Preliminary results year ended 31 December 2008
05 March 2009
Summarised consolidated income statement – MCEV basis
For the year ended 31 December 2008
| 2008 €m |
2008 £m |
Restated 2007 £m |
|
|---|---|---|---|
| Operating profit before tax attributable to shareholders’ profits | |||
| 3,501 | Life MCEV operating earnings (note M4) | 2,801 | 2,544 |
| 52 | Fund management1(note M5) | 42 | 90 |
| 1,498 | General insurance and health (IFRS section: note 6) | 1,198 | 1,021 |
| Other: | |||
| (204) | Other operations and regional costs2 (note M6) | (163) | (70) |
| (176) | Corporate centre (IFRS section: note 8) | (141) | (157) |
| (474) | Group debt costs and other interest (IFRS section: note 9) | (379) | (363) |
| 4,197 | Operating profit before tax attributable to shareholders’ profits | 3,358 | 3,065 |
| Adjusted for the following: | |||
| (15,526) | Economic variances on long-term business (note M7) | (12,422) | (19) |
| (1,024) | Short-term fluctuation in return of investments on non-long-term business (IFRS section: note 11) | (819) | (184) |
| (118) | Economic assumption changes on general insurance and health business (IFRS section: note 6c) | (94) | 2 |
| (83) | Impairment of goodwill (IFRS section: note 12) | (66) | (10) |
| (134) | Amortisation and impairment of intangibles | (108) | (89) |
| 9 | Profit on the disposal of subsidiaries and associates (Appendix D6) | 7 | 20 |
| (408) | Integration and restructuring costs (IFRS section: note 13) | (326) | (153) |
| (943) | Exceptional items (IFRS section: note 14) | (754) | – |
| (14,030) | (Loss)/profit before tax | (11,224) | 2,632 |
| (1,049) | Tax on operating earnings | (839) | (924) |
| 5,441 | Tax on other activities | 4,353 | 238 |
| 4,392 | 3,514 | (686) | |
| (9,638) | (Loss)/profit for the period | (7,710) | 1,946 |
| Attributable to: | |||
| (9,540) | Equity shareholders of Aviva plc | (7,632) | 1,704 |
| (98) | Minority interests | (78) | 242 |
| (9,638) | (7,710) | 1,946 |
All profit is from continuing operations.
- Excludes the proportion of the results of Aviva Investors fund management businesses and other fund management operations within the group that arises from the provision of fund management services to our life businesses. These results are included within the life MCEV operating earnings consistent with Aviva’s MCEV methodology.
- Excludes the proportion of the results of subsidiaries providing services to the Life business. These results are included within the life MCEV operating earnings.
