Segmentation of summarised consolidated balance sheet - EEV basis
As at 31 December 2007
| Life and related businesses 2007 £m |
General business and other 2007 £m |
Group 2007 £m |
Life and related businesses 2006 £m |
General business and other 2006 £m |
Group 2006 £m |
|
|---|---|---|---|---|---|---|
| Total assets before acquired additional value of in-force long-term business | 278,021 | 40,001 | 318,022 | 255,084 | 37,961 | 293,045 |
| Acquired additional value of in-force long-term business | 1,698 | - | 1,698 | 1,806 | - | 1,806 |
| Total assets included in the statutory IFRS balance sheet | 279,719 | 40,001 | 319,720 | 256,890 | 37,961 | 294,851 |
| Liabilities of the long-term business | (264,429) | - | (264,429) | (243,590) | - | (243,590) |
| Liabilities of the general insurance and other businesses | - | (38,699) | (38,699) | - | (37,197) | (37,197) |
| Net assets on a statutory IFRS basis | 15,290 | 1,302 | 16,592 | 13,300 | 764 | 14,064 |
| Additional value of in-force long-term business1 | 7,982 | - | 7,982 | 6,794 | - | 6,794 |
| Net assets on an EEV basis2 | 23,272 | 1,302 | 24,574 | 20,094 | 764 | 20,858 |
| Equity capital, capital reserves, shares held by employee trusts and other reserves | 6,326 | 5,632 | ||||
| IFRS basis retained earnings | 6,233 | 5,082 | ||||
| Additional EEV basis retained profit | 7,694 | 6,817 | ||||
| Equity attributable to ordinary shareholders of Aviva plc on an EEV basis | 20,253 | 17,531 | ||||
| Preference share capital and direct capital instrument | 1,190 | 1,190 | ||||
| Minority interests | 3,131 | 2,137 | ||||
| EEV basis total equity | 24,574 | 20,858 |
1. The analysis between the Group's and the minority interest's share of the additional value of in-force long-term business is as follows:
| 2007 £m |
2006 £m |
Movement in the year £m |
|
|---|---|---|---|
| Group’s share included in shareholders’ funds | 7,694 | 6,817 | 877 |
| Minority interest share | 578 | 439 | 139 |
| Movement in AFS securities | (290) | (462) | 172 |
| Per balance at 31 December | 7,982 | 6,794 | 1,188 |
2. Analysis of long-term business net assets on an EEV basis is made up as follows:
| 2007 £m |
2006 £m |
|
|---|---|---|
| Embedded value | 20,319 | 18,098 |
| RBSG goodwill | 217 | 217 |
| Goodwill and intangible assets allocated to long-term business | 2,036 | 1,527 |
| Notional allocation of IAS 19 pension fund deficit to long-term business3,4 | (58) | (179) |
| Minority interest in property investment vehicles | 758 | 431 |
| Long-term business net assets on an EEV basis5 | 23,272 | 20,094 |
3. The value of the Aviva Staff Pension Scheme deficit has been notionally allocated between segments, based on current funding and the life proportion has been included within the long-term business net assets on an EEV basis.
4. Effective from 31 December 2006, the pension fund deficit notionally allocated to long-term business is net of the proportion of funding borne by the UK with-profit funds.
5. The long term business net assets on an EEV basis have been restated to include the minority interest on property investment vehicles held in the UK. This change recognises that the embedded value reflects these investments post minority interest, whereas IFRS reports these investments gross. Prior year comparatives have been restated accordingly.
