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Summary financial statements
These statements are aimed at giving shareholders a summary of the progress being made by Aviva. They do not, however, contain all the information to allow as complete an understanding of the Group as would be provided by the full audited Annual report and accounts. A copy of the full Annual report and accounts, which contains an unqualified auditors’ opinion, is available free of charge from the Aviva internet site at www.aviva.com or Lloyds TSB Registrars, at the address on the back cover of this document.
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2003 accounts
The summary financial statements have been prepared on the basis of accounting policies set out in the Group's 2003 Annual report and accounts. The Consolidated profit and loss account has been presented on both the achieved profit basis and the modified statutory solvency basis. The Group has continued to focus on the achieved profit basis in this year's accounts since it believes life achieved operating profit is a better measure of the performance of the life business than the modified statutory solvency basis. Results of an insurance business in any particular year can be affected by significant movements in investment values, which influence the reported profits before tax. Therefore, to measure the underlying business performance, operating profit before tax based on longer-term rates of investment return is used which eliminates the volatility caused by movements in investment values. As a result, managers are encouraged to focus on operational performance and aspects of the business which are under their control.
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