B5 Segmentation of condensed consolidated statement of financial position
B5 – Segmentation of condensed consolidated statement of financial position
| 2009 | Restated 2008 |
||||||
|---|---|---|---|---|---|---|---|
| Life and related businesses £m |
General business and other £m |
Group £m |
Life and related businesses £m |
General business and other £m |
Group £m |
||
| Total assets before acquired value of in-force long-term business | 307,117 | 45,880 | 352,997 | 305,562 | 46,634 | 352,196 | |
| Acquired additional value of in-force long-term business | 1,394 | — | 1,394 | 2,366 | — | 2,366 | |
| Total assets included in the IFRS statement of financial position | 308,511 | 45,880 | 354,391 | 307,928 | 46,634 | 354,562 | |
| Liabilities of the long-term business | (291,194) | — | (291,194) | (291,347) | — | (291,347) | |
| Liabilities of the general insurance and other businesses | — | (48,111) | (48,111) | — | (48,642) | (48,642) | |
| Net assets on a statutory IFRS basis | 17,317 | (2,231) | 15,086 | 16,581 | (2,008) | 14,573 | |
| Additional value of in-force long-term business1 | 3,376 | — | 3,376 | 2,859 | — | 2,859 | |
| Net assets on an MCEV basis2 | 20,693 | (2,231) | 18,462 | 19,440 | (2,008) | 17,432 | |
| Equity capital, capital reserves, shares held by employee trusts and other reserves | 7,144 | 8,706 | |||||
| IFRS basis retained earnings | 3,425 | 3,902 | |||||
| Additional MCEV basis retained earnings | 2,466 | 554 | |||||
| Equity attributable to ordinary shareholders of Aviva plc on an MCEV basis | 13,035 | 13,162 | |||||
| Preference share capital and direct capital instruments | 1,190 | 1,190 | |||||
| Minority interests | 4,237 | 3,080 | |||||
| MCEV basis total equity | 18,462 | 17,432 |
1. The analysis between the group’s and minority interests’ share of the additional value of in-force long-term business is as follows:
| 2009 £m |
Restated 2008 £m |
Movement in year £m |
|
|---|---|---|---|
| Group’s share included in shareholders’ funds | 2,466 | 554 | 1,912 |
| Minority interests’ share | 697 | 876 | (179) |
| Movements in AFS securities | 213 | 1,429 | (1,216) |
| Additional value of in-force long-term business | 3,376 | 2,859 | 517 |
2. Analysis of net assets on an MCEV basis is made up as follows:
| 2009 £m |
Restated 2008 £m |
|
|---|---|---|
| Embedded value | 15,001 | 14,212 |
| Minority interests | 3,438 | 2,367 |
| 18,439 | 16,579 | |
| Goodwill and intangible assets allocated to long-term business3 | 2,606 | 2,947 |
| Notional allocation of IAS19 pension fund deficit to long-term business4 | (352) | (86) |
| Long-term business net assets on an MCEV basis | 20,693 | 19,440 |
3. Goodwill and intangible assets includes amounts related to associated undertakings and joint ventures.
4. The value of the Aviva Staff Pension Schemes 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 MCEV basis. The pension fund deficit notionally allocated to long-term business is net of the agreed funding borne by the UK with-profit funds.
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