Summarised consolidated income statement - IFRS basis
For the six months to 30 June 2008
| 6 months 2008 €m |
6 months 2008 £m |
Restated 6 months 2007 £m |
Restated Full year 2007 £m |
||
|---|---|---|---|---|---|
| Income | |||||
| 22,138 | Premiums written net of reinsurance | 17,046 | 14,505 | 29,333 | |
| (247) | Net change in provision for unearned premiums | (190) | (237) | (21) | |
| 21,891 | Net earned premiums | 16,856 | 14,268 | 29,312 | |
| 1,234 | Fee and commission income | 950 | 919 | 1,760 | |
| (12,369) | Net investment income | (9,524) | 6,945 | 9,890 | |
| (447) | Share of (loss)/profit after tax of joint ventures and associates | (344) | (80) | (304) | |
| 12 | Profit/(loss) on the disposal of subsidiaries and associates | 9 | (5) | 49 | |
| 10,321 | 7,947 | 22,047 | 40,707 | ||
| Expenses | |||||
| (18,358) | Claims and benefits paid, net of recoveries from reinsurers | (14,136) | (13,307) | (27,121) | |
| 4,508 | Change in insurance liabilities, net of reinsurance | 3,471 | (638) | (3,507) | |
| 5,914 | Change in investment contract provisions | 4,554 | (2,466) | (2,018) | |
| 3,566 | Change in unallocated divisible surplus | 2,746 | 27 | 2,922 | |
| (3,030) | Fee and commission expense | (2,333) | (2,277) | (4,445) | |
| (2,901) | Other expenses | (2,234) | (1,662) | (3,473) | |
| (915) | Finance costs | (704) | (505) | (1,208) | |
| (11,216) | (8,636) | (20,828) | (38,850) | ||
| (895) | (Loss)/profit before tax | (689) | 1,219 | 1,857 | |
| 873 | Tax attributable to policyholders' returns | 672 | (21) | (15) | |
| (22) | (Loss)/profit before tax attributable to shareholders' profits | (17) | 1,198 | 1,842 | |
| Tax expense | |||||
| 830 | United Kingdom tax | 639 | (114) | (97) | |
| (40) | Overseas tax | (31) | (215) | (255) | |
| 790 | 608 | (329) | (352) | ||
| (873) | Less: tax attributable to policyholders' returns | (672) | 21 | 15 | |
| (83) | Tax attributable to shareholders' profits | (64) | (308) | (337) | |
| (105) | (Loss)/profit for the period | (81) | 890 | 1,505 | |
| Attributable to: | |||||
| (122) | Equity shareholders of Aviva plc | (94) | 807 | 1,327 | |
| 17 | Minority interests | 13 | 83 | 178 | |
| (105) | (81) | 890 | 1,505 |
All (loss)/profit is from continuing operations.
Earnings per share – IFRS basis
For the six months to 30 June 2008
| 6 months 2008 |
6 months 2008 |
6 months 2007 |
Full year 2007 |
|
|---|---|---|---|---|
| (5.1)c | Basic (pence per share) | (3.9)p | 31.0p | 49.2p |
| (5.1)c | Diluted (pence per share) | (3.9)p | 30.7p | 48.7p |
Subsequent to 30 June 2008, the directors proposed an interim dividend for 2008 of 13.09p (interim 2007: 11.90p) per ordinary share, amounting to £347 million (interim 2007: £309 million) in total. The dividend will be paid on 17 November 2008 and will be accounted for as an appropriation of retained earnings in the year ending 31 December 2008.
During the six months to 30 June 2008, the directors declared a final dividend for 2007 of 21.10p per ordinary share (final 2006: 19.18p) totalling £554 million (6 months to 30 June 2007: £492 million).
