,661 | 2,643 | 24,544 |
| Financial investments | |||||
| Debt securities | 91,926 | 2 | 9,390 | 2,599 | 103,917 |
| Equity securities | 48,365 | 12 | 2,647 | 1,020 | 52,044 |
| Other investments | 25,920 | 8 | 459 | 40 | 26,427 |
| Other assets | 23,185 | 490 | 9,425 | 2,059 | 35,159 |
| Segment assets | 224,768 | 562 | 26,748 | 10,264 | 262,342 |
| Unallocated assets – tax assets | 1,105 | ||||
| Total assets | 263,447 | ||||
| Insurance liabilities | 114,176 | - | 18,426 | - | 132,602 |
| Liability for investment contracts | 77,309 | - | - | - | 77,309 |
| Unallocated divisible surplus | 8,978 | - | - | - | 8,978 |
| Net asset value attributable to unitholders | 3,137 | - | - | - | 3,137 |
| External borrowings | 4,060 | - | 2,565 | 578 | 7,203 |
| Other liabilities, including inter-segment liabilities | 6,149 | 293 | (224) | 9,607 | 15,825 |
| Segment liabilities | 213,809 | 293 | 20,767 | 10,185 | 245,054 |
| Unallocated liabilities | |||||
| Central borrowings | 3,810 | ||||
| Tax liabilities | 3,491 | ||||
| Total liabilities | 252,355 | ||||
| Total equity | 11,092 | ||||
| Total equity and liabilities | 263,447 | ||||
Central borrowings are borrowings by holding companies within the Group which are not allocated to operating companies.
(f) Goodwill allocation and impairment testing
IFRS requires formal impairment testing to be carried out annually. For impairment testing, goodwill and intangibles with indefinite useful lives have been allocated to cash-generating units by geographical reporting unit and business segment. The carrying amount of goodwill and intangible assets with indefinite useful lives is reviewed at least annually or when circumstances or events indicate there may be uncertainty over this value.
During the year, goodwill allocated to a long-term cash-generating unit in Germany, Berlinische, was tested for impairment. Following the impairment test, an impairment charge of £94 million has been recognised in the income statement. The impairment charge arose as a result of the fall off in contribution from new business in 2006 and current adverse experience within the in-force portfolio. As a result of this, no goodwill remains allocated to this cash-generating unit. The 2005 impairment charge of £43 million comprised £21 million relating to goodwill allocated to a life cash-generating unit in Germany and £22 million on other small European businesses.
(g) Long-term business summary analysis by geographical segment
Germany has been reclassified from Other Europe to the Netherlands, Lithuania has been reclassified from Other Europe to Poland and Norwich Union’s Dublin-based offshore life and savings business has been reclassified from Other Europe to the United Kingdom.
(i) Income statement for the year ended 31 December 2006
| Net written premiums | Fee and commission income | Profit before tax | ||||
|---|---|---|---|---|---|---|
| 2006 £m | 2005 £m | 2006 £m | 2005 £m | 2006 £m | 2005 £m | |
| France | 3,573 | 3,553 | 179 | 160 | 259 | 234 |
| Ireland | 397 | 182 | 64 | 23 | 52 | 56 |
| Italy | 1,919 | 1,357 | 69 | 66 | 76 | 35 |
| Netherlands (including Belgium, Germany and Luxembourg) | 2,079 | 2,582 | 21 | 57 | 453 | 164 |
| Poland | 395 | 312 | 55 | 45 | 108 | 90 |
| Spain | 1,266 | 1,248 | 56 | 39 | 113 | 75 |
| Other Europe | 159 | 152 | 3 | 4 | (16) | (5) |
| Continental Europe | 9,788 | 9,386 | 447 | 394 | 1,045 | 649 |
| United States | 932 | 517 | 4 | - | 17 | (4) |
| Other | 512 | 309 | 39 | 27 | 68 | 12 |
| Rest of the World | 1,444 | 826 | 43 | 27 | 85 | 8 |
| International | 11,232 | 10,212 | 490 | 421 | 1,130 | 657 |
| United Kingdom | 5,300 | 4,459 | 140 | 177 | 970 | 1,208 |
| Total | 16,532 | 14,671 | 630 | 598 | 2,100 | 1,865 |
The following analysis shows the net written premiums from associates and joint ventures on insurance and participating investment contracts which are not included in the analysis above.
| 2006 £m | 2005 £m | |
|---|---|---|
| RBSG | 236 | 217 |
| India | 31 | 14 |
| China | 38 | 30 |
| 305 | 261 |
(ii) Balance sheet as at 31 December 2006
| Segmental total assets | Segmental net assets | |||
|---|---|---|---|---|
| 2006 £m | 2005 £m | 2006 £m | 2005 £m | |
| France | 46,547 | 44,109 | 1,355 | 1,318 |
| Ireland | 10,951 | 6,054 | 1,040 | 628 |
| Italy | 11,828 | 10,805 | 613 | 570 |
| Netherlands (including Belgium, Germany and Luxembourg) | 28,340 | 28,826 | 2,922 | 2,344 |
| Poland | 2,232 | 1,860 | 216 | 203 |
| Spain | 6,641 | 6,355 | 862 | 805 |
| Other Europe | 483 | 515 | 65 | 59 |
| Continental Europe | 107,022 | 98,524 | 7,073 | 5,927 |
| United States | 18,828 | 3,866 | 2,470 | 365 |
| Other | 3,687 | 3,563 | 433 | 387 |
| Rest of the World | 22,515 | 7,429 | 2,903 | 752 |
| International | 129,537 | 105,953 | 9,976 | 6,679 |
| United Kingdom | 123,974 | 118,815 | 4,809 | 4,280 |
| Total | 253,511 | 224,768 | 14,785 | 10,959 |
(h) Geographical analysis of life and pensions and investment sales – new business and total income
For the purpose of recording life and pensions new business premiums, the Group’s policy is to include life insurance, long-term health and accident insurance, savings, pensions and annuity business written by our life insurance subsidiaries, including managed pension fund business and our share of the other life and related business written in our associates and joint ventures as well as the lifetime mortgage business written in the UK. This includes both insurance and investment contracts as defined under IFRS 4, Insurance Contracts and is consistent with the definition of covered business used for our supplementary embedded value reporting.
An analysis of new long-term business sales is provided below. In this table, single premiums are those relating to products issued by the Group, which provide for the payment of one premium only. Regular premiums are those where there is a contractual obligation to pay on an ongoing basis. Life and pensions total income represents all net written premiums in the year for insurance contracts and investment contracts, excluding non-participating investment contracts which are required to be accounted for under IAS 39, Financial Instruments: Recognition and Measurement and IAS 18, Revenue.
| New single premiums | New regular premiums | Total income | ||||
|---|---|---|---|---|---|---|
| 2006 £m | 2005 £m | 2006 £m | 2005 £m | 2006 £m | 2005 £m | |
| Life and pensions: | ||||||
| France | 3,090 | 3,077 | 82 | 76 | 3,573 | 3,553 |
| Ireland | 809 | 372 | 109 | 63 | 397 | 182 |
| Italy | 2,216 | 1,940 | 101 | 58 | 1,919 | 1,357 |
| Netherlands (including Belgium, Germany and Luxembourg) | 1,224 | 1,441 | 148 | 179 | 2,079 | 2,582 |
| Poland | 238 | 120 | 48 | 34 | 395 | 312 |
| Spain | 1,410 | 1,395 | 107 | 100 | 1,266 | 1,248 |
| Other Europe | 83 | 78 | 55 | 43 | 159 | 152 |
| Continental Europe | 9,070 | 8,423 | 650 | 553 | 9,788 | 9,386 |
| United States | 767 | 448 | 20 | 20 | 931 | 517 |
| Other | 490 | 350 | 116 | 93 | 582 | 353 |
| Rest of the World | 1,257 | 798 | 136 | 113 | 1,513 | 870 |
| International | 10,327 | 9,221 | 786 | 666 | 11,301 | 10,256 |
| United Kingdom | 8,312 | 6,705 | 608 | 485 | 5,536 | 4,676 |
| Total life and pensions (including share of associates) | 18,639 | 15,926 | 1,394 | 1,151 | 16,837 | 14,932 |
| Retail sales of mutual fund type products: | ||||||
| Netherlands | 285 | 563 | - | - | 285 | 563 |
| Poland | 127 | 49 | 4 | 4 | 131 | 53 |
| Other Europe | 475 | 410 | - | - | 475 | 410 |
| Other | 1,564 | 1,151 | - | - | 1,564 | 1,151 |
| International | 2,451 | 2,173 | 4 | 4 | 2,455 | 2,177 |
| United Kingdom | 2,411 | 1,139 | 44 | 21 | 2,455 | 1,160 |
| Total investment sales | 4,862 | 3,312 | 48 | 25 | 4,910 | 3,337 |
| Total long-term savings (including share of associates) | 23,501 | 19,238 | 1,442 | 1,176 | 21,747 | 18,269 |
Included within new business sales is £6,365 million single premiums and £615 million regular premiums (2005: £5,071 million single premiums and £357 million regular premiums), in respect of contracts that meet the definition of “non-participating investment” contracts under IFRS 4 “Insurance Contracts”. Under IFRS, the premiums on these contracts are not included in the Group income statement under earned premiums, but are included on the balance sheet as a deposit.
Sales from the Navigator funds administration business, previously excluded from investment sales figures, are now included in the new single premiums figures above. This change has increased total investment sales for 2006 by £1,371 million (2005: £938 million).
(i) General insurance and health business summary analysis by geographical segment
(i) Income statement for the year ending 31 December 2006
| Net written premiums | Fee and commission income | Profit before tax | ||||
|---|---|---|---|---|---|---|
| 2006 £m | 2005 £m | 2006 £m | 2005 £m | 2006 £m | 2005 £m | |
| France | 735 | 726 | - | - | 77 | 68 |
| Ireland | 519 | 499 | 1 | - | 297 | 181 |
| Netherlands | 1,755 | 1,270 | - | 22 | 107 | 171 |
| Other Europe | 278 | 259 | 3 | 5 | 26 | 17 |
| Continental Europe | 3,287 | 2,754 | 4 | 27 | 507 | 437 |
| Canada | 1,389 | 1,324 | 10 | 11 | 169 | 178 |
| Other | 86 | 106 | 1 | - | 48 | 86 |
| Rest of the World | 1,475 | 1,430 | 11 | 11 | 217 | 264 |
| International | 4,762 | 4,184 | 15 | 38 | 724 | 701 |
| United Kingdom | 5,940 | 6,127 | 157 | 180 | 1,087 | 1,294 |
| Total | 10,702 | 10,311 | 172 | 218 | 1,811 | 1,995 |
(ii) Balance sheet as at 31 December 2006
| Segmental total assets | Segmental net assets | |||
|---|---|---|---|---|
| 2006 £m | 2005 £m | 2006 £m | 2005 £m | |
| France | 1,731 | 1,698 | 376 | 414 |
| Ireland | 1,765 | 1,916 | 444 | 564 |
| Netherlands | 2,775 | 5,038 | 630 | 530 |
| Other Europe | 803 | 860 | 266 | 284 |
| Continental Europe | 7,074 | 9,512 | 1,716 | 1,792 |
| Canada | 3,250 | 3,742 | 647 | 850 |
| Other | 405 | 380 | 255 | 249 |
| Rest of the World | 3,655 | 4,122 | 902 | 1,099 |
| International | 10,729 | 13,634 | 2,618 | 2,891 |
| United Kingdom | 12,203 | 13,114 | 2,986 | 3,090 |
| Total | 22,932 | 26,748 | 5,981 | |
(iii) General insurance, fund management and other investments mix at 31 December 2006
| United Kingdom £m | Continental Europe £m | Rest of the World £m | Total £m | |
|---|---|---|---|---|
| Equity securities – fair value | 2,256 | 1,214 | 510 | 3,980 |
| Debt and fixed income securities at market value | 3,261 | 4,737 | 2,228 | 10,226 |
| Loans secured by mortgages and other loans | 612 | 7,018 | 10 | 7,640 |
| Other investments | 13 | 583 | 1 | 597 |
| Investments in joint ventures and associates | 112 | 28 | 24 | 164 |
| Investment property | 303 | 106 | - | 409 |
| Total investments | 6,557 | 13,686 | 2,773 | 23,016 |
