Aviva PLC
21 November 2003
21 November 2003
Reporting change to Aviva's year end 2003 statutory balance sheet
At the time of publishing its 2003 preliminary results on 25 February 2004,
Aviva Plc will report its statutory consolidated balance sheet based on MSSB
(modified statutory solvency basis) net assets. In addition, Aviva will
continue to report a consolidated balance sheet on the achieved profits basis,
which includes MSSB net assets and AVIF (the additional value of in-force
business from long-term savings) because this provides a more realistic measure
of the economic value of the group.
The presentation of the statutory balance sheet on a MSSB basis reflects the
requirements of the recently issued ABI SORP (statement of recommended practice)
on accounting for insurance businesses and is in line with other major UK
insurers reporting on both bases.
The reporting change has no impact on the capital adequacy, the credit ratings
or the profitability of the group.
Total shareholders' funds under both bases for prior periods are as follows:-
Achieved profits shareholders' MSSB shareholders' funds (£m)
funds (£m)
30 June 2003 10,419 6,477
31 Dec 2002 9,669 5,837
31 Dec 2001 11,752 6,484
Note
1. The difference between achieved profits shareholders' funds and the MSSB
shareholders' funds is the value of internally generated AVIF from the
long-term savings business, net of minority interests of £101m at 30 June 2003,
£85m at 31 December 2002 and £81m at 31 December 2001.
2. MSSB shareholders' funds has previously been reported as a note to the
audited financial statements.
Enquiries:
Analysts
Nic Nicandrou, Group Financial Reporting Director +44 (0)20 7662 2118
Media
Hayley Stimpson, Director of External Affairs +44 (0)20 7662 7544
Alex Child-Villiers, Financial Dynamics +44 (0)20 7269 7107
This information is provided by RNS
The company news service from the London Stock Exchange
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.