Aviva MCEV condensed financial statements
Condensed consolidated statement of financial position – MCEV basis
For the six month period ended 30 June 2009
| 30 June 2009 €m |
30 June 2009 £m |
Restated 6 months 2008 £m |
Restated 31 December 2008 £m |
|
|---|---|---|---|---|
| Assets | ||||
| 3,954 | Goodwill | 3,361 | 3,048 | 3,578 |
| 3,846 | Acquired value of in-force business and intangible assets | 3,269 | 3,170 | 4,038 |
| 2,941 | Additional value of in-force long-term business1 | 2,500 | 6,714 | 3,203 |
| 1,612 | Interests in, and loans to, joint ventures | 1,370 | 2,588 | 1,737 |
| 1,282 | Interests in, and loans to, associates | 1,090 | 1,211 | 1,246 |
| 947 | Property and equipment | 805 | 996 | 964 |
| 14,374 | Investment property | 12,218 | 15,048 | 14,426 |
| 46,727 | Loans | 39,718 | 37,387 | 42,237 |
| Financial investments | ||||
| 171,727 | Debt securities | 145,968 | 125,661 | 150,255 |
| 42,500 | Equity securities | 36,125 | 51,027 | 43,351 |
| 34,041 | Other investments | 28,935 | 34,510 | 36,116 |
| 8,241 | Reinsurance assets | 7,005 | 8,273 | 7,894 |
| 2,944 | Deferred tax assets | 2,502 | 249 | 2,642 |
| 522 | Current tax assets | 444 | 534 | 622 |
| 12,666 | Receivables and other financial assets | 10,765 | 10,750 | 9,816 |
| 7,346 | Deferred acquisition costs and other assets | 6,244 | 5,074 | 6,147 |
| 4,322 | Prepayments and accrued income | 3,674 | 3,183 | 3,762 |
| 30,056 | Cash and cash equivalents | 25,548 | 18,783 | 24,181 |
| 2,965 | Assets of operations classified as held for sale2 | 2,520 | 6,643 | 1,550 |
| 393,013 | Total assets | 334,061 | 334,849 | 357,765 |
| Equity | ||||
| 806 | Ordinary share capital | 685 | 664 | 664 |
| 5,275 | Capital reserves | 4,484 | 4,516 | 4,505 |
| 2,391 | Other reserves | 2,032 | 1,601 | 3,539 |
| (39) | Shares held by employee trusts | (33) | (10) | (33) |
| 3,442 | Retained earnings | 2,926 | 5,244 | 3,806 |
| 1,536 | Additional retained earnings on an MCEV basis1 | 1,305 | 5,526 | 898 |
| 13,411 | Equity attributable to ordinary shareholders of Aviva plc | 11,399 | 17,541 | 13,379 |
| 1,400 | Preference share capital and direct capital instruments | 1,190 | 1,190 | 1,190 |
| 3,198 | Minority interests1 | 2,719 | 2,657 | 3,080 |
| 18,009 | Total equity | 15,308 | 21,388 | 17,649 |
| Liabilities | ||||
| 190,324 | Gross insurance liabilities | 161,775 | 154,593 | 174,850 |
| 114,754 | Gross liabilities for investment contracts | 97,541 | 98,627 | 107,559 |
| 2,686 | Unallocated divisible surplus | 2,283 | 4,065 | 2,325 |
| 9,380 | Net asset value attributable to unitholders | 7,973 | 7,861 | 6,918 |
| 4,653 | Provisions | 3,955 | 2,398 | 2,984 |
| 3,236 | Deferred tax liabilities | 2,751 | 1,257 | 3,020 |
| 445 | Current tax liabilities | 378 | 1,125 | 642 |
| 16,853 | Borrowings | 14,325 | 13,373 | 15,201 |
| 24,834 | Payables and other financial liabilities | 21,109 | 19,720 | 20,840 |
| 5,504 | Other liabilities | 4,678 | 4,537 | 4,556 |
| 2,335 | Liabilities of operations classified as held for sale | 1,985 | 5,905 | 1,221 |
| 375,004 | Total liabilities | 318,753 | 313,461 | 340,116 |
| 393,013 | Total equity and liabilities | 334,061 | 334,849 | 357,765 |
The summarised consolidated statement of financial position presented above is unaltered from the corresponding IFRS summarised consolidated statement of financial position with the exception of the following:
- Adding the excess of the Life MCEV, including minority interests, over the corresponding Life IFRS net assets represented as the additional value of in-force long-term business; corresponding item within equity represented by the additional retained profit on an MCEV basis; and, corresponding adjustments to minority interests.
- Assets of operations classified as held for sale per IFRS note A3 c (ii) has been increased by £69 million (30 June 2008: £nil; 31 December 2008: £nil) to reflect the additional value of in-force longterm business included in these operations.
