Interim results - 6 months ended 30 June 2007
Summarised consolidated income statement - IFRS basis
For the six months to 30 June 2007
| 6 months 2007 €m | 6 months 2007 £m | 6 months 2006 £m | Full year 2006 £m | |
|---|---|---|---|---|
| Income | ||||
| 21,331 | Premiums written net of reinsurance | 14,505 | 13,707 | 27,234 |
| (349) | Net change in provision for unearned premiums | (237) | (222) | 93 |
| 20,982 | Net earned premiums | 14,268 | 13,485 | 27,327 |
| 1,351 | Fee and commission income | 919 | 905 | 1,870 |
| 10,068 | Net investment income | 6,846 | 2,854 | 15,473 |
| (118) | Share of (loss)/profit after tax of joint ventures and associates | (80) | 223 | 485 |
| (7) | (Loss)/profit on the disposal of subsidiaries and associates | (5) | 147 | 222 |
| 32,276 | 21,948 | 17,614 | 45,377 | |
| Expenses | ||||
| (19,569) | Claims and benefits paid, net of recoveries from reinsurers | (13,307) | (11,037) | (23,444) |
| (938) | Change in insurance liabilities, net of reinsurance | (638) | 98 | (2,620) |
| (3,626) | Change in investment contract provisions | (2,466) | (1,826) | (6,002) |
| 40 | Change in unallocated divisible surplus | 27 | 623 | (558) |
| (3,290) | Fee and commission expense | (2,237) | (2,188) | (5,043) |
| (2,444) | Other expenses | (1,662) | (1,540) | (3,557) |
| (656) | Finance costs | (446) | (384) | (830) |
| (30,483) | (20,729) | (16,254) | (42,054) | |
| 1,793 | Profit before tax | 1,219 | 1,360 | 3,323 |
| (31) | Tax attributable to policyholders' returns | (21) | (112) | (346) |
| 1,762 | Profit before tax attributable to shareholders' profits | 1,198 | 1,248 | 2,977 |
| Tax expense | ||||
| (168) | United Kingdom tax | (114) | (269) | (479) |
| (316) | Overseas tax | (215) | (162) | (455) |
| (484) | (329) | (431) | (934) | |
| 31 | Less: tax attributable to policyholders' returns | 21 | 112 | 346 |
| (453) | Tax attributable to shareholders' profits | (308) | (319) | (588) |
| 1,309 | Profit for the period | 890 | 929 | 2,389 |
| Attributable to: | ||||
| 1,187 | Equity shareholders of Aviva plc | 807 | 856 | 2,215 |
| 122 | Minority interests | 83 | 73 | 174 |
| 1,309 | 890 | 929 | 2,389 |
All profit is from continuing operations.
| 6 months 2007 | 6 months 2007 | 6 months 2006 | Full year 2006 | |
|---|---|---|---|---|
| Earnings per share - IFRS basis | ||||
| 45.6c | Basic (pence per share) | 31.0p | 35.3p | 87.5p |
| 45.1c | Diluted (pence per share) | 30.7p | 35.0p | 86.6p |
Subsequent to 30 June 2007, the directors proposed an interim dividend for 2007 of 11.90p (interim 2006: 10.82p) per ordinary share, amounting to £309 million (interim 2006: £275 million) in total. The dividend will be paid on 16 November 2007 and will be accounted for as an appropriation of retained earnings in the year ending 31 December 2007.
During the six months to 30 June 2007, the directors declared a final dividend for 2006 of 19.18p per ordinary share (final 2005: 17.44p) totalling £492 million (6 months to 30 June 2006: £418 million).
