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This includes reporting absolute emissions and economic carbon intensity for credit and equities (in addition to weighted average carbon intensity) and absolute emissions and carbon intensity for sovereign debt.The following table sets out the assets which\u00a0are in-scope for our climate metrics\u00a0compared to the AUM on the IFRS consolidated statement of financial position:\u00a3bn20222021Total assets for which emissions are calculated165191AUM on IFRS consolidated statement of financial position289329Coverage57%58%A reconciliation of climate metrics to AUM on the IFRS consolidated statement of financial position and more information on our climate metrics, is included in the Metrics and Targets section of the Climate-related Financial Disclosure report. Operational and financed emissionsScope 1 emissions relate to our operations excluding\u00a0electricity usage. Scope 2 emissions relate\u00a0to electricity usage of our operations. 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Aviva\u00a0reports Scope 3 emissions as follows:Not yet reportedCategory 1 - Purchased goods\u00a0and\u00a0servicesIncluded in operational carbon emissionsCategory 3 - Fuel and energy-related activities, Category\u00a05\u00a0- Waste generated\u00a0in operations, Category 6 - Business travel, Category 7 - Employee commutingAviva does not engage in activities linked to these categoriesCategory 2 - Capital goods, Category 4 - Upstream transportation and distribution, Category 8 - Upstream leased assets, Category 9 - Downstream transportation and distribution, Category 10 - Processing of sold goods, Category 11 - Use of sold products, Category 12 - End-of-life treatment of sold products, Category 13 - Downstream leased assets, Category 14 - FranchisesIncluded in Financed emissionsCategory 15 - Investmentsa.Disclose the metrics used by the organisation to assess climate-related risks and opportunities in line with its strategy and risk management process. \u2022Our metrics to assess 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market-based total as this takes account of the reduced emissions from our use of electricity from renewable sources. In 2020 and 2019 we offset Scope 2 location-based total. As at 1 March 2023, the 16,354 credits purchased in relation to the 2022 market-based emissions footprint were retiredIncludes Scopes 1 and 2 energy MWh and fuel from company car use1.The 2021 comparatives have been re-presented following review of the treatment of the 50% joint venture in China. 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This report is available at www.aviva.com.", "dimensions": { "concept": "direp:DescriptionSeparateDocumentWhereItCanBeFound", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xMDMvZnJhZzo2MDI3NDc2ZDM0ZTQ0YWNjOTNiZWExMWRmMjJhOWVlMi90ZXh0cmVnaW9uOjYwMjc0NzZkMzRlNDRhY2M5M2JlYTExZGYyMmE5ZWUyXzE0Nzg4NDMxNDE4MjU4OA_03dd3c9b-5985-4164-b5ea-fd4cfab6c025": { "value": "true", "dimensions": { "concept": "direp:ReportIncludesStatementComplianceForTCFD-alignedDisclosureInLineWithFCAListingRulesTruefalse", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xMDMvZnJhZzo2MDI3NDc2ZDM0ZTQ0YWNjOTNiZWExMWRmMjJhOWVlMi90YWJsZTo1NzYxZTRiY2ViMWM0OTg2ODcxNTg5MmY2ZGMxMzQ2NS90YWJsZXJhbmdlOjU3NjFlNGJjZWIxYzQ5ODY4NzE1ODkyZjZkYzEzNDY1XzEtMS0xLTEtMTIwMDI5OQ_75fa9541-3ff9-4335-8ce7-02e7aa295166": { "value": "a.Describe the Board\u2019s oversight of climate-related risks and opportunities.\u2022Governance, page 16", "dimensions": { "concept": "direp:DisclosureBoardsOversightClimate-relatedRisksOpportunities", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xMDMvZnJhZzo2MDI3NDc2ZDM0ZTQ0YWNjOTNiZWExMWRmMjJhOWVlMi90YWJsZTo1NzYxZTRiY2ViMWM0OTg2ODcxNTg5MmY2ZGMxMzQ2NS90YWJsZXJhbmdlOjU3NjFlNGJjZWIxYzQ5ODY4NzE1ODkyZjZkYzEzNDY1XzItMS0xLTEtMTIwMDI5OQ_dc2bab21-9e94-4f99-b77d-1ab4fe5d006e": { "value": "b.Describe management\u2019s role in assessing and managing climate-related risks and opportunities.\u2022Governance, page 16", "dimensions": { "concept": "direp:DisclosureManagementsRoleInAssessingManagingClimate-relatedRisksOpportunities", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xMDMvZnJhZzo2MDI3NDc2ZDM0ZTQ0YWNjOTNiZWExMWRmMjJhOWVlMi90YWJsZTo1NzYxZTRiY2ViMWM0OTg2ODcxNTg5MmY2ZGMxMzQ2NS90YWJsZXJhbmdlOjU3NjFlNGJjZWIxYzQ5ODY4NzE1ODkyZjZkYzEzNDY1XzMtMS0xLTEtMTIwMDI5OQ_5bda4d53-89dc-4acf-bbc1-c386aa59911a": { "value": "a.Describe the climate-related risks and opportunities the organisation has identified over the short, medium, and long-term. \u2022Our climate strategy, risks and opportunities, page 23", "dimensions": { "concept": "direp:DisclosureClimate-relatedRisksOpportunitiesIdentifiedOverShortMediumLongTerm", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xMDMvZnJhZzo2MDI3NDc2ZDM0ZTQ0YWNjOTNiZWExMWRmMjJhOWVlMi90YWJsZTo1NzYxZTRiY2ViMWM0OTg2ODcxNTg5MmY2ZGMxMzQ2NS90YWJsZXJhbmdlOjU3NjFlNGJjZWIxYzQ5ODY4NzE1ODkyZjZkYzEzNDY1XzQtMS0xLTEtMTIwMDI5OQ_0738bc89-ce39-4747-9e8d-9d29d2bb4653": { "value": "b.Describe the impact of climate-related risks and opportunities on the organisation\u2019s businesses, strategy, and financial planning.\u2022Our climate strategy, risks and opportunities, page 23\u2022Our strategic focus, page 29", "dimensions": { "concept": "direp:DisclosureImpactClimate-relatedRisksOpportunitiesOnBusinesssStrategyFinancialPlanning", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xMDMvZnJhZzo2MDI3NDc2ZDM0ZTQ0YWNjOTNiZWExMWRmMjJhOWVlMi90YWJsZTo1NzYxZTRiY2ViMWM0OTg2ODcxNTg5MmY2ZGMxMzQ2NS90YWJsZXJhbmdlOjU3NjFlNGJjZWIxYzQ5ODY4NzE1ODkyZjZkYzEzNDY1XzgtMS0xLTEtMTIwMDI5OQ_4aaf5220-50d1-46ad-9bf6-7a4bc7548ecc": { "value": "c.Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organisation\u2019s overall risk management.\u2022Risk management\u00a0 - refer to \u2018Our process for identifying and assessing climate-related risks\u2019, page 55Integration of climate into our risk management frameworkWe consider climate change to be a significant risk to our strategy and business model and its impacts are already being felt. 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"id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xNzIvZnJhZzpmYzNmZmFjN2VlMmU0M2IyODQ5NTVkODI4N2Q4YTI1OS90ZXh0cmVnaW9uOmZjM2ZmYWM3ZWUyZTQzYjI4NDk1NWQ4Mjg3ZDhhMjU5Xzk5MzEz_0776be1a-63d8-4476-bf3b-4482fdd5e876": { "value": "transacts life assurance and long-term savings business, fund management and\u00a0most classes of general insurance and health business through its subsidiaries, joint ventures, associates and branches in the UK, Ireland, Canada and Asia.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xNzIvZnJhZzpmYzNmZmFjN2VlMmU0M2IyODQ5NTVkODI4N2Q4YTI1OS90ZXh0cmVnaW9uOmZjM2ZmYWM3ZWUyZTQzYjI4NDk1NWQ4Mjg3ZDhhMjU5Xzk5MzEz_98535d13-deee-4f0f-86e5-c0504bd0e0b6": { "value": "", "dimensions": { "concept": "bus:EntityTradingStatus", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xNzIvZnJhZzpmYzNmZmFjN2VlMmU0M2IyODQ5NTVkODI4N2Q4YTI1OS90ZXh0cmVnaW9uOmZjM2ZmYWM3ZWUyZTQzYjI4NDk1NWQ4Mjg3ZDhhMjU5XzE0NjIzNTA0NzE4MDUzOQ_6c3afec1-23b2-4000-a271-345b9f1f9fd5": { "value": "", "dimensions": { "concept": "bus:AccountingStandardsApplied", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81Njg1L2ZyYWc6YzM1YWQyNTZjMDE0NGNjNDlmYWM4NzcxMjY2NmViZTIvdGV4dHJlZ2lvbjpjMzVhZDI1NmMwMTQ0Y2M0OWZhYzg3NzEyNjY2ZWJlMl82ODcxOTQ3NzAwNTk1Nw_db853d62-0e78-4a6e-88c8-120f13651b47": { "value": "", "dimensions": { "concept": "bus:AccountsType", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81Njg1L2ZyYWc6YzM1YWQyNTZjMDE0NGNjNDlmYWM4NzcxMjY2NmViZTIvdGV4dHJlZ2lvbjpjMzVhZDI1NmMwMTQ0Y2M0OWZhYzg3NzEyNjY2ZWJlMl8zMjk4NTM1MTUzMjg0_21126d9d-4989-4fb9-96d3-7a4f751d1b4b": { "value": "2022-01-01", "dimensions": { "concept": "bus:StartDateForPeriodCoveredByReport", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-02T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDYyMzUwNDY1OTYzMDA_c451f33c-05c9-4717-ac33-e687cf1cd756": { "value": "The preparation of financial statements requires the Group to select accounting policies and make estimates and assumptions that affect items reported in the consolidated income statement, consolidated statement of financial position, other primary statements and notes to the consolidated financial statements.The Audit Committee reviews the reasonableness of judgements and assumptions applied and the appropriateness of significant\u00a0accounting policies. The significant judgements considered by the\u00a0Committee in the year are included within the Audit\u00a0Committee\u00a0Report and summarised in the following table.Critical accounting judgementConsolidation (accounting policy - D)Assessment of whether the Group controls the underlying entities including consideration of its decision making authority and rights to the variable returns from the entity.As part of this assessment Aviva applies a corridor approach to consolidation thresholds, where the Group\u2019s percentage ownership in certain investment vehicles fluctuates daily.Classification of insurance and investment contracts (accounting policy - G)Assessment of the significance of insurance risk transferred to the Group and discretionary participation features in determining whether a contract should be accounted for as an insurance or investment contract. Insurance contracts are defined as those containing significant insurance risk. Contracts that transfer financial risks, but not significant insurance risk are classified as investment contracts. Judgement is required to assess whether insurance risk is significant at inception of the contract. Some insurance and investment contracts contain a discretionary participation feature which is a supplement to guaranteed benefits. Judgement is required to determine whether discretionary additional benefits are likely to be a significant portion of the total contractual payments. Financial Investments (accounting policy - T)Classification of investments including the application of the fair value option.The Group classifies its investments as either fair value through profit or loss (FVTPL) or available for sale (AFS). The classification depends on the purpose for which the investments were acquired and is determined by local management at initial recognition.All estimates are based on management\u2019s knowledge of current facts and circumstances, assumptions based on that knowledge and their predictions of future events and actions. Actual results may differ from those estimates, possibly significantly.The table below sets out those estimates considered particularly susceptible to changes in assumptions, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year, and\u00a0the relevant accounting policy and note disclosures.Significant accounting estimatesAssumptionsCarrying valuesSensitivityMeasurement of insurance and participating investment contract liabilities (accounting policy \u2013 L)Principal assumptions used in the calculation of life insurance and participating investment contract liabilities include those in respect of annuitant mortality, expenses, valuation interest rates and credit default allowances on corporate bonds and other non-sovereign credit\u00a0assets.Principal assumptions used in the calculation of general insurance and health liabilities include the discount rates used in determining latent claim and structured settlements liabilities, and the assumption that past claims experience can be used as a basis to project future claims (estimated using a range of standard actuarial claims projection techniques).note 41(b) \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 note 42(b)note 40(a), Note 43(a)note 41(c)note 58(h)note 42(b)Fair value of financial instruments and investment property (accounting policy \u2013 F, T, U) Where quoted market prices are not available, valuation techniques are used to value financial instruments and investment property. These include broker quotes and models using both observable and unobservable market inputs. The valuation techniques involve judgement with regard to the valuation models used and the inputs to these models can lead to a range of plausible valuations for financial investments.note 22(g)note 22(g)note 22(g)During the year management reassessed the critical accounting policies and estimates previously provided and, based on their assessment of qualitative and quantitative risk factors, resolved that no change was required.", "dimensions": { "concept": "core:GeneralDescriptionCriticalEstimatesJudgements", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDYyMzUwNDY1OTYzMDE_747385a6-1035-4d20-8247-e6958ffbd152": { "value": "
Subsidiaries
Subsidiaries are those entities over which the Group has control.
The Group controls an investee if and only if the Group has all of
the\u00a0following:
\u2022power over the investee;
\u2022exposure, or rights, to variable returns from its involvement with
the investee, and
\u2022the ability to use its power over the investee to affect its returns.
The Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including: the
purpose and design of an investee, relevant activities, substantive
and protective rights, and voting rights and potential voting rights.
The Group reassesses whether or not it controls an investee if facts
and circumstances indicate that there are changes to one or more
of the three elements of control.
Investment vehicles
In several countries, the Group has invested in a number of
specialised investment vehicles such as Open-ended Investment
Companies (OEICs) and unit trusts. These invest mainly in equities,
bonds, cash and cash equivalents, and properties, and distribute
most of their income.
In determining whether the Group controls such vehicles, primary
considerations include whether the Group is acting as a principal
or\u00a0an agent (including an assessment of the substantive removal
rights of third parties) and the variability in the returns associated
with the Group\u2019s aggregate economic interest in the fund (direct
interest and expected management fees) relative to the total
variability of returns.
Additionally, the Group\u2019s percentage ownership in these vehicles
can fluctuate on a daily basis according to the level of participation
of the Group and third-parties. To avoid transitory or minor changes
in fund holdings (which do not reflect the wider facts and
circumstances of the Group\u2019s involvement) resulting in binary
changes in the consolidation conclusions, the Group takes into
account the trend of ownership over a period of time. This is
performed in line with the following principles:
\u2022Where the entity is managed by a Group asset manager, and the
Group\u2019s ownership holding in the entity exceeds 40%, the Group is
judged to have control over the entity;
\u2022Where the entity is managed by a Group asset manager, and the
Group\u2019s ownership holding in the entity is between 30% and 40%,
the facts and circumstances of the Group\u2019s involvement in the
entity are considered, in forming a judgement as to whether the
Group has control over the entity. Considerations include the
rights held by other parties, the Group\u2019s rights to fees from the
entity, the variability in the returns associated with the Group\u2019s
aggregate economic interest in the fund and the nature of the
Group\u2019s exposure to variability compared with that of other
investors; and
\u2022Where the entity is managed by a Group asset manager, and the
Group\u2019s ownership holding in the entity is less than 30%, the
Group is judged to not have control over the entity.
Where the Group is deemed to control such vehicles, they are
consolidated, with the interests of parties other than Aviva being
classified as liabilities. These appear as \u2018Net asset value attributable
to unitholders\u2019 in the consolidated statement of financial position.
The interest of parties other than Aviva in the investment return on
these funds appear as \u2018Investment expense/(income) attributable to
unitholders\u2019 in the income statement.
Where the Group does not control such vehicles, and these
investments are held by its insurance or investment funds, they
are\u00a0carried at fair value through profit or loss within financial
investments in the consolidated statement of financial position,
in\u00a0accordance with IAS 39 Financial Instruments: Recognition and
Measurement.
As part of their investment strategy, long-term business
policyholder funds have invested in a number of property limited
partnerships (PLPs), either directly or via property unit trusts (PUTs),
through a mix of capital and loans. The PLPs are managed by
general partners (GPs), in which the long-term business shareholder
companies hold equity stakes and which themselves hold nominal
stakes in the PLPs. The PUTs are managed by a Group subsidiary.
Accounting for the PUTs and PLPs as subsidiaries, joint ventures,
associates or other financial investments depends on whether the
Group is deemed to have control or joint control over the PUTs and
PLPs\u2019 shareholdings in the GPs and the terms of each partnership
agreement are considered along with other factors that determine
control, as outlined above.
Where the Group exerts control over a PUT or a PLP, it has been
treated as a subsidiary and its results, assets and liabilities have
been consolidated.
Where the partnership is managed by an agreement such that there
is joint control between the parties, notwithstanding that the
Group\u2019s partnership share in the PLP (including its indirect stake via
the relevant PUT and GP) may be lower or higher than 50%, such
PUTs and PLPs have been classified as joint ventures (see below).
Where the Group has significant influence over the PUT or PLP, as
defined in the following section, the PUT or PLP is classified as an
associate. Where the Group holds non-controlling interests in PLPs,
with no significant influence or control over their associated GPs,
the relevant investments are carried at fair value through profit or
loss within financial investments.
Consolidation procedure
Subsidiaries are consolidated from the date the Group obtains
control and are excluded from consolidation from the date the
Group loses control. All intercompany transactions, balances
and\u00a0unrealised surpluses and deficits on transactions between
Group companies have been eliminated. Accounting policies of
subsidiaries are aligned on acquisition to ensure consistency with
Group policies.
The Group is required to use the acquisition method of accounting
for business combinations. Under this method, the Group
recognises identifiable assets, liabilities and contingent liabilities
at\u00a0fair value, and any non-controlling interest in the acquiree. For
each business combination, the Group has the option to measure
the non-controlling interest in the acquiree either at fair value or
at\u00a0the proportionate share of the acquiree\u2019s identifiable net assets.
The excess of the consideration transferred over the fair value of
the\u00a0net assets of the subsidiary acquired is recorded as goodwill
(see accounting policy O below). Acquisition-related costs are
expensed as incurred.
Transactions with non-controlling interests that lead to changes in
the ownership interests in a subsidiary but do not result in a loss of
control are treated as equity transactions.
Merger accounting and the merger reserve
Prior to 1 January 2004, the date of first time adoption of IFRS,
certain significant business combinations were accounted for
using\u00a0the \u2018pooling of interests method\u2019 (or merger accounting),
which treats the merged groups as if they had been combined
throughout the current and comparative accounting periods.
Merger accounting principles for these combinations gave rise to a
merger reserve in the consolidated statement of financial position,
being the difference between the nominal value of new shares
issued by the Parent Company for the acquisition of the shares
of\u00a0the subsidiary and the subsidiary\u2019s own share capital and share
premium account. These transactions have not been restated,
as\u00a0permitted by the IFRS 1 transitional arrangements.
The merger reserve is also used where more than 90% of the shares
in a subsidiary are acquired and the consideration includes the
issue of new shares by the Company, thereby attracting merger
relief under the Companies Act 1985 and, from 1 October 2009,
the\u00a0Companies Act 2006.
Associates and joint ventures
Associates are entities over which the Group has significant
influence. Significant influence is the power to participate in the
financial and operating policy decisions of the investee, but is not
control or joint control. Generally, it is presumed that the Group has
significant influence if it has between 20% and 50% of voting rights.
Joint ventures are joint arrangements whereby the Group and other
parties that have joint control of the arrangement have rights to the
net assets of the joint venture.
Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant
activities require unanimous consent of the parties sharing control.
In a number of these, the Group\u2019s share of the underlying assets
and\u00a0liabilities may be greater or less than 50% but the terms of
the\u00a0relevant agreements make it clear that control is not exercised.
Such jointly controlled entities are referred to as joint ventures in
these financial statements.
Gains on transactions between the Group and its associates and
joint ventures are eliminated to the extent of the Group\u2019s interest in
the associates and joint ventures. Losses are also eliminated, unless
the transaction provides evidence of an impairment of the asset
transferred between entities.
Other than investments in investment vehicles which are carried at
fair value through profit or loss, investments in associates and joint
ventures are accounted for using the equity method of accounting.
Under this method, the cost of the investment in a given associate
or joint venture, together with the Group\u2019s share of that entity\u2019s
post-acquisition changes to shareholders\u2019 funds, is included as
an\u00a0asset in the consolidated statement of financial position.
As\u00a0explained in accounting policy O, the cost includes goodwill
recognised on acquisition. The Group\u2019s share of their post-
acquisition profit or losses is recognised in the income statement
and its share of post-acquisition movements in reserves is
recognised in reserves. Equity accounting is discontinued when
the\u00a0Group no longer has significant influence or joint control
over\u00a0the investment.
If the Group\u2019s share of losses in an associate or joint venture
equals\u00a0or exceeds its interest in the undertaking, the Group does
not recognise further losses unless it has incurred obligations or
made payments on behalf of the entity.
The Company\u2019s investments
In the Company\u2019s statement of financial position, subsidiaries,
associates and joint ventures are stated at cost less impairment.
Investments are reviewed annually to test whether any indicators of
impairment exist. Where there is objective evidence of such an asset
being impaired the investment is impaired to its recoverable value
and any unrealised loss is recorded in the income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDYyMzUwNDY1OTYzMDI_b7562b61-502b-4566-9dce-573ac24c8cb0": { "value": "
Income statements and cash flows of foreign entities are translated
into the Group\u2019s presentation currency at average exchange rates
for the year while their statements of financial position are
translated at the year-end exchange rates. Exchange differences
arising from the translation of the net investment in foreign
subsidiaries and of borrowings and\u00a0other currency instruments
designated as hedges of such investments, are recognised in other
comprehensive income and taken to the currency translation
reserve or the hedging instrument reserve within equity. On
disposal of a foreign entity, such exchange differences are
transferred out of this reserve and are recognised in\u00a0the income
statement as part of the gain or loss on sale. The cumulative
translation differences were deemed to be zero at the\u00a0transition
date to IFRS.
Foreign currency transactions are accounted for at the exchange
rates prevailing at the date of the transactions. Gains and losses
resulting from the settlement of such transactions, and from the
translation of monetary assets and liabilities denominated in
foreign currencies, are recognised in the income statement.
Translation differences on debt securities and other monetary
financial assets measured at fair value and designated as held at
FVTPL (see accounting policy T) are included in foreign exchange
gains and losses in the income statement. For monetary financial
assets designated as AFS, translation differences are calculated as
if\u00a0they were carried at amortised cost and so are recognised in the
income statement, while foreign exchange differences arising from
fair value gains and losses are recognised in other comprehensive
income and included in the investment valuation reserve within
equity. Translation differences on non-monetary items, such as
equities which are designated as FVTPL, are reported as part of
the\u00a0fair value gain or loss, whereas such differences on AFS
equities\u00a0are included in the investment valuation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDYyMzUwNDY1OTYzMDM_56abbd1c-d8a7-4523-9047-9f8819088d78": { "value": "
Fair value is the price that would be received to sell an asset or
paid\u00a0to transfer a liability in an orderly transaction between market
participants at the measurement date, regardless of whether that
price is directly observable or estimated using another valuation
technique. This presumes that the transaction takes place in the
principal (or most advantageous) market under current market
conditions. Fair value is a market-based measure and in the
absence of observable market prices in an active market, it is
measured using the assumptions that market participants
would\u00a0use when pricing the asset or liability.
The fair value of a non-financial asset is determined based on
its\u00a0highest and best use from a market participant\u2019s perspective.
When\u00a0using this approach, the Group takes into account the
asset\u2019s\u00a0use that is physically possible, legally permissible and
financially feasible.
The best evidence of the fair value of a financial instrument at initial
recognition is normally the transaction price i.e. the fair value of the
consideration given or received. In certain circumstances, the fair
value at initial recognition may differ from the transaction price.
If the fair value is evidenced by comparison with other observable
current market transactions in the same instrument (i.e. without
modification or repackaging), or is based on a valuation technique
whose variables include only data from observable markets, then
the difference between the fair value at initial recognition and
the\u00a0transaction price is recognised as a gain or loss in the income
statement.
When unobservable market data has a significant impact on the
valuation of financial instruments, the difference between the fair
value at initial recognition and the transaction price is not
recognised immediately in the income statement, but\u00a0deferred and
recognised in the income statement on an appropriate basis over
the life of the instrument but no later than when the valuation is
supported wholly by observable market data\u00a0or the transaction is
closed out or otherwise matured.
If an asset or a liability measured at fair value has a bid price and\u00a0an\u00a0ask
price, the price within the bid-ask spread that is most representative of
fair value in the circumstances is used to measure fair value.
(a) Basis for determining fair value hierarchy
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value
hierarchy described as follows, based on the lowest level input that is significant to the fair value measurement as a whole.
Level 1
Inputs to Level 1 fair values are quoted prices (unadjusted) in active markets for identical assets and liabilities that the entity can access at
the measurement date. Level 1 inputs already reflect market participant views of climate change impacts and no further adjustments are
made to these values.
Level 2
Inputs to Level 2 fair values are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either
directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full
term of the instrument. Level 2 inputs include the following:
\u2022Quoted prices for similar assets and liabilities in active markets;
\u2022Quoted prices for identical or similar assets and liabilities in markets that are not active, the prices are not current, or price quotations
vary\u00a0substantially either over time or among market makers, or in which little information is released publicly;
\u2022Inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable
at\u00a0commonly quoted intervals, implied volatilities and credit spreads); and
\u2022Market corroborated inputs.
Where we use broker quotes and no information as to the observability of inputs is provided by the broker, the investments are classified
as\u00a0follows:
\u2022Where the broker price is validated by using internal models with market observable inputs and the values are similar, we classify
the\u00a0investment as Level 2; and
\u2022In circumstances where internal models are not used to validate broker prices, or the observability of inputs used by brokers is
unavailable, the investment is classified as Level 3.
22 \u2013 Fair value methodology continued
Level 3
Inputs to Level 3 fair values are unobservable inputs for the asset or liability. Unobservable inputs may have been used to measure fair value
to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the
asset or liability at the measurement date. However, the fair value measurement objective remains the same, i.e. an exit price at the
measurement date from the perspective of a market participant that holds the asset or owes the liability. Unobservable inputs reflect the
assumptions the business unit considers that market participants would use in pricing the asset or liability. Examples are investment
properties and commercial and equity release mortgage loans.
The majority of the Group\u2019s assets and liabilities measured at fair value are based on quoted market information or observable market data.
Of the total assets and liabilities measured at fair value 15.9% (2021: 15.7%) of assets and 0.9% (2021: 0.9%) of liabilities are based on
estimates and recorded as Level 3. Where estimates are used, these are based on a combination of independent third-party evidence and
internally developed models, calibrated to market observable data where possible. Third-party valuations using significant unobservable
inputs validated against Level 2 internally modelled valuations are classified as Level 3, where there is a significant difference between the
third-party price and the internally modelled value. Where the difference is insignificant, the instrument would be classified as Level 2.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NTQ_69965fa4-634c-433e-83c1-5ecd1e5cea72": { "value": "
Insurance contracts are defined as those containing significant
insurance risk if, and only if, an insured event could cause an insurer
to make significant additional payments in any scenario, excluding
scenarios that lack commercial substance, at the inception of
the\u00a0contract.
Such contracts remain insurance contracts until all rights and
obligations are extinguished or expire. Contracts can be reclassified
as insurance contracts after inception if insurance risk becomes
significant. Contracts that transfer financial risks, but not significant
insurance risk are classified as investment contracts.
Some insurance and investment contracts contain a discretionary
participation feature, which is a contractual right to receive
additional benefits as a supplement to guaranteed benefits
(i)\u00a0that\u00a0are likely to be a significant portion of the total contractual
payments; (ii) whose amount or timing is at the discretion of the
issuer; and (iii) that are based on the performance of a specified
pool of assets, company, or other entity that issues the contracts.
Investment contracts with discretionary participation features,
referred to as participating investment contracts, are accounted
for\u00a0under IFRS 4. Investment contracts without discretionary
participation features, referred to as non-participating investment
contracts, are accounted for as financial instruments under IAS 39.
The classification of the Group\u2019s main contracts is
summarised\u00a0below:
Type of contract
Classification
Annuities
Insurance contract
Unit-linked with significant
insurance risk
Insurance contract
Unit-linked without significant
insurance risk
Investment contract
Protection
Insurance contract
General insurance (e.g. motor,
property, liability)
Insurance contract
Health
Insurance contract
With-profits
Insurance contract / Participating
investment contract
As noted in accounting policy A, insurance contracts and participating
investment contracts in general continue to be measured and
accounted for under existing accounting practices at\u00a0the later of the
date of transition to IFRS (\u2018grandfathered\u2019) or the date of the
acquisition of the entity, in accordance with IFRS 4. IFRS\u00a0accounting
for insurance contracts in UK companies was grandfathered at the
date of transition to IFRS and determined in accordance with the
Statement of Recommended Practice issued by the Association of
British Insurers (subsequently withdrawn by the ABI in 2015).", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForInsuranceProductClassificationTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NTM_56aaeb27-be18-44ab-a282-c31f1da03146": { "value": "
Premiums on long-term insurance contracts and participating
investment contracts are recognised as income when receivable,
except for investment-linked premiums which are accounted for
when the corresponding liabilities are recognised. For single
premium business, this is the date from which the policy is effective.
For regular premium contracts, receivables are recognised at the
date when payments are due.
Premiums are shown before deduction of commission and before
any sales-based taxes or duties. Where policies lapse due to non-
receipt of premiums, then all the related premium income accrued
but not received from the date they are deemed to have lapsed is
offset against premiums.
General insurance and health premiums written reflect business
incepted during the year, and exclude any sales-based taxes or
duties. Unearned premiums are those proportions of the premiums
written in a year that relate to periods of risk after the statement
of\u00a0financial position date. Unearned premiums are calculated on
either a daily or monthly pro rata basis. Premiums collected by
intermediaries, but not yet received, are assessed based on
estimates from underwriting or past experience, and are
included\u00a0in\u00a0premiums written.
Deposits collected under investment contracts without a
discretionary participation feature (non-participating contracts) are
not accounted for through the income statement, except for the fee
income (covered in accounting policy I) and the investment income
attributable to those contracts, but are accounted for directly
through the statement of financial position as an adjustment to
the\u00a0investment contract liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NTU_4cd206ec-2e5d-4b2a-a447-7cfe41e923e4": { "value": "
Investment contract policyholders are charged fees for policy
administration, investment management, surrenders or other
contract services. The fees may be for fixed amounts or vary
with\u00a0the amounts being managed, and will generally be charged
as\u00a0an adjustment to the policyholder\u2019s balance. Fees related to
investment management services are recognised as revenue over
time, as performance obligations are satisfied. In most cases this
revenue is recognised in the same period in which the fees are
charged to the policyholder. Fees that are related to services to
be\u00a0provided in future periods are deferred and recognised when
the\u00a0performance obligation is fulfilled. Variable consideration,
such\u00a0as\u00a0performance fees and commission subject to clawback
arrangements, is not recognised as revenue until it is reasonably
certain that no significant reversal of amounts recognised
would\u00a0occur.
Initiation and other \u2018front-end\u2019 fees (fees that are assessed against
the policyholder balance as consideration for origination of the
contract) are charged on some non-participating investment and
investment fund management contracts. Where the investment
contract is recorded at amortised cost, these fees are deferred and
recognised over the expected term of the policy by an adjustment
to the effective yield. Where the investment contract is measured
at\u00a0fair value, the front-end fees that relate to the provision of
investment management services are deferred and recognised
as\u00a0the services are provided. Origination fees are recognised
immediately where the sale of fund interests represent a separate
performance obligation.
(J) Other fee and commission income
Other fee and commission income consists primarily of fund
management fees, distribution fees from mutual funds,
commissions on reinsurance ceded, commission revenue from the
sale of mutual fund shares and transfer agent fees for shareholder
record keeping. Reinsurance commissions receivable are deferred
in the same way as acquisition costs, as described in accounting
policy X. All other fee and commission income is recognised over
time as the services are provided.
(K) Net investment income
Investment income consists of dividends, interest and rents
receivable for the year, movements in amortised cost on debt
securities, realised gains and losses, and unrealised gains and
losses on FVTPL investments (as defined in accounting policy T).
Dividends on equity securities are recorded as revenue on the ex-
dividend date. Interest income is recognised as it accrues, taking
into account the effective yield on the investment. It includes the
interest rate differential on forward foreign exchange contracts.
Rental income is recognised on an accruals basis, and is recognised
on a straight line basis unless there is compelling evidence that
benefits do not accrue evenly over the period of the lease.
A gain or loss on a financial investment is only realised on disposal
or transfer, and is the difference between the proceeds received, net
of transaction costs, and its original cost or amortised cost, as
appropriate.
Unrealised gains and losses, arising on investments which have not
been derecognised as a result of disposal or transfer, represent the
difference between the carrying value at the year end and the
carrying value at the previous year end or purchase value during the
year, less the reversal of previously recognised unrealised gains and
losses in respect of disposals made during the year. Realised gains
or losses on investment property represent the difference between
the net disposal proceeds and the carrying amount of the property.
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForOtherIncomeTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NTY_d23d94f5-b7d0-41d7-a4a8-974d714f5b2c": { "value": "
Claims
Long-term business claims reflect the cost of all claims arising
during the year, including claims handling costs, as well as
policyholder bonuses accrued in anticipation of bonus
declarations.
General insurance and health claims incurred include all losses
occurring during the year, whether reported or not, related handling
costs, a reduction for the value of salvage and other recoveries, and
any adjustments to claims outstanding from previous years.
Claims handling costs include internal and external costs incurred
in connection with the negotiation and settlement of claims.
Internal costs include all direct expenses of the claims department
and any part of the general administrative costs directly
attributable to the claims function.
Long-term business provisions
Under current IFRS requirements, insurance and participating
investment contract liabilities are measured using accounting
policies consistent with those adopted previously under existing
accounting practices, with the exception of liabilities remeasured to
reflect current market interest rates to be consistent with the value
of the backing assets, and those relating to UK with-profits and non-
profit contracts.
The long-term business provisions are calculated separately for
each life operation, based either on local regulatory requirements
or existing local GAAP (at the later of the date of transition to IFRS or
the date of the acquisition of the entity); and actuarial principles
consistent with those applied in each local market. Each calculation
represents a determination within a range of possible outcomes,
where the assumptions used in the calculations depend on the
circumstances prevailing in each life operation. The principal
assumptions are disclosed in note 42(a). For the UK with-profits
funds, FRS 27 required liabilities to be calculated on the realistic
basis adjusted to remove the shareholders\u2019 share of future bonuses.
FRS 27 was grandfathered from UK regulatory requirements prior to
the adoption of Solvency II. For UK non-profit insurance contracts,
the liabilities are calculated using the gross premium valuation
method. This method uses the amount of contractual premiums
payable and includes explicit assumptions for interest and discount
rates, mortality and morbidity, persistency and future expenses.
These assumptions are set on a prudent basis and can vary by
contract type and reflect current and expected future experience.
These estimates depend upon the outcome of future events and
may need to be revised as circumstances change. The liabilities are
based on the UK regulatory requirements prior to the adoption of
Solvency II, adjusted to remove certain regulatory reserves and
margins in assumptions, notably for annuity business.
Unallocated divisible surplus
In certain participating long-term insurance and investment
business, the nature of the policy benefits is such that the division
between shareholder reserves and policyholder liabilities is
uncertain. Amounts whose allocation to either policyholders or
shareholders has not been determined by the end of the financial
year are held within liabilities as an unallocated divisible surplus.
If the aggregate carrying value of liabilities for a particular
participating business fund is in excess of the aggregate carrying
value of its assets, then the difference is held as a negative
unallocated divisible surplus balance, subject to recoverability
from\u00a0margins in that fund\u2019s participating business. Any excess of
this difference over the recoverable amount is charged to net
income in the reporting period.
Embedded derivatives
Embedded derivatives that meet the definition of an insurance
contract or correspond to options to surrender insurance contracts
for a set amount (or based on a fixed amount and an interest rate)
are not separately measured. All other embedded derivatives are
separated and measured at fair value if they are not considered
closely related to the host insurance contract or do not meet the
definition of an insurance contract. Fair value reflects own credit
risk to the extent the embedded derivative is not fully collateralised.
Liability adequacy
At each reporting date, an assessment is made of whether the
recognised long-term business provisions are adequate, using
current estimates of future cash flows. If that assessment shows
that the carrying amount of the liabilities (less related assets) is
insufficient in light of the estimated future cash flows, the deficiency
is recognised in the income statement by setting up an additional
provision in the statement of financial position.
General insurance and health provisions
Outstanding claims provisions
General insurance and health outstanding claims provisions are
based on the estimated ultimate cost of all claims incurred but not
settled at the statement of financial position date, whether reported
or not, together with related claims handling costs. Significant
delays are experienced in the notification and settlement of certain
types of general insurance claims, particularly in respect of liability
business, including environmental and pollution exposures, the
ultimate cost of which cannot be known with certainty at the
statement of financial position date. As such, booked claim
provisions for general insurance and health insurance are based
on\u00a0the best estimate of the cost of future claim payments plus an
explicit allowance for risk and uncertainty. Any estimate represents
a determination within a range of possible outcomes. Further
details of estimation techniques are given in note 42(b).
Provisions for latent claims and claims that are settled on an
annuity type basis such as structured settlements are discounted,
in\u00a0the relevant currency at the reporting date, having regard to
the\u00a0expected settlement dates of the claims and the nature of
the\u00a0liabilities.
The discount rate is set at the start of the accounting period with
any change in rates between the start and end of the accounting
period being reflected below operating profit as an economic
assumption change. The range of discount rates used is described
in note 42(b). Outstanding claims provisions are valued net of an
allowance for expected future recoveries. Recoveries include non-
insurance assets that have been acquired by exercising rights to
salvage and subrogation under the terms of insurance contracts.
Provision for unearned premiums
The proportion of written premiums, gross of commission payable
to intermediaries, attributable to subsequent periods is deferred as
a provision for unearned premiums. The change in this provision is
taken to the income statement as recognition of revenue over the
period of risk.
Liability adequacy
At each reporting date, the Group reviews its unexpired risks and
carries out a liability adequacy test for any overall excess of
expected claims and deferred acquisition costs over unearned
premiums, using the current estimates of future cash flows under its
contracts after taking account of the investment return expected to
arise on assets relating to the relevant general business provisions.
If these estimates show that the carrying amount of its insurance
liabilities (less related deferred acquisition costs) is insufficient in
light of the estimated future cash flows, the deficiency is recognised
in the income statement by setting up a provision in the statement
of financial position.
Other assessments and levies
The Group is subject to various periodic insurance-related
assessments or guarantee fund levies. Related provisions
are\u00a0established where there is a present obligation (legal or
constructive) as a result of a past event. Such amounts are not
included in insurance liabilities but are included under \u2018Pension
deficits and other provisions\u2019 in the statement of financial position.
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForInsuranceBusinessTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NTc_aa3250e5-47c1-4bf1-a45b-46b6155932e6": { "value": "
Claims
For non-participating investment contracts with an account
balance, claims reflect the excess of amounts paid over the account
balance released.
Contract liabilities
Deposits collected under non-participating investment contracts
are not accounted for through the income statement, except for
the\u00a0investment income attributable to those contracts, but are
accounted for directly through the statement of financial position
as an adjustment to the investment contract liability.
The majority of the Group\u2019s contracts classified as non-participating
investment contracts are unit-linked contracts and are measured at
fair value.
The liability\u2019s fair value is determined using a valuation technique
to\u00a0provide a reliable estimate of the amount for which the liability
could be transferred in an orderly transaction between market
participants at the measurement date, subject to a minimum
equal\u00a0to the surrender value. For unit-linked contracts, the fair
value\u00a0liability is equal to the current unit fund value, including
any\u00a0unfunded units. In addition, if required, non-unit reserves
are\u00a0held based on a discounted cash flow analysis.
For non-linked contracts, the fair value liability is based on a
discounted cash flow analysis, with allowance for risk calibrated
to\u00a0match the market price for risk.
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForInvestmentContractTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NTg_943608cd-e1e8-4391-89da-ce73642b291b": { "value": "
The Group assumes and cedes reinsurance in the normal course of
business, with retention limits varying by line of business. Premiums
on reinsurance assumed are recognised as revenue in the same
manner as they would be if the reinsurance were considered direct
business, taking into account the product classification of the
reinsured business.
The cost of reinsurance related to long-duration contracts is
accounted for over the life of the underlying reinsured policies,
using assumptions consistent with those used to account for
these\u00a0policies.
Where general insurance liabilities are discounted, any
corresponding reinsurance assets are also discounted using
consistent assumptions.
Gains or losses on buying retroactive reinsurance are recognised in
the income statement immediately at the date of purchase and are
not amortised. Premiums ceded and claims reimbursed are
presented on a gross basis in the consolidated income statement
and statement of financial position as appropriate.
Reinsurance assets primarily include balances due from both
insurance and reinsurance companies for ceded insurance and
investment contract liabilities. This includes balances in respect of
investment contracts which are legally reinsurance contracts but
do\u00a0not meet the definition of a reinsurance contract under IFRS.
Amounts recoverable from reinsurers are estimated in a manner
consistent with the underlying contract liabilities, outstanding
claims provisions or settled claims associated with the reinsured
policies and in accordance with the relevant reinsurance contract.
Reinsurance of non-participating investment contracts and
reinsurance contracts that principally transfer financial risk are
accounted for directly through the statement of financial position.
A\u00a0deposit asset or liability is recognised, based on the consideration
paid or received less any explicitly identified premiums or fees to
be\u00a0retained by the reinsured. These deposit assets or liabilities are
shown within reinsurance assets in the consolidated statement of
financial position.
If a reinsurance asset is impaired, the Group reduces the carrying
amount accordingly and recognises that impairment loss in the
income statement. A reinsurance asset is impaired if there is
objective evidence, as a result of an event that occurred after initial
recognition of the reinsurance asset, that the Group may not receive
all amounts due to it under the terms of the contract, and the event
has a reliably measurable impact on the amounts that the Group
will receive from the reinsurer.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NTk_9aecb613-dd3f-4229-b1e3-cefa2d9ccccb": { "value": "
Goodwill
Goodwill represents the excess of the cost of an acquisition over
the\u00a0fair value of the Group\u2019s share of the net assets of the acquired
subsidiary, associate or joint venture at the date of acquisition.
Goodwill arising on the Group\u2019s investments in subsidiaries is
shown as a separate asset, while that on associates and joint
ventures is included within the carrying value of those investments.
Goodwill on acquisitions prior to 1 January 2004 (the date of
transition to IFRS) is carried at its book value (original cost less
cumulative amortisation) on that date, less any impairment
subsequently incurred. Goodwill arising before 1 January 1998
was\u00a0eliminated against reserves and has not been reinstated.
Where negative goodwill arises on an acquisition, this is recognised
immediately in the consolidated income statement.
Acquired value of in-force business (AVIF)
The present value of future profits on a portfolio of long-term
insurance and investment contracts, acquired either directly or
through the purchase of a subsidiary, is recognised as an asset.
If the AVIF results from the acquisition of an investment in a joint
venture or an associate, it is held within the carrying amount of
that\u00a0investment. In all cases, the AVIF is amortised over the useful
lifetime of the related contracts in the portfolio on a systematic
basis. The rate of amortisation is chosen by considering the profile
of the additional value of in-force business acquired and the
expected depletion in its value.
Non-participating investment contract AVIF is reviewed for evidence
of impairment, consistent with reviews conducted for other finite
life intangible assets. Insurance and participating investment
contract AVIF is reviewed for impairment at each reporting date
as\u00a0part of the liability adequacy requirements of IFRS 4 (see
accounting policy L). AVIF is reviewed for evidence of impairment
and impairment tested at product portfolio level by reference to
a\u00a0projection of future profits arising from the portfolio.
Intangible assets
Intangible assets consist primarily of contractual relationships
such\u00a0as access to distribution networks, customer lists and
software. The\u00a0economic lives of these are determined by
considering relevant factors such as usage of the asset, typical
product life cycles, potential obsolescence, maintenance costs,
the\u00a0stability of the industry, competitive position and the period
of\u00a0control over the assets. Finite life intangibles are amortised over
their useful lives, which range from three to 30 years, using the
straight-line method.
The amortisation charge for the year is included in the income
statement under \u2018Other expenses\u2019. For intangibles with finite lives,
impairment charges will be recognised in the income statement
where evidence of such impairment is observed.
Intangibles with indefinite lives are subject to regular impairment
testing, as described below.
Impairment testing
For impairment testing, goodwill and intangible assets with
indefinite useful lives have been allocated to cash-generating
units.\u00a0The carrying amount of goodwill and intangible assets
with\u00a0indefinite useful lives is reviewed at least annually or when
circumstances or events indicate there may be uncertainty over this
value. Goodwill and indefinite life intangibles are written down for
impairment where the recoverable amount is insufficient to support
its carrying value. Further details on goodwill allocation and
impairment testing are given in note 15. Any impairments are
charged as expenses in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NjA_1f6505bc-89b0-4f9d-983f-ed992ab561ee": { "value": "
Owner-occupied properties are carried at their revalued amounts,
and movements are recognised in other comprehensive income
and taken to a separate reserve within equity. When such properties
are sold, the accumulated revaluation surpluses are transferred
from this reserve to retained earnings. These properties are
depreciated down to their estimated residual values over their
useful lives.
This excludes owner-occupied properties held under lease
arrangements, which are measured at amortised cost. Refer
to\u00a0accounting policy Z for further information.
All other items classed as property and equipment within the
statement of financial position are carried at historical cost less
accumulated depreciation.
Investment properties under construction are included within
property and equipment until completion, and are stated at cost
less any provision for impairment in their values until construction
is completed or fair value becomes reliably measurable.
Depreciation is calculated on a straight-line basis to write down the
cost of other assets to their residual values over their estimated
useful lives as follows:
\u2022Properties under construction
No depreciation
\u2022Owner-occupied properties,
and related mechanical and
electrical equipment
25 years
\u2022Motor vehicles
Three years, or lease term
(up\u00a0to useful life) if longer
\u2022Computer equipment
Three to five years
\u2022Other assets
Three to five years
The assets\u2019 residual values, useful lives and method of depreciation
are reviewed regularly, and at least at each financial year end, and
adjusted if appropriate. Where the carrying amount of an asset is
greater than its estimated recoverable amount, it is written down
immediately to its recoverable amount. Gains and losses on
disposal of property and equipment are determined by reference
to\u00a0their carrying amount.
Borrowing costs directly attributable to the acquisition and
construction of property and equipment are capitalised. All repair
and maintenance costs are charged to the income statement
during the financial period in which they are incurred. The cost of
major renovations is included in the carrying amount of the asset
when it is probable that future economic benefits in excess of the
most recently assessed standard of performance of the existing
asset will flow to the Group and the renovation replaces an
identifiable part of the asset. Major renovations are depreciated
over the remaining useful life of the related asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NjI_7f490af7-abdf-4920-99ec-6514bb4e9fc0": { "value": "
Investment property is held for long-term rental yields and is not
occupied by the Group. Completed investment property is stated
at\u00a0its fair value, as assessed by qualified external valuers or by
qualified staff of the Group. Changes in fair values are recorded in
the income statement in net investment income.
As described in accounting policy P above, investment properties
under construction are included within property and equipment,
and are stated at cost less any impairment in their values until
construction is completed or fair value becomes reliably
measurable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NjM_49b25876-03db-4b51-921a-0aa76c67177e": { "value": "
Property and equipment and other non-financial assets are
reviewed for impairment losses whenever events or changes in
circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised in the income
statement for the amount by which the carrying amount of the
asset exceeds its recoverable amount, which is the higher of an
asset\u2019s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest
level for which there are separately identifiable cash flows. Non-
financial assets, except goodwill which have suffered an
impairment, are reviewed annually for possible reversal of
the\u00a0impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NjQ_90a9e3f4-1cb4-4c1c-9b6b-7f72304568b1": { "value": "A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognised where:\u2022The rights to receive cash flows from the asset have expired;\u2022The Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; or\u2022The Group has transferred its rights to receive cash flows from the\u00a0asset and has either transferred substantially all the risks and\u00a0rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a currently enforceable legal right to set off the recognised amounts and there is the ability and intention to settle on a net basis, or realise the asset and settle the liability simultaneously.", "dimensions": { "concept": "core:DerecognitionFinancialAssetsFinancialLiabilitiesPolicy", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NjY_319a7bad-8ee0-482a-8687-99e22fdccdd0": { "value": "
The Group classifies its investments as either FVTPL or AFS.
The classification depends on the purpose for which the
investments were acquired, and is determined by management at
initial recognition. The FVTPL category has two subcategories \u2013
those that meet the definition as being held for trading and those
the Group chooses to designate as FVTPL (referred to in this
accounting policy as \u2018other than trading\u2019) upon initial recognition.
In general, the other than trading category is used as, in most cases,
the Group\u2019s investment or risk management strategy is to manage
its financial investments on a fair value basis. Debt securities and
equity securities, which the Group acquires with the intention to
resell in the short term, are classified as trading, as are non-hedge
derivatives (see accounting policy U below). The AFS category is
used where the relevant long-term business liability (including
shareholders\u2019 funds) is passively managed, as well as in certain fund
management and non-insurance operations.
Purchases and sales of investments are recognised on the trade
date, which is the date that the Group commits to purchase or sell
the assets, at their fair values.
Debt securities are initially recorded at their fair value, which is
taken to be amortised cost, with amortisation credited or charged
to the income statement. Investments classified as trading, other
than trading and AFS, are subsequently carried at fair value.
Changes in the fair value of trading and other than trading
investments are included in the income statement in the period in
which they arise.
Changes in the fair value of securities classified as AFS are
recognised in other comprehensive income and recorded in a
separate investment valuation reserve within equity. When
securities classified as AFS are sold or impaired, the accumulated
fair value adjustments are transferred out of the investment
valuation reserve to the income statement with a corresponding
movement through other comprehensive income.
Impairment
The Group reviews the carrying value of its AFS investments on a
regular basis. If the carrying value of an AFS investment is greater
than the recoverable amount, the carrying value is reduced through
a charge to the income statement in the period of impairment.
The\u00a0following policies are used to determine the level of any
impairment, some of which involve considerable judgement.
AFS debt securities
An AFS debt security is impaired if there is objective evidence that
a\u00a0loss event has occurred which has impaired the expected cash
flows, i.e. where all amounts due according to the contractual terms
of the security are not considered collectible. An impairment
charge, measured as the difference between the security\u2019s fair value
and amortised cost, is recognised when the issuer is known to be
either in default or in financial difficulty. Determining when an
issuer is in financial difficulty requires the use of judgement, and
we\u00a0consider a number of factors including industry risk factors,
financial condition, liquidity position and near-term prospects of
the issuer, credit rating declines and a breach of contract.
A decline in fair value below amortised cost due to changes in risk-
free interest rates does not necessarily represent objective evidence
of a\u00a0loss event.
For securities identified as being impaired, the cumulative
unrealised loss previously recognised within the investment
valuation reserve is transferred to realised losses for the year, with
a\u00a0corresponding movement through other comprehensive income.
Any subsequent increase in fair value of these impaired securities is
recognised in other comprehensive income and recorded in the
investment valuation reserve unless this increase represents a
decrease in the impairment loss that can be objectively related to
an event occurring after the impairment loss was recognised in the
income statement. In such an event, the reversal of the impairment
loss is recognised as a gain in the income statement.
AFS equity securities
An AFS equity security is considered impaired if there is objective
evidence that the cost may not be recovered. In addition to
qualitative impairment criteria, such evidence includes a significant
or prolonged decline in fair value below cost. Unless there is
evidence to the contrary, an equity security is considered impaired
if the decline in fair value relative to cost has been either at least
20% for a continuous six-month period or more than 40% at the
end\u00a0of the reporting period, or been in an unrealised loss position
for a continuous period of more than 12 months at the end of the
reporting period. We also review our largest equity holdings for
evidence of impairment, as well as individual equity holdings in
industry sectors known to be in difficulty. Where there is objective
evidence that impairment exists, the security is written down
regardless of the size of the unrealised loss.
For securities identified as being impaired, the cumulative
unrealised loss previously recognised within the investment
valuation reserve is transferred to realised losses for the year with a
corresponding movement through other comprehensive income.
Any subsequent increase in fair value of these impaired securities is
recognised in other comprehensive income and recorded in the
investment valuation reserve.
Reversals of impairments on any of these assets are only recognised
where the decrease in the impairment can be objectively related to
an event occurring after the write-down (such as an improvement in
the debtor\u2019s credit rating), and are not recognised in respect of
equity instruments.
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForFinancialInvestmentsTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDYyMzUwNDY1OTYzNDk_f71c691d-9c60-449b-9228-241eecac78f5": { "value": "", "dimensions": { "concept": "bus:EntityTradingStatus", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3Njc_ed0f3e89-99ef-4a81-b616-4dbf1067b3a5": { "value": "
Derivative financial instruments include foreign exchange contracts,
interest rate futures, currency and interest rate swaps, currency
and\u00a0interest rate options (both written and purchased) and other
financial instruments that derive their value mainly from underlying
interest rates, foreign exchange rates, credit or equity indices,
commodity values or equity instruments.
All derivatives are initially recognised in the statement of financial
position at their fair value, which usually represents their cost. They
are subsequently remeasured at their fair value, with the method of
recognising movements in this value depending on whether they
are designated as hedging instruments and, if so, the nature of the
item being hedged. Fair values are obtained from quoted market
prices or, if these are not available, by using valuation techniques
such as discounted cash flow models or option pricing models. All
derivatives are carried as assets when the fair values are positive
and as liabilities when the fair values are negative. Premiums paid
for derivatives are recorded as an asset on the statement of
financial position at the date of purchase, representing their fair
value at that date.
Derivative contracts may be traded on an exchange or over-the-
counter (OTC). Exchange-traded derivatives are standardised and
include certain futures and option contracts. OTC derivative
contracts are individually negotiated between contracting parties
and include forwards, swaps, caps and floors. Derivatives are
subject to various risks including market, liquidity and credit risk,
similar to those related to the underlying financial instruments.
Many OTC transactions are contracted and documented under
International Swaps and Derivatives Association master
agreements or their equivalent, which are designed to provide
legally enforceable set-off in the event of default, reducing the
Group\u2019s exposure to credit risk.
The notional or contractual amounts associated with derivative
financial instruments are not recorded as assets or liabilities on the
statement of financial position as they do not represent the fair
value of these transactions. These amounts are disclosed in
note\u00a059(b).
The Group has collateral agreements in place between the
individual Group entities and relevant counterparties. Accounting
policy W covers collateral, both received and pledged, in respect of
these derivatives.
Interest rate and currency swaps
Interest rate swaps are contractual agreements between two
parties to exchange fixed rate and floating rate interest by means of
periodic payments, calculated on a specified notional amount and
defined interest rates. Most interest rate swap payments are netted
against each other, with the difference between the fixed and
floating rate interest payments paid by one party. Currency swaps,
in their simplest form, are contractual agreements that involve the
exchange of both periodic and final amounts in two different
currencies. Both types of swap contracts may include the net
exchange of principal. Exposure to gain or loss on these contracts
will increase or decrease over their respective lives as a function of
maturity dates, interest and foreign exchange rates, and the timing
of payments.
Interest rate futures, forwards and options contracts
Interest rate futures are exchange-traded instruments and
represent commitments to purchase or sell a designated security or
money market instrument at a specified future date and price.
Interest rate forward agreements are OTC contracts in which two
parties agree on an interest rate and other terms that will become a
reference point in determining, in concert with an agreed notional
principal amount, a net payment to be made by one party to the
other, depending upon what rate prevails at a future point in time.
Interest rate options, which consist primarily of caps and floors, are
interest rate protection instruments that involve the potential
obligation of the seller to pay the buyer an interest rate differential
in exchange for a premium paid by the buyer. This differential
represents the difference between current rate and an agreed rate
applied to a notional amount. Exposure to gain or loss on all
interest rate contracts will increase or decrease over their respective
lives as interest rates fluctuate. Certain contracts, known as
swaptions, contain features which can act as swaps or options.
Foreign exchange contracts
Foreign exchange contracts, which include spot, forward and
futures contracts, represent agreements to exchange the currency
of one country for the currency of another country at an agreed
price and settlement date.
Foreign exchange option contracts are similar to interest rate
option contracts, except that they are based on currencies, rather
than interest rates.
Hedge accounting
Hedge accounting is applied to certain transactions which meet the
criteria set out in IAS 39, in order to mitigate the Group\u2019s exposure
to risk. At the inception of the transaction, the Group documents
the relationship between the hedging instrument and the hedged
item, as well as the risk management objective and the strategy for
undertaking the hedge transaction. The Group also documents its
assessment of whether the hedge is expected to be, and has been,
highly effective in offsetting the risk in the hedged item, both at
inception and on an ongoing basis.
Changes in the fair value of hedging instruments that are
designated and qualify as a hedge of a net investment in a foreign
operation (net investment hedges) or a hedge of a future cash flow,
attributable to a recognised asset or liability, a highly probable
forecast transaction or a firm commitment (cash flow hedges), and
that prove to be highly effective in relation to the hedged risk, are
recognised in other comprehensive income and a separate reserve
within equity. Gains and losses accumulated in this reserve are
included in the income statement on disposal of the relevant
hedged item.
Changes in the fair value of hedging instruments that are
designated and qualify as a hedge of the fair value of a recognised
asset or liability (fair value hedges) are recognised in the income
statement. The gain or loss on the hedged item that is attributable
to the hedged risk is recognised in the income statement.
This applies even if the hedged item is an available for sale financial
asset or is measured at amortised cost. If a hedging relationship no
longer meets the criteria for hedge accounting, the cumulative
adjustment made to the carrying amount of the hedged item is
amortised to the income statement, based on a recalculated
effective interest rate over the residual period to maturity. In cases
where the hedged item has been derecognised, the cumulative
adjustment is released to the income statement immediately.
The Group does not currently apply the specific hedge accounting
rules to its derivative transactions which are treated as derivatives
held for trading. The fair value gains and losses on these derivatives
are recognised immediately in net investment income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3Njk_4409c5c7-cd60-4565-b9db-ca5286c3555b": { "value": "
Loans with fixed maturities, including policyholder loans, mortgage
loans on investment property, securitised mortgages and collateral
loans, are recognised when cash is advanced to borrowers.
Certain loans are carried at their unpaid principal balances and
adjusted for amortisation of premium or discount, non-refundable
loan fees and related direct costs. These amounts are deferred and
amortised over the life of the loan as an adjustment to loan yield
using the effective interest rate method.
However, for the majority of mortgage loans, the Group has taken
advantage of the fair value option under IAS 39 to present the
mortgages, associated borrowings and derivative financial
instruments at fair value, since they are managed as a portfolio on a
fair value basis. This presentation provides more relevant
information and eliminates any accounting mismatch that would
otherwise arise from using different measurement bases for these
three items. The fair values of these mortgages are estimated using
discounted cash flow models, based on a risk-adjusted discount
rate which reflects the risks associated with these products. They
are revalued at each period end, with movements in their fair values
being taken to the income statement.
At each reporting date, we review loans carried at amortised cost
for objective evidence that they are impaired and uncollectable,
either at the level of an individual security or collectively within a
group of loans with similar credit risk characteristics. To the extent
that a loan is uncollectable, it is written down as impaired to its
recoverable amount, measured as the present value of expected
future cash flows discounted at the original effective interest rate
of\u00a0the loan, taking into account the fair value of the underlying
collateral through an impairment provision account. Subsequent
recoveries in excess of the loan\u2019s written-down carrying value are
credited to the income statement.
The Company classifies and measures loans at either amortised
cost, fair value through other comprehensive income, or fair value
through profit or loss based on the outcome of an assessment of
the Company\u2019s business model for managing financial assets and
the extent to which the financial assets\u2019 contractual cash flows are
solely payment of principal and interest.
The Company calculates expected credit losses for all financial
assets held at either amortised cost or fair value through other
comprehensive income. Expected credit losses are calculated on
either a 12-month or lifetime basis depending on the extent to
which credit risk has increased significantly since initial recognition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NzA_673ec609-4075-4ae8-b2dd-65becedea122": { "value": "
The Group receives and pledges collateral in the form of cash or
non-cash assets in respect of stock lending transactions, certain
derivative contracts and loans, in order to reduce the credit risk of
these transactions. Collateral is also pledged as security for bank
letters of credit. The amount and type of collateral required
depends on an assessment of the credit risk of the counterparty.
Collateral received in the form of cash, which is not legally
segregated from the Group, is recognised as an asset in the
statement of financial position with a corresponding liability for
the\u00a0repayment in financial liabilities (note 60). However, where
the\u00a0Group has a currently enforceable legal right of set-off and the
ability and intent to net settle, the collateral liability and associated
derivative balances are shown net.
Non-cash collateral received is not recognised in the statement of
financial position unless the transfer of the collateral meets the
derecognition criteria from the perspective of the transferor. Such
collateral is typically recognised when the Group either (a) sells or
repledges these assets in the absence of default, at which point the
obligation to return this collateral is recognised as a liability; or
(b)\u00a0the counterparty to the arrangement defaults, at which point
the\u00a0collateral is seized and recognised as an asset.
Collateral pledged in the form of cash, which is legally segregated
from the Group, is derecognised from the statement of financial
position with a corresponding receivable recognised for its return.
Non-cash collateral pledged is not derecognised from the
statement of financial position unless the Group defaults on its
obligations under the relevant agreement, and therefore continues
to be recognised in the statement of financial position within
financial investments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NzE_166095f4-8052-43fa-9ec9-57287bb723a7": { "value": "
Costs relating to the acquisition of new business for insurance and
participating investment contracts are deferred in line with existing
local accounting practices, to the extent that they are expected to
be recovered out of future margins in revenues on these contracts.
For participating contracts written in the UK, acquisition costs are
generally not deferred as the liability for these contracts is
calculated on a realistic basis which was grandfathered from UK
regulatory requirements prior to the adoption of Solvency II (see
accounting policy L). For non-participating investment and
investment fund management contracts, incremental acquisition
costs and sales enhancements that are directly attributable to
securing an investment management service are also deferred.
Long-term business deferred acquisition costs are amortised
systematically over a period no longer than that in which they are
expected to be recoverable out of these future margins. Deferred
acquisition costs for non-participating investment and investment
fund management contracts are amortised over the period in which
the service is provided. General insurance and health deferred
acquisition costs are amortised over the period in which the related
revenues are earned. The reinsurers\u2019 share of deferred acquisition
costs is amortised in the same manner as the underlying asset.
Deferred acquisition costs are reviewed by category of business at
the end of each reporting period and are written-off where they are
no longer considered to be recoverable.
Where such business is reinsured, an appropriate proportion
of\u00a0the\u00a0deferred acquisition costs is attributed to the reinsurer.
Recoverability is assessed net of reinsurance, and may result
in\u00a0deferred acquisition costs being written-off if any liability
recognised for the reinsurer\u2019s share is insufficient.
Other receivables and payables are initially recognised at cost,
being fair value. Subsequent to initial measurement they are
measured at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NzI_0310f1a6-fb68-4006-89f4-3048f8f91e21": { "value": "
Cash and cash equivalents
Cash and cash equivalents consist of cash at bank and in hand,
deposits held at call with banks, treasury bills and other short-term
highly liquid investments that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of
change in value. Such investments are those with less than three
months\u2019 maturity from the date of acquisition, or which are
redeemable on demand with only an insignificant change in
their\u00a0fair values.
For the purposes of the statement of cash flows, cash and cash
equivalents also include bank overdrafts, which are included in
payables and other financial liabilities on the statement of financial
position.
Operating cash flows
Purchases and sales of investment property, loans and financial
investments are included within operating cash flows as the
purchases are funded from cash flows associated with the
origination of insurance and investment contracts, net of payments
of related benefits and claims.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NzM_a328a9d0-ac2b-42ca-83b2-f9a49600ff9d": { "value": "
Where the Group is the lessee, a lease liability equal to the present
value of outstanding lease payments and a corresponding right-of-
use asset equal to cost are initially recognised. The right-of-use
asset is subsequently measured at amortised cost and depreciated
on a straight-line basis over the length of the lease term.
Depreciation on lease assets and interest on lease liabilities is
recognised in the income statement.
The Group has made use of the election available under IFRS 16 to
not recognise any amounts on the balance sheet associated with
leases that are either deemed to be short-term, or where the
underlying asset is of low value. A short-term lease in this context
is\u00a0defined as any arrangement which has a lease term of 12 months
or less. Lease payments associated with such arrangements are
recognised in the income statement as an expense on a straight-
line basis. The Group\u2019s total short-term and low value lease
portfolio is not material.
Where the Group is the lessor, leases are classified as finance leases
if the risks and rewards of ownership are substantially transferred to
the lessee and operating leases if they are not substantially
transferred. Lease income from operating leases is recognised in
the income statement on a straight-line basis over the lease term.
When assets are subject to finance leases, the present value of the
lease payments, together with any unguaranteed residual value, is
recognised as a receivable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NzQ_176cf2c8-61ae-484b-b474-ebf81abbbad0": { "value": "
Provisions are recognised when the Group has a present obligation
as a result of past events, it is more probable than not that the
Group will be required to settle the obligation, and a reliable
estimate of the amount of the obligation can be made.
The Group recognises provisions under a variety of circumstances
including for product governance rectification, which may include
customer redress, and for onerous contracts when the expected
benefits to be derived from a contract are less than the unavoidable
costs of meeting the obligations under the contract.
The amount recorded as a provision is the best estimate of the
expenditure required to settle the present obligation at the balance
sheet date. Discounting is applied to the provision where the effect
of the time value of money is material. Provisions are not
recognised for future operating losses.
Restructuring provisions are recognised when the Group has a
detailed formal plan and has raised a valid expectation that the
restructure will be carried out, for example by announcing its main
features to those affected. Costs included in restructuring
provisions comprise only the direct expenditures arising from the
restructuring. Costs associated with the ongoing activities of the
entity are excluded.
Where the Group expects a provision to be reimbursed, for example
under an insurance contract, the reimbursement is only recognised
as a separate asset when virtually certain.
Contingent liabilities are disclosed if there is a possible future
obligation as a result of a past event, or if there is a present
obligation as a result of a past event but either a payment is not
probable or the amount cannot be reasonably estimated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NzU_5d87a2d3-3839-408b-86f2-c94c23dc9bcb": { "value": "
Pension obligations
The Group operates a number of pension schemes, whose
members receive benefits on either a defined benefit or defined
contribution basis. Under a defined contribution plan, the Group\u2019s
legal or constructive obligation is limited to the amount it agrees
to\u00a0contribute to a fund and there is no obligation to pay further
contributions if the fund does not hold sufficient assets to pay
benefits. A defined benefit pension plan is a pension plan that is
not\u00a0a defined contribution plan and typically defines the amount
of\u00a0pension benefit that an employee will receive on retirement.
The defined benefit obligation is calculated by independent
actuaries using the projected unit credit method. The pension
obligation is measured as the present value of the estimated future
cash outflows, using a discount rate based on market yields for
high-quality corporate bonds that are denominated in the currency
in which the benefits will be paid and that have terms to maturity
approximating to the terms of the related pension liability. The
resultant net surplus or deficit recognised as an asset or liability
on\u00a0the statement of financial position is the present value of the
defined benefit obligation at the end of the reporting period less
the\u00a0fair value of plan assets.
Plan assets exclude unpaid contributions due from Group entities
to the schemes, and any non-transferrable financial instruments
issued by a Group entity and held by the schemes. If the fair value
of\u00a0plan assets exceeds the present value of the defined benefit
obligation, the resultant asset is limited to the asset ceiling defined
as present value of economic benefits available in the form of future
refunds from the plan or reductions in contributions to the plan.
In\u00a0order to calculate the present value of economic benefits,
consideration is given to any minimum funding requirements
that\u00a0apply to any plan in the Group.
Remeasurements of defined benefit plans comprise actuarial gains
and losses arising from experience adjustments and changes in
actuarial assumptions, the return on plan assets (excluding net
interest) and the effect of the asset ceiling (if any). The Group
recognises remeasurements immediately in other comprehensive
income and does not reclassify them to the income statement in
subsequent periods.
Service costs comprising current service costs, past service costs,
gains and losses on curtailments and net interest expense/income
are charged or credited to the income statement.
Past service costs are recognised at the earlier of the date the plan
amendment or curtailment occurs or when related restructuring
costs are recognised.
The Group determines the net interest expense/income on the net
defined benefit liability/asset for the period by applying the
discount rate used to measure the defined benefit obligation at the
beginning of the year to the net defined benefit liability/asset. Net
interest expense is charged to finance costs, whereas, net interest
income is credited to investment income.
The Group pays contributions to the defined contribution pension
plans. Once the contributions have been paid, the Group, as
employer, has no further payment obligations. The Group\u2019s
contributions are charged to the income statement in the year to
which they relate and are included in staff costs.
Equity compensation plans
The Group offers share award and option plans over the Company\u2019s
ordinary shares for certain employees, including a Save As You Earn
plan (SAYE plan), details of which are given in the Directors\u2019
Remuneration Report and in note 33.
The Group accounts for options and awards under equity
compensation plans, which were granted after 7 November 2002,
until such time as they are fully vested, using the fair value based
method of accounting (the \u2018fair value method\u2019). Under this method,
the cost of providing equity compensation plans is based on the fair
value of the share awards or option plans at date of grant, which is
recognised in the income statement over the expected vesting
period of the related employees and credited to the equity
compensation reserve, part of shareholders\u2019 funds. In certain
jurisdictions, awards must be settled in cash instead of shares,
and\u00a0the credit is taken to liabilities rather than reserves.
The fair value of these cash-settled awards is recalculated each
year, with the income statement charge and liability being adjusted
accordingly.
Shares purchased by employee share trusts to fund these awards
are shown as deduction from shareholders\u2019 equity at their weighted
average cost.
When the options are exercised and new shares are issued, the
proceeds received, net of any transaction costs, are credited to
share capital (par value) and the balance to share premium. Where
the shares are already held by employee trusts, the net proceeds
are credited against the cost of these shares, with the difference
between cost and proceeds being taken to retained earnings. In
both cases, the relevant amount in the equity compensation
reserve is then credited to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3NzY_f54d309e-3996-4787-b213-8df835b21e25": { "value": "
The current tax expense is based on the taxable profits for the year,
after any adjustments in respect of prior years. Tax, including tax
relief for losses if applicable, is allocated over profits before taxation
and amounts charged or credited to components of other
comprehensive income and equity, as appropriate.
Provision is made for deferred tax liabilities, or credit taken for
deferred tax assets, using the liability method, on all material
temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial
statements.
The rates enacted or substantively enacted at the statement of
financial position date are used to value the deferred tax assets
and\u00a0liabilities.
Deferred tax assets are recognised to the extent that it is probable
that future taxable profit will be available against which the
temporary differences can be utilised. Where there is a history of tax
losses, deferred tax assets are only recognised in excess of deferred
tax liabilities if there is convincing evidence that future profits will
be available.
Deferred tax is provided on any temporary differences arising from
investments in subsidiaries, associates and joint ventures, except
where the timing of the reversal of the temporary difference can be
controlled and it is probable that the difference will not reverse in
the foreseeable future.
Deferred taxes are not provided in respect of temporary differences
arising from the initial recognition of goodwill, or from the initial
recognition of an asset or liability in a transaction which is not a
business combination and affects neither accounting profit nor
taxable profit or loss at the time of the transaction.
Current and deferred tax relating to items recognised in other
comprehensive income and directly in equity are similarly
recognised in other comprehensive income and directly in
equity\u00a0respectively.
Deferred tax related to fair value re-measurement of available for
sale investments, pensions and other post-retirement obligations
and other amounts charged or credited directly to other
comprehensive income is recognised in the statement of financial
position as a deferred tax asset or liability. Current tax on interest
paid on subordinated debt instruments is credited to the income
statement.
Current and deferred tax includes amounts provided in respect of
uncertain tax positions, where management expects it is more
likely\u00a0than not that an economic outflow will occur as a result of
examination by a relevant tax authority.
Provisions reflect management\u2019s best estimate of the ultimate
liability based on their interpretation of tax law, precedent and
guidance, informed by external tax advice as necessary. The final
amounts of tax due may ultimately differ from management\u2019s
best\u00a0estimate at the balance sheet date. Changes in facts and
circumstances underlying these provisions are reassessed at each
balance sheet date, and the provisions are re-measured as required
to reflect current information.
In addition to paying tax on shareholders\u2019 profits (\u2018shareholder tax\u2019),
the Group\u2019s life businesses in the UK, Ireland and Singapore pay tax
on policyholders\u2019 investment returns (\u2018policyholder tax\u2019) on certain
products at policyholder tax rates. The incremental tax borne by the
Group represents income tax on policyholder\u2019s investment return.
In jurisdictions where policyholder tax is applicable, the total tax
charge in the income statement is allocated between shareholder
tax and policyholder tax. The shareholder tax is calculated by
applying the corporate tax rate to the shareholder profit. The
difference between the total tax charge and shareholder tax is
allocated to policyholder tax. This calculation methodology is
consistent with the legislation relating to the calculation of tax on
shareholder profits. The Group has decided to show separately the
amounts of policyholder tax to provide a meaningful measure of the
tax the Group pays on its profit. In the reconciliation, the Group
adjusted operating profit has been calculated after charging
policyholder tax.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3Nzc_8f2bc444-9703-456d-ae9c-204508435dee": { "value": "
Borrowings are classified as being for either core structural or
operational purposes. They are recognised initially at their issue
proceeds less transaction costs incurred. Subsequently, most
borrowings are stated at amortised cost, and any difference
between net proceeds and the redemption value is recognised in
the income statement over the period of the borrowings using the
effective interest rate method. All borrowing costs are expensed as
they are incurred except where they are directly attributable to the
acquisition or construction of property and equipment as described
in accounting policy P.
Where loan notes have been issued in connection with certain
securitised mortgage loans, the Group has taken advantage of the
fair value option under IAS 39 to present the mortgages, associated
liabilities and derivative financial instruments at fair value, since
they are managed as a portfolio on a fair value basis. This
presentation provides more relevant information and eliminates
any accounting mismatch which would otherwise arise from using
different measurement bases for these three items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3Nzg_0fb61016-c6bd-48b8-8cfd-c7cf5b367bdb": { "value": "
Equity instruments
An equity instrument is a contract that evidences a residual interest
in the assets of an entity after deducting all its liabilities.
Accordingly, a financial instrument is treated as equity if:
(i)there is no contractual obligation to deliver cash or other
financial assets or to exchange financial assets or liabilities on
terms that may be unfavourable; and
(ii)the instrument is a non-derivative that contains no contractual
obligation to deliver a variable number of shares or is a
derivative that will be settled only by the Group exchanging a
fixed amount of cash or other assets for a fixed number of the
Group\u2019s own equity instruments.
Share issue costs
Incremental external costs directly attributable to the issue of new
shares are shown in equity as a deduction, net of tax, from the
proceeds of the issue and disclosed where material.
Dividends
Interim dividends on ordinary shares are recognised in equity in the
period in which they are paid. Final dividends on these shares are
recognised when they have been approved by shareholders.
Dividends on preference shares are recognised in the period in
which they are declared and appropriately approved.
Treasury shares
Where the Company or its subsidiaries purchase the Company\u2019s
share capital or obtain rights to purchase its share capital, the
consideration paid (including any attributable transaction costs net
of income taxes) is shown as a deduction from total shareholders\u2019
equity. Gains and losses on own shares are charged or credited to
the treasury share account in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDczMzQ1NTgyMjQxMjM_c0f1b4fa-b31e-4722-b10c-50b666eb5fbc": { "value": "
Assets and income arising from fiduciary activities, together with
related undertakings to return such assets to customers, are
excluded from these financial statements where the Group has no
contractual rights in the assets and acts in a fiduciary capacity such
as nominee, trustee or agent.
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForFiduciaryActivitiesTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3ODA_f3c229d3-414c-4ef8-a32d-79b4b421e263": { "value": "
Basic earnings per share is calculated by dividing profit attributable
to ordinary shareholders by the weighted average number of
ordinary shares in issue during the year, excluding the weighted
average number of treasury shares.
Earnings per share has also been calculated on Group adjusted
operating profit attributable to ordinary shareholders, net of tax,
non-controlling interests, preference dividends and Tier 1 notes as
the directors believe this figure provides a better indication of
operating performance. Details are given in note 13.
For the diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares, such as convertible debt and
share options granted to employees. No adjustments are made if
the impact of the conversion of potential ordinary shares is
antidilutive, which would decrease loss per share.
Potential or contingent share issuances are treated as dilutive when
their conversion to shares would decrease net earnings per share.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF81NzI3L2ZyYWc6OGU0ZDYzMDM1MDk2NDc3MTk3NjFkMDY3OGY2OWM2NDUvdGV4dHJlZ2lvbjo4ZTRkNjMwMzUwOTY0NzcxOTc2MWQwNjc4ZjY5YzY0NV8xNDg5ODM4MjU2NjU3ODE_61b3d144-45ba-4471-b5b7-14e994723095": { "value": "
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disposed of or classified as held for sale at the end of the period
and\u00a0represent a separate major line of business or geographical
area that can clearly be distinguished for operational and financial
reporting purposes.
The results of discontinued operations are presented separately in
the consolidated income statement, disaggregated between the
profit on disposal of discontinued operations and profit from
discontinued operations. Similarly, results of discontinued
operations are presented separately in the consolidated statement
of cash flows. Notes to the consolidated statement of financial
position are presented on a total group basis and, as a result,
income statement and cash flow movements included within these
notes may not reconcile to those presented in the consolidated
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"ifrs-full:Borrowings", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-06-16T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:ConvertibleNotesMember", "unit": "iso4217:GBP" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwMTAxNA_db3529a0-8d66-4361-824f-b02a52825209": { "value": "0.06875", "decimals": -6, "dimensions": { "concept": "ifrs-full:BorrowingsInterestRate", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-06-16T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:ConvertibleNotesMember" } }, 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1 \u2013 Exchange rates
The Group\u2019s principal overseas operations during the year were located within Canada and the eurozone. The results and cash flows of
these operations have been translated into sterling at the average rates for the year, and the assets and liabilities have been translated at
the year end rates as follows:
2022
2021
Canada
Average rate ($CAD1 equals)
\u00a30.62
\u00a30.58
Year end rate ($CAD1 equals)
\u00a30.61
\u00a30.58
Eurozone
Average rate (\u20ac1 equals)
\u00a30.85
\u00a30.86
Year end rate (\u20ac1 equals)
\u00a30.89
\u00a30.84
Poland
Average rate (PLN1 equals)
N/A
\u00a30.19
Year end rate (PLN1 equals)
N/A
\u00a30.18
Profits/(losses) attributable to discontinued operations which have been disposed of, have been translated using the period average rate up
until their disposal date. Closing balance sheets of operations disposed of have been translated using the closing rate on the date of
disposal for the purpose of calculating the profit/(loss) on disposal.
2 \u2013 Strategic transactions
This note provides details of the acquisitions and disposals of subsidiaries, joint ventures and associates, and on discontinued operations.
(a) Acquisitions
Succession Wealth
On 11 August 2022 the Group acquired 100% of the ordinary share capital and preference share capital of Succession Jersey Limited
(\u201cSuccession Wealth\u201d) for an initial cash consideration of \u00a3385 million.
Succession Wealth is a leading national independent financial advice firm. The acquisition significantly enhances our position in the fast-
growing UK wealth market and accelerates our ability to offer high-quality financial advice to our workplace and individual pension and
savings customers.
Of the total consideration of \u00a3392 million (including contingent consideration of \u00a37 million), \u00a3139 million of the cash transferred to the
shareholders of Succession Wealth was used to settle Succession Wealth's existing external debt. The remaining \u00a3253 million represents the
consideration paid to acquire \u00a371\u00a0million of net liabilities of Succession Wealth offset by \u00a3324 million of goodwill recognised on acquisition,\u00a0
as follows:
Fair Value
\u00a3m
Assets
Intangible assets
191
Other assets
12
Cash and cash equivalents
6
Total identifiable assets
209
Liabilities
Borrowings
139
Deferred tax liabilities
48
Other liabilities
93
Total identifiable liabilities
280
Net identifiable liabilities acquired
(71)
Goodwill arising on acquisition
324
Consideration paid for net liabilities
246
Contingent consideration
7
Total consideration paid for net liabilities
253
Borrowings settlement
139
Total Consideration
392
2 \u2013 Strategic transactions continued
An intangible asset of \u00a3191 million was recognised upon acquisition representing the value attributable to the existing business from
Succession Wealth\u2019s existing customer base. This will be amortised over its estimated useful life in accordance with the Group\u2019s accounting
policies along with the corresponding release of the deferred tax provision. The residual goodwill on acquisition of \u00a3324 million, none of
which is expected to be deductible for tax purposes, represents future synergies expected to arise from combining the operations of
Succession Wealth with those of the Group as well as the value of the workforce in place and other future business value.
In the period from 11 August 2022 to 31 December 2022 the acquired Succession Wealth subsidiaries contributed net income of \u00a335 million
and a profit before tax of \u00a33 million to the consolidated results of the Group. If the acquisition had been effective on 1 January 2022, on a
pro-forma basis the Group\u2019s net income is estimated at \u00a384 million and loss before tax is estimated at \u00a340 million. These pro-forma results
are provided for information purposes only and do not necessarily reflect the actual results that would have occurred had the acquisition
taken place on 1 January 2022, nor are they necessarily indicative of the future results of the combined Group. Acquisition costs of \u00a37 million
related to legal and professional fees incurred to support the transaction have been recognised within other expenses in the income
statement.
Aviva Life Insurance Company India Limited (\"Aviva India\")
On 28 September 2022 the Group acquired an additional 25% of the ordinary share capital of Aviva Life Insurance Company India Limited
(\u201cAviva India\u201d) for cash consideration of \u00a337 million, increasing the Group\u2019s total shareholding from 49% to 74% and giving Aviva a
controlling interest in the entity. On that date, Aviva derecognised its investment in associate and recognised Aviva India as a consolidated
subsidiary.
Immediately prior to the acquisition, Aviva's 49% interest in Aviva India was remeasured to its fair value of \u00a373 million, resulting in a reversal
of historic impairment of \u00a315 million, recognised within share of profit/(loss) after tax from joint ventures and associates in the income
statement. The investment in associate was subsequently derecognised at its revalued amount.
The following table summarises the consideration for the acquisition, the fair value of the assets acquired, liabilities assumed and resulting
allocation to goodwill. The opening balance sheet of Aviva India was recorded at the prevailing rate of exchange on the date of acquisition.
Fair Value
\u00a3m
Assets
Acquired value of in-force business and intangible assets
228
Financial investments
1,297
Other Assets
47
Cash and cash equivalents
2
Total identifiable assets
1,574
Liabilities
Gross insurance liabilities
1,240
Payables and other financial liabilities
30
Deferred tax liabilities
32
Other liabilities
19
Total identifiable liabilities
1,321
Net identifiable assets acquired
253
Non-controlling interests
(66)
Shareholder equity retained by the Group
187
Cash consideration
37
Fair value of existing investment in Aviva India
73
Negative goodwill
77
An asset of \u00a3228 million in respect of AVIF was recognised upon acquisition representing the margins in Aviva India's statutory reserves
of\u00a0the in-force business. The acquisition resulted in a gain from negative goodwill of \u00a377 million, as the fair value of the net assets acquired
exceeded the total value of the cash consideration and the fair value of the previous investment in associate. The gain has been recognised
immediately in the income statement as required by IFRS 3 Business combinations.
In the period from 30 September 2022 to 31 December 2022 the acquired Aviva India business contributed net income of \u00a362 million and
a\u00a0profit before tax of \u00a36 million to the consolidated results of the Group. If the acquisition had been effective on 1 January 2022, on a
pro-forma basis the Group\u2019s net revenue is estimated at \u00a3236 million and profit before tax is estimated at \u00a314 million. These pro-forma
results are provided for information purposes only and do not necessarily reflect the actual results that would have occurred had the
acquisition taken place on 1 January 2022, nor are they necessarily indicative of the future results of the combined Group. Acquisition costs
of \u00a3nil million related to legal and professional fees incurred to support the transaction have been recognised within other expenses in the
income statement.
2 \u2013 Strategic transactions continued
(b) Disposals and remeasurements
There were no significant disposals during the year . The gain on the disposal and remeasurement of subsidiaries, joint ventures and
associates for the year ended 2022 was \u00a3nil.
The following operations were disposed during 2021:
\u2022The entire shareholding in Aviva France was sold to A\u00e9ma Group for cash consideration of \u20ac3,200\u00a0million (approximately \u00a32,752 million).
At\u00a030 June 2021 the Group's holding in France was classified as held for sale resulting in a remeasurement loss of \u00a3538 million. The
transaction completed on 30 September 2021, resulting in a profit on disposal of \u00a3128\u00a0million and a net \u00a3410\u00a0million charge over the year.
\u2022The entire 80% shareholding in the Italian Life Insurer Aviva Vita S.p.A. (Aviva Vita) was sold to its partner UBI Banca. The transaction
completed on 1 April 2021 and resulted in a profit on disposal of \u00a365\u00a0million.
\u2022The entire shareholdings of the remaining Italian General Insurance and Life businesses (Aviva Italy) were sold on 1 October 2021 and
1\u00a0December 2021 respectively, with a total profit on disposal of \u00a3233\u00a0million.
\u2022The entire shareholding in Aviva's life insurance business in Poland and Lithuania, and its Polish general insurance, asset management
and pensions businesses were sold to Allianz for net cash consideration of \u20ac2,369 million (approximately \u00a32,034 million). The transaction
completed on 30 November 2021 resulting in a profit on disposal of \u00a31,671\u00a0million.
\u2022The entire 40% shareholding in Aviva's joint venture in Turkey (AvivaSA Emeklilik ve Hayat AS) was sold on 6 May 2021 resulting in a loss
on\u00a0disposal of \u00a341\u00a0million and the entire shareholding in Aviva Vietnam Life Insurance Limited was sold on 29 December 2021 resulting
in\u00a0a\u00a0profit on disposal of \u00a332\u00a0million.
The total gain on the disposal and remeasurement of subsidiaries, joint ventures and associates in 2021 comprised:
2021
\u00a3m
Disposals of discontinued operations
Aviva France1
128
Aviva Vita
65
Aviva Italy2
233
Aviva Poland
1,671
Other
(9)
Total gain on disposals
2,088
Held for sale remeasurements of discontinued operations
Aviva France1
(538)
Total gain on disposals and remeasurements of discontinued operations
1,550
Profit on disposal from continuing operations
22
Total gain on disposals and remeasurements
1,572
1.A \u00a3538 million loss on remeasurement in respect of Aviva France was recognised at 30 June 2021, with a subsequent \u00a3128 million gain upon disposal recognised when the disposal completed on 30 September 2021
2.Aviva Italy excludes Aviva Vita, which is disclosed separately
For further information on these disposals see note 3 of the Group's 2021 Annual Report and Accounts.
(c) Discontinued operations
In accordance with IFRS 5 Non-current assets held for sale and discontinued operations, the results of the operations specified in note\u00a02(b) were
included as discontinued operations in the Group's 2021\u00a0Annual Report and Accounts. There were no operations classified as discontinued
operations at 31 December 2022 and no operations classified as held for sale at either 31 December 2021 or 31 December 2022.
Profit from discontinued operations for the comparative periods has been shown as a single line in the consolidated income statement and
net cash flows from discontinued operations for the comparative period has been shown as a single line in the consolidated statement of
cash flows. Notes to the consolidated statement of financial position are presented on a total Group basis and, as a result, comparative
income statement and cash flow movements included within these notes may not reconcile to the corresponding comparatives presented
in the consolidated income statement and the consolidated statement of\u00a0cash flows.
Further analysis of the results and cash flows for the discontinued operations presented in the consolidated financial statements for the
comparative periods is provided below.
2 \u2013 Strategic transactions continued
Income Statement
Discontinued operations
2021
\u00a3m
Gross written premiums
10,194
Premiums ceded to reinsurers
(115)
Net written premiums
10,079
Net change in provision for unearned premiums
(41)
Net earned premiums
10,038
Net investment income
1,430
Other income
500
Share of profit after tax of joint ventures and associates
10
Profit on the disposal and remeasurement of subsidiaries, joint ventures and associates
1,550
Total income
13,528
Claims and benefits paid, net of recoveries from reinsurers
(6,426)
Change in insurance liabilities, net of reinsurance
(3,732)
Change in investment contract provisions
(2,207)
Change in unallocated divisible surplus
2,074
Other expenses
(1,464)
Total expenses
(11,755)
Profit before tax from discontinued operations
1,773
Tax attributable to policyholders' returns
\u2014
Profit before tax attributable to shareholders' profits from discontinued operations
1,773
Tax attributable to shareholders\u2019 profits
(73)
Profit for the year from discontinued operations
1,700
1,773
1.Other in 2021 comprise net charges of \u00a378 million from onerous contracts and indemnity provisions arising from acquisition and disposal activity and a \u00a376 million charge associated with reinsurance accepted from the
former Aviva France general insurance entity
Other Comprehensive Income
Discontinued operations
2021
\u00a3m
Other comprehensive income from discontinued operations:
Items that may be reclassified subsequently to income statement
Investments classified as available for sale
Fair value losses
(62)
Fair value losses transferred to profit on disposals
(16)
Share of other comprehensive income of joint venture and associates
\u2014
Foreign exchange rate movements
(182)
Aggregate tax effect - shareholder tax on items that may be reclassified
19
Total other comprehensive loss for the year from discontinued operations
(241)
2 \u2013 Strategic transactions continued
(d) Significant restrictions
In certain jurisdictions the ability of subsidiaries to transfer funds to the Group in the form of cash dividends or to repay loans and advances
is subject to local corporate or insurance laws and regulations and solvency requirements. There are no protective rights of non-controlling
interests which significantly restrict the Group\u2019s ability to access or use the assets and settle the liabilities of the Group.
3 \u2013 Segmental information
The Group\u2019s results can be segmented either by activity or by geography. Our primary reporting format is along market reporting lines,
with\u00a0supplementary information being given by business activity. This note provides segmental information on the consolidated income
statement.
Financial performance of our key markets are presented as UK & Ireland Life, General Insurance (which brings together our UK & Ireland GI
businesses and Canada) and Aviva Investors. Our international businesses are presented as International investments (consisting of our
interest in India, China and Singapore).
In 2021, we completed disposals of all discontinued operations which concluded our divestment programme. Segmental information is
presented for continuing operations only, an analysis of results from 2021 discontinued operations is presented in note 2(c).
(a) Operating segments
UK & Ireland Life
The principal activities of our UK & Ireland Life operations are life insurance, long-term health and accident insurance, savings, pensions and
annuity business. This segment also now includes Succession Wealth following the acquisition on 11 August 2022 (see note 2(a)).
General Insurance
UK & Ireland
The principal activities of our UK & Ireland General Insurance operations are the provision of insurance cover to individuals and businesses,
for risks associated mainly with motor vehicles, property and liability (such as employers\u2019 liability and professional indemnity liability) and
medical expenses.
Canada
The principal activity of our Canada General Insurance operation is the provision of personal and commercial lines insurance products, for
risks associated mainly with motor, property and liability principally distributed through insurance brokers.
Aviva Investors
Aviva Investors operates in a number of international markets, in particular the UK, North America and Asia Pacific. Aviva Investors manages
policyholders' and shareholders' invested funds, provides investment management services for institutional pension fund mandates and
manages a range of retail investment products. These include investment funds, unit trusts, open-ended investment companies and
individual savings accounts.
International investments
International investments comprise our long-term business operations in India, China and Singapore. In China, Aviva plc have a 50%
shareholding in Aviva-COFCO Life Insurance Company Limited. In Singapore, Aviva plc has a 26% shareholding in Aviva Singlife. On
1\u00a0April\u00a02022, Aviva plc agreed to acquire an additional 25% shareholding in Aviva India. The transaction completed on 28 September 2022
taking Aviva's shareholding to 74%. Aviva India is now a subsidiary of the Aviva Group. The Group results include 49% of Aviva India's results
until the date of acquisition and 100% of Aviva India's results from this date (see note 2(a)). These have been aggregated into a single
reporting segment in line with IFRS 8 Operating segments.
Other Group activities
Other Group activities includes investment return on centrally held assets, head office (Corporate Centre) expenses such as Group treasury
and finance functions, financing costs arising on central borrowings, the elimination entries for certain inter-segment transactions and
group consolidation adjustments.
Measurement basis
The accounting policies of the segments are the same as those for the Group as a whole. Any transactions between the business segments
are subject to normal commercial terms and market conditions. The Group evaluates performance of operating segments on the basis of:
(i)profit or loss from operations before tax attributable to shareholders and;
(ii)profit or loss from operations before tax attributable to shareholders, adjusted for non-operating items, including investment market
performance.
3 \u2013 Segmental information continued
(i) Segmental income statement for the year ended 31 December 2022
General Insurance
Continuing operations
UK & Ireland
Life
\u00a3m
UK & Ireland
GI
\u00a3m
Canada
\u00a3m
Aviva Investors
\u00a3m
International
investments
\u00a3m
Other Group
activities
\u00a3m
Total
continuing
operations
\u00a3m
Gross written premiums
9,140
5,740
4,009
\u2014
30
\u2014
18,919
Premiums ceded to reinsurers
(2,751)
(578)
(254)
\u2014
(2)
\u2014
(3,585)
Premiums written net of reinsurance
6,389
5,162
3,755
\u2014
28
\u2014
15,334
Net change in provision for unearned premiums
(23)
(185)
(148)
\u2014
\u2014
\u2014
(356)
Net earned premiums
6,366
4,977
3,607
\u2014
28
\u2014
14,978
Fee and commission income
1,116
106
43
160
\u2014
28
1,453
7,482
5,083
3,650
160
28
28
16,431
Net investment (expense)/income
(36,130)
(605)
(239)
(1)
35
(733)
(37,673)
Inter-segment revenue
\u2014
\u2014
\u2014
240
\u2014
\u2014
240
Share of (loss)/profit after tax of joint ventures and associates
(124)
\u2014
1
\u2014
8
113
(2)
Profit on the disposal and remeasurement of subsidiaries, joint
ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Segmental income1
(28,772)
4,478
3,412
399
71
(592)
(21,004)
Claims and benefits paid, net of recoveries from reinsurers
(8,319)
(2,830)
(2,011)
\u2014
(27)
(14)
(13,201)
Change in insurance liabilities, net of reinsurance
22,780
(225)
(191)
\u2014
(22)
\u2014
22,342
Change in investment contract provisions
15,445
\u2014
\u2014
4
\u2014
\u2014
15,449
Change in unallocated divisible surplus
(13)
\u2014
\u2014
\u2014
\u2014
\u2014
(13)
Fee and commission expense
(1,116)
(1,346)
(999)
(24)
\u2014
(4)
(3,489)
Investment income attributable to unitholders
\u2014
\u2014
\u2014
\u2014
\u2014
531
531
Other expenses
(1,050)
(336)
(182)
(354)
70
(359)
(2,211)
Other net foreign exchange (losses)/gains
\u2014
(48)
\u2014
1
\u2014
(26)
(73)
Inter-segment expenses
(222)
(6)
(7)
\u2014
\u2014
(5)
(240)
Finance costs
(176)
(2)
(5)
(1)
\u2014
(286)
(470)
Segmental expenses
27,329
(4,793)
(3,395)
(374)
21
(163)
18,625
(Loss)/profit before tax
(1,443)
(315)
17
25
92
(755)
(2,379)
Tax attributable to policyholders\u2019 returns
774
\u2014
\u2014
\u2014
\u2014
\u2014
774
(Loss)/profit before tax attributable to shareholders\u2019 profits
from continuing operations
(669)
(315)
17
25
92
(755)
(1,605)
Adjusting items:
Reclassification of unallocated interest
(8)
(17)
34
\u2014
\u2014
(9)
\u2014
Life business: Investment variances and economic assumption
changes
2,347
\u2014
\u2014
\u2014
40
\u2014
2,387
Non-life business: Short-term fluctuation in return on
investments
\u2014
809
380
\u2014
\u2014
186
1,375
General insurance and health business: Economic assumption
changes
\u2014
(139)
(9)
\u2014
\u2014
1
(147)
Impairment of goodwill, joint ventures, associates and other
amounts expensed
21
\u2014
\u2014
\u2014
(15)
2
8
Amortisation and impairment of intangibles acquired in
business combinations
43
\u2014
11
\u2014
\u2014
\u2014
54
Amortisation and impairment of acquired value of in-force
business
170
\u2014
\u2014
\u2014
12
\u2014
182
Profit on the disposal and remeasurement of subsidiaries, joint
ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other2
4
\u2014
\u2014
\u2014
(77)
32
(41)
Group adjusted operating profit/(loss) before tax attributable
to shareholders' profits from continuing operations
1,908
338
433
25
52
(543)
2,213
provisions assumed as part of historic acquisition activities, a charge of \u00a37 million relating to the cost of voluntary amendments to a small proportion of ground rent leases, release of a \u00a36 million provision relating to a
tax indemnity associated with a historical disposal, a charge of \u00a33 million relating to stamp duty on share buybacks and a charge of \u00a33 million related to costs associated with disposal activity
3 \u2013 Segmental information continued
(b) Further analysis by products and services
The Group\u2019s results can be further analysed by products and services which comprise long-term business, general insurance and health,
fund management and other activities.
Long-term business
Our long-term business comprises life insurance, long-term health and accident insurance, savings, pensions and annuity business written
by our life insurance subsidiaries, including managed savings and pension fund business. Long-term business also includes our share of
the\u00a0other life and related business written in our associates and joint ventures, as well as lifetime mortgage business written in the UK.
General insurance and health
Our general insurance and health business provides insurance cover to individuals and to small and medium-sized businesses, for risks
associated mainly with motor vehicles, property and liability, such as employers\u2019 liability and professional indemnity liability, and medical
expenses.
Fund management
Our fund management business invests policyholders\u2019 and shareholders\u2019 funds and provides investment management services for
institutional pension fund mandates. It manages a range of retail investment products, including investment funds, unit trusts, open-ended
investment companies and individual savings accounts. Clients include Aviva Group businesses and third-party financial institutions,
pension funds, public sector organisations, investment professionals and private investors.
Other
Other includes service companies, head office expenses such as Group treasury and finance functions, and certain financing costs and taxes
not allocated to business segments and elimination entries for certain inter-segment transactions and group consolidation adjustments.
(i) Segmental income statement \u2013 products and services for the year ended 31 December 2022
Continuing operations
Long-term
business
\u00a3m
General
insurance and
health\u00b9
\u00a3m
Fund
management
\u00a3m
Other
\u00a3m
Total
continuing
operations
\u00a3m
Gross written premiums2
8,591
10,328
\u2014
\u2014
18,919
Premiums ceded to reinsurers
(2,753)
(832)
\u2014
\u2014
(3,585)
Premiums written net of reinsurance
5,838
9,496
\u2014
\u2014
15,334
Net change in provision for unearned premiums
\u2014
(356)
\u2014
\u2014
(356)
Net earned premiums
5,838
9,140
\u2014
\u2014
14,978
Fee and commission income
1,114
144
160
35
1,453
6,952
9,284
160
35
16,431
Net investment (expense)/income
(36,117)
(841)
3
(718)
(37,673)
Inter-segment revenue
\u2014
\u2014
240
\u2014
240
Share of (loss)/profit after tax of joint ventures and associates
(107)
(6)
(1)
112
(2)
Profit on the disposal and remeasurement of subsidiaries, joint ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
Segmental income
(29,272)
8,437
402
(571)
(21,004)
Claims and benefits paid, net of recoveries from reinsurers
(7,974)
(5,213)
\u2014
(14)
(13,201)
Change in insurance liabilities, net of reinsurance
22,754
(412)
\u2014
\u2014
22,342
Change in investment contract provisions
15,449
\u2014
\u2014
\u2014
15,449
Change in unallocated divisible surplus
(13)
\u2014
\u2014
\u2014
(13)
Fee and commission expense
(1,057)
(2,404)
(24)
(4)
(3,489)
Investment income attributable to unitholders
\u2014
\u2014
\u2014
531
531
Other expenses
(930)
(585)
(354)
(342)
(2,211)
Other net foreign exchange (losses)/gains
\u2014
(48)
1
(26)
(73)
Inter-segment expenses
(222)
(13)
\u2014
(5)
(240)
Finance costs
(169)
(7)
(1)
(293)
(470)
Segmental expenses
27,838
(8,682)
(378)
(153)
18,625
(Loss)/profit before tax
(1,434)
(245)
24
(724)
(2,379)
Tax attributable to policyholders\u2019 returns
774
\u2014
\u2014
\u2014
774
(Loss)/profit before tax attributable to shareholders\u2019 profits from continuing operations
(660)
(245)
24
(724)
(1,605)
Adjusting items
2,548
1,078
\u2014
192
3,818
Group adjusted operating profit/(loss) before tax attributable to shareholders\u2019 profits
from continuing operations
1,888
833
24
(532)
2,213
1.General insurance and health business segment includes gross written premiums of \u00a3579 million relating to health business. The remaining business relates to property and liability insurance.
2.Gross written premiums include inward reinsurance premiums assumed from other companies amounting to \u00a3349 million, which all relates to property and liability insurance
3 \u2013 Segmental information continued
(ii) Segmental income statement \u2013 products and services for the year ended 31 December 2021
Continuing operations
Long-term
business
\u00a3m
General
insurance and
health1
\u00a3m
Fund
management
\u00a3m
Other
\u00a3m
Total
continuing
operations
\u00a3m
Gross written premiums2
10,081
9,317
\u2014
\u2014
19,398
Premiums ceded to reinsurers
(3,944)
(757)
\u2014
\u2014
(4,701)
Premiums written net of reinsurance
6,137
8,560
\u2014
\u2014
14,697
Net change in provision for unearned premiums
\u2014
(307)
\u2014
\u2014
(307)
Net earned premiums
6,137
8,253
\u2014
\u2014
14,390
Fee and commission income
1,152
125
183
28
1,488
7,289
8,378
183
28
15,878
Net investment income/(expense)
16,864
(9)
4
279
17,138
Inter-segment revenue
\u2014
\u2014
237
\u2014
237
Share of profit/(loss) after tax of joint ventures and associates
165
5
\u2014
(24)
146
Profit on the disposal and remeasurement of subsidiaries, joint ventures and associates
5
17
\u2014
\u2014
22
Segmental income
24,323
8,391
424
283
33,421
Claims and benefits paid, net of recoveries from reinsurers
(8,070)
(4,423)
\u2014
\u2014
(12,493)
Change in insurance liabilities, net of reinsurance
2,230
(531)
\u2014
\u2014
1,699
Change in investment contract provisions
(15,304)
\u2014
\u2014
\u2014
(15,304)
Change in unallocated divisible surplus
(175)
\u2014
\u2014
\u2014
(175)
Fee and commission expense
(799)
(2,348)
(21)
(4)
(3,172)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
(224)
(224)
Other expenses
(1,007)
(569)
(362)
(474)
(2,412)
Other net foreign exchange gains
\u2014
48
\u2014
153
201
Inter-segment expenses
(221)
(13)
\u2014
(3)
(237)
Finance costs
(160)
(7)
\u2014
(336)
(503)
Segmental expenses
(23,506)
(7,843)
(383)
(888)
(32,620)
Profit/(loss) before tax
817
548
41
(605)
801
Tax attributable to policyholders\u2019 returns
(245)
\u2014
\u2014
\u2014
(245)
Profit/(loss) before tax attributable to shareholders\u2019 profits from continuing operations
572
548
41
(605)
556
Adjusting items
894
259
\u2014
(75)
1,078
Group adjusted operating profit/(loss) before tax attributable to shareholders\u2019 profits
from continuing operations
1,466
807
41
(680)
1,634
1.General insurance and health business segment includes gross written premiums of \u00a3510 million relating to health business. The remaining business relates to property and liability insurance.
2.Gross written premiums include inward reinsurance premiums assumed from other companies amounting to \u00a3208 million, which all relates to property and liability insurance
4 \u2013 Details of income
This note gives further detail on the items appearing in the income section of the income statement.
2022
\u00a3m
2021
\u00a3m
Continuing operations
Gross written premiums
Long-term:
Insurance contracts
8,581
9,922
Participating investment contracts
10
159
General insurance and health
10,328
9,317
18,919
19,398
Less: premiums ceded to reinsurers
(3,585)
(4,701)
Gross change in provision for unearned premiums
(384)
(340)
Reinsurers\u2019 share of change in provision for unearned premiums
28
33
Net change in provision for unearned premiums
(356)
(307)
Net earned premiums
14,978
14,390
Fee and commission income
Fee income from investment contract business
788
845
Fund management fee income
163
185
Other fee income
330
297
Reinsurance commissions receivable
54
39
Other commission income
110
113
Net change in deferred revenue
8
9
1,453
1,488
Total revenue
16,431
15,878
Net investment income
Interest and similar income
From financial instruments designated as trading and other than trading
4,751
3,940
From AFS investments and financial instruments at amortised cost
44
29
4,795
3,969
Dividend income
4,347
4,461
Other income from investments designated as trading
Realised (losses)/gains on disposals
(739)
552
Unrealised gains and losses
Losses arising in the year
(5,759)
(1,929)
Gains/(losses) recognised now realised
739
(552)
(5,020)
(2,481)
(5,759)
(1,929)
Other income from investments designated as other than trading
Realised gains on disposals
2,648
2,733
Unrealised gains and losses
(Losses)/gains arising in the year
(41,015)
9,595
Losses recognised now realised
(2,648)
(2,733)
(43,663)
6,862
(41,015)
9,595
Net income from investment properties
Rent
316
307
Expenses relating to these properties
(17)
(7)
Realised losses on disposal
(8)
(32)
Fair value (losses)/gains on investment properties
(1,150)
1,069
(859)
1,337
Realised loss on external debt redemption
\u2014
(51)
Foreign exchange gains/(losses) on investments other than trading
850
(192)
Other investment expenses
(32)
(52)
Net investment (expense)/income
(37,673)
17,138
Share of profit after tax of joint ventures
17
170
Share of loss after tax of associates
(19)
(24)
Share of (loss)/profit after tax of joint ventures and associates
(2)
146
Profit on disposal and remeasurement of subsidiaries, joint ventures and associates
\u2014
22
(Expense)/income from continuing operations
(21,244)
33,184
Income from discontinued operations
\u2014
13,528
Total income
(21,244)
46,712
5 \u2013 Details of expenses
This note gives further detail on the items appearing in the expenses section of the income statement.
2022
\u00a3m
2021
\u00a3m
Continuing operations
Claims and benefits paid
Claims and benefits paid to policyholders on long-term business
Insurance contracts
8,965
8,899
Participating investment contracts
1,295
1,334
Non-participating investment contracts
41
2
Claims and benefits paid to policyholders on general insurance and health business
5,443
4,668
15,744
14,903
Less: Claim recoveries from reinsurers
Insurance contracts
(2,502)
(2,410)
Non-participating Life investment contracts
(41)
\u2014
Claims and benefits paid, net of recoveries from reinsurers
13,201
12,493
Change in insurance liabilities
Change in insurance liabilities (note 40(b))
(24,594)
(868)
Change in reinsurance asset for insurance provisions (note 40(b))
2,252
(831)
Change in insurance liabilities, net of reinsurance
(22,342)
(1,699)
Change in investment contract provisions
Investment (income)/expense allocated to investment contracts
(10,278)
14,192
Other changes in provisions
Participating investment contracts
(3,345)
(360)
Non-participating investment contracts
(1,820)
1,471
Change in reinsurance asset for investment contract provisions
(6)
1
Change in investment contract provisions
(15,449)
15,304
Change in unallocated divisible surplus
13
175
Fee and commission expense
Acquisition costs
Commission expenses for insurance and participating investment contracts
2,191
2,160
Change in deferred acquisition costs for insurance and participating investment contracts
86
(151)
Deferrable costs for non-participating investment contracts
25
23
Other acquisition costs
987
929
Change in deferred acquisition costs for non-participating investment contracts
83
60
Reinsurance commissions and other fee and commission expense
117
151
Fee and commission expense
3,489
3,172
Investment (income)/expense attributable to unitholders
(531)
224
Other expenses
Staff costs (note 9(b))
936
923
Central costs
310
360
Depreciation
57
74
Amortisation of acquired value of in-force business on insurance/investment contracts
170
189
Amortisation of intangible assets
142
146
Impairment of intangible assets
4
1
Other operating expenses (note 5(a))
592
719
Other expenses
2,211
2,412
Other net foreign exchange losses/(gains)
73
(201)
Finance costs (note 6)
470
503
Expenses from continuing operations
(18,865)
32,383
Expenses from discontinued operations
\u2014
11,755
Total expenses
(18,865)
44,138
7 \u2013 Life business investment variances and economic assumption changes
(a) Definitions
Group adjusted operating profit for life business is based on expected long-term investment returns on financial investments backing
shareholder funds over the period, with consistent allowance for the corresponding expected movements in liabilities. Group adjusted
operating profit includes the effect of variances in experience for operating items, such as mortality, persistency and expenses, and the
effect of changes in operating assumptions. Changes due to economic items, such as market value movements and interest rate changes,
which give rise to variances between actual and expected investment returns, and the impact of changes in economic assumptions on
liabilities, are disclosed separately outside Group adjusted operating profit, in investment variances and economic assumption changes.
(b) Methodology
The expected investment returns and corresponding expected movements in life business liabilities are calculated separately for each
principal life business unit.
The expected return on investments for both policyholders\u2019 and shareholders\u2019 funds is based on opening economic assumptions applied to
the expected funds under management over the reporting period. Expected investment return assumptions are derived actively, based on
market yields on risk-free fixed interest assets at the end of each financial year. The same margins are applied on a consistent basis across
the Group to gross risk-free yields, to obtain investment return assumptions for equity and property. Expected funds under management
are\u00a0equal to the opening value of funds under management, adjusted for sales and purchases during the period arising from expected
operating experience.
The actual investment return is affected by differences between the actual and expected funds under management and changes in asset
mix, as well as other market movements. To the extent that these differences arise from the operating experience of the life business, or
management decisions to change asset mix, the effect is included in the Group adjusted operating profit. The residual difference between
actual and expected investment return is included in investment variances, outside Group adjusted operating profit but included in profit
before tax attributable to shareholders' profits.
The movement in liabilities included in Group adjusted operating profit reflects both the change in liabilities due to the expected return on
investments, and the impact of experience variances and assumption changes for non-economic items. This would include movements in
liabilities due to changes in the discount rate arising from discretionary management decisions that impact on product profitability over
the\u00a0lifetime of products.
The effect of differences between actual and expected economic experience on liabilities, and changes to economic assumptions used to
value liabilities, are taken outside Group adjusted operating profit. For many types of life business, including unit-linked and with-profits
funds, movements in asset values are offset by corresponding changes in liabilities, limiting the net impact on profit. The profit impact of
economic volatility on other life business depends on the degree of matching of assets and liabilities, and exposure to financial options
and\u00a0guarantees.
7 \u2013 Life business investment variances and economic assumption changes continued
(c) Assumptions
The expected rate of investment return is determined using consistent assumptions at the start of the period between operations, having
regard to local economic and market forecasts of investment return and asset classification under IFRS.
The principal assumptions underlying the calculation of the expected investment return for equity and property are:
Equity
Property
2022
2021
2022
2021
United Kingdom
4.4%
3.9%
2.9%
2.4%
Ireland
3.8%
3.2%
2.3%
1.7%
The ten-year mid-price swap rates at the start of the period are set out in the table below:
Territories
2022
2021
United Kingdom
0.9%
0.4%
Ireland
0.3%
(0.3%)
For fixed interest securities classified as fair value through profit or loss, the expected investment returns are based on average prospective
yields for the actual assets held less an adjustment for credit risk (assessed on a best estimate basis). This includes an adjustment for credit
risk on all eurozone sovereign debt. Where such securities are classified as available for sale, the expected investment return comprises the
expected interest or dividend payments and amortisation of the premium or discount at purchase.
(d) Investment variances and economic assumption changes
The investment variances and economic assumption changes excluded from the life adjusted operating profit are as follows:
Life business
2022
\u00a3m
2021
\u00a3m
Investment variances and economic assumptions
(2,387)
(805)
The loss of \u00a32,387 million (2021: loss of \u00a3805 million) in relation to investment variances and economic assumption changes was primarily
driven by the significant increase in UK interest rates, with the rate on 10-year swaps increasing by 280bps during 2022. This resulted in a
reduction in the value of fixed income securities and loans (see notes 23 and 26) which was not fully offset by a reduction in the valuation of
long-term insurance liabilities from the increase in the valuation interest rate (see note 46). Other components of investment variances and
economic assumption changes were smaller and broadly offset. These include positive impacts from hedging negative global equity returns
and a reduction in the allowance for risk of default on assets backing annuities due to reduced asset values; and negative impacts from
foreign exchange losses and widening of spreads on corporate bonds.
The adverse impact of interest rate rises and the beneficial impact from equity falls reflect the fact that we hedge on a Solvency II basis as
that drives the ability of markets to remit cash, rather than an IFRS basis. For example, when equity markets increase we gain from the
increase in the value of future annual management charges on unit-linked products on an economic basis which are not recognised under
IFRS, however, the loss from hedges in place is recognised on both Solvency II and IFRS bases.
Further information on the sensitivity of the Group\u2019s long-term business to economic factors is provided in note 58(h)(iv).
The negative variance for 2021 was primarily driven by an increase in interest rates and positive global equity returns, partially offset by
narrowing of credit spreads.
8 \u2013 Non-life business: short-term fluctuations in return on investments
(a) Definitions
Group adjusted operating profit for non-life business is based on an expected long-term investment return over the period. Any variance
between the total investment return (including realised and unrealised gains) and the expected return over the period is disclosed
separately outside Group adjusted operating profit, in short-term fluctuations.
The short-term fluctuations in investment return and economic assumption changes attributable to the non-life business result and
reported outside Group adjusted operating profit were as follows:
Non-life business
2022
\u00a3m
2021
\u00a3m
Short-term fluctuations in investment return (see (d) below)
(1,375)
(149)
Economic assumption changes (see (e) below)
147
(85)
(1,228)
(234)
(b) Methodology
The long-term investment return is calculated separately for each principal non-life market. In respect of equities and investment properties,
the return is calculated by multiplying the opening market value of the investments, adjusted for sales and purchases during the year, by the
long-term rate of investment return.
The long-term rate of investment return is determined using consistent assumptions between operations, having regard to local economic
and market forecasts of investment return. The allocated long-term return for other investments (including debt securities) is the actual
income receivable for the year. Actual income and long-term investment return both contain the amortisation of the discounts/premium
arising on the acquisition of fixed income securities. For other operations, the long-term return reflects assets backing non-life business
held\u00a0in Group centre investments.
Market value movements which give rise to variances between actual and long-term investment returns are disclosed separately in short-
term fluctuations outside Group adjusted operating profit.
The impact of realised and unrealised gains and losses on Group centre investments is included in short-term fluctuations on
other\u00a0operations.
(c) Assumptions
The principal assumptions underlying the calculation of the long-term investment return are:
Long-term rates
of return on equities
Long-term rates
of return on property
2022
2021
2022
2021
United Kingdom
4.4%
3.9%
2.9%
2.4%
Ireland
3.8%
3.2%
2.3%
1.7%
Canada
5.5%
4.7%
4.0%
3.2%
The ten-year mid-price swap rates at the start of the period are set out in the table below:
Territories
2022
2021
United Kingdom
0.9%
0.4%
Ireland
0.3%
(0.3%)
Canada
2.0%
1.2%
8 \u2013 Non-life business: short-term fluctuations in return on investments continued
(d) Analysis of investment return
The total investment income on our non-life business, including short-term fluctuations, is as follows:
Non-life business
2022
\u00a3m
2021
\u00a3m
Analysis of investment (losses)/income:
Net investment (losses)/income
(982)
86
Foreign exchange (losses)/gains and other charges
(45)
47
(1,027)
133
Analysed between:
Long-term investment return, reported within Group adjusted operating profit
348
282
Short-term fluctuation in investment return, reported outside Group adjusted operating profit
General insurance and health
(1,198)
(199)
Other operations1\u00a0
(177)
50
(1,375)
(149)
(1,027)
133
Staff costs are charged within:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Acquisition costs
459
421
Claims handling expenses
204
186
Central costs (note 5)
59
50
Staff costs (note 5)
936
923
Staff costs from continuing operations
1,658
1,580
Staff costs from discontinued operations
\u2014
259
Total staff costs
1,658
1,839
10 \u2013 Directors
Information concerning individual directors\u2019 emoluments, interests and transactions is given in the Directors\u2019 Remuneration report in the
\u2018Corporate governance\u2019 section of this report. For the purposes of the disclosure required by Schedule 5 to the Companies Act 2006, the
total\u00a0aggregate emoluments of the directors in respect of 2022 was \u00a36.5 million (2021: \u00a35.4 million). Employer contributions to pensions
for\u00a0executive directors for qualifying periods were \u00a3nil (2021: \u00a3nil). The aggregate net value of share awards granted to the directors in the
period was \u00a3nil\u00a0(2021: \u00a3nil). During the year, no share options were exercised by directors (2021: no share options).
11 \u2013 Auditors\u2019 remuneration
This note shows the total remuneration payable by the Group, excluding VAT and any overseas equivalent thereof, to our auditors.
Continuing operations
2022
\u00a3m
2021
\u00a3m
Fees payable to PwC LLP and its associates for the statutory audit of the Aviva Group and Company financial statements
3.4
2.2
Fees payable to PwC LLP and its associates for other audit services
Audit of Group subsidiaries
21.8
10.1
Additional fees related to the prior year audit of Group subsidiaries
0.7
0.4
Total audit fees
25.9
12.7
Audit related assurance
4.5
3.8
Other assurance services
1.7
1.3
Total audit and assurance fees
32.1
17.8
Tax compliance services
\u2014
\u2014
Tax advisory services
\u2014
\u2014
Services relating to corporate finance transactions
\u2014
\u2014
Other non-audit services not covered above
\u2014
\u2014
Fees payable to PwC LLP and its associates for services to Group companies
32.1
17.8
Fees payable to PwC LLP and its associates for Group occupational pensions scheme audits
0.1
0.1
Fees payable for the audit of the Group\u2019s subsidiaries include fees for the statutory audit of the subsidiaries, both inside and outside the
UK,\u00a0and for the work performed by the principal auditors in respect of the subsidiaries for the purpose of the consolidated financial
statements of the Group. Included in the statutory audit fees for the Group and its subsidiaries for 2022 are fees payable in respect of
adopting new accounting standards, most significantly, IFRS 17.
Audit related assurance comprises services in relation to statutory and regulatory filings. These include fees for the audit of the Group\u2019s
Solvency II regulatory returns, services for the audit of other regulatory returns of the Group\u2019s subsidiaries and review of interim financial
information under the Listing Rules of the UK Listing Authority. Total audit fees for continuing and discontinued operations (including
additional fees related to the prior year audit of Group subsidiaries) and audit-related assurance fees were \u00a330.4 million
(2021:\u00a0\u00a317.5\u00a0million).
Other assurance services in 2022 of \u00a31.7 million (2021: \u00a31.3 million) mainly include assurance fees over a selection of Non-Financial
Reporting metrics and fees relating to providing an annual Audit and Assurance Faculty (AAF) report for Aviva Investors to give internal and
external clients and their auditors comfort over the operating effectiveness of internal controls and review of the information security
business protection standard and associated controls.
In addition to these fees, audit fees payable to PwC LLP in respect of investment funds consolidated in the Group financial statements were
\u00a33.9 million (2021: \u00a32.6 million). These fees are borne directly by the unitholders of the funds and are not borne by\u00a0the Group.
Details of the Group\u2019s process for safeguarding and supporting the independence and objectivity of the external auditors are given in the
Audit Committee report.
12 \u2013 Tax
This note analyses the tax charge for the year and explains the factors that affect it.
(a) Tax (credited)/charged to the income statement
(i)The total tax (credit)/charge comprises:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Current tax
For the period
89
228
Prior period adjustments
(35)
33
Total current tax from continuing operations
54
261
Deferred tax
Origination and reversal of temporary differences
(1,240)
133
Changes in tax rates or tax laws
\u2014
88
Write back of deferred tax assets
(54)
(17)
Total deferred tax from continuing operations
(1,294)
204
Total tax (credited)/charged to income statement from continuing operations
(1,240)
465
Total tax charged to income statement from discontinued operations
\u2014
73
Total tax (credited)/charged to income statement
(1,240)
538
(ii)The Group, as a proxy for policyholders in the UK and Ireland, is required to record taxes on investment income and gains\u00a0each year.
Accordingly, the tax benefit or expenses attributable to UK and Ireland life insurance policyholder returns is included in the tax charge.
The\u00a0tax credit attributable to policyholder returns included in the credit above is \u00a3774 million (2021: charge of\u00a0\u00a3245 million).
(iii)The tax (credit)/charge for continuing operations above, comprising current and deferred tax, can be analysed as follows:
Continuing operations
2022
\u00a3m
2021
\u00a3m
UK tax
(1,224)
366
Overseas tax
(16)
99
(1,240)
465
(iv)Unrecognised tax losses and temporary differences of previous years were used to reduce the current tax expense and deferred tax
charge for continuing operations by \u00a3nil and \u00a354 million (2021: \u00a311 million and \u00a317 million ), respectively.
(v)Deferred tax (credited)/charged to the income statement represents movements on the following items:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Long-term business technical provisions and other insurance items
(145)
52
Deferred acquisition costs
(29)
(1)
Unrealised (losses)/gains on investments
(300)
125
Pensions and other post-retirement obligations
15
(21)
Unused losses and tax credits
(276)
(3)
Subsidiaries, associates and joint ventures
(28)
9
Intangibles and additional value of in-force long-term business
(46)
33
Provisions and other temporary differences
(485)
10
Total deferred tax (credited)/charged to income statement from continuing operations
(1,294)
204
Total deferred tax charged to income statement from discontinued operations
\u2014
43
Total deferred tax (credited)/charged to income statement
(1,294)
247
(b) Tax (credited)/charged to other comprehensive income
(i)The total tax (credited)/charged comprises:
2022
\u00a3m
2021
\u00a3m
Current tax from continuing operations
In respect of pensions and other post-retirement obligations
\u2014
(17)
In respect of foreign exchange movements
(6)
7
(6)
(10)
Deferred tax from continuing operations
In respect of pensions and other post-retirement obligations
(412)
176
Total tax (credited)/charged to other comprehensive income arising from continuing operations
(418)
166
Total tax credited to other comprehensive income from discontinued operations
\u2014
(19)
Total tax (credited)/charged to other comprehensive income
(418)
147
(ii)There is no tax charge/(credit) attributable to policyholders\u2019 return included above in either 2022 or 2021.
12 \u2013 Tax continued
(c) Tax credited to equity
No tax was charged or credited directly to equity in either 2022 or 2021.
(d) Tax reconciliation
The tax on the Group\u2019s (loss)/profit before tax differs from the theoretical amount that would arise using the tax rate of the home country of
the Company as follows:
Shareholder
\u00a3m
Policyholder
\u00a3m
2022
\u00a3m
Shareholder
\u00a3m
Policyholder
\u00a3m
2021
\u00a3m
(Loss)/profit before tax from continuing operations
(1,605)
(774)
(2,379)
556
245
801
(Loss)/profit before tax from discontinued operations
\u2014
\u2014
\u2014
1,773
\u2014
1,773
Total (loss)/profit before tax
(1,605)
(774)
(2,379)
2,329
245
2,574
Tax calculated at standard UK corporation tax rate of 19.00% (2021: 19.00%)
(305)
(147)
(452)
442
47
489
Reconciling items
Different basis of tax \u2013 policyholders
\u2014
(628)
(628)
\u2014
200
200
Adjustment to tax charge in respect of prior periods
(28)
\u2014
(28)
(13)
\u2014
(13)
Non-assessable income and items not taxed at the full statutory rate
(31)
\u2014
(31)
(19)
\u2014
(19)
Non-taxable profit on sale of subsidiaries and associates
\u2014
\u2014
\u2014
(314)
\u2014
(314)
Disallowable expenses
16
\u2014
16
40
\u2014
40
Different local basis of tax on overseas profits
11
1
12
104
(2)
102
Change in future local statutory tax rates
\u2014
\u2014
\u2014
89
\u2014
89
Movement in valuation of deferred tax
(125)
\u2014
(125)
(22)
\u2014
(22)
Tax effect of profit from joint ventures and associates
(4)
\u2014
(4)
(16)
\u2014
(16)
Other
\u2014
\u2014
\u2014
2
\u2014
2
Total tax (credited)/charged to income statement
(466)
(774)
(1,240)
293
245
538
loss/profit before tax differs from the tax paid per the consolidated statement of cash flows as follows:
2022
\u00a3m
2021
\u00a3m
Total tax (credited)/charged to income statement from continuing operations
(1,240)
465
Accounts adjustments
Deferred tax
1,294
(204)
Prior period adjustments
35
(33)
Current tax recorded in other comprehensive income
(6)
(10)
1,323
(247)
Payment timing differences
Current year tax to be repaid in later accounting periods
131
31
Current year tax (repaid)/paid relating to prior accounting periods
(4)
55
127
86
Tax paid by continuing operations
210
304
Tax paid by discontinued operations
\u2014
79
Total tax paid
210
383
Deferred tax represents the tax on profits or losses, which are required by legislation to be taxed in a different period to which they impact
the Group's financial statements.
Prior period adjustments arise where the final tax liability payable to tax authorities is different from the tax charge for the period reported
in\u00a0the Annual Report and Accounts.
12 \u2013 Tax continued
The timing of tax payments to national tax authorities is determined by the local tax legislation in each jurisdiction. In our core businesses,
the Group is required to pay an estimate of its total tax liability in the year in which profits are earned, with any difference to the final tax
liability being paid in the following year.
13 \u2013 Earnings per share
This note shows how to calculate earnings per share on profit attributable to ordinary shareholders, based both on the present shares in
issue (the basic earnings per share) and the potential future shares in issue, including conversion of share options granted to employees
(the\u00a0diluted earnings per share).
We have also shown the same calculations based on our Group adjusted operating profit as we believe this gives an important indication of
operating performance. Consideration of both these measures gives a full picture of the performance of the business during the year.
(a) Basic earnings per share
(i)\u00a0 The profit attributable to ordinary shareholders is:
2022
2021
Group
adjusted
operating
profit
\u00a3m
Adjusting
items
\u00a3m
Total
\u00a3m
Group
adjusted
operating
profit
\u00a3m
Adjusting
items
\u00a3m
Total
\u00a3m
Continuing operations
Profit/(loss) before tax attributable to shareholders\u2019 profits
2,213
(3,818)
(1,605)
1,634
(1,078)
556
Tax attributable to shareholders\u2019 profits
(289)
755
466
(330)
110
(220)
Profit/(loss) from continuing operations
1,924
(3,063)
(1,139)
1,304
(968)
336
Amount attributable to non-controlling interests
(21)
\u2014
(21)
(21)
\u2014
(21)
Cumulative preference dividends for the year
(17)
\u2014
(17)
(17)
\u2014
(17)
Coupon payments in respect of tier 1 notes
(17)
\u2014
(17)
\u2014
\u2014
\u2014
Profit/(loss) attributable to ordinary shareholders from continuing
operations
1,869
(3,063)
(1,194)
1,266
(968)
298
Profit attributable to ordinary shareholders from discontinued operations
\u2014
\u2014
\u2014
441
1,209
1,650
Profit/(loss) attributable to ordinary shareholders
1,869
(3,063)
(1,194)
1,707
241
1,948
(ii)Basic earnings per share is calculated as follows:
2022
2021
Before tax
\u00a3m
Net of tax, NCI,
preference
dividends and
tier 1 notes
\u00a3m
Per share
p
Before tax
\u00a3m
Net of tax, NCI
and
preference
dividends
\u00a3m
Per share
p
Continuing operations
Group adjusted operating profit attributable to ordinary shareholders1
2,213
1,869
59.8
1,634
1,266
32.5
Adjusting items:
Reclassification of unallocated interest
\u2014
\u2014
\u2014
37
37
1.0
Life business: Investment variances and economic assumption changes
(2,387)
(1,924)
(61.5)
(634)
(549)
(14.1)
Non-life business: Short-term fluctuation in return on investments
(1,375)
(1,101)
(35.2)
(121)
(76)
(1.9)
General insurance and health business: Economic assumption changes
147
119
3.8
(80)
(65)
(1.7)
Impairment of goodwill, joint ventures, associates and other amounts
expensed
(8)
(8)
(0.3)
\u2014
\u2014
\u2014
Amortisation and impairment of intangibles acquired in business
combinations
(54)
(45)
(1.4)
(54)
(47)
(1.2)
Amortisation and impairment of acquired value of in-force business
(182)
(150)
(4.8)
(198)
(234)
(6.0)
Profit/(loss) on disposal and remeasurement of subsidiaries, joint
ventures and associates
\u2014
\u2014
\u2014
22
(6)
(0.2)
Other
41
46
1.4
(50)
(28)
(0.7)
(Loss)/profit attributable to ordinary shareholders from continuing
operations
(1,605)
(1,194)
(38.2)
556
298
7.7
Discontinued operations
Group adjusted operating profit attributable to ordinary shareholders1
\u2014
\u2014
\u2014
631
441
11.3
Adjusting items
\u2014
\u2014
\u2014
1,142
1,209
31.1
Profit attributable to ordinary shareholders from discontinued operations
\u2014
\u2014
\u2014
1,773
1,650
42.4
(Loss)/profit attributable to ordinary shareholders
(1,605)
(1,194)
(38.2)
2,329
1,948
50.1
Subsequent to 31 December 2022, the directors proposed a final dividend for 2022 of 20.7 pence per ordinary share, amounting to
\u00a3581\u00a0million in total. The cash value of dividend is calculated using 2,808,826,524 million shares as at 2\u00a0March 2023 representing issued
shares eligible for dividend payment. Subject to approval by shareholders at the AGM, the dividend will be paid on 18\u00a0May 2023 and will be
accounted for as an appropriation of retained earnings in the year ending 31 December 2022.
15 \u2013 Goodwill
This note analyses the changes to the carrying amount of goodwill during the year and details the results of our impairment testing on both
goodwill and intangible assets with indefinite lives.
(a) Carrying amount
2022
\u00a3m
2021
\u00a3m
Gross amount
At 1 January
1,836
1,921
Acquisitions and additions
324
\u2014
Disposals1
\u2014
(75)
Foreign exchange rate movements
10
(10)
At 31 December
2,170
1,836
Accumulated impairment
At 1 January
(95)
(116)
Impairment charges
\u2014
\u2014
Disposals1
\u2014
18
Foreign exchange rate movements
(3)
3
At 31 December
(98)
(95)
Carrying amount at 1 January
1,741
1,805
Carrying amount at 31 December
2,072
1,741
1.Disposals in 2021 related to Aviva Italy, Aviva Poland, Aviva Vietnam and a small disposal in the UK General Insurance segment
Goodwill from acquisitions and additions arose on the acquisition of Succession Wealth (see note 2(a)).
Impairment tests on goodwill were conducted as described in note 15(b) below.
(b) Goodwill allocation and impairment testing
A summary of the goodwill and intangibles with indefinite useful lives allocated to groups of cash generating units (CGUs) is
presented\u00a0below.
Carrying amount of goodwill
Carrying amount of intangibles
with indefinite useful lives
(detailed in note 16)
Total
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
United Kingdom \u2013 long-term business
663
663
\u2014
\u2014
663
663
United Kingdom \u2013 fund management business
324
\u2014
\u2014
\u2014
324
\u2014
United Kingdom \u2013 general insurance and health
924
924
1
1
925
925
Ireland \u2013 general insurance and health
98
93
\u2014
\u2014
98
93
Canada \u2013 general insurance
63
61
\u2014
\u2014
63
61
2,072
1,741
1
1
2,073
1,742
Goodwill in all business units is tested for impairment by comparing the carrying value of the cash generating unit to which the goodwill
relates, to the recoverable value of that CGU. The recoverable amount is the value in use of the CGU unless otherwise stated.
Long-term business
Value in use has been calculated based on a shareholder value of the business calculated in accordance with Solvency II principles,
adjusted where Solvency II does not represent a best estimate of shareholders\u2019 interests. The principal adjustments relate to the exclusion
of the benefit of transitional measures on technical provisions and the volatility adjustment under Solvency II, modification of the Solvency
II risk margin to an economic view and removal of restrictions on contract boundaries or business scope.
The present value of expected profits arising from future new business may be included within the shareholder value and is calculated on
an\u00a0adjusted Solvency II basis, using profit projections based on the most recent three-year business plans approved by management.
These\u00a0plans reflect management\u2019s best estimate of future profits based on both historical experience and expected growth rates for the
relevant cash generating unit. The underlying assumptions of these projections include market share, customer numbers, mortality,
morbidity and persistency.
Future new business profits beyond the initial three years are extrapolated using a steady growth rate. Growth rates and expected future
profits are set with regards to management estimates, past experience and relevant available market statistics.
Expected profits from future new business are discounted using a risk adjusted discount rate. The discount rate is a combination of a
risk-free rate and a risk margin to make prudent allowance for the risk that experience in future years for new business may differ from
that\u00a0assumed.
15 \u2013 Goodwill continued
Key assumptions
The Solvency II non-economic assumptions in relation to mortality, morbidity, persistency and expenses and other items are based on
management\u2019s best estimate assumptions. Economic assumptions are based on market data as at the end of each reporting period.
The\u00a0basic risk-free rate curves used to value the technical provisions reflect the curves, credit risk adjustment and fundamental spread for
the matching adjustment published by the European Insurance and Occupational Pensions Authority (EIOPA) and the Bank of England on
their websites. For the purposes of calculating value in use, the Solvency II risk margin has been modified to an economic view, with a cost
of capital rate of 2%.
General insurance, health, fund management and other businesses
Value in use is calculated as the discounted value of expected future profits of each business. The calculation uses cash flow projections
based on business plans approved by management covering a three-year period. These plans reflect management\u2019s best estimate of future
profits based on both historical experience and expected growth rates for the relevant cash generating unit. The underlying assumptions of
these projections include market share, customer numbers, premium rate and fee income changes, claims inflation and commission rates.
Cash flows beyond that three-year period are extrapolated using a steady growth rate. Growth rates and expected future profits are set with
regards to past experience and relevant available market statistics.
Future profits are discounted using a risk adjusted discount rate which is based on the Capital Asset Pricing Model (CAPM). The inputs
include the risk-free rate of interest appropriate to the geographic location of the cash flows related to each CGU being tested, market risk
premium, beta and other adjustments to factor local market risks and risks specific to each CGU.
Key assumptions
Extrapolated future
profits growth rate
Future profits
discount rate
2022
%
2021
%
2022
(Pre-tax)
%
2021
(Pre-tax)
%
United Kingdom general insurance and health
1.0
1.0
12.4
8.8
Ireland general insurance and health
Nil
Nil
9.6
8.9
Canada general insurance
5.0
5.0
10.8
10.6
Results of impairment testing
Management\u2019s impairment review of the Group\u2019s cash generating units did not identify any necessary impairments to goodwill. There were
no impairments in 2021.
16 \u2013 Acquired value of in-force business (AVIF) and intangible assets
This note shows the movements in cost, amortisation and impairment of the acquired value of in-force business and intangible assets
during the year.
AVIF on
insurance
contracts\u00b9 (a)
\u00a3m
AVIF on
investment
contracts\u00b2 (a)
\u00a3m
Other
intangible
assets with
finite useful
lives (b)
\u00a3m
Intangible
assets with
indefinite
useful lives
\u00a3m
Total
\u00a3m
Gross amount
At 1 January 2021
2,581
1,432
1,607
134
5,754
Additions and transfers
7
\u2014
50
\u2014
57
Disposals3
(290)
\u2014
(213)
(128)
(631)
Foreign exchange rate movements
(16)
(2)
(1)
(5)
(24)
At 31 December 2021
2,282
1,430
1,443
1
5,156
Additions and transfers
228
\u2014
245
\u2014
473
Disposals
\u2014
\u2014
(108)
\u2014
(108)
Foreign exchange rate movements
(20)
2
18
\u2014
\u2014
At 31 December 2022
2,490
1,432
1,598
1
5,521
Accumulated amortisation
At 1 January 2021
(1,484)
(744)
(905)
\u2014
(3,133)
Amortisation for the year
(115)
(75)
(166)
\u2014
(356)
Disposals and transfers3
279
\u2014
78
\u2014
357
Foreign exchange rate movements
13
1
(2)
\u2014
12
At 31 December 2021
(1,307)
(818)
(995)
\u2014
(3,120)
Amortisation for the year4
(102)
(68)
(142)
\u2014
(312)
Acquisitions and disposals
\u2014
\u2014
102
\u2014
102
Foreign exchange rate movements
(2)
\u2014
(9)
\u2014
(11)
At 31 December 2022
(1,411)
(886)
(1,044)
\u2014
(3,341)
Accumulated Impairment
At 1 January 2021
(19)
(24)
(61)
(71)
(175)
Impairment losses charged to expenses
\u2014
\u2014
(3)
\u2014
(3)
Disposals3
\u2014
\u2014
21
68
89
Foreign exchange rate movements
\u2014
\u2014
\u2014
3
3
At 31 December 2021
(19)
(24)
(43)
\u2014
(86)
Impairment charges
\u2014
\u2014
(4)
\u2014
(4)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate movements
\u2014
(1)
\u2014
\u2014
(1)
At 31 December 2022
(19)
(25)
(47)
\u2014
(91)
Carrying amount
At 1 January 2021
1,078
664
641
63
2,446
At 31 December 2021
956
588
405
1
1,950
At 31 December 2022
1,060
521
507
1
2,089
Recoverable in more than 1 year
979
464
1.On insurance and participating investment contracts
2.On non-participating investment contracts
3.Disposals in 2021 relate to the disposals of Aviva France, Aviva Italy, Aviva Poland and Aviva Vietnam
4.Amortisation of other intangible assets with finite useful lives includes \u00a354 million (2021: \u00a366 million) of amortisation in respect of intangible assets acquired in business combinations
(a) Acquired value of in-force business
AVIF on insurance and investment contracts is generally recoverable in more than one year. Of the total of \u00a31,581 million, \u00a31,443 million
(2021:\u00a0\u00a31,357 million) is expected to be recoverable more than one year after the statement of financial position date.
Non-participating investment contract AVIF is reviewed for evidence of impairment, consistent with reviews conducted for other finite life
intangible assets. Insurance and participating investment contract AVIF is reviewed for impairment at each reporting date as part of the
liability adequacy requirements in IFRS 4. AVIF is reviewed for evidence of impairment and impairment tested at product portfolio level
by\u00a0reference to the value of future profits in accordance with Solvency II principles, adjusted where Solvency II does not represent a best
estimate of shareholders\u2019 interests, consistent with the impairment test for goodwill for long-term business (see note 15(b)).
Additions of \u00a3228 million relate to AVIF recognised upon acquisition of Aviva India (see note 2(a)). There were no impairments in 2022
(2021: \u00a3nil) in relation to the AVIF on insurance contracts or investment contracts.
(b) Other intangible assets with finite useful lives
Other intangible assets with finite useful lives consist mainly of the value of bancassurance and other distribution agreements and
capitalised software. Additions of intangible assets with finite lives in 2022 relate to an intangible attributable to the existing business of
Succession Wealth acquired on 11 August 2022 (see note 2(a)) and capitalisation of software costs in relation to the Group\u2019s digital
initiatives. Impairments totalling \u00a34 million (2021: \u00a33 million) have been recognised in 2022 in relation to capitalised software.
17 \u2013 Interests in, and loans to, joint ventures
In several businesses, Group companies and other parties jointly control certain entities. This note analyses these interests and describes
the principal joint ventures in which we are involved.
(a) Carrying amount and details of joint ventures
(i)The movements in the carrying amount comprised:
2022
2021
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
At 1 January
200
1,655
1,855
221
1,481
1,702
Share of results before tax
\u2014
30
30
\u2014
195
195
Share of tax
\u2014
\u2014
\u2014
\u2014
(8)
(8)
Share of results after tax
\u2014
30
30
\u2014
187
187
Amortisation of intangibles
(13)
\u2014
(13)
(9)
\u2014
(9)
Share of profit after tax
(13)
30
17
(9)
187
178
Reclassification from subsidiary
\u2014
\u2014
\u2014
\u2014
32
32
Additions
\u2014
94
94
\u2014
31
31
Disposals
\u2014
(12)
(12)
(12)
(39)
(51)
Share of (losses)/gains taken to other comprehensive income
\u2014
(38)
(38)
\u2014
5
5
Dividends received from joint ventures
\u2014
(46)
(46)
\u2014
(37)
(37)
Foreign exchange rate movements
(1)
64
63
\u2014
(5)
(5)
At 31 December
186
1,747
1,933
200
1,655
1,855
Additions of \u00a394 million (2021: \u00a331 million) in 2022 relate to the Group's holdings in property undertakings.
Disposals of \u00a312 million in 2022 relate to the Group's holdings in property management undertakings. Disposals of \u00a351 million in 2021
include the disposal of the Group's interest in its joint venture in Turkey (see note 2(b)).
The Group\u2019s share of total comprehensive income related to joint venture entities is \u00a3(21) million (2021: \u00a3183 million).
(ii)The carrying amount at 31 December comprised:
2022
2021
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Property management undertakings
\u2014
982
982
\u2014
916
916
Long-term business undertakings
186
765
951
200
739
939
Total
186
1,747
1,933
200
1,655
1,855
The Group has no joint ventures whose non-controlling interest (NCI) is material on the basis of their share of profit/(loss).
(iv)From time to time group joint ventures may receive liability claims or become involved in actual or threatened related litigation.
The joint ventures have no contingent liabilities at 31 December 2022 (2021: \u00a365 million) to which the Group has significant exposure.
The Group has no commitments to provide funding to property management joint ventures (2021: \u00a320 million).
In certain jurisdictions the ability of joint ventures to transfer funds in the form of cash dividends or to repay loans and advances made by
the Group is subject to local corporate or insurance laws and regulations and solvency requirements.
17 \u2013 Interests in, and loans to, joint ventures continued
(b) Impairment testing
Interests in joint ventures are tested for impairment of goodwill and intangibles when there is an indicator of impairment. They are tested
for impairment by comparing the carrying value of the cash generating unit to which the goodwill or intangible relates to the recoverable
value of that cash generating unit. Recoverable amounts for long-term and general insurance businesses are calculated on a consistent
basis with that used for impairment testing of goodwill, as set out in note 15(b). The recoverable amount of property management
undertakings is the fair value less costs to sell off the joint venture, measured in accordance with the Group\u2019s accounting policy for
investment property (see accounting policy Q).
18 \u2013 Interests in, and loans to, associates
This note analyses our interests in entities which we do not control but where we have significant influence.
(a) Carrying amount and details of associates
(i)The movements in the carrying amount comprised:
2022
2021
Equity
interests
\u00a3m
Equity\u00a0
interests
\u00a3m
At 1 January
118
263
Share of results before tax
(11)
(22)
Share of tax
\u2014
\u2014
Share of results after tax
(11)
(22)
Impairment
(23)
\u2014
Reversal of impairment
15
\u2014
Share of loss after tax
(19)
(22)
Reclassification to subsidiary
(73)
\u2014
Additions
7
\u2014
Disposals
\u2014
(77)
Reduction in group interest
(1)
(5)
Reclassification to investment
\u2014
\u2014
Dividends received from associates
(1)
(36)
Foreign exchange rate movements
10
(5)
At 31 December
41
118
interest in Aviva India was \u00a373 million. The investment was remeasured to fair value in accordance with IFRS 3 Business combinations,
resulting in a reversal of historic impairment of \u00a315 million. The investment in associate was subsequently derecognised at its revalued
amount.
Disposals of \u00a377 million in 2021 relate to the Group's interest in SCPI Ufifrance Immobilier and SCPI Logipierre 1 which were disposed of as
part of the disposal of Aviva France (see note 2(b)).
The Group\u2019s share of total comprehensive income related to associates is \u00a3(19) million (2021: \u00a3(22) million).
(ii)No associates are considered to be material from a Group perspective (2021: none). All investments in principal associates are held by
subsidiaries. The Group\u2019s principal associates are as follows:
Proportion of
ownership interest
Name
Nature of activities
Principal place of business
2022
2021
Aviva Life Insurance Company India Limited
Life insurance
India
\u2014
49.00%
AI UK Commercial Real Estate Debt Fund
Property Management
UK
20.86%
20.90%
1.In 2021, property and equipment of \u00a3157 million was disposed of as part of the disposal of operations in France and Poland
Owner-occupied properties, excluding \u00a3230 million (2021: \u00a3294 million) held under lease arrangements, are stated at their revalued
amounts, as assessed by qualified external valuers. The valuation assessment adopts market-based evidence and is in line with guidance
from the International Valuation Standards Committee and the requirements of IAS 16 Property, Plant and Equipment.
Owner-occupied properties held under lease arrangements are stated at amortised cost and are amortised on a straight-line basis over the
lease term, unless the carrying value of the leased asset exceeds the recoverable amount. Where this is the case, the asset is impaired to its
recoverable amount and the impaired carrying value is amortised on a straight-line basis over the remainder of the lease term. For further
information on the Group\u2019s lease arrangements see note 21.
If owner-occupied properties (freehold and leasehold) were stated on a historical cost basis, the carrying amount would be \u00a3134 million
(2021: \u00a3184 million).
20 \u2013 Investment property
This note gives details of the properties we hold for long-term rental yields or capital appreciation.
2022
2021
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Carrying value
At 1 January
5,333
1,670
7,003
9,906
1,463
11,369
Additions
313
14
327
1,252
148
1,400
Capitalised expenditure on existing properties
56
51
107
84
21
105
Fair value (losses)/gains
(923)
(227)
(1,150)
1,062
127
1,189
Disposals1
(319)
(97)
(416)
(6,620)
(72)
(6,692)
Foreign exchange rate movements
16
12
28
(351)
(17)
(368)
At 31 December
4,476
1,423
5,899
5,333
1,670
7,003
1.In 2021, Investment property of \u00a35,155 million was disposed of as part of the disposal of Aviva France
See note 22 for further information on the fair value measurement and valuation techniques of investment property.
The fair value of investment properties leased to third parties under operating leases at 31 December 2022 was \u00a35,676 million
(2021: \u00a36,712 million). Future contractual aggregate minimum lease rentals receivable under the non-cancellable portion of these leases\u00a0are
given in note 21.
21 \u2013 Lease assets and liabilities
The Group\u2019s leased assets primarily consist of properties occupied by Group companies carried at amortised cost (see note 19), leasehold
investment properties carried at fair value (see note 20) which are sublet to third parties and real estate long income finance leases
(see note 27). Leasehold investment properties are measured in accordance with IAS 40 Investment Property (see accounting policy Q).
Although the Group is exposed to changes in the residual value at the end of the current leases to third parties on investment property, the
Group typically enters into new operating leases and therefore is not expected to immediately realise any reduction in residual value at the
end of these leases. Expectations about the future residual values are reflected in the fair value of the properties.
(i) The following amounts in respect of leased assets have been recognised in the Group\u2019s consolidated income statement.
2022
\u00a3m
2021
\u00a3m
Interest expense on lease liabilities
9
11
Total lease expenses recognised in the income statement
9
11
Total cash outflows recognised in the period in relation to leases were \u00a363 million (2021: \u00a371 million). Expenses recognised in the Group
consolidated income statement in relation to short-term and low-value leases were \u00a3nil (2021: \u00a3nil). Variable lease payments not included in
the measurement of lease liabilities were \u00a3nil (2021: \u00a3nil).
(ii) The following table analyses the right-of-use assets relating to leased properties occupied by Group companies.
2022
\u00a3m
2021
\u00a3m
Balance at 1 January
294
338
Additions
6
74
Disposals
(1)
(56)
Foreign exchange rate movements
\u2014
(4)
Impairment of right-of-use assets
\u2014
(6)
Depreciation
(33)
(52)
Modification of right-of-use assets
(36)
\u2014
Balance at 31 December
230
294
(iii) Lease liabilities included within note 52 total \u00a3386 million (2021: \u00a3472 million). Future contractual aggregate minimum lease payments
are as follows:
2022
\u00a3m
2021
\u00a3m
Within 1 year
70
67
Later than 1 year and not later than 5 years
196
187
Later than 5 years
165
182
431
436
21 \u2013 Lease assets and liabilities continued
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease
liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and
adjusted against the right-of-use asset.
The lease agreements do not impose any covenants other than the security interest in the leased assets that are held by the lessor.
(iv) Future contractual aggregate minimum lease rentals receivable under non-cancellable operating leases are as follows:
2022
\u00a3m
2021
\u00a3m
Within 1 year
227
229
Between 1 and 2 years
198
206
Between 2 and 3 years
175
178
Between 3 and 4 years
154
153
Between 4 and 5 years
128
130
Later than 5 years
1,162
1,136
2,044
2,032
2021 Annual Report
and\u00a0Accounts.
(c) Comparison of the carrying amount and fair values of financial instruments
Set out below is a comparison of the carrying amounts and fair values of financial assets and liabilities, excluding those classified as held for
sale. These amounts may differ where the assets or liabilities are carried on a measurement basis other than fair value, e.g. amortised cost.
2022
2021
Fair value
\u00a3m
Carrying
amount
\u00a3m
Fair value
\u00a3m
Carrying
amount
\u00a3m
Financial assets
Loans (note 23(a))1
29,646
29,647
38,622
38,624
Financial investments (note 26(a))
224,086
224,086
264,961
264,961
Fixed maturity securities
103,776
103,776
133,251
133,251
Equity securities
85,790
85,790
95,169
95,169
Other investments (including derivatives)
34,520
34,520
36,541
36,541
Financial liabilities
Non-participating investment contract (note 43(a))
140,990
140,990
151,115
151,115
Net asset value attributable to unitholders
14,080
14,080
16,427
16,427
Borrowings (note 51(a))1
6,499
6,755
8,375
7,344
Derivative liabilities (note 59(b))
9,541
9,541
5,763
5,763
1.Within the fair value total, the estimated fair value has been provided for the portion of loans and borrowings that are carried at amortised cost
Fair value of the following assets and liabilities is approximate to their carrying amounts
\u2022Receivables
\u2022Cash and cash equivalents
\u2022Loans at amortised cost
\u2022Payables and other financial liabilities
As set out in accounting policy A, the Group has chosen to defer application of IFRS 9 Financial instruments due to its activities being
predominantly connected with insurance. To facilitate comparison with entities applying IFRS 9 in full, the table below splits the Group\u2019s
financial instruments between those which are considered to have contractual terms which are solely payments of principal and interest
(SPPI) on the principal amount outstanding and all other instruments (non-SPPI). The SPPI category excludes instruments held for trading
or managed and evaluated on a fair value basis.
2022
2021
SPPI \u2013
Fair value
\u00a3m
Non-SPPI \u2013
Fair value\u00b9
\u00a3m
SPPI \u2013
Fair value
\u00a3m
Non-SPPI \u2013
Fair value\u00b9
\u00a3m
Fixed maturity securities
\u2014
103,776
\u2014
133,251
Equity securities
\u2014
85,790
\u2014
95,169
Loans
3,726
25,920
8,642
29,980
Receivables
4,750
1,293
4,640
1,448
Cash and cash equivalents
21,441
1,064
10,100
2,385
Accrued income and interest
163
2,324
284
1,833
Other investments
1
34,519
\u2014
36,541
Total
30,081
254,686
23,666
300,607
1.Instruments within this category include financial assets that meet the definition of held for trading, financial assets that are managed and evaluated on a fair value basis, and instruments with contractual terms that do
not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding
22 \u2013 Fair value methodology continued
There has been no change (2021: \u00a32 million increase) in the fair value of SPPI instruments and a \u00a347,608 million decrease
(2021:\u00a0\u00a33,838 million decrease) in the fair value of non-SPPI instruments during the reporting period, primarily driven by a significant
increase in interest rates reducing the value of the fixed maturity securities.
(d) Fair value hierarchy analysis
An analysis of assets and liabilities measured at amortised cost and fair value categorised by fair value hierarchy is given below.
Fair value hierarchy
2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Sub-total
Fair value
\u00a3m
Amortised
cost
\u00a3m
Total carrying
value
\u00a3m
Recurring fair value measurements
Investment property (note 20)
\u2014
\u2014
5,899
5,899
\u2014
5,899
Loans (note 23(a))
\u2014
\u2014
25,920
25,920
3,727
29,647
Financial investments measured at fair value (note 26(a))
Fixed maturity securities
22,140
74,448
7,188
103,776
\u2014
103,776
Equity securities
85,459
\u2014
331
85,790
\u2014
85,790
Other investments (including derivatives)
28,192
5,021
1,307
34,520
\u2014
34,520
Financial assets classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
135,791
79,469
40,645
255,905
3,727
259,632
Financial liabilities measured at fair value
Non-participating investment contracts (note 43(a))1
140,990
\u2014
\u2014
140,990
\u2014
140,990
Net asset value attributable to unit holders
14,070
\u2014
10
14,080
\u2014
14,080
Borrowings (note 51(a))
\u2014
\u2014
1,091
1,091
5,664
6,755
Derivative liabilities (note 59(b))
200
8,986
355
9,541
\u2014
9,541
Financial liabilities classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
155,260
8,986
1,456
165,702
5,664
171,366
1.In addition to the balances in this table, included within reinsurance assets in the consolidated statement of financial position and note 45 are \u00a35,254 million of non-participating investment contracts, which are legally
reinsurance but do not meet the definition of a reinsurance contract under IFRS. These assets are financial instruments measured at fair value through profit and loss and are classified as Level 1 assets.
Fair value hierarchy
2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
fair value
\u00a3m
Non-recurring fair value measurement
Properties occupied by group companies
\u2014
\u2014
8
8
Total
\u2014
\u2014
8
8
IFRS 13 Fair Value Measurement permits assets and liabilities to be measured at fair value on either a recurring or non-recurring basis.
Recurring fair value measurements are those that other IFRSs require or permit in the statement of financial position at the end of each
reporting period, whereas non-recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the
statement of financial position in particular circumstances. The value of freehold owner-occupied properties measured on a non-recurring
basis at 31 December 2022 was \u00a38 million (2021: \u00a315 million), stated at their revalued amounts in line with the requirements of IAS 16
Property, Plant and Equipment.
Fair value hierarchy
2021
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Sub-total
Fair value
\u00a3m
Amortised cost
\u00a3m
Total carrying
value
\u00a3m
Recurring fair value measurements
Investment property (note 20)
\u2014
\u2014
7,003
7,003
\u2014
7,003
Loans (note 23(a))
\u2014
\u2014
29,980
29,980
8,644
38,624
Financial investments measured at fair value (note 26(a))
Fixed maturity securities
34,520
90,254
8,477
133,251
\u2014
133,251
Equity securities
94,819
\u2014
350
95,169
\u2014
95,169
Other investments (including derivatives)
29,043
5,968
1,530
36,541
\u2014
36,541
Financial assets classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
158,382
96,222
47,340
301,944
8,644
310,588
Financial liabilities measured at fair value
Non-participating investment contracts (note 43(a))1
151,115
\u2014
\u2014
151,115
\u2014
151,115
Net asset value attributable to unit holders
16,417
\u2014
10
16,427
\u2014
16,427
Borrowings (note 51(a))
\u2014
\u2014
1,140
1,140
6,204
7,344
Derivative liabilities (note 59(b))
410
4,908
445
5,763
\u2014
5,763
Financial liabilities classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
167,942
4,908
1,595
174,445
6,204
180,649
1.In addition to the balances in this table, included within reinsurance assets in the consolidated statement of financial position and note 45 are \u00a35,132 million of non-participating investment contracts, which are legally
reinsurance but do not meet the definition of a reinsurance contract under IFRS. These assets are financial instruments measured at fair value through profit and loss and are classified as Level 1 assets.
22 \u2013 Fair value methodology continued
Fair value hierarchy
2021
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
fair value
\u00a3m
Non-recurring fair value measurement
Properties occupied by group companies
\u2014
\u2014
15
15
Total
\u2014
\u2014
15
15
1.Total net (losses)/gains recognised in the income statement includes realised (losses)/gains on disposals
Assets
Liabilities
2021
Investment
Property
\u00a3m
Loans
\u00a3m
Fixed
maturity
securities
\u00a3m
Equity
securities
\u00a3m
Other
investments
(including
derivatives)
\u00a3m
Financial
assets
classified
as held for
sale
\u00a3m
Net asset
value
attributable
to
unitholders
\u00a3m
Derivative
liabilities
\u00a3m
Borrowings
\u00a3m
Financial
liabilities
classified
as held for
sale
\u00a3m
Opening balance at 1 January 2021
11,369
29,839
19,053
407
6,659
1,033
(150)
(571)
(1,166)
(98)
Total net gains/(losses) recognised in the income
statement1
1,206
(1,252)
(648)
19
(102)
17
\u2014
34
(52)
44
Purchases
1,505
3,639
1,288
18
170
13
\u2014
(9)
\u2014
\u2014
Issuances
\u2014
142
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(6,709)
(2,374)
(9,681)
(91)
(5,001)
(1,043)
140
6
78
52
Settlements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
16
\u2014
\u2014
Transfers into Level 3
\u2014
\u2014
189
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers out of Level 3
\u2014
\u2014
(1,361)
(3)
(6)
\u2014
\u2014
79
\u2014
\u2014
Foreign exchange rate movements
(368)
(14)
(363)
\u2014
(190)
(20)
\u2014
\u2014
\u2014
2
Balance at 31 December 2021
7,003
29,980
8,477
350
1,530
\u2014
(10)
(445)
(1,140)
\u2014
1.Total net gains/(losses) recognised in the income statement includes realised gains/(losses) on disposals
Total net losses recognised in the income statement in the year ended 31 December 2022 in respect of Level 3 assets measured at fair
value\u00a0amounted to \u00a310,106 million (2021: net losses of \u00a3760 million) with net gains in respect of liabilities of \u00a3258 million
(2021: net gains of \u00a326 million). Net losses of \u00a310,203 million (2021: net losses of \u00a3852 million) attributable to assets and net gains of
\u00a3258 million (2021: net losses of \u00a318 million) attributable to liabilities relate to those still held at the end of the year.
The principal assets classified as Level 3, and the valuation techniques applied to them, are described below.
(i) Investment property
\u2022Investment property is valued in the UK at least annually by external chartered surveyors in accordance with guidance issued by The Royal
Institution of Chartered Surveyors and using estimates during the intervening period. Outside the UK, valuations are produced by external
qualified professional appraisers in the countries concerned. The Group\u2019s methodology requires external valuers in the UK to apply the
\u2018Sustainability and ESG in commercial property valuation and strategic advice\u2019 guidance note issued by The Royal Institution of Chartered
Surveyors in December 2021. In a valuation context, sustainability encompasses a wide range of physical, social, environmental, and
economic factors that can affect value. The range of issues includes key environmental risks, such as flooding, energy efficiency and
climate, as well as matters of design, configuration, accessibility, legislation, management and fiscal considerations.
\u2022Investment properties are valued on an income approach that is based on current rental income plus anticipated uplifts at the next rent
review, lease expiry, or break option taking into consideration lease incentives and assuming no further growth in the estimated rental
value of the property. The uplift and discount rates are derived from rates implied by recent market transactions on similar properties.
These inputs are deemed unobservable. The yield used to value investment property can vary significantly depending on a number of
factors including location, type of property and sector. The yield used to value the portfolio ranges from 100bps to 2160bps
(2021: 113bps to 2094bps) with higher yields predominately relating to properties in the retail and leisure sectors. Over 95% of the portfolio
is valued using spreads within the range from 100bps to 810bps (2021: 113bps to 870bps).
22 \u2013 Fair value methodology continued
(ii) Loans
\u2022Commercial mortgage loans and Primary Healthcare loans held by our UK Life business are valued using a Portfolio Credit Risk Model.
This\u00a0model calculates a Credit Risk Adjusted Value for each loan. The risk adjusted cash flows are discounted using a yield curve plus an
allowance for illiquidity. Loans valued using the Portfolio Credit Risk Model have been classified as Level 3 as the liquidity premium is
deemed to be non-market observable. At 31 December 2022 the liquidity premium used in the discount rate was 110 bps (2021: 150 bps).
Future capital expenditure costs of 0.9% per annum (2021: 0.6%) are included in the modelling of the Credit Risk Adjusted Value of the
loans to address climate change actions, including potential climate-related legislation changes. The impact is a reduction in the fair value
of the properties securing the loans.
\u2022Equity release mortgage loans held by our UK Life business are valued using an internal model, with fair value initially being equal to the
transaction price. The value of these loans is dependent on the expected term of the mortgage and the forecast property value at the end
of the term and is calculated by adjusting future cash flows for credit risk and discounting using a yield curve plus an allowance for
illiquidity. At 31 December 2022 the illiquidity premium used in the discount rate was 155 bps (2021: 180 bps).
\u2022The equity release mortgages have a no negative equity guarantee (\u2018NNEG\u2019) such that the cost of any potential shortfall between the value
of the loan and the realised value of the property at the end of the term is recognised by a deduction to the value of the loan. Property
valuations at\u00a0the reporting date are obtained by taking the most recent valuation for the property and indexing using an internal house
price index based on published Land Registry data. NNEG is calculated using base property growth rates reduced for the cost of potential
dilapidations, using a stochastic model. In addition, a cost of capital charge is applied to reflect the variability in these cash flows. The
base property growth rate assumption is RPI +0.75% (2021: RPI +0.75%) which includes a reduction to the growth rate of 0.5% per annum
for the potential impact of climate change actions. The modelled growth rates include an adjustment for the 5-year period 2023-2027 to
reflect the market view of short-term growth being lower than long-term growth. The combination of the adjusted rate over the first five
years and the base property growth rate equates to a long-term average growth rate of 3.1% per annum at 31 December 2022 (2021: 3.9%)
over a twenty five year projection. After applying the cost of capital charge, dilapidations and the stochastic distribution, the effective net
long-term growth rate equates to 0.4% per annum (2021: 0.6%).
\u2022Infrastructure and Private Finance Initiative (PFI) loans held by our UK Life business are valued using a discounted cash flow model.
This\u00a0adds spreads for credit and illiquidity to a risk-free discount rate. Credit spreads used in the discount rate are calculated using an
internally developed methodology which depends on the credit rating of each loan, credit spreads on publicly traded bonds and an
estimated recovery rate in event of default and are deemed to be unobservable. At 31 December 2022, the illiquidity premium used in
the\u00a0discount rate was 115bps (2021: 95bps) for the PFI loans and ranged from 25bps to 210bps (2021: 25bps to 210bps) for the
infrastructure loans.
(iii) Fixed maturity securities
\u2022Structured bond-type, non-standard debt products and privately placed notes held by our life business in the UK do not trade in an
active\u00a0market. These fixed maturity securities are valued using discounted cash flow model, designed to appropriately reflect the credit
and illiquidity risk of the instrument. These bonds have been classified as Level 3 because the valuation approach includes significant
unobservable inputs and an element of subjectivity in determining appropriate credit and illiquidity spreads.
\u2022Other fixed maturity securities held by our life business in the UK which are not traded in an active market have been valued using third-
party or counterparty valuations. These prices are considered to be unobservable due to infrequent market transaction.
\u2022The unobservable credit and illiquidity spreads used in the discount rate range from 25bps to 604bps (2021: 24bps to 822bps) with 99%
of\u00a0the modelled assets valued using spreads within the range from 25bps to 344bps (2021: 24bps to 297bps).
(iv) Equity securities
\u2022Equity securities which primarily comprise private equity holdings held in the UK are valued by a number of third-party specialists.
These\u00a0are valued using a range of techniques including earnings multiples, forecast cash flows and price/earnings ratios which are
deemed to be unobservable.
(v) Other investments (including derivatives)
\u2022Other investments are held for index-linked, unit-linked and with-profit funds and are valued based on external valuation reports
received\u00a0from fund managers. The investments consist of:
\u2013Unit trusts;
\u2013Other Investment funds including property funds; and
\u2013Derivatives.
\u2022Where valuations are at a date other than the balance sheet date, as is the case for private equity funds, adjustments are made for items
such as subsequent draw-downs and distributions and the fund manager's carried interest.
(vi) Liabilities
\u2022The principal liabilities classified as Level 3 are securitised mortgage loan notes, presented within Borrowings, which are valued using
a\u00a0similar technique to the related Level 3 securitised mortgage assets. These liabilities are included within the relevant liability category
within the sensitivity table below.
22 \u2013 Fair value methodology continued
Sensitivities
The valuation of level 3 assets involves a high degree of judgement and estimation uncertainty due to the reliance of valuation models
on\u00a0unobservable inputs. Where possible, the Group tests the sensitivity of the fair values of Level 3 assets and liabilities to changes in
unobservable inputs to reasonable alternatives. Level 3 valuations are sourced from independent third parties when available and,
where\u00a0appropriate, validated against internally-modelled valuations, third-party models or broker quotes. Where third-party pricing
sources\u00a0are unwilling to provide a sensitivity analysis for their valuations, the Group undertakes, where feasible, sensitivity analysis on
the\u00a0following basis:
\u2022For third-party valuations validated against internally-modelled valuations using significant unobservable inputs, the sensitivity of the
internally-modelled valuation to changes in unobservable inputs to a reasonable alternative is determined.
\u2022For third-party valuations either not validated or validated against a third-party model or broker quote, the third-party valuation in its
entirety is considered an unobservable input. Sensitivities are determined by flexing inputs of internal models to a reasonable alternative,
including the yield, NAV multiple or other suitable valuation multiples of the financial instrument implied by the third-party valuation.
For\u00a0example, for a fixed income security the implied yield would be the rate of return which discounts the security\u2019s contractual cash flows
to equal the third-party valuation.
The tables below show the sensitivity of the fair value of Level 3 assets and liabilities to changes in unobservable inputs to a reasonable
alternative:
Sensitivities
2022
Fair value
\u00a3bn
Most significant unobservable input
Reasonable alternative
Positive
impact
\u00a3bn
Negative
impact
\u00a3bn
Investment property
5.9
Equivalent rental yields
+/-5-10%
0.3
(0.3)
Loans
Commercial mortgage loans and Primary Healthcare
loans
9.4
Illiquidity premium
+/-20 bps
0.1
(0.1)
Base property growth rate
+/-100 bps p.a.
0.1
(0.1)
Equity release mortgage loans
9.6
Base property growth rate
+/-40 bps p.a.
0.2
(0.2)
Current property market values
+/-10%
0.2
(0.2)
Infrastructure and Private Finance Initiative (PFI) loans
5.3
Illiquidity premium
+/-25 bps1
0.2
(0.2)
Other
1.6
Illiquidity premium
+/-25 bps1
\u2014
\u2014
Fixed maturity securities
Structured bond-type and non-standard debt products
0.4
Market spread (credit, liquidity and other)
+/-25 bps
\u2014
\u2014
Privately placed notes
2.9
Credit spreads
+/-25 bps1
0.1
(0.1)
Other fixed maturity securities
3.9
Credit and liquidity spreads
+/-20-25 bps
0.1
(0.1)
Equity securities
0.3
Market multiples applied to net asset values
+/-25%
0.1
(0.1)
Other investments
Property Funds
0.2
Market multiples applied to net asset values
+/-15-20%
\u2014
\u2014
Other investments (including derivatives)
1.1
Market multiples applied to net asset values
+/-10-40%2
0.1
(0.1)
Liabilities
Borrowings
(1.1)
Illiquidity premium
+/-50 bps
\u2014
\u2014
Other liabilities (including derivatives)
(0.4)
Independent valuation vs counterparty
N/A
\u2014
\u2014
Total Level 3 investments
39.1
1.5
(1.5)
1.On discount rate spreads
2.Dependent on investment category
22 \u2013 Fair value methodology continued
Sensitivities
2021
Fair value
\u00a3bn
Most significant unobservable input
Reasonable alternative
Positive
impact
\u00a3bn
Negative
impact
\u00a3bn
Investment property
7.0
Equivalent rental yields
+/-5-10%
0.4
(0.4)
Loans
Commercial mortgage loans and Primary Healthcare
loans
11.7
Illiquidity premium
+/-20 bps
0.1
(0.1)
Base property growth rate
+/-100 bps p.a.
0.1
(0.1)
Equity release mortgage loans
11.9
Base property growth rate
+/-40 bps p.a.
0.2
(0.2)
Current property market values
+/-10%
0.3
(0.3)
Infrastructure and Private Finance Initiative (PFI) loans
6.1
Illiquidity premium
+/-25 bps1
0.2
(0.2)
Other
0.3
Illiquidity premium
+/-25 bps1
\u2014
\u2014
Fixed maturity securities
Structured bond-type and non-standard debt products
0.5
Market spread (credit, liquidity and other)
+/-25 bps
\u2014
\u2014
Privately placed notes
3.7
Credit spreads
+/-25 bps1
0.1
(0.1)
Other fixed maturity securities
4.3
Credit and liquidity spreads
+/-20-25 bps
0.1
(0.1)
Equity securities
0.3
Market multiples applied to net asset values
+/-25%
0.1
(0.1)
Other investments
Property Funds
0.2
Market multiples applied to net asset values
+/-15-20%
\u2014
\u2014
Other investments (including derivatives)
1.3
Market multiples applied to net asset values
+/-10-40%2
0.2
(0.2)
Liabilities
Borrowings
(1.1)
Illiquidity premium
+/-50 bps
0.1
(0.1)
Other liabilities (including derivatives)
(0.5)
Independent valuation vs counterparty
N/A
\u2014
\u2014
Total Level 3 investments
45.7
1.9
(1.9)
1.On discount rate spreads
2.Dependent on investment category
The above tables demonstrate the effect of a change in one unobservable input while other assumptions remain unchanged. In reality,
there may be a correlation between the unobservable inputs and other factors. It should also be noted that some of these sensitivities
are\u00a0non-linear, and larger or smaller impacts should not be interpolated or extrapolated from these results.
(h) Liabilities not carried at fair value for which fair value is disclosed
The table below shows the fair value and fair value hierarchy for those liabilities not carried at fair value.
Fair value hierarchy
2022
Notes
As recognised
in the
consolidated
statement of
financial
position line
item
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total fair
value
\u00a3m
Liabilities not carried at fair value
Borrowings
51(a)
5,664
5,212
52
144
5,408
Fair value hierarchy
2021
Notes
As recognised
in the
consolidated
statement of
financial
position line
item
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total fair
value
\u00a3m
Liabilities not carried at fair value
Borrowings
51(a)
6,204
7,012
204
19
7,235
23 \u2013 Loans
This note analyses the loans our Group companies have made, the majority of which are mortgage loans.
(a) Carrying amounts
The carrying amounts of loans were as follows:
2022
2021
At fair value
through profit
or loss other
than trading
\u00a3m
At amortised
cost
\u00a3m
Total
\u00a3m
At fair value
through profit
or loss other
than trading
\u00a3m
At amortised
cost
\u00a3m
Total
\u00a3m
Policy loans
1
13
14
1
13
14
Loans to banks
1,568
2,913
4,481
301
7,996
8,297
Healthcare, infrastructure & PFI other loans
6,837
\u2014
6,837
7,994
\u2014
7,994
UK securitised mortgage loans (see note 24)
1,759
\u2014
1,759
2,231
\u2014
2,231
Non-securitised mortgage loans
15,755
\u2014
15,755
19,453
\u2014
19,453
Other loans
\u2014
801
801
\u2014
635
635
Total
25,920
3,727
29,647
29,980
8,644
38,624
Of the above total loans, \u00a324,259 million (2021: \u00a329,783 million) are due to be recovered in more than one year after the statement of
financial position date.
Loans at fair value
Fair values have been calculated by using cash flow models appropriate for each portfolio of loans. Further details of the fair value
methodology and models utilised are given in note 22 (g).
The cumulative change in fair value of loans attributable to changes in credit risk to 31 December 2022 was a \u00a398 million loss
(2021: \u00a3475 million loss).
Healthcare, infrastructure and PFI other loans of \u00a36,837 million (2021: \u00a37,994 million) are secured against the income from healthcare and
educational premises.
Non-securitised mortgage loans include \u00a37,784 million (2021: \u00a39,699 million) of residential equity release mortgages, \u00a35,971 million
(2021: \u00a37,246 million) of commercial mortgages and \u00a32,000 million (2021: \u00a32,508 million) relating to UK primary healthcare and PFI
businesses. The healthcare and PFI mortgage loans are secured against General Practitioner premises, other primary health-related
premises or other emergency services related premises. For all such loans, government support is provided through either direct funding
or\u00a0reimbursement of rental payments to the tenants to meet income service and provide for the debt to be reduced substantially over the
term of the loan. Although the loan principal is not government-guaranteed, the nature of these businesses and premises provides
considerable comfort of an ongoing business model and low risk of default.
The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned\u00a0above.
Loans at amortised cost
The carrying amount of these loans at both 31 December 2022 and 31 December 2021 was a reasonable approximation for their fair value.
(b) Analysis of loans carried at amortised cost
2022
2021
Amortised
Cost
\u00a3m
Impairment
\u00a3m
Carrying
Value
\u00a3m
Amortised
Cost
\u00a3m
Impairment
\u00a3m
Carrying
Value
\u00a3m
Policy loans
13
\u2014
13
13
\u2014
13
Loans to banks
2,913
\u2014
2,913
7,996
\u2014
7,996
Non-securitised mortgage loans
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other loans
801
\u2014
801
635
\u2014
635
Total
3,727
\u2014
3,727
8,644
\u2014
8,644
The movements in the impairment provisions on these loans were as follows:
2022
\u00a3m
2021
\u00a3m
At 1 January
\u2014
(16)
Increase during the year
\u2014
(2)
Foreign exchange rate movements
\u2014
1
Write back following sale or reimbursement
\u2014
17
At 31 December
\u2014
\u2014
23 \u2013 Loans continued
(c) Collateral
Loans to banks include cash collateral received under stock lending arrangements (see note 60 for further information regarding these
collateral positions). The obligation to repay this collateral is included in payables and other financial liabilities (see note 52).
The Group holds collateral in respect of loans where it is considered appropriate in order to reduce the risk of non-recovery. This collateral
generally takes the form of liens or charges over properties and, in the case of policy loans, the underlying policy for the majority of the
loan\u00a0balances above. In all other situations, the collateral must be in a readily realisable form, such as listed securities, and is held in
segregated accounts.
24 \u2013 Securitised mortgages and related assets
The Group, in its UK Life business, has loans receivable, secured by mortgages, which have then been securitised through non-recourse
borrowings. This note gives details of the relevant transactions.
(a) Description of current arrangements
In a UK long-term business subsidiary, Aviva Equity Release UK Limited (AER), the beneficial interest in certain portfolios of lifetime
mortgages has been transferred to five special purpose securitisation companies (the ERF companies), in return for initial consideration
and, at later dates, deferred consideration. The deferred consideration represents receipts accrued within the ERF companies after meeting
all their obligations to the note holders, loan providers and other third parties in the priority of payments. The purchases of the mortgages
were funded by the issue of fixed and floating rate notes by the ERF companies.
All the shares in the ERF companies are held by independent companies, whose shares are held on trust. Although AER does not own,
directly or indirectly, any of the share capital of the ERF companies or their parent companies, it has control of the securitisation companies,
and they have therefore been treated as subsidiaries in the consolidated financial statements. AER has no right to repurchase the benefit of
any of the securitised mortgage loans, other than in certain circumstances where AER is in breach of warranty or loans are substituted in
order to effect a further advance.
AER has purchased subordinated notes and granted subordinated loans to some of the ERF companies. In addition, Group companies have
invested \u00a3208 million (2021: \u00a3213 million) in loan notes issued by the ERF companies. These have been eliminated on consolidation through
offset against the borrowings of the ERF companies in the statement of financial position.
In all of the above transactions, the Company and its subsidiaries are not obliged to support any losses that may be suffered by the note
holders and do not intend to provide such support. Additionally, the notes were issued on the basis that note holders are only entitled to
obtain payment, of both principal and interest, to the extent that the available resources of the respective special purpose securitisation
companies, including funds due from customers in respect of the securitised loans, are sufficient and that note holders have no recourse
whatsoever to other companies in the Aviva Group.
(b) Carrying values
The following table summarises the securitisation arrangements:
2022
2021
Securitised
assets
\u00a3m
Securitised
liabilities
\u00a3m
Securitised
assets
\u00a3m
Securitised
liabilities
\u00a3m
Securitised mortgage loans (note 23) and loan notes issued
1,759
(1,299)
2,231
(1,353)
Other securitisation assets/(liabilities)
286
(746)
302
(1,180)
2,045
(2,045)
2,533
(2,533)
25 \u2013 Interests in structured entities
A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who
controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means
of contractual arrangements. The Group has interests in both consolidated and unconsolidated structured entities as described below.
The Group holds redeemable shares or units in investment vehicles, which consist of:
\u2022Debt securities comprising of securitisation vehicles that Aviva does not originate. These investments are comprised of a variety of debt
instruments, including asset-backed securities and other structured securities.
\u2022Investment funds which include: hedge funds, liquidity funds, private equity funds, unit trusts, mutual funds and Private Finance Initiatives
(PFIs).
\u2022Specialised investment vehicles include Open Ended Investment Companies (OEICs), Property Limited Partnerships (PLPs), Soci\u00e9t\u00e9s
d\u2019Investissement a Capital Variable (SICAVs), Tax Transparent Funds (TTFs) and other investment vehicles.
The Group\u2019s holdings in investment vehicles are subject to the terms and conditions of the respective investment vehicle\u2019s offering
documentation and are susceptible to market price risk arising from uncertainties about future values of those investment vehicles.
The\u00a0investment manager makes investment decisions after extensive due diligence of the underlying investment vehicle including
consideration of its strategy and the overall quality of the underlying investment vehicle\u2019s manager.
All of the investment vehicles in the investment portfolio are managed by portfolio managers who are compensated by the respective
investment vehicles for their services. Such compensation generally consists of an asset-based fee and a performance-based incentive fee,
and is reflected in the valuation of the investment vehicles.
(a) Interests in consolidated structured entities
The Group has determined that where it has control over investment vehicles, these investments are consolidated structured entities. As at
31 December 2022 the Group has granted loans to consolidated PLPs for a total of \u00a382 million (2021: \u00a377 million). The purpose of these
loans is to assist the consolidated PLPs to purchase or construct properties. The Group has also provided support, without having a
contractual obligation to do so, to certain consolidated PLPs via letters of support amounting to \u00a373 million (2021: \u00a373 million). The Group
has commitments to provide funding to consolidated structured entities of \u00a3311 million (2021: \u00a3372 million), primarily relating to a
commitment to provide funding to the Aviva Investors Climate Transition Real Assets fund.
The Group has also given support to five special purpose securitisation companies (the ERF companies) that are consolidated structured
entities. As set out in note 24 , at the inception of the securitisation vehicles, the UK subsidiary, Aviva Equity Release UK Limited (AER), has
granted subordinated loan facilities to some of the ERF companies. AER receives various fees in return for the services provided to the
entities. AER receives cash management fees based on the outstanding loan balance at the start of each quarter for the administration of
the loan note liabilities. AER receives portfolio administration fees as compensation for managing the mortgage assets. See note 24 for
details of securitised mortgages and related assets as at 31 December 2022.
As at the reporting date, the Group has no intentions to provide financial or other support in relation to any other investment vehicles.
(b) Interests in unconsolidated structured entities
As part of its investment activities, the Group invests in unconsolidated structured entities. As at 31 December 2022, the Group\u2019s total
interest in unconsolidated structured entities was \u00a342,153 million (2021: \u00a345,511 million) on the Group\u2019s statement of financial position. The
Group\u2019s total interest in unconsolidated structured entities is classified as \u2018Interests in and loans to joint ventures and associates\u2019 and
\u2018financial investments held at fair value through profit or loss\u2019. The Group does not sponsor any of the unconsolidated structured entities.
As at 31 December 2022, a summary of the Group\u2019s interest in unconsolidated structured entities is as follows:
2022
2021
Interest in,
and loans
to, joint
ventures
\u00a3m
Interest in,
and loans
to,
associates
\u00a3m
Financial
investments
\u00a3m
Loans
\u00a3m
Total
assets
\u00a3m
Interest in,
and loans
to, joint
ventures
\u00a3m
Interest in,
and loans
to,
associates
\u00a3m
Financial
investments
\u00a3m
Loans
\u00a3m
Total
assets
\u00a3m
Structured debt securities1
\u2014
\u2014
3,726
\u2014
3,726
\u2014
\u2014
4,454
\u2014
4,454
Other investments and equity securities
980
40
29,450
\u2014
30,470
916
55
30,627
\u2014
31,598
Analysed as:
Unit trust and other investment vehicles
\u2014
\u2014
29,211
\u2014
29,211
\u2014
\u2014
30,380
\u2014
30,380
PLPs and property funds
980
40
222
\u2014
1,242
916
55
246
\u2014
1,217
Other (Including other funds and equity securities)2
\u2014
\u2014
17
\u2014
17
\u2014
\u2014
1
\u2014
1
Loans2
\u2014
\u2014
\u2014
7,957
7,957
\u2014
\u2014
\u2014
9,459
9,459
Total
980
40
33,176
7,957
42,153
916
55
35,081
9,459
45,511
1.Primarily reported within \u2018other debt securities\u2019 in note 26(a)
2.Loans include Healthcare, Infrastructure & PFI other loans along with certain non-securitised mortgage loans
The Group\u2019s maximum exposure to loss related to the interests in unconsolidated structured entities is \u00a342,153 million
(2021:\u00a0\u00a345,511 million).
25 \u2013 Interests in structured entities continued
The majority of debt securities above are investment grade securities held by the UK business. In some cases, the Group may be required to
absorb losses from an unconsolidated structured entity before other parties when and if Aviva\u2019s interest is more subordinated with respect
to other owners of the same security.
For commitments to property management joint ventures and associates, please see notes 17 and 18, respectively. The Group has not
provided any other financial or other support in addition to that described above as at the reporting date, and there are no intentions to
provide support in relation to any other unconsolidated structured entities in the foreseeable future.
In relation to risk management, disclosures on debt securities and investment vehicles are given in note 58(b) \u2018Risk management\u2019. In relation
to other guarantees and commitments that the Group provides in the course of its business, please see note 54(f) \u2018Contingent liabilities and
other risk factors\u2019.
Aviva\u2019s interest in unconsolidated structured entities that it also manages at 31 December 2022 is \u00a31,648 million (2021: \u00a31,502 million) and
the total funds under management relating to these investments at 31 December 2022 is \u00a317,381 million (2021: \u00a316,843 million).
(c) Other interests in unconsolidated structured entities
The Group receives management fees and other fees in respect of its asset management businesses. The Group does not sponsor any of the
funds or investment vehicles from which it receives fees. Management fees received for investments that the Group manages, but does not
have a holding in, also represent an interest in unconsolidated structured entities. As these investments are not held by the Group, the
investment risk is borne by the external investors and therefore the Group\u2019s maximum exposure to loss relates to future management fees.
The table below shows the assets under management of entities that the Group manages but does not have a holding in and the fees
earned from those entities.
2022
2021
Assets under
management
\u00a3m
Investment
management
fees
\u00a3m
Assets under
management
\u00a3m
Investment
management
fees
\u00a3m
Specialised investment vehicles:
5,623
22
6,036
24
Analysed as:
OEICs
398
1
253
2
PLPs
4,165
17
4,257
16
SICAVs
1,060
4
1,526
6
Total
5,623
22
6,036
24
26 \u2013 Financial investments
This note analyses our financial investments by type and shows their cost and fair value. These will change from one period to the next
as\u00a0a\u00a0result of new business written, claims paid and market movements.
(a) Carrying amount
Financial investments comprise:
2022
2021
At fair value through
profit or loss
At fair value through
profit or loss
Trading
\u00a3m
Other than
trading
\u00a3m
Total
\u00a3m
Trading
\u00a3m
Other than
trading
\u00a3m
Total
\u00a3m
Fixed maturity securities
Debt securities
UK government
\u2014
19,570
19,570
\u2014
32,547
32,547
UK local authorities
\u2014
88
88
\u2014
194
194
Non-UK government (note 26(d))
\u2014
24,038
24,038
\u2014
25,144
25,144
Corporate bonds
Public utilities
\u2014
5,536
5,536
\u2014
7,563
7,563
Other corporate
\u2014
42,245
42,245
\u2014
44,886
44,886
Convertibles and bonds with warrants attached
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
\u2014
2,240
2,240
\u2014
3,115
3,115
\u2014
93,717
93,717
\u2014
113,449
113,449
Certificates of deposit
\u2014
10,059
10,059
\u2014
19,802
19,802
\u2014
103,776
103,776
\u2014
133,251
133,251
Equity securities
Ordinary shares
Public utilities
\u2014
5,047
5,047
\u2014
3,240
3,240
Banks, trusts and insurance companies
\u2014
16,215
16,215
\u2014
17,380
17,380
Industrial miscellaneous and all other
\u2014
64,369
64,369
\u2014
74,330
74,330
\u2014
85,631
85,631
\u2014
94,950
94,950
Non-redeemable preference shares
\u2014
159
159
\u2014
219
219
\u2014
85,790
85,790
\u2014
95,169
95,169
Other investments
Unit trusts and other investment vehicles
\u2014
29,211
29,211
\u2014
30,380
30,380
Derivative financial instruments (note 59)
4,916
\u2014
4,916
5,734
\u2014
5,734
Deposits with credit institutions
\u2014
56
56
\u2014
84
84
Minority holdings in property management undertakings
\u2014
222
222
\u2014
246
246
Other investments \u2013 long-term
\u2014
114
114
\u2014
96
96
Other investments \u2013 short-term
\u2014
1
1
\u2014
1
1
4,916
29,604
34,520
5,734
30,807
36,541
Total financial investments
4,916
219,170
224,086
5,734
259,227
264,961
Of the above total, \u00a388,793 million (2021: \u00a395,373 million) is due to be recovered in more than one year after the statement of financial
position date.
Other debt securities of \u00a32,240 million (2021: \u00a33,115 million) include residential and commercial mortgage-backed securities, as well as
other structured credit securities.
Financial investments include \u00a33,970 million (2021: \u00a3832 million) in respect of non-cash collateral pledged to third parties where the
economic rights are retained by the Group.
26 \u2013 Financial investments continued
(b) Cost, unrealised gains and fair value
The following is a summary of the cost/amortised cost, gross unrealised gains and losses and fair value of financial investments:
2022
2021
Cost/
amortised
cost
\u00a3m
Unrealised
gains
\u00a3m
Unrealised
losses and
impairments
\u00a3m
Fair value
\u00a3m
Cost/amortised
cost
\u00a3m
Unrealised
gains
\u00a3m
Unrealised
losses and
impairments
\u00a3m
Fair value
\u00a3m
Fixed maturity securities
110,029
8,475
(14,728)
103,776
122,852
12,920
(2,521)
133,251
Equity securities
75,981
16,610
(6,801)
85,790
74,371
26,381
(5,583)
95,169
Other investments
Unit trusts and other investment vehicles
33,737
3,907
(8,433)
29,211
23,152
7,623
(395)
30,380
Derivative financial instruments
300
5,258
(642)
4,916
4,966
2,651
(1,883)
5,734
Deposits with credit institutions
56
\u2014
\u2014
56
84
\u2014
\u2014
84
Minority holdings in property management
undertakings
228
28
(34)
222
242
34
(30)
246
Other investments \u2013 long-term
137
3
(26)
114
101
\u2014
(5)
96
Other investments \u2013 short-term
1
\u2014
\u2014
1
1
\u2014
\u2014
1
220,469
34,281
(30,664)
224,086
225,769
49,609
(10,417)
264,961
These are further analysed as follows:
At fair value through profit or loss
220,469
34,281
(30,664)
224,086
225,769
49,609
(10,417)
264,961
Available for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220,469
34,281
(30,664)
224,086
225,769
49,609
(10,417)
264,961
All unrealised gains and losses and impairments on financial investments classified as fair value through profit or loss have been recognised
in the income statement.
Unrealised gains and losses on all financial instruments classified as fair value through profit or loss, recognised in the income statement in
the year, were a net loss of \u00a348,683 million (2021: \u00a34,381 million net gain). Of this net loss, \u00a343,663 million net loss (2021: \u00a36,862 million net
gain) related to investments designated as other than trading and \u00a35,020 million net loss (2021: \u00a32,481 million net loss) related to financial
investments designated as trading. The net loss is primarily driven by a significant increase in interest rates reducing the value of the fixed
maturity securities.
The movement in the unrealised gain/loss position reported in the statement of financial position during the year, shown in the table above,
includes foreign exchange movements on the translation of unrealised gains and losses on financial investments held by foreign
subsidiaries, which are recognised in other comprehensive income, as well as transfers due to the realisation of gains and losses on disposal
and the recognition of impairment losses.
(c) Financial investment arrangements
(i) Stock lending arrangements
The Group has entered into stock lending arrangements in the UK and overseas in accordance with established market conventions.
The\u00a0majority of the Group\u2019s stock lending transactions occur in the UK, where investments are lent to EEA-regulated, locally domiciled
counterparties and governed by agreements written under English law.
The Group receives collateral in order to reduce the credit risk of these arrangements, either in the form of securities or cash. See note 60
for\u00a0further information regarding collateral positions held by the Group.
(ii) Other arrangements
In carrying on its Bulk Purchase Annuity business, the Group\u2019s UK Life operation is required to place certain investments in trust on behalf
of\u00a0the policyholders. Amounts become payable from the trust funds to the trustees if the Group were to be in breach of its payment
obligations in respect of policyholder benefits. At 31 December 2022, \u00a31,778 million (2021: \u00a32,425 million) of financial investments were
restricted in this way.
Certain financial investments are also required to be deposited under local laws in various overseas countries as security for the holders
of\u00a0policies issued in those countries. Other investments are pledged as security collateral for bank letters of credit.
26 \u2013 Financial investments continued
(d) Non-UK government fixed maturity securities (gross of non-controlling interests)
The following is a summary of non-UK government debt by issuer as at 31 December 2022, analysed by policyholder, participating
and\u00a0shareholder funds.
Policyholder
Participating
Shareholder
Total
Non-UK government fixed maturity securities
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Austria
54
29
102
61
120
128
276
218
Belgium
79
74
149
41
261
301
489
416
France
343
441
175
420
395
783
913
1,644
Germany
536
265
330
358
326
443
1,192
1,066
Ireland
17
17
176
241
171
141
364
399
Italy
275
277
68
72
14
14
357
363
Netherlands
81
83
49
65
193
327
323
475
Norway
4
\u2014
3
4
298
392
305
396
European supranational debt
830
682
218
273
1,467
2,217
2,515
3,172
Other European countries
534
636
513
564
312
385
1,359
1,585
Europe
2,753
2,504
1,783
2,099
3,557
5,131
8,093
9,734
Canada
180
130
40
33
3,666
3,679
3,886
3,842
United States
2,536
1,810
645
433
1,084
1,484
4,265
3,727
North America
2,716
1,940
685
466
4,750
5,163
8,151
7,569
Chile
68
92
24
35
229
50
321
177
China
343
257
140
115
7
1
490
373
India
91
\u2014
\u2014
\u2014
688
\u2014
779
\u2014
Indonesia
230
199
82
73
5
1
317
273
Japan
951
1,524
404
1,108
275
277
1,630
2,909
Mexico
335
161
118
56
7
1
460
218
South Africa
247
78
88
27
5
\u2014
340
105
South Korea
179
50
211
373
159
99
549
522
Other supranational debt
\u2014
\u2014
211
310
53
151
264
461
Other
1,349
1,402
598
761
697
640
2,644
2,803
Asia Pacific and other
3,793
3,763
1,876
2,858
2,125
1,220
7,794
7,841
Total
9,262
8,207
4,344
5,423
10,432
11,514
24,038
25,144
Our direct shareholder asset exposure to government (non-UK) fixed maturity securities amounts to \u00a310,432 million (2021: \u00a311,514 million).
The primary exposures, relative to total shareholder (non-UK) government debt exposure, are to Canadian (35%), US (10%), Indian (7%),
French (4%) and German (3%) government fixed maturity securities.
27 \u2013 Receivables
This note analyses our total receivables.
2022
\u00a3m
2021
\u00a3m
Amounts owed by contract holders
2,217
2,053
Amounts owed by intermediaries
1,128
982
Deposits with ceding undertakings
\u2014
\u2014
Amounts due from reinsurers
518
438
Amounts due from brokers for investment sales
460
149
Amounts receivable for collateral pledged
266
1,083
Amounts due from government, social security and taxes
545
430
Finance lease receivables
143
129
Other receivables
766
824
Total
6,043
6,088
Expected to be recovered in less than one year
5,857
5,945
Expected to be recovered in more than one year
186
143
6,043
6,088
Exposure to significant concentrations of credit risk is limited due to the regulations applicable in most markets and the Group credit policy
and limits framework, which limits investments in individual assets and asset classes.
Finance lease receivables consist of long income finance leases on property.
28 \u2013 Deferred acquisition costs
(a) Deferred acquisition costs \u2013 carrying amount
The carrying amount of deferred acquisition costs was as follows:
2022
\u00a3m
2021
\u00a3m
Deferred acquisition costs in respect of:
Insurance contracts \u2013 long-term business
520
710
Insurance contracts \u2013 general insurance and health business
1,183
1,078
Participating investment contracts \u2013 long-term business
38
41
Non-participating investment contracts \u2013 long-term business
851
892
Total
2,592
2,721
Deferred acquisition costs (DAC) on long-term business are generally recoverable in more than one year whereas such costs on general
insurance and health business are generally recoverable within one year. Of the above total, \u00a31,239 million (2021: \u00a31,524 million) is expected
to be recovered in more than one year after the statement of financial position date. For long-term business where amortisation of the DAC
balance depends on projected profits, the amount expected to be recovered is estimated and actual experience will differ.
(b) Deferred acquisition costs \u2013 movements in the year
The movements in deferred acquisition costs during the year were:
Long-term business
2022
Insurance
contracts
\u00a3m
Participating
investment
contracts
\u00a3m
Non-
participating
investment
contracts
\u00a3m
General
insurance
and health
business
\u00a3m
Total
\u00a3m
Carrying amount at 1 January
710
41
892
1,078
2,721
Acquisition costs deferred during the year
78
1
70
2,450
2,599
Amortisation
(231)
(6)
(103)
(2,369)
(2,709)
Impact of assumption changes
(43)
2
(16)
\u2014
(57)
Effect of portfolio transfers, acquisitions and disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate movements
4
\u2014
8
24
36
Other movements
2
\u2014
\u2014
\u2014
2
Carrying amount at 31 December
520
38
851
1,183
2,592
Long-term business
2021
Insurance
contracts
\u00a3m
Participating
investment
contracts
\u00a3m
Non-
participating
investment
contracts
\u00a3m
General
insurance
and health
business
\u00a3m
Total
\u00a3m
Carrying amount at 1 January
1,075
118
950
1,146
3,289
Acquisition costs deferred during the year
244
13
72
2,613
2,942
Amortisation
(224)
(3)
(87)
(2,514)
(2,828)
Impact of assumption changes
41
\u2014
(1)
\u2014
40
Effect of portfolio transfers, acquisitions and disposals1
(401)
(84)
(32)
(166)
(683)
Foreign exchange rate movements
(25)
(3)
(10)
(1)
(39)
Carrying amount at 31 December
710
41
892
1,078
2,721
1.The movement during 2021 includes the disposal of operations in France, Italy and Poland including a \u00a3341 million remeasurement loss recognised at 30 June 2021 on reclassification of Aviva France to held for sale
(see\u00a0note 2)
DAC for long-term business decreased overall over 2022 as increases from new business sales were more than offset by amortisation. DAC
for general insurance and health business increased over 2022.
Where amortisation of the DAC balance depends on projected profits, changes to economic conditions may lead to a movement in the DAC
balance and a corresponding impact on profit. It is estimated that the movement in the DAC balance would reduce profit by \u00a341\u00a0million
(2021: \u00a369 million) if market yields on fixed income investments were to increase by 1% and increase profit by \u00a348\u00a0million (2021:\u00a0\u00a368\u00a0million)
if yields were to reduce by 1%.
At both 31 December 2022 and 31 December 2021 the DAC balance has been restricted by the value of projected future profits.
29 \u2013 Pension surpluses, other assets, prepayments and accrued income
(a) Pension surpluses and other assets \u2013 carrying amount
The carrying amount comprises:
2022
\u00a3m
2021
\u00a3m
Surpluses in the staff pension schemes (note 50(a))
1,192
2,754
Other assets
42
15
Total
1,234
2,769
Surpluses in the staff pension schemes and \u00a314 million (2021: \u00a31\u00a0million) of other assets are recoverable more than one year after the
statement of financial position date.
(b) Prepayments and accrued income
Prepayments and accrued income of \u00a32,822 million (2021:\u00a0\u00a32,391\u00a0million) includes \u00a3nil (2021: \u00a317 million) that is expected to be recovered
more than one year after the statement of financial position date.
30 \u2013 Assets held to cover linked liabilities
The assets which back unit-linked liabilities are included within the relevant balances in the statement of financial position, while the
liabilities are included within insurance and investment contract provisions. This note analyses the carrying values of assets backing
these\u00a0liabilities.
2022
\u00a3m
2021
\u00a3m
Loans
643
1,777
Fixed maturity securities
36,967
42,407
Equity securities
77,560
85,186
Reinsurance assets
5,254
5,132
Cash and cash equivalents
8,141
5,474
Units trusts and other investment vehicles
26,962
28,521
Other
5,316
6,012
Total
160,843
174,509
At the General Meeting that took place on 9 May 2022, the Company was authorised to allot up to a further maximum nominal amount of:
\u2022\u00a3614,553,667 of which \u00a3307,276,833 can be in connection with an offer by way of a rights issue
\u2022\u00a3150,000,000 of new ordinary shares in relation to any issue of Solvency II compliant capital instruments
(d) Movement in issued share capital
2022
Number of shares
Share capital
\u00a3m
Capital
redemption
reserve
\u00a3m
Share
premium
\u00a3m
25p each
32 17/19p each
B shares
At 1 January
3,766,095,426
\u2014
\u2014
941
86
1,248
Shares issued under the Group\u2019s Employee and Executive
Share Option Schemes
1,214,203
5,599,956
\u2014
2
\u2014
15
Shares cancelled through buyback
(79,987,629)
\u2014
\u2014
(19)
19
\u2014
Shares issued under the B share scheme
\u2014
\u2014
3,687,322,000
3,750
\u2014
\u2014
Shares cancelled following B share scheme redemption
\u2014
\u2014
(3,687,322,000)
(3,750)
3,750
\u2014
Share consolidation
(3,687,322,000)
2,802,364,720
\u2014
\u2014
\u2014
\u2014
At 31 December
\u2014
2,807,964,676
\u2014
924
3,855
1,263
2021
Number of
shares
25p each
Share capital
\u00a3m
Capital
redemption
reserve
\u00a3m
Share
premium
\u00a3m
At 1 January
3,928,490,420
982
44
1,242
Shares issued under the Group\u2019s Employee and Executive Share Option Schemes
2,842,866
1
\u2014
6
Shares cancelled through buyback
(165,237,860)
(42)
42
\u2014
At 31 December
3,766,095,426
941
86
1,248
(c) Movements in the year
A summary of the status of the option and share plans as at 31 December 2022 and 2021, and changes during the years ended on those
dates, is shown below.
2022
2021
Number of options
Weighted average
exercise price
p
Number of awards
Number of options
Weighted average
exercise price
p
Number of awards
Outstanding at 1 January
47,801,150
251.00
40,303,963
50,137,784
251.31
45,946,328
Granted during the year
6,369,795
336.00
18,158,925
5,438,302
330.00
18,767,398
Exercised during the year
(6,238,086)
298.73
(11,416,602)
(1,888,154)
357.55
(13,192,824)
Forfeited during the year
(2,801,326)
259.10
(7,015,305)
(3,375,371)
252.12
(11,216,939)
Cancelled during the year
(713,427)
238.30
\u2014
(564,984)
244.48
\u2014
Expired during the year
(452,559)
308.98
\u2014
(1,946,427)
372.26
\u2014
Outstanding at 31 December
43,965,547
255.64
40,030,981
47,801,150
251.00
40,303,963
Exercisable at 31 December
2,676,882
278.95
\u2014
1,383,467
376.17
\u2014
(e) Fair value of options and awards granted after 7 November 2002
The weighted average fair values of options and awards granted during the year, estimated by using the Binomial option pricing model and
Monte Carlo Simulation model, were \u00a30.84 and \u00a33.95 (2021: \u00a30.80 and \u00a33.57) respectively.
32 \u2013 Group\u2019s share plans continued
(i) Share options
The fair value of the options was estimated on the date of grant, based on the following weighted average assumptions:
Weighted average assumption
2022
2021
Share price
388p
404p
Exercise price
336p
330p
Expected volatility
31.76%
30.52%
Expected life
4.08years
3.70years
Expected dividend yield
6.44%
5.28%
Risk-free interest rate
4.23%
0.54%
The expected volatility used was based on the historical volatility of the share price over a period equivalent to the expected life of the
option prior to its date of grant. The risk-free interest rate was based on the yields available on UK government bonds as at the date of grant.
The bonds chosen were those with a similar remaining term to the expected life of the options. 6,238,086 options granted after 7 November
2002 were exercised during the year (2021: 1,888,154).
(ii) Share awards
The fair value of the awards was estimated on the date of grant based on the following weighted average assumptions:
Weighted average assumption
2022
2021
Share price
404p
386p
Expected volatility\u00b9
33%
34%
Expected volatility of comparator companies\u2019 share price\u00b9
35%
34%
Correlation between Aviva and comparator competitors\u2019 share price\u00b9
51%
63%
Expected life\u00b9
3.00years
3.00years
Expected dividend yield
0.00%
0.00%
Risk-free interest rate\u00b9
1.49%
0.13%
1.For awards with market-based performance conditions only
The expected volatility used was based on the historical volatility of the share price over a period equivalent to the expected life of the share
award prior to its date of grant. The risk-free interest rate was based on the yields available on UK government bonds as at the date of\u00a0grant.
The bonds chosen were those with a similar remaining term to the expected life of the share awards.
33 \u2013 Treasury shares
The following table summarises information about treasury shares at 31 December 2022:
2022
2021
Number
\u00a3m
Number
\u00a3m
Shares held by employee trusts
19,986,626
85
12,363,684
51
19,986,626
85
12,363,684
51
The shares are owned by employee share trusts with an undertaking to satisfy awards of shares in the Company under the Company\u2019s share
plans and schemes. Details of the features of the plans can be found in the DRR and in note 32.
These shares were purchased in the market. At 31 December 2022, they had an aggregate nominal value of \u00a36,575,548 (2021: \u00a33,090,921)
and a market value of \u00a388,500,780 (2021: \u00a350,740,559). The trustees have waived their rights to dividends on the shares held in the trusts.
34 \u2013 Preference share capital
This note gives details of Aviva plc\u2019s preference share capital.
The preference share capital of the Company at 31 December was:
2022
\u00a3m
2021
\u00a3m
Issued and paid up
100,000,000 8.375% cumulative irredeemable preference shares of \u00a31 each
100
100
100,000,000 8.75% cumulative irredeemable preference shares of \u00a31 each
100
100
200
200
The issued preference shares are non-voting except where their dividends are in arrears, where their rights are altered or on a winding up or
capital reduction of the Company.
On a winding up, they carry a preferential right of return of capital ahead of the ordinary shares. Holders are entitled to receive dividends out
of the profits available for distribution and resolved to be distributed in priority to the payment of dividends to holders of ordinary shares.
The Company does not have a contractual obligation to deliver cash or other financial assets to the preference shareholders and therefore
the directors may make dividend payments at their discretion.
At the end of 2022, the fair value of Aviva plc\u2019s preference share capital was \u00a3247 million (2021: \u00a3304.5 million).
35 \u2013 Tier 1 notes
On 15 June 2022, the Group issued \u00a3500 million of 6.875% fixed rate reset perpetual Restricted Tier 1 contingent convertible notes (the RT1
notes) (2021: \u00a3nil).
The RT1 notes are callable at par between 15 December 2031 and 15 June 2032 (the First Reset Date) inclusive and thereafter every five
years after the First Reset Date. If not called, the coupon from 15 June 2032 will be reset to the prevailing five year benchmark gilt yield plus
4.649%. The notes have no fixed maturity date. Optional cancellation of coupon payments is at the discretion of the Group and mandatory
cancellation is upon the occurrence of certain conditions. The RT1 notes are therefore treated as equity and the coupon payment is
recognised directly in equity. During the year coupon payments of \u00a317 million were made (2021: \u00a3nil). On the occurrence of certain
conversion trigger events the notes are convertible into ordinary shares of the Group.
36 \u2013 Merger reserve
This note analyses the movement in the merger reserve during the year.
2022
\u00a3m
2021
\u00a3m
At 1 January
8,974
8,974
Issue of B share capital
(3,750)
\u2014
At 31 December
5,224
8,974
Prior to 1 January 2004, certain significant business combinations were accounted for using the \u2018pooling of interests method\u2019 (or merger
accounting), which treats the merged groups as if they had been combined throughout the current and comparative accounting periods.
Merger accounting principles for these combinations gave rise to a merger reserve in the consolidated statement of financial position,
being\u00a0the difference between the nominal value of new shares issued by the Parent Company for the acquisition of the shares of the
subsidiary and the subsidiary\u2019s own share capital and share premium account.
The merger reserve is also used where more than 90% of the shares in a subsidiary are acquired and the consideration includes the issue
of\u00a0new shares by the Company, thereby attracting merger relief under the Companies Act 1985 and, from 1 October 2009, the Companies
Act\u00a02006.
On 16 May 2022 the Company issued 3,687,322,000 B shares reducing the Company's merger reserve by \u00a33,750 million (see note 31(b)).
37 \u2013 Currency translation and other reserves
This note gives details of the currency translation and other reserves forming part of the Group\u2019s consolidated equity and shows the
movements during the year net of non-controlling interests:
Other reserves
Currency
translation
reserve (see
accounting
policy E)
\u00a3m
Owner
occupied
properties
reserve (see
accounting
policy P)
\u00a3m
Investment
valuation
reserve (see
accounting
policy T)
\u00a3m
Hedging
instruments
reserve (see
accounting
policy U)
\u00a3m
Equity
compensation
reserve (see
accounting
policy AB)
\u00a3m
Total
\u00a3m
Balance at 1 January 2021
862
31
108
(457)
106
(212)
Arising in the year through other comprehensive income:
Fair value losses
\u2014
\u2014
(62)
\u2014
\u2014
(62)
Fair value gains transferred to profit on disposals
\u2014
\u2014
(16)
\u2014
\u2014
(16)
Share of other comprehensive income of joint ventures and associates
\u2014
\u2014
5
\u2014
\u2014
5
Foreign exchange rate movements
(222)
\u2014
\u2014
39
\u2014
39
Aggregate tax effect \u2013 shareholders\u2019 tax
1
\u2014
19
(8)
\u2014
11
Total other comprehensive (loss)/income for the year
(221)
\u2014
(54)
31
\u2014
(23)
Fair value gains transferred to retained earnings on disposals
\u2014
(9)
\u2014
\u2014
\u2014
(9)
Transfer to profit on disposal of subsidiaries, joint ventures and associates1
(327)
\u2014
(19)
202
\u2014
183
Reserves credit for equity compensation plans
\u2014
\u2014
\u2014
\u2014
24
24
Shares issued under equity compensation plans
\u2014
\u2014
\u2014
\u2014
(29)
(29)
Balance at 31 December 2021
314
22
35
(224)
101
(66)
Arising in the year through other comprehensive income:
Fair value losses
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Fair value gains transferred to profit on disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Share of other comprehensive income of joint ventures and associates
\u2014
\u2014
(38)
\u2014
\u2014
(38)
Foreign exchange rate movements
200
\u2014
\u2014
(47)
\u2014
(47)
Aggregate tax effect \u2013 shareholders\u2019 tax
(3)
\u2014
\u2014
9
\u2014
9
Total other comprehensive income/(loss) for the year
197
\u2014
(38)
(38)
\u2014
(76)
Fair value gains transferred to retained earnings on disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfer to profit on disposal of subsidiaries, joint ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Reserves credit for equity compensation plans
\u2014
\u2014
\u2014
\u2014
58
58
Shares issued under equity compensation plans
\u2014
\u2014
\u2014
\u2014
(46)
(46)
Balance at 31 December 2022
511
22
(3)
(262)
113
(130)
1.In 2021, the transfer to profit on disposal of subsidiaries, joint ventures and associates relates to the recycling of reserves to the income statement on disposal of discontinued operations (see note 2(b))
Foreign exchange rate movements recorded in the consolidated statement of comprehensive income of \u00a3145 million for continuing
operations (2021: \u00a3(34) million) and nil (2021: \u00a3(182) million) for discontinued operations (see note 2(c)) relate to foreign exchange rate
movements on the currency translation reserve of \u00a3200 million (2021: \u00a3(222) million), the hedging instrument reserve of \u00a3(47) million
(2021: \u00a339 million) and non-controlling interests (see note 39) of \u00a3(8) million (2021: \u00a3(33) million).
38 \u2013 Retained earnings
This note analyses the movements in the consolidated retained earnings during the year.
2022
\u00a3m
2021
\u00a3m
Balance at 1 January
7,556
7,468
(Loss)/profit for the year attributable to equity shareholders
(1,160)
1,966
Remeasurements of pension schemes (note 50)
(1,542)
59
Dividends and appropriations (note 14)
(862)
(1,127)
Shares purchased in buyback (note 31(a))
(336)
(663)
Return of capital to ordinary shareholders via B share scheme (note 31(b))
(3,750)
\u2014
Net shares issued under equity compensation plans
9
3
Fair value gains realised from other reserves (note 37)
\u2014
9
Aggregate tax effect
412
(159)
Balance at 31 December
327
7,556
Movements in the year comprised:
2022
\u00a3m
2021
\u00a3m
Balance at 1 January
252
1,006
Profit for the year attributable to non-controlling interests
21
70
Foreign exchange rate movements
(8)
(33)
Total comprehensive income attributable to non-controlling interests
13
37
Non-controlling interests share of dividends declared in the year
(21)
(60)
Non-controlling interests in acquired subsidiaries\u00b9
66
\u2014
Disposals of non-controlling interests in subsidiaries2
\u2014
(722)
Changes in non-controlling interests in subsidiaries
\u2014
(9)
Balance at 31 December
310
252
(b) Change in contract liabilities, net of reinsurance, recognised as an expense
The purpose of the following table is to reconcile the change in insurance liabilities, net of reinsurance, shown on the consolidated
income\u00a0statement, to the change in insurance liabilities recognised as an expense in the relevant movement tables in the following notes.
The\u00a0components of the reconciliation are the change in provision for outstanding claims on long-term business (which is not included
in\u00a0a\u00a0separate movement table), and the unwind of discounting on general insurance reserves (which is included within finance costs in
the\u00a0income statement). For general insurance and health, the change in the provision for unearned premiums is not included in the
reconciliation as, within the income statement, this is included within earned premiums.
2022
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Long-term business
Change in insurance liabilities (note 41(b)(iii))
(25,175)
2,316
(22,859)
Change in provision for outstanding claims
108
(3)
105
(25,067)
2,313
(22,754)
General insurance and health
Change in insurance liabilities (note 41(c)(iv) and 45(c)(ii))
482
(66)
416
Change in provision arising from liability adequacy tests
(2)
\u2014
(2)
Less: Unwind of discount
(7)
5
(2)
473
(61)
412
Total change in insurance liabilities from continued operations (note 5)
(24,594)
2,252
(22,342)
2021
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Long-term business
Change in insurance liabilities (note 41(b)(iii))
2,521
(951)
1,570
Change in provision for outstanding claims
(291)
1
(290)
2,230
(950)
1,280
General insurance and health
Change in insurance liabilities (note 41(c)(iv) and 45(c)(ii))
641
114
755
Change in provision arising from liability adequacy tests
(1)
\u2014
(1)
Less: Unwind of discount
(2)
1
(1)
638
115
753
Total change in insurance liabilities
2,868
(835)
2,033
Less: Change in insurance liabilities from discontinued operations
(3,736)
4
(3,732)
Total change in insurance liabilities from continued operations (note 5)
(868)
(831)
(1,699)
For non-participating investment contracts, deposits collected and amounts withdrawn are not shown on the income statement, but
are\u00a0accounted for directly through the statement of financial position as an adjustment to the gross liabilities for investment contracts.
The\u00a0associated change in investment contract provisions shown on the income statement consists of the attributed investment return.
For\u00a0participating investment contracts, the change in investment contract provisions on the income statement primarily consists of the
movement in participating investment contract liabilities (net of reinsurance) over the reporting period.
41 \u2013 Insurance liabilities
This note analyses the Group\u2019s gross insurance contract liabilities for the long-term and general insurance and health business, describes
how the Group calculates these liabilities and presents the movement in these liabilities during the year.
(a) Carrying amount
Insurance liabilities (gross of reinsurance) at 31 December comprised:
2022
\u00a3m
2021
\u00a3m
Long-term business
Participating insurance liabilities
16,543
21,570
Unit-linked non-participating insurance liabilities
7,813
8,703
Other non-participating insurance liabilities
57,542
75,510
81,898
105,783
Outstanding claims provisions
1,405
1,288
83,303
107,071
General insurance and health
Outstanding claims provisions
8,112
7,304
Provision for claims incurred but not reported
3,077
3,156
11,189
10,460
Provision for unearned premiums
5,193
4,718
Provision arising from liability adequacy tests
\u2014
1
16,382
15,179
Total
99,685
122,250
(b) Long-term business liabilities
(i) Business description
The Group underwrites long-term business primarily in the UK and Ireland. This is mainly written in the \u2018Non-Profit\u2019 funds and in a number of
\u2018With-Profits\u2019 sub-funds. In the \u2018Non\u2011Profit\u2019 funds shareholders are entitled to 100% of the distributed profits. In the \u2018With-Profits\u2019 sub-funds
the with-profits policyholders are entitled to between 40% and 100% of distributed profits, depending on the fund rules. There is also the
Reattributed Inherited Estate External Support Account (RIEESA) in the UK, which does not itself underwrite any business, but provides
capital support to one of the 'With-Profits' sub-funds and receives any surplus or deficit emerging from it. In the RIEESA, shareholders are
entitled to 100% of the distributed profits, but these can only be distributed in line with the criteria set by the Reattribution Scheme.
(ii) Group practice
The long-term business liabilities are calculated separately for each of the Group\u2019s life operations. The provisions for overseas subsidiaries
have generally been included on the basis of local regulatory requirements, modified where necessary to reflect the requirements of the
Companies Act 2006.
Material judgement is required in calculating the liabilities and is exercised particularly through the choice of assumptions where discretion
is permitted. In turn, the assumptions used depend on the circumstances prevailing in each of the life operations. Provisions are most
sensitive to assumptions regarding discount rates, mortality and morbidity rates. Where discount rate assumptions are based on current
market yields on fixed interest securities, allowance is made for default risk implicit in the yields on the underlying assets.
Bonuses paid during the year are reflected in claims paid, whereas those allocated as part of the bonus declaration are included in the
movements in the long-term business liabilities.
A description of the main methodology and most material valuation assumptions has been provided (see note 42).
41 \u2013 Insurance liabilities continued
(iii) Movements in long-term business liabilities
The following movements have occurred in the gross long-term business liabilities during the year:
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
105,783
135,409
Liabilities in respect of new business
4,797
10,420
Expected change in existing business
(5,488)
(6,884)
Variance between actual and expected experience
(2,096)
2,209
Impact of operating assumption changes
(1,307)
(898)
Impact of economic assumption changes
(21,125)
(2,427)
Other movements recognised as an expense\u00b9
44
101
Change in liability recognised as an expense (note 40(b))
(25,175)
2,521
Effect of portfolio transfers, acquisitions and disposals\u00b2
1,236
(30,570)
Foreign exchange rate movements
31
(1,565)
Other movements3
23
(12)
Carrying amount at 31 December
81,898
105,783
The gross outstanding claims provision before discounting was \u00a311,878 million (2021: \u00a310,711 million). Details of the range of discount rates
used along with other material assumptions are available (see note 42(b)).
(iv) Movements in general insurance and health claims liabilities
The following changes have occurred in the general insurance and health claims liabilities during the year:
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
10,460
12,384
Impact of changes in assumptions
(353)
39
Claim losses and expenses incurred in the current year
6,253
6,333
Increase/(decrease) in estimated claim losses and expenses incurred in prior periods
5
(41)
Incurred claims losses and expenses
5,905
6,331
Less:
Payments made on claims incurred in the current year
(2,945)
(3,029)
Payments made on claims incurred in prior periods
(2,854)
(2,980)
Recoveries on claim payments
369
317
Claims payments made in the period, net of recoveries
(5,430)
(5,692)
Unwind of discounting
7
2
Changes in claims reserve recognised as an expense (note 40(b))
482
641
Effect of portfolio transfers, acquisitions and disposals\u00b9
\u2014
(2,476)
Foreign exchange rate movements
247
(89)
Carrying amount at 31 December
11,189
10,460
1.The movement in 2021 relates to disposal of the France, Italy and Poland businesses and includes the termination of reinsurance accepted from the former France general insurance entity
(v) Movements in general insurance and health unearned premiums
The following changes have occurred in the liabilities for unearned premiums (UPR) during the year:
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
4,718
5,210
Premiums written during the year
10,328
11,044
Less: Premiums earned during the year
(9,944)
(10,661)
Changes in UPR recognised as an expense
384
383
Gross portfolio transfers and acquisitions\u00b9
\u2014
(861)
Foreign exchange rate movements
91
(14)
Carrying amount at 31 December
5,193
4,718
1.The movement in 2021 relates to disposals of the France, Italy and Poland businesses and includes the termination of reinsurance accepted from the former France general insurance entity
41 \u2013 Insurance liabilities continued
(vi) Analysis of general insurance and health claims development
The tables that follow present the development of claims payments and the estimated ultimate cost of claims for the accident years 2013 to
2022. The upper half of the tables shows the cumulative amounts paid during successive years related to each accident year, while the lower
section of the tables shows the original estimated ultimate cost of claims and how these original estimates have increased or decreased, as
more information becomes known about the individual claims and overall claim frequency and severity.
Key elements of the development of prior accident year general insurance and health net provisions during 2022 were:
\u2022\u00a364 million strengthening from the UK due to adverse experience and additional provisioning in property and higher inflation. These were
partially offset by motor releases.
\u2022\u00a332 million release from Ireland due to motor releases and favourable liability experience.
\u2022\u00a385 million release from Canada primarily due to favourable experience in both personal and commercial motor; partially offset by
strengthening of commercial liability reserves.
Key elements of the development of prior accident year general insurance and health net provisions during 2021 were:
\u2022\u00a351 million release from the UK and Ireland primarily due to releases across motor due to favourable large claims experience partially
offset by adverse experience with commercial liability and personal property;
\u2022\u00a352 million release from Canada primarily due to favourable experience in commercial property and commercial motor, partially offset by
commercial liability strengthening from large loss development and adverse latent claims; and
\u2022\u00a354 million strengthening from discontinued markets mainly from adverse claims development in France.
Gross of reinsurance
Before the effect of reinsurance, the loss development table is:
Accident year
All prior
years
\u00a3m
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Total
\u00a3m
Gross cumulative claim payments
At end of accident year
(3,068)
(3,102)
(2,991)
(3,534)
(3,517)
(3,769)
(3,617)
(3,240)
(3,350)
(2,759)
One year later
(4,476)
(4,295)
(4,285)
(4,972)
(4,952)
(5,239)
(4,986)
(4,968)
(4,449)
Two years later
(4,916)
(4,681)
(4,710)
(5,435)
(5,388)
(5,681)
(5,646)
(5,327)
Three years later
(5,221)
(4,974)
(4,997)
(5,781)
(5,699)
(6,240)
(5,946)
Four years later
(5,467)
(5,244)
(5,198)
(6,020)
(6,150)
(6,551)
Five years later
(5,645)
(5,406)
(5,364)
(6,375)
(6,318)
Six years later
(5,739)
(5,507)
(5,570)
(6,512)
Seven years later
(5,785)
(5,630)
(5,626)
Eight years later
(5,881)
(5,653)
Nine years later
(5,897)
Estimate of gross ultimate claims
At end of accident year
6,122
5,896
5,851
6,947
6,894
7,185
6,979
6,896
6,310
6,228
One year later
6,039
5,833
5,930
6,931
6,796
7,175
6,935
6,925
6,324
Two years later
6,029
5,865
5,912
6,864
6,756
7,220
6,956
6,897
Three years later
6,067
5,842
5,814
6,817
6,751
7,250
6,915
Four years later
6,034
5,772
5,785
6,836
6,741
7,215
Five years later
5,996
5,756
5,760
6,821
6,707
Six years later
5,956
5,735
5,759
6,821
Seven years later
5,950
5,732
5,761
Eight years later
5,949
5,732
Nine years later
5,955
Estimate of gross ultimate claims
5,955
5,732
5,761
6,821
6,707
7,215
6,915
6,897
6,324
6,228
Cumulative payments
(5,897)
(5,653)
(5,626)
(6,512)
(6,318)
(6,551)
(5,946)
(5,327)
(4,449)
(2,759)
2,164
58
79
135
309
389
664
969
1,570
1,875
3,469
11,681
Effect of discounting
(687)
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(689)
Present value
1,477
56
79
135
309
389
664
969
1,570
1,875
3,469
10,992
Cumulative effect of foreign exchange
movements
\u2014
3
6
25
3
6
19
24
35
37
\u2014
158
Effect of acquisitions
3
4
6
15
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
39
Present value recognised in the
statement of financial position
1,480
63
91
175
323
395
683
993
1,605
1,912
3,469
11,189
41 \u2013 Insurance liabilities continued
Net of reinsurance
After the effect of reinsurance, the loss development table is:
Accident year
All prior
years
\u00a3m
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Total
\u00a3m
Net cumulative claim payments
At end of accident year
(2,905)
(2,972)
(2,867)
(3,309)
(3,483)
(3,718)
(3,565)
(3,090)
(3,308)
(2,726)
One year later
(4,240)
(4,079)
(4,061)
(4,591)
(4,843)
(5,117)
(4,873)
(4,673)
(4,336)
Two years later
(4,649)
(4,432)
(4,452)
(5,012)
(5,255)
(5,514)
(5,506)
(5,002)
Three years later
(4,918)
(4,720)
(4,725)
(5,329)
(5,560)
(6,044)
(5,799)
Four years later
(5,159)
(4,973)
(4,919)
(5,564)
(5,980)
(6,347)
Five years later
(5,324)
(5,132)
(5,085)
(5,900)
(6,144)
Six years later
(5,417)
(5,222)
(5,268)
(6,034)
Seven years later
(5,459)
(5,343)
(5,297)
Eight years later
(5,553)
(5,368)
Nine years later
(5,572)
Estimate of net ultimate claims
At end of accident year
5,838
5,613
5,548
6,489
6,714
6,997
6,774
6,378
6,119
5,950
One year later
5,745
5,575
5,635
6,458
6,591
6,944
6,729
6,321
5,991
Two years later
5,752
5,591
5,608
6,377
6,569
6,983
6,764
6,298
Three years later
5,733
5,559
5,517
6,334
6,560
7,018
6,722
Four years later
5,689
5,490
5,495
6,335
6,552
6,995
Five years later
5,653
5,472
5,469
6,323
6,522
Six years later
5,612
5,449
5,456
6,322
Seven years later
5,612
5,440
5,427
Eight years later
5,611
5,446
Nine years later
5,616
Estimate of net ultimate claims
5,616
5,446
5,427
6,322
6,522
6,995
6,722
6,298
5,991
5,950
Cumulative payments
(5,572)
(5,368)
(5,297)
(6,034)
(6,144)
(6,347)
(5,799)
(5,002)
(4,336)
(2,726)
943
44
78
130
288
378
648
923
1,296
1,655
3,224
9,607
Effect of discounting
(343)
5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(338)
Present value
600
49
78
130
288
378
648
923
1,296
1,655
3,224
9,269
Cumulative effect of foreign exchange
movements
\u2014
3
7
24
3
7
18
23
32
35
\u2014
152
Effect of acquisitions
5
4
6
15
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
41
Present value recognised in the
statement of financial position
605
56
91
169
302
385
666
946
1,328
1,690
3,224
9,462
In the loss development tables shown above, the cumulative claim payments and estimates of cumulative claims for each accident year
are\u00a0translated into sterling at the exchange rates that applied at the end of that accident year. The impact of using varying exchange rates is
shown at the bottom of each table. Disposals are dealt with by treating all outstanding and IBNR claims of the disposed entity as \u2018paid\u2019 at
the date of disposal.
The loss development tables above include information on asbestos and environmental pollution claims provisions from business written
more than 10 years ago. The undiscounted claim provisions, net of reinsurance, in respect of this business at 31 December 2022 were
\u00a386 million (2021: \u00a387 million). The movement in asbestos and environmental pollution liabilities in the year reflects an increase of
\u00a32 million due to adverse large claims experience and claims development offset by claims payments net of reinsurance recoveries.
42 \u2013 Insurance liabilities methodology and assumptions
(a) Long-term business
i) UK
The main method used for the actuarial valuation of long-term insurance liabilities is the gross premium method which involves the
discounting of projected future cash flows. The cash flows are calculated using the contractual premiums payable together with explicit
assumptions for investment returns, discount rates, inflation, mortality, morbidity, persistency and future expenses. These assumptions can
vary by contract type and reflect current and expected future experience with an allowance for prudence.
Non-profit business
The valuation of non\u2011profit business is based on grandfathered regulatory requirements under IFRS 4 prior to the adoption of Solvency II,
adjusted to remove certain regulatory reserves and margins in assumptions, notably for annuity business. Conventional non\u2011profit
contracts, including those written in the with-profits funds, are valued using the gross premium method.
For unit\u2011linked and some unitised with\u2011profits business, the provisions are valued by adding a prospective non\u2011unit reserve to the bid value
of units. The prospective non\u2011unit reserve is calculated by projecting the future non\u2011unit cash flows using prudent assumptions and on the
assumption that future premiums cease, unless it is more onerous to assume that they continue.
Discount rates
Valuation discount rate assumptions are set with regard to yields on the supporting assets and the general level of long\u2011term interest rates
as measured by gilt yields. An explicit allowance for risk is included by making a deduction from the yields on corporate bonds, mortgages
and deposits, based on historical default experience of each asset class. For equity release assets, the risk allowances are consistent with
those used in the fair value asset methodology (see note 22). A further margin for risk is then deducted for all asset classes.
Valuation discount rates for business in the non-profit funds are as follows:
Valuation discount rates
(Gross of investment expenses)
2022
2021
Assurances
Life conventional non-profit
3.5%
1.1%
Pensions conventional non-profit
3.5%
1.1%
Annuities
Conventional immediate and deferred annuities
3.5% to 5%
1.1% to 2%
Non-unit reserves on unit-linked business
Life
2.8%
0.9%
Pensions
3.5%
1.1%
Income Protection
Active lives
3.5%
1.1%
Claims in payment (level and index linked)
3.5%
1.1%
The valuation discount rates are after a reduction for risk, but before allowance for investment expenses. For conventional immediate
annuity business, the allowance for risk comprises long\u2011term assumptions on a prudent basis for defaults or, in the case of equity release
assets, expected losses arising from the No\u2011Negative\u2011Equity Guarantee. These allowances vary by asset category and for some asset classes
by rating.
The risk allowances made for corporate bonds (including overseas government bonds and structured finance assets), mortgages (including
healthcare mortgages, commercial mortgages and infrastructure assets), and equity release equated to 34 bps, 28 bps, and 98 bps
respectively at 31 December 2022 (2021: 44 bps, 30 bps, and 91 bps respectively).
The total valuation allowance in respect of corporate bonds was \u00a30.7 billion (2021: \u00a31.4 billion) over the remaining term of the portfolio at
31 December 2022. The total valuation allowance in respect of mortgages (including healthcare mortgages but excluding equity release)
was \u00a30.3 billion at 31 December 2022 (2021: \u00a30.5 billion). The total valuation allowance in respect of equity release mortgages was
\u00a30.8 billion at 31 December 2022 (2021: \u00a31.2 billion). Total liabilities for the annuity business were \u00a348.5 billion at 31 December 2022
(2021: \u00a363.0 billion).
Expenses
Maintenance expense assumptions for non-profit business are generally expressed as a per policy charge set with regards to an allocation
of\u00a0current year expense levels by broad category of business and using the policy counts for in-force business. The assumptions also include
an allowance for prudence and increase by future expense inflation over the lifetime of each contract. Expense inflation is assumed to be
in\u00a0line with RPI. An additional liability is held if projected per policy expenses in future years are expected to exceed current assumptions.
A\u00a0further allowance is made for non-discretionary project costs that typically relate to mandatory requirements. Expense-related liabilities
are not held where expenses are covered by anticipated future profits in the liability methodology, notably for unit-linked contracts.
Investment expense assumptions are generally expressed as a proportion of the assets backing the liabilities.
42 \u2013 Insurance liabilities methodology and assumptions continued
Mortality
Mortality assumptions for non-profit business are set with regard to recent Company experience and general industry trends. The mortality
tables used in the valuation are summarised below:
Mortality tables used
2022
2021
Assurances
Non-profit
AM00/AF00 or TM16/TF16 adjusted for
smoker status and age/sex specific factors
with allowance for future mortality
improvements
AM00/AF00 or TM08/TF08 adjusted for
smoker status and age/sex specific factors
with allowance for future mortality
improvements
Pure endowments and deferred annuities before vesting
AM00/AF00 adjusted with allowance for
improvements
AM00/AF00 adjusted with allowance for
improvements
Annuities in payment
Pensions business and general annuity business
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT plus
allowance for future mortality
improvements
PMA16_IND/PFA16_IND or PMA16_IND_INT/
PFA16_IND_INT plus allowance for future
mortality improvements
Bulk purchase annuities
CV3 plus allowance for future mortality
improvements
CV3 plus allowance for future mortality
improvements
For the largest portfolio of pensions annuity business, the underlying mortality assumptions for males are 102.0% of PMA16_IND with base
year 2016 (2021: 102.0% of PMA16_IND with base year 2016); for females the underlying mortality assumptions are 98.3% of PFA16_IND with
base year 2016 (2021: 98.3% of PFA16_IND with base year 2016).
Improvements are based on \u2018CMI_2021 (S=7.25) Advanced with adjustments\u2019 (2021: \u2018CMI_2019 (S=7.25) Advanced with adjustments\u2019) with
a\u00a0long-term improvement rate of 1.5% (2021: 1.5%) for males and 1.5% (2021: 1.5%) for females, both with an additional improvement for
prudence of 0.5% (2021: 0.5%) to all future annual improvement adjustments. An allowance has been made to allow for greater mortality
improvements in the annuitant population relative to the general population on which CMI_2021 is based using 'Parameter A', which is set
to 0.15% for males and 0.20% for females, tapering to zero between ages 90 and 110 (for 2021 the same approach was taken with respect to
CMI_2019). Long-term improvement rates are set to taper to zero between ages 85 and 110 (2021: between 90 and 115). In addition, on a
significant proportion of individual annuity business, year-specific adjustments are made to allow for potential selection effects due to the
development of the Enhanced Annuity market and covering possible selection effects from pension freedom reforms (unchanged from
2021).
With-profits business
The Group\u2019s UK with\u2011profits funds are evaluated by reference to FRS 27, which was grandfathered under IFRS 4, prior to the adoption of
Solvency II. This uses an approach of calculating the realistic liabilities for the contracts. The realistic liabilities include the with\u2011profits
benefit reserve (WPBR), and an additional provision for the expected cost of any guarantees and options in excess of the WPBR.
The WPBR for an individual contract is generally calculated on a retrospective basis and represents the accumulation of the premiums paid
on the contract, allowing for investment return, taxation, expenses and any other charges levied on the contract.
Provisions for guarantees and options within realistic liabilities are measured using market\u2011consistent stochastic models. A stochastic
approach includes measuring the time value of guarantees and options, which represents the additional cost arising from uncertainty
surrounding future economic conditions. Non\u2011market\u2011related assumptions (for example, persistency, mortality and expenses) are assessed
on a best estimate basis with reference to Company and wider industry experience, adjusted to take into account future trends.
The with\u2011profits business is valued by adjusting Solvency II Best Estimate Liabilities and results in a valuation in accordance with FRS 27.
Future investment return
A risk-free rate equal to the spot yield on UK swaps is used for the valuation of with-profits business. The rates vary according to the
outstanding term of the policy, with a typical rate as at 31 December 2022 of 3.71% (2021: 0.95%) for a policy with ten years outstanding.
Volatility of investment return
Volatility assumptions are set with reference to implied volatility data on traded market instruments, where available, or on a best estimate
basis where not.
Volatility
2022
2021
Equity returns
19.3%
19.4%
Property returns
15.0%
15.4%
The equity volatility used depends on term, moneyness and region. The figure shown is for a sample UK equity, at the money, with a ten-
year term.
Future regular bonuses
Annual bonus assumptions for 2023 have been set consistently with the year-end 2022 declaration. Future annual bonus rates reflect
the\u00a0principles and practices of each fund. In particular, the level is set with regard to the projected margin for final bonus and the change
from one year to the next is limited to a level consistent with past practice.
42 \u2013 Insurance liabilities methodology and assumptions continued
Mortality
Mortality assumptions for with-profits business are set with regard to recent Company experience and general industry trends. The\u00a0mortality
tables used in the valuation are summarised below:
Mortality table used
2022
2021
Assurances, pure endowments and deferred annuities before vesting
Nil or Axx00 adjusted
Nil or Axx00 adjusted
Pensions business after vesting and pensions annuities in payment
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT
plus allowance for future mortality
improvement
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT
plus allowance for future mortality
improvement
Allowance for future mortality improvement is in line with the rates for non-profit business.
Expenses
Maintenance fee assumptions for with-profits business are generally expressed as a fixed per policy charge in line with a memorandum of
understanding between the with-profits funds and the non-profit fund within the company. The memorandum of understanding specifies
the charges for a five-year period ending in 2023, and specifies a level of charge inflation during that period of CPI+2% or CPI+3% depending
on the product type. After the end of the period covered by the memorandum of understanding we assume that the charges will remain
unchanged, and a level of charge inflation of RPI+1% for all products will apply. Any difference of expenses charged by Aviva Life Services UK
Limited (UKLS) to Aviva Life & Pensions UK Limited (AVLAP) over the charges specified by the memorandum of understanding accrues to the
non-profit fund.
Guarantees and options
The provisions held in respect of guaranteed annuity options for the with-profits and the non-profit business are a prudent assessment of
the additional liability incurred under the option on a basis and method consistent with that used to value basic policy liabilities, and
includes a prudent assessment of the proportion of policyholders who will choose to exercise the option. For further details see note 44.
ii) Ireland Life
Non linked business is valued using a Gross Premium Valuation method. Mortality assumptions for non-profit business are set with regard to
recent Company experience and general industry trends. The mortality tables used in the valuation are summarised below. The valuation
discount rates are after a reduction for risk of default and an allowance for investment expenses. These credit default allowances vary by
asset category and rating.
Discount rates used
Mortality tables used
Mortality table used
2022
2021
2021 & 2022
Assurances
Life
1.2% to 3.7%
-0.9% to-0.3%
TMS08/TMN08/TFS08/TFN08 adjusted
Pensions
1.7% to 3.7%
-0.8% to 0.7%
Annuities
3.7%
-0.3% to 0.8%
PMA08/PFA08 (conventional) adjusted plus allowance for future
mortality improvement
Non unit reserves for unit-linked
3.7%
-0.3% to -0.2%
AMN00/AMS00/AFN00/AFS00 adjusted
Income protection
Active lives
2.2% to 3.7%
-0.3% to -0.2%
AM80 / AF80
Claims in payment
2.2% to 3.7%
-0.3% to -0.2%
A67/70
(b) General insurance and health
Outstanding claims provisions are estimated based on known facts at the date of estimation. Case estimates are set by skilled claims
technicians and established case setting procedures. Claims above certain limits are referred to senior claims handlers for estimate
authorisation.
No adjustments are made to the claims technicians\u2019 case estimates included in booked claim provisions, except for rare occasions when the
estimated ultimate cost of individual large or unusual claims may be adjusted, subject to internal reserve committee approval, to allow for
uncertainty regarding, for example, the outcome of a court case. The ultimate cost of outstanding claims is then estimated by using a range
of standard actuarial claims projection techniques, such as the Chain Ladder and Bornhuetter-Ferguson methods. Historical claims
development is mainly analysed by accident period, although underwriting or notification period is also used where this is considered
appropriate.
The assumptions used in most non-life actuarial projection techniques, including future rates of claims inflation or loss ratio assumptions,
are implicit in the historical claims development data on which the projections are based. Additional qualitative judgement is used to assess
the extent to which past trends may not apply in the future in order to arrive at a point estimate for the ultimate cost of claims that
represents the likely outcome, from a range of possible outcomes, taking account of all the uncertainties involved. The range of possible
outcomes does not, however, result in the quantification of a reserve range.
42 \u2013 Insurance liabilities methodology and assumptions continued
The following explicit assumptions are made which could materially impact the level of booked net reserves:
Discounting
Outstanding claims provisions are based on undiscounted estimates of future claim payments, except for the following classes of business
for which discounted provisions are held. Note assumptions below are for continuing markets only so comparatives have been updated to
exclude disposed markets:
Discount rate
Mean term of liabilities
Class
2022
2021
2022
2021
Reinsured London Market business
3.0% to 5.2%
0.5% to 1.8%
8 years
8 years
Latent claims
3.1% to 4.6%
0.7% to 1.9%
7 to 10 years
8 to 11 years
Structured settlements
2.9% to 4.5%
0.9% to 2.3%
34 years
35 years
(b) Group practice
Investment contracts are those that do not transfer significant insurance risk from the contract holder to the issuer and are therefore treated
as financial instruments under IFRS.
Many investment contracts contain a discretionary participation feature in which the contract holder has a contractual right to receive
additional benefits as a supplement to guaranteed benefits. These are referred to as participating contracts and are measured according
to\u00a0the methodology for long-term business liabilities (see note 42). They are not measured at fair value as there is currently no agreed
definition of fair valuation for discretionary participation features under IFRS. In the absence of such a definition, it is not possible to provide
a range of estimates within which a fair value is likely to fall. The IASB deferred consideration of participating contracts to the IFRS 17
insurance standard, which will apply to annual reporting periods beginning on or after 1 January 2023.
43 \u2013 Liabilities for investment contracts continued
For participating business, the discretionary participation feature is recognised separately from the guaranteed element and is classified as
a liability, referred to as unallocated divisible surplus, except for the with-profits sub-fund supported by the RIEESA. Guarantees on long-
term investment products are discussed in note 44.
Investment contracts that do not contain a discretionary participation feature are referred to as non-participating contracts and the liability
is measured at either fair value or amortised cost. We currently have no non-participating investment contracts measured at amortised cost.
Of the non-participating investment contracts measured at fair value, \u00a3140,949 million at 31 December 2022 (2021: \u00a3151,016 million) are
unit\u2011linked in structure and the fair value liability is equal to the current unit fund value, including any unfunded units, plus if required,
additional non-unit reserves based on a discounted cash flow analysis. These contracts are generally classified as Level 1 in the fair value
hierarchy, as the unit reserve is calculated as the publicly quoted unit price multiplied by the number of units in issue, and any non-unit
reserve is insignificant.
For unit-linked business, a deferred acquisition cost asset and deferred income reserve liability are recognised in respect of transaction
costs and front-end fees respectively, that relate to the provision of investment management services, and which are amortised on a
systematic basis over the contract term. The amount of the related deferred acquisition cost asset is shown in note 28 and the deferred
income liability is shown in note 53.
For non-participating investment contracts acquired in a business combination, an acquired value of in-force business asset is recognised in
respect of the fair value of the investment management services component of the contracts, which is amortised on a systematic basis over
the useful lifetime of the related contracts. The amount of the acquired value of in-force business asset is shown in note 16, which relates
primarily to the acquisition of Friends Life in 2015 and Friends First in 2018.
(c) Movements in the year
The following movements have occurred in the gross provisions for investment contracts in the year:
(i) Participating investment contracts
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
21,337
97,073
Liabilities in respect of new business
10
3,621
Expected change in existing business
(1,479)
(4,196)
Variance between actual and expected experience
(1,287)
2,499
Impact of operating assumption changes
21
(31)
Impact of economic assumption changes
(657)
(132)
Other movements recognised as an expense1
47
(49)
Change in liability recognised as an expense2
(3,345)
1,712
Effect of portfolio transfers, acquisitions and disposals3
\u2014
(74,179)
Foreign exchange rate movements
17
(3,269)
Carrying amount at 31 December
18,009
21,337
1.Other movements recognised as an expense during 2022 and 2021 primarily relate to reinsurance ceded for annuity business in Ireland life. The movement in 2022 also includes model changes in Ireland life.
2.Change in assets does not reconcile with values in note 40(b) due to the inclusion of reinsurance assets classified as non-participating investment contracts where, for such contracts, deposit accounting is applied on
the consolidated income statement
3.Movement in 2021 relates to the disposal of the France, Italy and Poland businesses
4.Following a review in 2021 \u00a3407 million of assets were reclassified from financial investments to reinsurance assets
The impact of assumption changes in the above analysis shows the resulting movement in the carrying value of reinsurance assets, with
corresponding movements in gross insurance contract liabilities. For participating businesses, a movement in reinsurance assets is
generally offset by a corresponding adjustment to the unallocated divisible surplus and does not impact profit. Where assumption changes
impact profit, these are included in the effect of changes in assumptions and estimates during the year (see note 46), together with the
impact of movements in related liabilities and other non-financial assets.
(ii) General insurance and health claims liabilities
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
1,636
1,933
Impact of changes in assumptions
(206)
(46)
Reinsurers\u2019 share of claim losses and expenses
Incurred in current year
281
191
Incurred in prior years
202
6
Reinsurers\u2019 share of incurred claim losses and expenses
483
197
Less:
Reinsurance recoveries received on claims
Incurred in current year
(34)
(24)
Incurred in prior years
(182)
(242)
Reinsurance recoveries received in the year
(216)
(266)
Unwind of discounting
5
1
Change in reinsurance asset recognised as income/(expense) (note 40(b))
66
(114)
Effect of portfolio transfers, acquisitions and disposals1
\u2014
(181)
Foreign exchange rate movements
25
(2)
Carrying amount at\u00a0 31 December
1,727
1,636
Deferred tax attributable to policyholder returns included above at 31 December 2022 was an asset of \u00a3340 million
(2021: liability of \u00a3433\u00a0million).
(ii) The net deferred tax liability arises on the following items:
2022
\u00a3m
2021
\u00a3m
Long-term business technical provisions and other insurance items
(205)
(351)
Deferred acquisition costs
(71)
(100)
Unrealised gains on investments
(187)
(486)
Pensions and other post-retirement obligations
(250)
(641)
Unused losses and tax credits
402
118
Subsidiaries, associates and joint ventures
\u2014
(27)
Intangibles and additional value of in-force long-term business
(465)
(433)
Provisions and other temporary differences
562
75
Net deferred tax liability
(214)
(1,845)
jurisdictions.
The Group has unrecognised gross tax losses (excluding capital losses) and other temporary differences of \u00a3568 million (2021: \u00a3819 million)
to carry forward against future taxable income of the necessary category in the companies concerned. Of these, trading losses of \u00a326 million
(2021: \u00a311 million) will expire within the next 8 years. The remaining losses have no expiry date.
In addition, the Group has unrecognised gross capital losses of \u00a3579 million (2021: \u00a3575 million). These have no expiry date.
At 31 December 2022, a potential deferred tax liability of \u00a324 million (2021: \u00a326 million) is not recognised on temporary differences relating
to reserves of overseas subsidiaries which are not expected to be distributed.
50 \u2013 Pension obligations
(a) Introduction
The Group operates a number of defined benefit and defined contribution pension schemes. The defined benefit schemes are in the UK,
Ireland and Canada. The assets and liabilities of these defined benefit schemes as at 31 December 2022 are shown below.
2022
2021
UK
\u00a3m
Ireland
\u00a3m
Canada
\u00a3m
Total
\u00a3m
UK
\u00a3m
Ireland
\u00a3m
Canada
\u00a3m
Total
\u00a3m
Total fair value of scheme assets (see b(ii) below)
10,877
689
197
11,763
18,195
898
244
19,337
Present value of defined benefit obligation
(10,002)
(670)
(259)
(10,931)
(15,764)
(988)
(316)
(17,068)
IAS 19 surpluses/(deficits) in the schemes
875
19
(62)
832
2,431
(90)
(72)
2,269
Surpluses included in other assets (note 29)
1,166
26
\u2014
1,192
2,754
\u2014
\u2014
2,754
Deficits included in provisions (note 49)
(291)
(7)
(62)
(360)
(323)
(90)
(72)
(485)
IAS 19 surpluses/(deficits) in the schemes
875
19
(62)
832
2,431
(90)
(72)
2,269
This note relates to the defined benefit pension schemes included in the table above. The charges to the income statement for the main
schemes are shown in section (b)(i) below, whilst the total charges for all pension schemes are disclosed in section (d) below.
Under the IAS 19 valuation basis, the Group applies the principles of IFRIC 14 IAS 19 \u2013 The Limit on a Defined Benefit Asset, Minimum
Funding Requirements and their Interaction, whereby a surplus is only recognised to the extent that the company is able to access the
surplus either through an unconditional right of refund to the surplus or through reduced future contributions relating to ongoing service,
which have been substantively enacted or contractually agreed. The Group has determined that it can derive economic benefit from the
surplus in the Aviva Staff Pension Scheme (ASPS) via a reduction to future employer contributions for defined contribution (DC) members,
which could theoretically be paid from the surplus funds in the ASPS. In the RAC (2003) Pension Scheme and Friends Provident Pension
Scheme (FPPS), in the UK and in the Aviva Ireland Staff Pension Fund (AISPF) in Ireland, the Group has determined that the rules set out in
the schemes\u2019 governing documentation provide for an unconditional right to a refund from any future surplus funds in the schemes.
The assets of the UK, Irish and Canadian schemes are held in separate trustee-administered funds to meet long-term pension liabilities to
past and present employees. In all schemes, the appointment of trustees of the funds is determined by their trust documentation and they
are required to act in the best interests of the schemes\u2019 beneficiaries. The long-term investment objectives of the trustees and the employers
are to limit the risk of the assets failing to meet the liabilities of the schemes over the long term, and to maximise returns consistent with an
acceptable level of risk so as to control the long-term costs of these schemes.
A funding actuarial valuation of each of the defined benefit schemes is carried out at least every three years for the benefit of scheme
trustees and members. Actuarial reports have been submitted for each scheme within this period, using appropriate methods for the
respective countries on local funding bases.
The number of scheme members was as follows:
United Kingdom
Ireland
Canada
2022
2021
2022
2021
2022
2021
Number
Number
Number
Number
Number
Number
Deferred members
39,843
41,816
2,200
2,402
344
382
Pensioners
40,501
39,907
982
861
1,261
1,276
Total members
80,344
81,723
3,182
3,263
1,605
1,658
1.Net interest income of \u00a362 million (2021: \u00a340 million) has been credited to investment income and net interest expense of \u00a320 million (2021: \u00a313 million) has been charged to finance costs (see note 6)
The present value of unfunded post-retirement benefit obligations included in the table above is \u00a388 million at 31 December 2022
(2021:\u00a0\u00a3110 million).
Remeasurement losses of \u00a31,542 million (2021: gain of \u00a359 million) recorded in the statement of comprehensive income for the period are
largely driven by:
\u2022A significant increase in UK interest rates, with the rate on 15-year swaps increasing by c.270bps during 2022. This has resulted in a
reduction of the fair value of fixed income securities, not fully offset by the reduction in the valuation of the defined benefit obligation from
the increase in the valuation interest rate. Further information on the sensitivity of the IAS 19 surplus to interest rates is provided in note
50(b)(iii).
\u2022During the period the ASPS completed two further bulk annuity buy-in transactions with Aviva Life & Pensions UK Limited, a Group
Company. Due to different measurement bases applying for accounting purposes, the premium paid by the scheme exceeded the
valuation of the scheme asset recognised. In the table above, this has been recognised as a loss in the actual return on assets (see note 61
Related party transactions for further information). The scheme assets recognised are transferable and so have not been subject to
consolidation within the Group\u2019s financial statements.
\u2022Experience losses on the pension schemes' liabilities which includes the impact of higher than expected inflation increases.
\u2022The losses were partially offset by actuarial gains relating to updated demographic assumptions (including longevity assumptions).
50 \u2013 Pension obligations continued
(ii) Scheme assets
Scheme assets are stated at their fair values at 31 December 2022
Total scheme assets are comprised by country as follows:
2022
2021
UK
\u00a3m
Ireland
\u00a3m
Canada
\u00a3m
Total
\u00a3m
UK
\u00a3m
Ireland
\u00a3m
Canada
\u00a3m
Total
\u00a3m
Bonds
7,969
530
63
8,562
17,503
842
97
18,442
Equities
\u2014
18
\u2014
18
\u2014
25
\u2014
25
Property
74
\u2014
\u2014
74
153
\u2014
\u2014
153
Pooled investment vehicles
1,710
273
132
2,115
4,153
347
145
4,645
Derivatives
(158)
56
\u2014
(102)
46
17
\u2014
63
Insurance policies
3,423
\u2014
\u2014
3,423
4,343
\u2014
\u2014
4,343
Repurchase agreements
(646)
(191)
\u2014
(837)
(4,376)
(331)
\u2014
(4,707)
Cash and other1
(1,063)
3
2
(1,058)
(3,002)
(2)
2
(3,002)
Total fair value of scheme assets
11,309
689
197
12,195
18,820
898
244
19,962
Less: consolidation elimination for non-transferable
Group insurance policy2
(432)
\u2014
\u2014
(432)
(625)
\u2014
\u2014
(625)
Total IAS 19 fair value of scheme assets
10,877
689
197
11,763
18,195
898
244
19,337
0.15 % per annum for males and 0.20 % per annum for females (2021: Parameter A was set to 0.15 % per
annum for males and 0.20 % per annum for females), and uses the core parameters to taper the long-term improvement rates to zero
between ages 85 and 110 (2021: advanced parameters were used to taper the long-term improvement rates to zero between ages 90
and\u00a0115).
50 \u2013 Pension obligations continued
Illustrative sensitivity analysis
Significant actuarial assumptions for the determination of the defined benefit obligation are discount rate, inflation rate and mortality.
Movements in the defined benefit obligation are mitigated by the impact on the assets from economic movements including interest rates
and price inflation, as well as the longevity sensitivity impact due to the insurance policy and longevity swap assets held by the UK pension
schemes. The\u00a0sensitivity analysis below has been determined by changing the respective assumptions while holding all other assumptions
constant. The following table illustrates how the IAS 19 surplus would have increased/(decreased) as a result of changes in interest rates,
price inflation and mortality:
Illustrative impact on IAS 19 surplus
Increase in
interest rates
+1%
\u00a3m
Decrease in
interest rates
-1%
\u00a3m
Increase in
inflation rate
+1%
\u00a3m
Decrease in
inflation rate
-1%
\u00a3m
1 year
younger1
\u00a3m
Impact on present value of defined benefit obligation at 31 December 2022
1,299
(1,613)
(1,078)
872
(308)
Impact on fair value of scheme assets at 31 December 2022
(1,573)
1,995
1,316
(1,133)
293
Impact on IAS 19 surplus at 31 December 2022
(274)
382
238
(261)
(15)
Impact on present value of defined benefit obligation at 31 December 2021
2,650
(3,465)
(2,337)
1,895
(680)
Impact on fair value of scheme assets at 31 December 2021
(3,308)
4,350
2,816
(2,413)
510
Impact on\u00a0 IAS 19 surplus at 31 December 2021
(658)
885
479
(518)
(170)
1.The effect of assuming all members in the schemes were one year younger
It is unlikely that the changes in assumptions would occur in isolation of one another as some of the assumptions may be correlated.
It\u00a0should also be noted that these sensitivities are non-linear, and larger or smaller impacts should not be interpolated or extrapolated
from\u00a0these results.
Maturity profile of the defined benefit obligation
Due to the increase of the discount rate over the period, the average duration of the discounted liabilities has reduced in each scheme.
The\u00a0discounted scheme liabilities have an average duration of 13 years (2021: 17 years) in ASPS, 15 years (2021: 19 years) in FPPS, 14 years
(2021: 18 years) in the RAC scheme, 15 years (2021: 19 years) in AISPF, 23 years (2021: 26 years) in FFPS and 9 years (2021: 11 years) in the
Canadian scheme. The expected undiscounted benefits payable from the main UK defined benefit scheme, ASPS, is shown in the chart below:
Undiscounted benefit payments (\u00a3m)
n\u00a0 Deferred member cash flows\u00a0 \u00a0 n\u00a0 Pensioner cash flows
(iv) Risk management and asset allocation strategy
The investment objectives of the trustees and the employers are to limit the risk of the assets failing to meet the liabilities of the schemes
over the long-term, and to maximise returns consistent with an acceptable level of risk so as to control the long-term costs of these
schemes. To meet these objectives, the schemes\u2019 assets are invested in a portfolio, consisting primarily of debt securities as detailed in
section (b)(ii). The investment strategy continues to evolve over time and is expected to match the liability profile closely with swap overlays
to improve interest rate and inflation matching. The schemes are generally matched to interest rate risk relative to the funding bases.
Main UK scheme
The Company works closely with the trustee, who is required to consult with the Company on the investment strategy.
Interest rate and inflation rate risks are managed using a combination of liability-matching assets and swaps. Exposure to equity risk has
been reducing over time and credit risk is managed within risk appetite. Currency risk is relatively small and is largely hedged. The other
principal risk is longevity risk. This risk has reduced due to the ASPS entering into a longevity swap in 2014 covering approximately
\u00a33.5\u00a0billion of pensioner in payment scheme liabilities.
Since October 2019 the ASPS has completed seven bulk annuity buy-in transactions with Aviva Life & Pensions UK Limited, a Group
Company. These transactions have covered approximately \u00a32.9 billion of liabilities related to deferred pensioners and current pensioners,
removing the investment and longevity risk for these members from the scheme.
Other schemes
The other schemes are considerably less material but their risks are managed in a similar way to those in the main UK scheme. In 2015,
the\u00a0RAC pension scheme entered into a longevity swap covering approximately \u00a30.4 billion of pensioner in payment scheme liabilities.
\"\"
50 \u2013 Pension obligations continued
(v) Funding
Formal actuarial valuations normally take place every three years and where there is a deficit, the Group and the trustees would agree a
deficit recovery plan. The assumptions adopted for triennial actuarial valuations are determined by the trustees and agreed with the Group
and are normally more prudent than the assumptions adopted for IAS 19 purposes, which are best estimate.
For the ASPS, the latest formal actuarial valuation was completed with an effective date of 31 March 2021 and showed that the ASPS was
fully funded on its technical provisions basis consistent with the requirements of the UK pension regulations.
Other than small amounts to meet some administrative expenses and death benefits, and deficit contributions in Canada, there are no
employer contributions expected in 2023.
(c) Defined contribution (money purchase) section of the ASPS
The trustees have responsibility for selecting a range of suitable funds in which the members can choose to invest and for monitoring the
performance of the available investment funds. Members are responsible for reviewing the level of contributions they pay and the choice of
investment fund to ensure these are appropriate to their risk appetite and their retirement plans. Members of this section contribute at least
2 % of their pensionable salaries, and depending on the percentage chosen, the Group contributes up to a maximum 14 %, together with
the cost of the death-in-service benefits. These contribution rates remained unchanged until June 2017. From 1 July 2017, for every 1 %
additional employee contribution, the Group will contribute an additional 0.1 % employer contribution. The amount recognised as an
expense for defined contribution schemes is shown in section (d) below.
(d) Charge to staff costs in the income statement
The total pension charge to staff costs for all of the Group\u2019s defined benefit and defined contribution schemes were:
2022
\u00a3m
2021
\u00a3m
Continuing operations
UK defined benefit schemes
22
20
Overseas defined benefit schemes
1
1
Total defined benefit schemes from continuing operations (note 9(b))
23
21
UK defined contribution schemes
152
150
Overseas defined contribution schemes
20
19
Total defined contribution schemes from continuing operations (note 9(b))
172
169
Charge for pension schemes from discontinued operations
\u2014
1
Total charge for pension schemes
195
191
There were no significant contributions payable or prepaid in the consolidated statement of financial position as at either 31 December
2022 or 2021
51 \u2013 Borrowings
Our borrowings are classified as either core structural borrowings, which are included within the Group\u2019s capital employed, or operational
borrowings drawn by operating subsidiaries. This note shows the carrying values of each type.
(a) Analysis of total borrowings
Total borrowings comprise:
2022
\u00a3m
2021
\u00a3m
Core structural borrowings, at amortised cost
5,469
6,133
Operational borrowings, at amortised cost
195
71
Operational borrowings, at fair value
1,091
1,140
1,286
1,211
Total
6,755
7,344
51 \u2013 Borrowings continued
(b) Core structural borrowings
(i) The carrying amounts of these borrowings are:
2022
\u00a3m
2021
\u00a3m
Subordinated debt
6.125% \u00a3700 million subordinated notes 2036
697
696
6.125% \u00a3800 million undated subordinated notes
\u2014
502
6.875% \u00a3600 million subordinated notes 2058
595
595
8.250% \u00a3500 million subordinated notes 2022
\u2014
506
6.125% \u20ac650 million subordinated notes 2043
267
252
3.875% \u20ac700 million subordinated notes 2044
619
586
5.125% \u00a3400 million subordinated notes 2050
396
396
3.375% \u20ac900 million subordinated notes 2045
793
751
4.375% \u00a3400 million subordinated notes 2049
396
395
4.000% \u00a3500 million subordinated notes 2055
493
493
4.000% $CAD450 million subordinated notes 2030
274
260
4,530
5,432
Senior notes
0.625% \u20ac500 million senior notes 2023
278
264
1.875% \u20ac750 million senior notes 2027
409
387
687
651
Commercial paper
252
50
Total
5,469
6,133
The Group has redeemed \u00a31 billion of subordinated debt during 2022. On 21 April 2022 the Group's 8.250% \u00a3500 million Tier 2 subordinated
notes reached their final maturity date and were redeemed. On 29 September 2022 the remaining \u00a3502 million of the Group's 6.125%
\u00a3800 million fixed rate reset perpetual Restricted Tier 1 notes reached their optional first all date and were redeemed.
All borrowings are stated at amortised cost.
(ii) The contractual maturity dates of undiscounted cash flows for these borrowings are:
2022
2021
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Within one year
531
229
760
550
269
819
1 to 5 years
411
912
1,323
265
1,020
1,285
5 to 10 years
275
1,077
1,352
652
1,229
1,881
10 to 15 years
700
999
1,699
700
1,178
1,878
Over 15 years
3,583
2,111
5,694
4,000
2,274
6,274
Total contractual undiscounted cash flows
5,500
5,328
10,828
6,167
5,970
12,137
Borrowings are considered current if the contractual maturity dates are within a year. Where subordinated debt is undated or loan notes are
perpetual, the interest payments have not been included beyond 15 years. Annual interest payments in future years for these borrowings are
\u00a3nil (2021: \u00a331 million).
Contractual undiscounted interest payments are calculated based on underlying fixed interest rates or prevailing market floating rates as
applicable. Year-end exchange rates have been used for interest projections on loans in foreign currencies.
51 \u2013 Borrowings continued
(c) Operational borrowings
(i) The carrying amounts of these borrowings are:
2022
\u00a3m
2021
\u00a3m
Amounts owed to financial institutions
Loans
195
71
Securitised mortgage loan notes
UK lifetime mortgage business (note 24(b))
1,091
1,140
Total
1,286
1,211
All the above borrowings are stated at amortised cost, except for the loan notes issued in connection with the UK lifetime mortgage
business of \u00a31,091 million (2021: \u00a31,140 million). These loan notes are carried at fair value. Their values are modelled on risk-adjusted cash
flows for defaults discounted at a risk-free rate plus a market-determined liquidity premium, and are therefore classified as \u2018Level 3\u2019 in the
fair value hierarchy. The risk allowances are consistent with those used in the fair value asset methodology, as described in note 22. These
have been designated at fair value through profit and loss in order to present the relevant mortgages, borrowings and derivative financial
instruments at fair value, since they are managed as a portfolio on a fair value basis. This presentation provides more relevant information
and eliminates any accounting mismatch.
The securitised mortgage loan notes are at various fixed, floating and index-linked rates. Further details about these notes are given in
note\u00a024.
(ii) The contractual maturity dates of undiscounted cash flows for these borrowings are:
2022
2021
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Within one year
260
60
320
104
48
152
1 to 5 years
306
194
500
418
144
562
5 to 10 years
370
197
567
374
157
531
10 to 15 years
145
151
296
197
117
314
Over 15 years
29
43
72
69
36
105
Total contractual undiscounted cash flows
1,110
645
1,755
1,162
502
1,664
Contractual undiscounted interest payments are calculated based on underlying fixed interest rates or prevailing market floating rates as
applicable. Year-end exchange rates have been used for interest projections on loans in foreign currencies.
(d) Description and features
(i) Subordinated debt
A description of each of the subordinated notes is set out in the table below:
Notional amount
Issue date
Redemption date
Callable at par at option of the
Company from
In the event the Company does not call the notes, the coupon will reset
at each applicable reset date to
\u00a3700 million
14 Nov 2001
14 Nov 2036
16 Nov 2026
5 year Benchmark Gilt + 2.85%
\u00a3600 million
20 May 2008
20 May 2058
20 May 2038
Daily Compounded SONIA + 0.1193% + 3.26%
\u20ac650 million
5 July 2013
5 July 2043
5 July 2023
5 year EUR mid-swaps + 5.13%
\u20ac700 million
3 July 2014
3 July 2044
3 July 2024
5 year EUR mid-swaps + 3.48%
\u00a3400 million
4 June 2015
4 June 2050
4 December 2030
Daily Compounded SONIA + 0.1193% + 4.022%
\u20ac900 million
4 June 2015
4 December 2045
4 December 2025
3 month Euribor + 3.55%
\u00a3400 million
12 September 2016
12 September 2049
12 September 2029
Daily Compounded SONIA + 0.1193% + 4.721%
\u00a3500 million
3 June 2020
3 June 2055
3 March 2035
Benchmark Gilt Rate + 4.70%
$CAD450 million
2 October 2020
2 October 2030
N/A
N/A
Subordinated notes issued by the Company rank below its senior obligations and ahead of its preference shares and ordinary share
capital.\u00a0The dated subordinated notes rank ahead of the undated subordinated notes. The fair value of notes at 31 December 2022 was
\u00a34,314 million (2021: \u00a36,262 million), calculated with reference to quoted prices.
(ii) Senior notes
All senior notes are at fixed rates and their total fair value at 31 December 2022 was \u00a3646 million (2021: \u00a3698 million).
(iii) Commercial paper
The commercial paper consists of \u00a3252 million issued by the Company (2021: \u00a350 million) and is considered core structural funding.
The\u00a0fair\u00a0value of the commercial paper is considered to be the same as its carrying value and all issuances are repayable within one year.
51 \u2013 Borrowings continued
(iv) Loans
Loans owed to financial institutions comprise:
2022
\u00a3m
2021
\u00a3m
Non-recourse
Loans to property partnerships
143
19
Other non-recourse loans
52
52
195
71
As explained in accounting policy D, the UK long-term business policyholder funds have invested in a number of property funds and
structures (the \u2018Property Funds\u2019), some of which have raised external debt, secured on the relevant Property Fund\u2019s property portfolio. The
lenders are only entitled to obtain payment of interest and principal to the extent there are sufficient resources in the relevant Property
Fund and they have no recourse whatsoever to the policyholder or shareholders\u2019 funds of any companies in the Group. Loans of
\u00a3143 million (2021: \u00a319 million) included in the table above relate to Property Funds.
Other non-recourse loans primarily include external debt raised by special purpose vehicles in the UK long-term business. The lenders have
no recourse whatsoever to the shareholders\u2019 funds of any companies in the Group. The outstanding balance of these loans at
31 December 2022 was \u00a352 million (2021: \u00a352 million).
(v) Securitised mortgage loan notes
Loan notes have been issued by special purpose securitisation companies in the UK. Details are given in note 24.
(e) Movements during the year
Movements in borrowings during the year were:
2022
2021
Core
Structural
\u00a3m
Operational
\u00a3m
Total
\u00a3m
Core
Structural
\u00a3m
Operational
\u00a3m
Total
\u00a3m
New borrowings drawn down, excluding commercial paper, net of expenses
\u2014
122
122
\u2014
24
24
Repayment of borrowings, excluding commercial paper
(1,002)
(204)
(1,206)
(1,878)
(60)
(1,938)
Movement in commercial paper1
189
\u2014
189
(54)
\u2014
(54)
Net cash (outflow)/inflow
(813)
(82)
(895)
(1,932)
(36)
(1,968)
Borrowings acquired in business combinations2
\u2014
139
139
\u2014
\u2014
\u2014
Foreign exchange rate movements
150
2
152
(177)
(2)
(179)
Borrowings reclassified/(loans repaid) for non-cash consideration
\u2014
\u2014
\u2014
\u2014
(259)
(259)
Fair value movements
\u2014
16
16
\u2014
34
34
Amortisation of discounts and other non-cash items
(1)
\u2014
(1)
(11)
\u2014
(11)
Movements in the year
(664)
75
(589)
(2,120)
(263)
(2,383)
Balance at 1 January
6,133
1,211
7,344
8,253
1,474
9,727
Balance at 31 December
5,469
1,286
6,755
6,133
1,211
7,344
52 \u2013 Payables and other financial liabilities
This note analyses our payables and other financial liabilities at the end of the year.
2022
\u00a3m
2021
\u00a3m
Payables arising out of direct insurance
1,264
1,220
Payables arising out of reinsurance operations
404
322
Deposits and advances received from reinsurers
19
18
Bank customer accounts liability
2
\u2014
Bank overdrafts1
929
607
Derivative liabilities (note 59)
9,541
5,763
Amounts due to brokers for investment purchases
539
150
Obligations for repayment of cash collateral received
1,991
2,963
Lease\u00a0 liabilities (note 21)
386
472
Other financial liabilities
1,367
1,094
Total
16,442
12,609
Expected to be settled within one year
12,381
7,974
Expected to be settled in more than one year
4,061
4,635
16,442
12,609
1.Bank overdrafts amount to \u00a3250 million (2021: \u00a3204 million) in life business operations and \u00a3679 million (2021: \u00a3403 million) in general insurance business and other operations.
All payables and other financial liabilities are carried at cost, which approximates to fair value, except for derivative liabilities, which are
carried at their fair values and lease liabilities which are carried at the present value of the outstanding lease payments.
53 \u2013 Other liabilities
This note analyses our other liabilities at the end of the year.
2022
\u00a3m
2021
\u00a3m
Deferred income
68
76
Reinsurers\u2019 share of deferred acquisition costs
34
28
Accruals
1,043
1,249
Interest payable on borrowings
877
949
Other liabilities
822
657
Total
2,844
2,959
Expected to be settled within one year
2,591
2,641
Expected to be settled in more than one year
253
318
2,844
2,959
1.Represents commitments for further investment in certain private equity vehicles. Such commitments do not expose the Group to the risk of future losses in excess of its investment.
Notes 17 and 18 set out the commitments the Group has to its joint ventures and associates.
56 \u2013 Group capital management
(a) Group capital
The Group is required to measure and monitor its capital resources on a regulatory basis and to comply with minimum capital requirements
of regulators in each territory it operates in. At a Group level, we have to comply with the requirements established by the PRA.
The Group Solvency II capital requirements are calculated using a Partial Internal Model (PIM) which assesses the risks on an Internal Model
basis approved by the PRA. The Solvency II capital regime requires insurers to calculate regulatory capital adequacy at both individual
regulated subsidiaries and an aggregate Group level. Non-UK entities have been included in Group solvency in line with Solvency II
requirements. Other financial sector entities (including fund management) are included at their proportional share of the capital
requirement according to the relevant sectoral values. In addition, non-UK businesses including Canada, are subject to the locally
applicable capital requirements in the jurisdictions in which they operate.
Group capital is represented by Solvency II own funds. The Solvency II position disclosed is based on a \u2018shareholder view\u2019. The shareholder
view is considered by management to be more representative of the shareholders\u2019 risk exposure and the Group\u2019s ability to cover
the\u00a0Solvency Capital Requirement (SCR) with eligible own funds and aligns with management\u2019s approach to dynamically manage its
capital\u00a0position.
In arriving at the shareholder position, the following adjustments are typically made to the regulatory Solvency II own funds:
\u2022The contribution to the Group\u2019s SCR and own funds of the most material fully ring fenced with-profits funds of \u00a31,369 million at
31 December 2022 (2021: \u00a32,205 million) and staff pension schemes in surplus of \u00a3394 million at 31 December 2022 (2021: \u00a31,218 million)
are excluded. These exclusions have no impact on Solvency II surplus as these funds are self-supporting on a Solvency II capital basis with
any surplus capital above SCR not recognised;
\u2022A notional reset of the transitional measure on technical provisions (TMTP), calculated using the same method as used for formal TMTP
resets. This presentation avoids step changes to the Solvency II position that arise only when the formal TMTP reset points are triggered.
The 31 December 2022 Solvency II position includes a notional reset (\u00a3437 million decrease in own funds) (an application for a formal reset
has been submitted to the regulator and will be reflected in our regulatory position once approved) while the 31 December 2021 Solvency
II position included a formal, rather than notional, reset of the TMTP in line with the regulatory requirement to reset the TMTP at\u00a0least
every two years and hence no adjustment was required. In addition, due to interest rate rises over the period, a formal reset of TMTP
as\u00a0at\u00a030 June 2022 was approved and is included in the estimated 31 December 2022 regulatory Solvency II position;
2022
\u00a3m
2021
\u00a3m
Estimated Solvency II regulatory own funds as at 31 December
18,668
25,573
Adjustments for:
Fully ring-fenced with-profits funds
(1,369)
(2,205)
Staff pension schemes in surplus
(394)
(1,218)
Notional reset of TMTP
(437)
\u2014
Estimated Solvency II shareholder own funds at 31 December
16,468
22,150
Solvency II own funds are comprised of a combination of shareholders\u2019 funds, preference share capital, subordinated debt, and deferred tax
assets measured on a Solvency II basis. During the year, the Group redeemed \u00a31 billion of subordinated debt (see note\u00a051) and issued
\u00a30.5 billion of of Restricted Tier 1 subordinated debt .
Solvency II surplus at the Group level represents the excess of eligible Solvency II own funds over the Group\u2019s solvency capital requirements
calculated in accordance with Solvency II requirements. The Group maintained capital in excess of the SCR at all times during 2022.
All\u00a0regulated subsidiaries complied with their capital requirements throughout the year, with the exception of a temporary breach in a small
entity in Canada where solvency coverage was promptly restored.
Further information on the Group\u2019s Solvency II position, shareholder view, including a reconciliation between IFRS equity and own funds
can be found in the Other information section. This information is estimated and is therefore subject to change. It is also unaudited.
56 \u2013 Group capital management continued
(b) Risks and capital management objectives
The primary objective of capital management is to maintain an efficient capital structure, in a manner consistent with our risk profile and
the regulatory and market requirements of our business. Capital is a primary consideration across a wide range of business activities,
including product development, pricing, business planning, merger and acquisition transactions and asset and liability management.
A\u00a0Capital Management Standard, applicable Group-wide, sets out minimum standards and guidelines over responsibility for capital
management including considerations for capital management decisions and requirements for management information, capital
monitoring, reporting, forecasting, planning and overall governance.
The Group manages capital in conjunction with solvency capital requirements and in line with the dividend policy and capital framework.
\u2022We aim to deliver sustainable dividends at a level that is resilient in times of stress and is covered by the capital and cash generated from
our businesses;
\u2022At the core of our capital framework is financial strength in accordance with risk appetite and efficient deployment of capital. See note 58
for more information about the Group\u2019s risk management approach;
\u2022Key elements of our capital framework are as follows:
\u2013Solvency II shareholder cover ratio working range of 160%-180%
\u2013Centre liquid assets of c.\u00a31.5 billion
\u2013Solvency II debt leverage ratio below 30%
\u2013To maintain our AA credit rating metrics;
\u2022After the payment of our regular dividend, surplus capital is available for investment in the business to support growth and top quartile
efficiency objectives, bolt-on M&A where this delivers attractive risk adjusted returns and the opportunity is in line with our strategy, and
any additional returns to shareholders releasing excess capital over time;
\u2022The Group seeks to retain financial flexibility by maintaining strong liquidity, access to a range of capital markets and significant unutilised
committed credit lines; and
\u2022Our businesses are capitalised based on their regulatory minimum levels with further prudent volatility buffers specific to each entity.
Subsidiary capital appetites and working ranges are reviewed regularly by subsidiary boards.
Intra-group capital arrangements
Consistent with our capital management framework, the Group has in place intra-group arrangements to provide additional capital support
to its regulated subsidiaries. In the normal course of business, the Group will provide additional capital support to its regulated subsidiaries
in certain circumstances. While the Group considers it unlikely that such support will be required, the arrangements are intended to provide
additional comfort to its regulated subsidiaries and its policyholders.
57 \u2013 Statement of cash flows
This note gives further detail behind the figures in the statement of cash flows.
(a) The reconciliation of (loss)/profit before tax to the net cash inflow from operating activities is:
Continuing operations
2022
\u00a3m
2021
\u00a3m
(Loss)/profit before tax
(2,379)
801
Adjustments for:
Share of loss/(profit) of joint ventures and associates
2
(146)
Dividends received from joint ventures and associates
47
32
Loss/(profit) on sale of:
Investment property
8
32
Subsidiaries, joint ventures and associates
\u2014
(22)
Investments
(1,909)
(3,233)
(1,901)
(3,223)
Fair value losses/(gains) on:
Investment property
1,150
(1,069)
Investments
48,667
(4,416)
Borrowings
16
34
49,833
(5,451)
Depreciation of property and equipment
57
74
Equity compensation plans, equity settled expense
58
24
Impairment and expensing of:
Goodwill on subsidiaries
(77)
\u2014
Acquired value of in-force business and intangibles
4
\u2014
Non-financial assets
\u2014
7
(73)
7
Amortisation of:
Premium/discount on debt securities
68
64
Premium/discount on borrowings
(1)
(11)
Premium/discount on non-participating investment contracts
68
75
Financial instruments
260
130
Acquired value of in-force business and intangibles
244
259
639
517
Change in unallocated divisible surplus
13
175
Interest expense on borrowings
450
490
Net finance income on pension schemes
(42)
(27)
Foreign currency exchange gains
(778)
(11)
Changes in working capital
Decrease/(increase) in reinsurance assets
2,052
(1,709)
Decrease/(increase) in deferred acquisition costs
167
(90)
(Decrease)/increase in insurance liabilities and investment contracts
(38,062)
16,333
Increase in other assets1
(5,457)
(3,701)
(41,300)
10,833
Net purchases of operating assets
Net purchases of investment property
(434)
(717)
Net proceeds on sale of investment property
408
1,047
Net sales/(purchase) of financial investments
11,493
(6,979)
11,467
(6,649)
Total cash generated from/(used in) operating activities from continuing operations
16,093
(2,554)
1.In 2022, increase in other assets excludes \u00a360 million (202: \u00a3nil) for costs relating to internally generated intangible assets under development which are presented within net cash flows (used in)/from investing activities
The cash flows presented in this statement cover all the Group\u2019s activities and include flows from both policyholder and shareholder
activities. Operating cash flows reflect the movement in both policyholder and shareholder controlled cash and cash equivalent balances.
During the year the net operating cash inflow reflects a number of factors, including the level of premium income, payments of claims,
creditors and surrenders and purchases and sales of operating assets including financial investments. It also includes changes in the size
and value of consolidated cash investment funds and changes in the Group participation in these funds.
57 \u2013 Statement of cash flows continued
(b) Cash flows in respect of the acquisition of, and additions to, subsidiaries, joint ventures and associates comprised:
Continuing operations
2022
\u00a3m
2021
\u00a3m
Cash consideration for subsidiaries, joint ventures and associates acquired and additions1
(275)
\u2014
Total cash flow on acquisitions and additions from continuing operations
(275)
\u2014
1.Cash consideration for subsidiaries, joint ventures and associates acquired and additions relates to the acquisition of Succession Wealth and Aviva Life Insurance Company India Limited (see note 2a)
(c) Cash flows in respect of the disposal of subsidiaries, joint ventures and associates comprised:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Cash proceeds from disposal of subsidiaries, joint ventures and associates
\u2014
24
Less: Net cash and cash equivalents divested with subsidiaries
\u2014
(1)
Cash flow on disposals from continuing operations
\u2014
23
Discontinued operations
Cash proceeds from disposal of subsidiaries, joint ventures and associates1
\u2014
6,136
Less: Net cash and cash equivalents divested with subsidiaries
\u2014
(2,772)
Cash flow on disposals from discontinued operations
\u2014
3,364
Total cash flow on disposals
\u2014
3,387
1.Cash proceeds from disposal of subsidiaries, joint ventures and associates are net of \u00a3nil (2021: \u00a319 million) transaction costs paid during the year
The above figures in (b) and (c) form part of cash flows from investing activities.
(d) Cash and cash equivalents in the statement of cash flows at 31 December comprised:
2022
\u00a3m
2021
\u00a3m
Cash at bank and in hand
5,371
4,833
Cash equivalents
17,134
7,652
22,505
12,485
Bank overdrafts
(929)
(607)
21,576
11,878
Cash and cash equivalents reconciles to the statement of financial position as follows:
2022
\u00a3m
2021
\u00a3m
Cash and cash equivalents (excluding bank overdrafts)
22,505
12,485
22,505
12,485
58 \u2013 Risk management
Risk management is key to Aviva\u2019s success. We accept the risks inherent to our core business lines of life, general insurance and health, and
asset management. We diversify these risks through our scale, geographic spread, the variety of the products and services we offer and the
channels through which we sell them. We receive premiums which we invest to maximise risk-adjusted returns, so that we can fulfil our
promises to customers while providing a return to our shareholders. In doing so we have a preference for retaining those risks we believe we
are capable of managing to generate a return.
Our sustainability and financial strength are underpinned by an effective risk management process and risk intelligent culture, which helps
us identify major risks to which we may be exposed, establish appropriate controls and take mitigating actions for the benefit of our
customers and investors. The Group\u2019s risk strategy is to invest its available capital to optimise the balance between return and risk while
maintaining an appropriate level of economic (i.e. risk-based) and regulatory capital.
The key elements of our risk management framework comprise: our risk strategy and risk management forward plans; risk governance,
including risk policies and business standards, risk oversight committees and roles and responsibilities; and the processes we use to
identify, measure, manage, monitor and report risks, including the use of our risk models and stress and scenario testing.
59 \u2013 Derivative financial instruments and hedging
This note gives details of the various financial instruments the Group uses to mitigate risk.
The Group uses a variety of derivative financial instruments, including both exchange traded and over-the-counter instruments, in line with
the Group\u2019s overall risk management strategy. The objectives include managing exposure to market, foreign currency and/or interest rate
risk on existing assets or liabilities, as well as planned or anticipated investment purchases.
In the narrative and tables below, figures are given for both the notional amounts and fair values of these instruments. The notional
amounts reflect the aggregate of individual derivative positions on a gross basis and so give an indication of the overall scale of the
derivative transaction. The fair values represent the gross carrying values at\u00a0the year end for each class of derivative contract held (or issued)
by the Group.
The fair values do not provide an indication of credit risk, as many over-the-counter transactions are contracted and documented under
ISDA (International Swaps and Derivatives Association, Inc.) master agreements or their equivalent. Such agreements are designed to
provide a legally enforceable set-off in the event of default, which reduces credit exposure. In addition, the Group has collateral agreements
in place between the individual Group entities and relevant counterparties. See note 60 for further information on collateral and net credit
risk of derivative instruments.
(a) Instruments designated for hedge accounting
The Group has formally assessed and documented the hedge effectiveness for financial instruments designated as hedging instruments in
accordance with IAS 39.
Net investment hedges
To reduce its exposure to foreign currency risk, the Group has designated a portion of its euro and Canadian dollar denominated debt as
hedging instruments to hedge the net investment in its Irish and Canadian subsidiaries. The carrying value of the debt designated in net
investment hedges at 31 December 2022 was \u00a3964 million (2021: \u00a3917 million). The fair value of the debt at that date was \u00a3891 million
(2021: \u00a3984 million).
Foreign exchange loss of \u00a338 million (2021: gains of \u00a331 million) on translation of the debt to sterling at the statement of financial position
date in respect of the effective portion have been recognised in the hedging instruments reserve in shareholders\u2019 equity.
Hedge accounting applied to the Group\u2019s net investment in Aviva France and Aviva Italy was terminated at 31 December 2020. The amounts
previously recognised in the hedging instruments reserve were recycled to the income statement on completion of the disposals during
2021 (see note 37).
Cash flow hedges
The Group did not apply cash flow hedging during the year. In 2021, the Group terminated the cash flow hedges used for hedging the
currency forward contracts on completion of the disposal of Aviva France and Aviva Poland.
59 \u2013 Derivative financial instruments and hedging continued
(b) Derivatives
The Group did not apply hedge accounting to derivatives at 31 December 2022 and 31 December 2021.
(i) The Group\u2019s derivatives at 31 December 2022 and 2021 were as follows:
2022
2021
Contract/
notional
amount
\u00a3m
Fair value
asset
\u00a3m
Fair value
liability
\u00a3m
Contract/
notional
amount
\u00a3m
Fair value
asset
\u00a3m
Fair value
liability
\u00a3m
Foreign exchange contracts
OTC
Forwards
44,705
1,027
(561)
41,999
334
(266)
Interest rate and currency swaps
11,316
200
(1,223)
9,503
494
(357)
Total
56,021
1,227
(1,784)
51,502
828
(623)
Interest rate contracts
OTC
Forwards
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Swaps
53,758
2,483
(6,053)
63,457
3,811
(2,346)
Options
150
1
\u2014
162
1
\u2014
Swaptions
842
41
(8)
147
66
(1)
Exchange traded
Futures
8,829
89
(141)
7,934
19
(57)
Total
63,579
2,614
(6,202)
71,700
3,897
(2,404)
Equity/Index contracts
OTC
Options
6,707
162
(90)
12,884
87
(48)
Exchange traded
Futures
11,527
180
(55)
11,424
102
(97)
Options
1,469
158
(6)
1,627
207
(11)
Total
19,703
500
(151)
25,935
396
(156)
Credit contracts
5,418
30
(74)
8,919
11
(307)
Other
14,770
545
(1,330)
11,548
602
(2,273)
Total at 31 December
159,491
4,916
(9,541)
169,604
5,734
(5,763)
Fair value assets of \u00a34,916 million (2021: \u00a35,734 million) are recognised as \u2018Derivative financial instruments\u2019 in note 26(a), while fair value
liabilities of \u00a39,541 million (2021: \u00a35,763 million) are recognised as \u2018Derivative liabilities\u2019 in note 52.
The Group\u2019s derivative risk management policies are outlined in note 58.
(ii) The contractual undiscounted cash flows in relation to derivative liabilities have the following maturities:
2022
\u00a3m
2021
\u00a3m
Within 1 year
1,973
1,136
Between 1 and 2 years
965
496
Between 2 and 3 years
747
406
Between 3 and 4 years
693
373
Between 4 and 5 years
658
333
After 5 years
8,009
3,326
13,045
6,070
Amounts subject to enforceable netting arrangements
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
2021
Gross
amounts
\u00a3m
Amounts
offset
\u00a3m
Net amounts
reported in
the statement
of financial
position
\u00a3m
Financial
instruments
\u00a3m
Cash collateral
\u00a3m
Securities
collateral
received/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial assets
4,593
\u2014
4,593
(2,839)
(1,053)
(177)
524
Loans to banks and repurchase arrangements
8,297
\u2014
8,297
\u2014
(300)
(5,285)
2,712
Total financial assets
12,890
\u2014
12,890
(2,839)
(1,353)
(5,462)
3,236
Financial liabilities
Derivative financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Total financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Derivative assets are recognised as \u2018Derivative financial instruments\u2019 in note 26(a), while fair value liabilities are recognised as \u2018Derivative
liabilities\u2019 in note 52. \u00a31,512 million (2021: \u00a31,141 million) of derivative assets and \u00a33,137 million (2021: \u00a31,242 million) of derivative liabilities
are not subject to master netting agreements and are therefore excluded from the table above.
Amounts receivable related to securities lending and reverse-repurchase arrangements totalling \u00a34,481 million (2021: \u00a38,297 million) are
recognised within \u2018Loans to banks\u2019 in note 23.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within \u2018Obligations for
repayment of cash collateral received\u2019 in note 52.
60 \u2013 Financial assets and liabilities subject to offsetting, enforceable master netting
agreements and similar arrangements continued
(b) Collateral
In the tables above, the amounts of assets or liabilities presented in the consolidated statement of financial position are offset first by
financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the
amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables above in the
case of over-collateralisation.
The total amount of collateral received which the Group is permitted to sell or repledge in the absence of default, excluding collateral
related to balances recognised within \u2018Loans to banks\u2019 disclosed in note 23, was \u00a34,877 million (2021: \u00a313,385 million), all of which other
than \u00a3322 million (2021: \u00a31,190 million) is related to securities lending arrangements. Collateral of \u00a31,568 million (2021: \u00a31,318 million) has
been received related to balances recognised within \u2018Loans to banks\u2019 in note 23. The value of collateral that was actually sold or repledged
in the absence of default was \u00a3nil (2021: \u00a3nil).
The level of collateral held is monitored regularly, with further collateral obtained where this is considered necessary to manage the Group\u2019s
risk exposure. The fair values of collateral received approximate to their carrying amounts.
61 \u2013 Related party transactions
This note gives details of the transactions between Group companies and related parties which comprise our joint ventures, associates and
staff pension schemes.
The Group undertakes transactions with related parties in the normal course of business. Loans to related parties are made on normal
arm\u2019s-length commercial terms.
Services provided to, and by related parties
2022
2021
Income earned
in the year
\u00a3m
Expenses
incurred in
the year
\u00a3m
Payable at
year end
\u00a3m
Receivable at
year end
\u00a3m
Income earned
in the year
\u00a3m
Expenses
incurred in
the year
\u00a3m
Payable at
year end
\u00a3m
Receivable at
year end
\u00a3m
Associates
39
\u2014
\u2014
9
36
\u2014
\u2014
9
Joint ventures1
34
\u2014
\u2014
135
50
\u2014
\u2014
1
Employee pension schemes
10
\u2014
\u2014
5
12
\u2014
\u2014
6
83
\u2014
\u2014
149
98
\u2014
\u2014
16
1.Following a review of 2021, comparative amounts have been amended from those previously reported to include transactions between Aviva Investors Singapore and Aviva Singlife Holdings Pte. Limited. The effect of
this change is \u00a313 million in Income earned in the year.
Transactions with joint ventures in UK relate to the property management undertakings, the most material of which are listed in note
17(a)(iii). The Group has equity interests in these joint ventures, together with the provision of administration services and financial
management to many of them. Our fund management companies also charge fees to these joint ventures for administration services and
for arranging external finance.
Key management personnel of the Company may from time to time purchase insurance, savings, asset management or annuity products
marketed by group companies on equivalent terms to those available to all employees of the Group. In 2022, other transactions with key
management personnel were not deemed to be significant either by size or in the context of their individual financial positions.
Our UK fund management companies manage most of the assets held by the Group\u2019s main UK staff pension scheme, for which they charge
fees based on the level of funds under management. The main UK scheme holds investments in Group-managed funds and insurance
policies with other group companies, as explained in note 50(b)(ii). As at 31 December 2022, the Friends Provident Pension Scheme (\u2018FPPS\u2019),
acquired in 2015 as part of the acquisition of the Friends Life business, held an insurance policy of \u00a3432 million (2021: \u00a3625 million) issued by
a group company, which eliminates on consolidation. During the year, Aviva Group Holdings Limited provided a short term loan of \u00a388
million to FPPS. As at 31 December 2022 \u00a326 million remained outstanding, which is included within the Group\u2019s loan assets and as a
deduction from FPPS plan assets, and does not eliminate on consolidation.
The related parties\u2019 receivables are not secured and no guarantees were received in respect thereof. The receivables will be settled in
accordance with normal credit terms.
.
61 \u2013 Related party transactions continued
During the year, the Aviva Staff Pension Scheme (ASPS) completed two (2021: three) bulk annuity buy-in transactions with Aviva Life &
Pensions UK Limited (AVLAP). Total premiums of \u00a31,324 million (2021: \u00a32,456 million) were paid by the scheme to AVLAP, with AVLAP
recognising total gross liabilities of \u00a31,001 million (2021: \u00a32,184 million). The difference between the premiums and the gross liabilities
implies profit2 of \u00a3323 million (2021: \u00a3272 million), which does not include costs incurred by the Group associated with the transactions,
and\u00a0is driven primarily by differences between the measurement bases used to calculate the premium and the accounting value of the
associated gross liabilities. The ASPS recognised the total plan assets of \u00a3891 million (2021: \u00a31,760 million), with the difference between
the\u00a0plan assets recognised and the premiums paid being recognised as an actuarial loss through Other Comprehensive Income. As at
31 December 2022, AVLAP recognised cumulative technical provisions of \u00a33,342 million (2021: \u00a34,264 million) in relation to buy-in
transactions with the ASPS which have been included within the Group's gross liabilities, and the ASPS held a transferable plan asset of
\u00a32,875 million (2021: \u00a33,543 million) which does not eliminate on consolidation.
Key management compensation
The total compensation to those employees classified as key management, being those having authority and responsibility for planning,
directing and controlling the activities of the Group, including the executive and non-executive directors is as follows:
2022
\u00a3m
2021
\u00a3m
Salary and other short-term benefits
8.3
9.0
Post-employment benefits
0.9
1.1
Equity compensation plans
18.9
14.9
Termination benefits
\u2014
1.5
Total
28.1
26.5
In 2022, roles within the management structure were reviewed and certain positions were determined to no longer be persons with decision
making responsibility. As a result, the number of individuals classified as key management personnel has reduced as at 31 December 2022.
Information concerning individual directors\u2019 emoluments, interests and transactions is given in the Directors\u2019 Remuneration Report.
62 \u2013 IFRS 17 Transition
IFRS 17 Insurance Contracts, is a new accounting standard that provides a comprehensive and consistent approach to accounting for
insurance contracts. IFRS 17 is effective for the Group for the annual reporting period beginning 1 January 2023 and replaces IFRS 4, which
was issued in 2005 and was largely based on grandfathering of previous local accounting policies. The Group is implementing IFRS 17
retrospectively as of 1 January 2023. The opening balance sheet date for comparative information is 1 January 2022, which is also known as
the transition date.
IFRS 17 establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts, reinsurance contracts
and investment contracts with discretionary participation features (participating investment contracts). It introduces a model that measures
groups of contracts based on the present value of future cash flows with an explicit risk adjustment for non-financial risk (the fulfilment cash
flows); and a contractual service margin (CSM), representing the unearned profit to be recognised in profit or loss over the service period
(coverage period). Losses on contracts that are onerous at inception are recognised immediately. The core of IFRS 17 is the general
measurement model (GMM), supplemented by a specific adaptation for contracts with direct participation features (the variable fee
approach (VFA)), and a simplified approach (the premium allocation approach (PAA)) for short-duration contracts.
The application of IFRS 17 significantly impacts the measurement and presentation of insurance contracts, reinsurance contracts and
participating investment contracts. The financial impact of measurement changes will be more significant for life insurance than non-life
insurance contracts, however there will be significant changes to presentation and disclosures for all insurance contracts. Investment
contracts with no significant insurance risk or discretionary participating features, equity release mortgage loans, and investment
management business are out of scope and therefore not impacted by the new standard.
Under IFRS 17 the presentation of insurance revenue and insurance service expenses in the statement of comprehensive income is based on
the concept of insurance services provided during the period; and extensive disclosures provide information on the recognised amounts
from insurance contracts and the nature and extent of risks arising from these contracts. We expect to align disclosure to three major
groupings: Life Risk, Life Participating and Non-life (general insurance and health) which broadly align with the IFRS 17 measurement
models GMM, VFA and PAA respectively.
62 \u2013 IFRS 17 Transition continued
(a) IFRS 17 Measurement Models
The three measurement models apply to Aviva's business as follows:
Model
Model Applicable business
GMM
\u2022Bulk purchase annuities
\u2022Individual immediate and deferred annuities
\u2022Individual and Group protection
\u2022With-profits contracts with guaranteed annuity terms
\u2022Reinsurance contracts held, including non-life reinsurance contracts that are not eligible for PAA
VFA
\u2022Participating investment contracts
\u2022Unit linked or with-profits contracts with significant insurance risk
PAA
\u2022Short duration non-life insurance contracts
\u2022Longer duration non-life insurance contracts which meet PAA eligibility requirements
\u2022Reinsurance contracts held which meet PAA eligibility requirements
items adjusted for cash flows that do not vary with those underlying items. The risk adjustment reflects the compensation for non-financial
risk in relation to the variable fee only.
The CSM is subsequently remeasured for changes in the variable fee due to both financial and non-financial risks using current market
discount rates. Consistent with the GMM, the CSM is recognised in profit or loss over the coverage period in line with the insurance and
investment services provided to customers.
iii. PAA
The PAA is a simplified measurement model which can be applied to all short duration contracts and to longer duration contracts that meet
PAA eligibility criteria. It is applied to all of the Group's non-life insurance and reinsurance contracts except for contracts that reinsure
adverse development of incurred claims.
The LRC is measured as the amount of premium received net of acquisition cash flows, less the amount of premiums and acquisition cash
flows that have been recognised in profit or loss over the expired portion of the coverage period. Premium receipts and acquisition
cashflows are recognised in profit or loss over the life of the contract, based on the expected timing of incurred claims. This approach is
similar to the Group's previous approach for measuring non-life insurance contracts under IFRS 4.
If facts and circumstances indicate that a group of contracts may be onerous, the LRC is measured using GMM principles and losses for
onerous contracts are recognised immediately in the income statement.
For most contracts applying PAA, the measurement of the LIC aligns to the GMM, with an explicit risk adjustment for non-financial risk, and
discounting applied to expected cash-flows. For Health contracts a PAA exemption is applied to measure the LIC on an undiscounted basis.
62 \u2013 IFRS 17 Transition continued
(b) Significant accounting policies, judgements and estimates
The implementation of IFRS 17 will require the Group to apply new accounting policies, replacing those previously applied under IFRS 4,
and make estimates and assumptions that will affect items reported in the consolidated income statement and statement of financial
position. The significant accounting policies, judgements and estimates that will be applied by the Group on transition to IFRS 17 are
summarised below.
i. Choice of measurement model
VFA eligibility
Life business is considered eligible for the VFA measurement model where:
\u00b7 Contractual terms evidence that policyholders participate in a pool of clearly identified underlying items, for example unit-linked or with-
profits funds;
\u00b7 The policyholders expect to receive a substantial share of the returns on underlying items (defined by the Group as greater than 50%); and
\u00b7 A substantial proportion of changes in amounts payable to policyholders varies with returns on the underlying items (defined by the Group
as a correlation coefficient of greater than 50%).
Reinsurance contracts held are not eligible to apply the VFA.
PAA eligibility
The vast majority of the Group\u2019s direct non-life business has a duration of one year or less and is automatically eligible for the PAA model.
For the remainder, financial modelling is performed to compare the value of the LRC measured under GMM and PAA. Where the LRC does
not materially differ between the two measurement models (over the duration of the contract and in a range of\u00a0reasonably foreseeable
scenarios) the contract group is PAA eligible.
The Group has multiple non-life reinsurance contracts which are greater than one year in duration. These are assessed for PAA eligibility
by\u00a0applying the same financial modelling approach and are all PAA eligible except for treaties reinsuring the adverse development of
incurred claims.
ii. Level of aggregation
IFRS 17 specifies the unit of account is a group of contracts and provides guidance on the level at which insurance contracts can be
aggregated into groups for measurement purposes. Discrete CSM's are determined for each group of insurance contracts applying GMM or
VFA. Groups of insurance contracts have been determined by identifying portfolios of insurance contracts, comprising contracts subject to
similar risks that are managed together, and dividing each portfolio into annual cohorts by year of issue. Each annual cohort is then further
subdivided into three groups based on the profitability of contracts determined at initial recognition and comprising:
\u2022contracts that are onerous;
\u2022contracts that have no significant possibility of becoming onerous; (based on the probability that changes in assumptions would
result\u00a0in\u00a0contracts becoming onerous); and
\u2022all remaining contracts.
Reinsurance contracts held are also subdivided into three profitability groups, determined by reference to net gains/losses on initial
recognition, and comprising:
\u2022contracts that have a net gain at initial recognition;
\u2022contracts that have no significant possibility of a net gain arising subsequently; and
\u2022all remaining contracts.
The approach to profitability grouping makes use of sets. Where it can be demonstrated that all contracts within a set are sufficiently
homogeneous, they are allocated to the same profitability group without performing an individual contract assessment. For Life product
lines, sets of contracts usually correspond to policyholder pricing groups. The likelihood of changes in insurance, financial and other
exposures resulting in contracts becoming onerous is monitored at the level of these pricing groups.
For contracts measured under the PAA, IFRS 17 permits a simplification whereby contract groups are assumed not to be onerous unless
facts and circumstances indicate otherwise. The Group has used internal management information to identify facts and circumstances that
may indicate that a group is onerous.
iii. Estimate of future cash flows
The estimate of future cash flows is assessed at the level of profitability groups and represents the best estimate of the Group's cost to fulfil
a contract incorporating current estimates of non-financial assumptions. The estimate allows for all the cash inflows and outflows expected
to occur within the contract boundary. Cash flows are modelled separately for gross and reinsurance contracts.
Principal non-financial assumptions
Principal non-financial assumptions used in the calculation of life insurance and participating investment contract fulfilment cash flows
include those in respect of annuitant and assurance mortality and future expenses. Expenses must be directly attributable to fulfilling
insurance contracts, including an allocation of overheads to the extent that they can be allocated to groups of contracts in a systematic
and\u00a0rational way.
Principal non-financial assumptions used in the calculation of the non-life LIC use past claims experience to project future claims
(estimated\u00a0using a range of standard actuarial claims projection techniques).
62 \u2013 IFRS 17 Transition continued
iv. Financial assumptions
Discount rates
Discounting is applied to the estimate of future cash flows. The Group uses a bottom-up discount rate for all life and non-life insurance
contracts except for annuities. A top-down discount rate is applied to annuities to reflect more appropriately the characteristics of the
annuity liabilities. For other contracts where liabilities are subject to lapse risk or where cashflows depend on underlying asset performance
(such as unit-linked and with-profits), the characteristics of the liability can be reflected using the bottom-up method which requires the
application of less judgement.
Top-down Discount rates
The discount rate is determined from the yield implicit in the fair value of an appropriate reference portfolio of assets that reflects the
characteristics of the liability. Adjustments are made for differences between the reference portfolio and liability cash flows, including an
allowance for defaults which reflects the compensation a market participant would require for credit risk.
The CSM for annuity contracts is measured using a locked-in discount rate based on assets expected to be originated for new business at
initial recognition of the contracts. On subsequent measurement of the fulfilment cash flows the reference portfolio is based on the assets
held to match the portfolio of liabilities. For recently written contracts, an adjustment is made to liabilities where appropriate assets are
yet\u00a0to be sourced.
Bottom-up Discount rates
The discount rate is determined as the risk-free yield, adjusted for differences in liquidity characteristics between the financial assets used
to\u00a0derive the risk-free yield and the relevant liability cash flows (known as an \u2018illiquidity premium\u2019).
The illiquidity premium is determined as a percentage of the current spread over the risk-free yield on an index of covered bonds.
The\u00a0percentage applied reflects the liquidity characteristics of the liabilities including the propensity and ability of policyholders to lapse or
surrender their contracts; for example, 100% for structured settlements where surrenders are not possible, and 0% for unit-linked contracts
where policyholders can normally immediately surrender their contract for the unit value. An intermediate percentage is applied for other
types of business.
Inflation assumptions
Future inflation assumptions are treated as a financial assumption when applied to policyholder benefits or outsourced maintenance
expenses that are contractually linked to an inflation index.
Presentation of financial assumption changes
The impact of changes in financial assumptions can be presented in the income statement or in the statement of comprehensive income
as\u00a0a matter of accounting policy choice. The Group has elected to recognise these impacts in the income statement, consistent with the
approach to the presentation of fair value movements on assets in accordance with IFRS 9, thus eliminating accounting mismatches.
v. Risk Adjustment
The risk adjustment reflects the compensation required by the Group to accept the uncertainty about the amount and timing of future cash
flows that arises from non-financial risk. The calculation of the risk adjustment is calibrated to the Group\u2019s pricing and capital allocation
framework, leveraging the Solvency II view of non-financial risk, considering a lifetime view, and including diversification between risks.
vi. CSM
The CSM represents a liability for unearned profit measured at inception and recognised in the income statement over the life of the
contract as insurance and investment related services are provided to the customer. The amount of CSM amortisation recognised in profit
or loss each year is determined by considering, for each group of contracts, coverage units that reflect the quantity of the benefits provided
in each period and the expected coverage period.
The coverage units used by major product lines are:
Product line
Coverage units
Immediate annuities
Annuity outgo
Deferred annuities
Annuity outgo for insurance service post retirement and weighted expected investment return for the
investment return service provided prior to retirement
Individual and Group Protection
Sum assured
Individual and Group Income Protection
Benefit amount payable
Unit linked insurance
Sum assured including unit value
With-profits
Cost of guarantees plus asset share
For deferred annuities the weighting between insurance and investment return services targets equivalence at retirement with the CSM
for\u00a0an immediate annuity that only provides post-retirement insurance services, after allowing for expected retirement date, transfers
and\u00a0commutations.
Coverage units for reinsurance contracts held are typically consistent with the underlying gross contracts, adjusted for differences in the
services provided.
62 \u2013 IFRS 17 Transition continued
vii. Insurance acquisition cashflows
Insurance acquisition cashflows are initially deferred on the balance sheet as an insurance acquisition cashflow asset and then allocated
against groups of insurance contracts to which they are directly attributable. This includes instances where insurance acquisition cashflows
are directly attributable to the future renewal of existing contract groups for some products in the Group\u2019s non-life business. For contract
groups applying PAA, the Group has chosen not to apply an exemption to recognise insurance acquisition cashflows as an expense at the
point they are incurred.
Where insurance acquisition cashflows are allocated to contract groups applying GMM or VFA, they are included within the measurement
of\u00a0the CSM and recognised in the income statement over the period which services are provided to the customer. Insurance acquisition
cashflows allocated to contract groups applying PAA are recognised in the income statement over the life of the contract based on the
expected timing of incurred claims.
Insurance acquisition cashflow assets are assessed for impairment where facts and circumstances indicate that they may be impaired.
The\u00a0Group uses data on customer retention rates and the profitability of products to identify such facts and circumstances.
(c) IFRS 17 transition approach
Changes in accounting policies resulting from the implementation of IFRS 17 must be applied using the Fully Retrospective Approach (FRA)
where practicable, calculating the CSM at the date of transition as if the standard had always applied. Where FRA is not practicable for a
particular group of insurance contracts there is a choice to apply the Modified Retrospective Approach (MRA) to the extent that reasonable
and supportable information exists, or the Fair Value Approach (FVA). The choice between MRA and FVA can have a significant impact on
the\u00a0valuation of the CSM on transition and has been made separately for each group of insurance contracts for which it is impracticable
to\u00a0apply FRA.
For non-life business in scope of the PAA the FRA has been used.
For Life business and non-life adverse development reinsurance, the Group has applied judgement when determining whether the FRA is
practicable and whether reasonable and supportable information exists to apply the MRA. For this business the following approaches have
been applied on transition to IFRS 17:
\u2022The FRA has been used for the majority of business written or acquired since 2016, as prior to this date the risk adjustment is
considered\u00a0indeterminable without the benefit of hindsight due to the multiple views of risk that were reported at that time;
\u2022The MRA has been used for certain portfolios of UK individual protection business written in the period 2012-2015 and for certain
portfolios\u00a0of acquired UK\u00a0VFA\u00a0business; and
\u2022The FVA has been used for all other business written prior to 2016, including annuities.
On transition, approximately 35% of the CSM is calculated under the FRA, 10% under the MRA and 55% under the FVA.
Application of the MRA
Where information is not available to undertake the FRA the MRA allows certain modifications to be applied provided reasonable and
supportable information is available to apply the modification. The aim is to achieve the closest possible outcome to the FRA.
For contracts transitioned under the FRA or MRA, the opening CSM balance at 1 January 2022 includes the effect of amortisation of the CSM
for the period of retrospective restatement.
Application of the FVA
Under the FVA the CSM recognised at the transition date is determined as the fair value of the portfolio of contracts at the transition
date\u00a0less the fulfilment cash flows at the transition date. Unlike the FRA and MRA no pre-transition information is required to calculate
the\u00a0FVA CSM.
Where FVA has been applied, the fair value has been derived in accordance with IFRS 13 Fair Value Measurement and represents the
price\u00a0a\u00a0market participant would require to assume the liabilities in an orderly transaction. As quoted market prices are not available
for\u00a0portfolios of insurance contracts, valuation models have been used to calculate the fair value of each portfolio. The choice of model
and\u00a0inputs to the model involves judgement and this gives rise to a range of plausible fair values.
Valuation inputs reference market information where available with unobservable inputs otherwise used. Inputs have been calibrated to
those Aviva would expect market participants would use when pricing the liabilities. The most significant judgements for each portfolio are
as follows:
\u2022Identification of the principal market
\u2022The return on assets backing the portfolio
\u2022The level of regulatory capital required to support the portfolio
\u2022The required rate of return on capital deployed
For business transitioning under the FVA, the Group has taken advantage of the simplification permitting contracts in different annual
cohorts to be placed into a single group of contracts.
62 \u2013 IFRS 17 Transition continued
(d) Financial impacts on transition to IFRS 17
On adoption of IFRS 17, Group consolidated equity attributable to shareholders of Aviva plc at the transition date of 1 January 2022 is
expected to be within the range of \u00a316.3 billion - \u00a317.0 billion including an estimated CSM (net of tax) within the range of \u00a34.2 billion -
\u00a34.9 billion. Group consolidated equity attributable to shareholders of Aviva plc reported on an IFRS 4 basis at 31 December 2021 was \u00a319.2
billion. The drivers of differences between IFRS 4 and IFRS 17 total equity excluding non-controlling interests include the following:
Drivers
Description
IFRS 4 margins
Margins included in the IFRS 4 measurement of insurance contract liabilities are excluded from the IFRS 17
fulfilment cash flows, as the liabilities are measured on a best estimate basis with a separate explicit
adjustment for risk.
Differences in the valuation of future
cash flows
The primary differences in measurement of the future cash flows are:
\u2022Inclusion of future shareholder profits from unit-linked and with-profits business, that are not fully
recognised under IFRS 4.
\u2022Change in discount rate for life insurance business, most materially for annuities\u00a0
\u2022Introduction of discounting for all non-life insurance business (under IFRS 4 only longer duration claims
are discounted).
Deferred acquisition costs and acquired
value in-force business
Deferred acquisition costs and acquired value of in-force business are de-recognised for contracts in scope of
IFRS 17 and are instead included implicitly in the measurement of the LRC. The deferred acquisition costs
and acquired value of in-force business for non-IFRS 17 business are unaffected.
Contractual Service Margin
This IFRS 17 liability represents the unearned profit of the insurance contracts which will be recognised in
profit or loss over the coverage period in line with the service provided to customers.
Risk Adjustment
The risk adjustment is an explicit allowance for risk recognised under IFRS 17, replacing some of the
IFRS\u00a04\u00a0margins.
Change in deferred tax due to increase
in\u00a0liabilities
Taxable profits are generally based on an accounting profit and the adoption of IFRS 17 will impact current
tax liabilities.The principles of deferred tax mean that the total tax (current and deferred) remains aligned to
the reported profits. The transition CSM includes profits that were previously reported in accordance with
IFRS 4 and subject to tax.The reduction in net assets on adoption of IFRS 17, including the CSM recognition,
gives rise to a deferred tax asset as tax on profits is only paid once. The deferred tax asset will reverse as the
CSM unwinds and profits are recognised in future.\u00a0
The impact on transition to IFRS 17 is most significant for the Group's annuity and protection business where the deferral of profit in the
CSM is the most material. A significant proportion of the CSM on transition arises from the Group's existing immediate annuity portfolio, the
unwind of which will become a material driver of the contribution to future profits by the UK & Ireland Life operating segment. Offsetting
this, the majority of profits on new annuity and protection business will now be deferred. In addition, under IFRS 17, the impact of changes
in non-financial assumptions on future cashflows will be adjusted through the CSM and spread forward rather than being recognised
immediately in profit as under IFRS 4.
There are more limited impacts from the Group's other lines of insurance business with no impact for business out of scope of IFRS 17
including Investment contracts with no significant insurance risk or discretionary participating features, equity release mortgage loans, and
investment management business.
At this stage the impacts of IFRS 17 on the Group's consolidated income statement and statement of financial position at 31 December 2022
cannot be reliably estimated pending full implementation and testing of systems, including the operational effectiveness of internal control
processes. The Group's IFRS 17 transition programme will conclude in the first half of 2023.\u00a0
IFRS 17 will have no impact on our Solvency II performance measures or the Group financial targets. Furthermore, we do not expect IFRS 17
to impact on dividend policy and dividend guidance.
63 \u2013 Organisational structure
The following chart shows, in simplified form, the organisational structure of the Group as at 31 December 2022. Aviva plc is the holding
company of the Group.
Parent company
Aviva plc
Subsidiaries
The principal subsidiaries of the Company at 31 December 2022 are listed below by country of incorporation.
A complete list of the Group\u2019s related undertakings comprising of subsidiaries, joint ventures, associates and other significant holdings is
contained within note 64.
Aviva plc
Aviva - COFCO Life
Insurance Company Ltd2
Aviva Group Holdings Ltd1
General Accident plc1
Friends Life
Holdings Ltd1
Aviva Life
Holdings UK\u00a0Ltd1
Aviva Investors
Holdings Ltd1
Aviva Central
Services UK Ltd1
Aviva
International
Holdings Ltd1
Aviva Insurance
Ltd3
Aviva
International
Insurance Ltd1
Singapore Life
Holdings PTE
Ltd5 and other
subsidiaries
UK & Ireland Life
Subsidiaries
Investment
Management
subsidiaries
Aviva
Employment
Services Ltd1
Aviva Life
Insurance
Company India
Ltd4 and other
subsidiaries
Aviva UK Digital
Ltd1
UK & Ireland
General
Insurance and
Ireland Health
Subsidiaries
Canada General
Insurance
Subsidiaries
1. Incorporated in England and Wales
2. Incorporated in People's Republic of China
3. Incorporated in Scotland
4. Incorporated in India
5. Incorporated in Singapore
United Kingdom
Aviva Administration Limited
Aviva Central Services UK Limited
Aviva Employment Services Limited
Aviva Equity Release UK Limited
Aviva Health UK Limited
Aviva Insurance Limited
Aviva International Insurance Limited
Aviva Investors Global Services Limited
Aviva Investors Pensions Limited
Aviva Investors UK Fund Services Limited
Aviva Life & Pensions UK Limited
Aviva Life Services UK Limited
Aviva Management Services UK Limited
Aviva Pension Trustees UK Limited
Aviva UK Digital Limited
Aviva Wrap UK Limited
Gresham Insurance Company Limited
Sesame Bankhall Group Limited
Succession Holdings Limited
The Ocean Marine Insurance Company Limited
Wealthify Group Limited
Canada
Aviva Canada Inc. and its principal subsidiaries:
Aviva Insurance Company of Canada
Aviva General Insurance Company
Elite Insurance Company
Pilot Insurance Company
Scottish & York Insurance Co. Limited
S&Y Insurance Company
Traders General Insurance Company
Ireland
Aviva Life and Pensions Ireland Designated Activity
Company
Aviva Insurance Ireland Designated Activity Company
India
Aviva Life Insurance Company India Limited
63 \u2013 Organisational structure continued
Associates and joint ventures
The Group has ongoing interests in the following operations that are classified as joint ventures or associates, as a complete list
of the Group\u2019s related undertakings comprising of subsidiaries, joint ventures, associates and other significant holdings is contained within
note 64. Further details of those operations that were most significant in 2022 are set out in notes 17 and 18 to the financial
statements.
China
Aviva-COFCO Life Insurance Company Limited (50%)
Singapore
Singapore Life Holdings Pte Limited (26%)
United Kingdom
The Group has interests in several property limited
partnerships. Further details are provided in notes 17, 18,
25 and 63 to the financial statements.
64 \u2013 Related undertakings
The Companies Act 2006 requires disclosure of certain information about the Group\u2019s related undertakings which is set out in this note.
Related undertakings comprise subsidiaries, joint ventures, associates and other significant holdings. Significant holdings are where the
Group either has a shareholding greater than or equal to 20% of the nominal value of any share class, or a book value greater than 20% of
the Group\u2019s assets.
The definition of a subsidiary undertaking in accordance with the Companies Act 2006 is different from the definition under IFRS.
As\u00a0a\u00a0result,\u00a0the related undertakings included within the list below may not be the same as the undertakings consolidated in the Group
IFRS\u00a0financial statements. See accounting policies (D) Consolidation principles for further detail on principles of consolidation and
definition of joint ventures.
The Group\u2019s related undertakings along with the country of incorporation, the registered address, the classes of shares held and the
effective percentage of equity owned at 31 December 2022 are disclosed below.
The direct related undertakings of the Company as at 31 December 2022 are listed below:
Name of undertaking
Country of incorporation
Registered address
Share class
% held
Aviva-COFCO Life Insurance
Company Limited
China
12/F,Block A,Landgent Centre, 20 East Third Ring
Middle\u00a0Road, Beijing, 100022
Ordinary shares
50
General Accident plc
United Kingdom
Pitheavlis, Perth, Perthshire, PH2 0NH
Ordinary shares
100
Aviva Group Holdings Limited
United Kingdom
St Helen\u2019s, 1 Undershaft, London, EC3P 3DQ
Ordinary shares
100
The indirect related undertakings of the Company as at 31 December 2022 are listed below:
Company name
Share Class1
% held
Australia
c/o TMF Corporate Services (Aust) Pty Limited, Suite 1 Level 11,
66\u00a0Goulburn Street, Sydney NSW 2000, Australia
Aviva Investors Pacific Pty Limited
Ordinary
100
Barbados
c/o USA Risk Group (Barbados) Limited, 6th Floor, CGI Tower, Warrens,
St. Michael, BB22026, Barbados
Victoria Reinsurance Company Limited.
Common
100
Canada
10 Aviva Way, Suite 100, Markham ON L6G0G1, Canada
2161605 Ontario Inc
Common
100
9543864 Canada Inc.
Common
100
Aviva Canada Inc.
Common
100
Aviva General Insurance Company
Common
100
Aviva Insurance Company of Canada
Common
100
Aviva Warranty Services Inc.
Common
100
Bay-Mill Specialty Insurance Adjusters\u00a0Inc.
Common
100
Elite Insurance Company
Common
100
Insurance Agent Service Inc.
Common
100
Nautimax Limited
Common
100
OIS Ontario Insurance Service Limited
Common
100
Pilot Insurance Company
Common
100
S&Y Insurance Company
Common
100
Company name
Share Class1
% held
c/o TMF Denmark, H.C. Andersens Boulevard 38, 3. th, 1553,
Copenhagen V, Denmark
AICT EUR Real Estate (DS) GP ApS
Ordinary
100
AICT EUR Real Estate (DS) LP K/S
Ordinary
100
France
20 PL Vend\u00f4me, Paris 75001, France
AXA LBO Fund IV Feeder
Private Equity Fund
38
47 Rue du Faubourg Saint-Honor\u00e9 ,75008, France
CGU Equilibre
FCP
99
Germany
c/o TMF Deutschland AG, Wiesenh\u00fcttenstrasse 11, 60329, Frankfurt am
Main, Germany
Reschop Carr\u00e9 Hattingen GmbH
Ordinary
95
Reschop Carr\u00e9 Marketing GmbH
Ordinary
100
Ferdinandstra\u00dfe 75 \u00b7 20095 Hamburg, Germany
Warburg - Multi- Smart-Beta
Aktien\u00a0Europa
OEIC
40
Warburg Global Fixed Income Fund
OEIC
24
Guernsey
PO Box 155 Mill Court, La Charroterie, St Peter Port, GY1 4ET, Guernsey
Paragon Insurance Company
Guernsey\u00a0Limited
Ordinary
49
PO Box 255, Trafalgar Court, Les Banques, St Peter Port, GY1 3QL,
Guernsey
BMO Commercial Property Trust Limited
Ordinary
20
India
2nd floor, Prakash Deep Building, 7 Tolstoy Marg, New Delhi, 110001,
India
Aviva Life Insurance Company India
Limited
Ordinary
74
A-47 (L.G.F), Hauz Khas, New Delhi, Delhi, India
Sesame Group India Private Limited
Ordinary
100
Pune Office, Addresses 103/P3, Pentagon, Magarpatta City, Hadapsar,
Pune \u2013 411013, India
A.G.S. Customer Services (India)
Private\u00a0Limited
Ordinary
100
Ireland
5 Georges Dock, IFSC, Dublin 1, Dublin, Ireland
CT Multi-Strategy Global Equity Fund
OEIC
100
33/34 Sir John Rogerson\u2019s Quay, Dublin 2, Ireland
Legal & General ICAV - L&G Europe ex UK
Equity Index Fund
OEIC
45
Legal & General ICAV - L&G World Equity
Index Fund
OEIC
52
78 Sir John Rogerson's Quay Dublin 2, Ireland
Russell Investment Company plc - Acadian
Multi-Asset Absolute Return UCITS
OEIC
41
SSgA GRU Euro Index Equity Fund
Unit Trust
24
State Street IUT Balanced Fund S30
Unit Trust
24
Building 12, Cherrywood Business Park, Loughlinstown, Co Dublin,
Ireland
Aviva DB Trustee Company Ireland
Designated Activity Company
Ordinary
100
Company name
Share Class1
% held
Succession Newco2 Jersey Limited
Ordinary
100
3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey
Crieff Road Limited
Ordinary
100
FF UK Select Limited
Ordinary
100
IFC 5, St Helier, JF1 1S, Jersey
Cannock Designer Outlet Unit Trust
Unit Trust
37
Aviva Investors REaLM Social Housing Unit
Trust
Unit Trust
86
Gasp\u00e9 House, 66-72 Esplanade, St Helier, JE1 3PB, Jersey\u00a0
1 Fitzroy Place Unit Trust
Unit Trust
50
2 Fitzroy Place Unit Trust
Unit Trust
50
10 Station Road Unit Trust
Unit Trust
50
11-12 Hanover Square Unit Trust
Unit Trust
100
20 Gracechurch Unit Trust
Unit Trust
25
20 Station Road Unit Trust
Unit Trust
50
30 Station Road Unit Trust
Unit Trust
50
30-31 Golden Square Unit Trust
Unit Trust
50
50-60 Station Road Unit Trust
Unit Trust
50
130 Fenchurch Street Unit Trust
Unit Trust
100
Aviva Investors Jersey Unit Trusts
Management Limited
Ordinary
100
Barratt House Unit Trust
Unit Trust
50
Bermondsey Yards Unit Trust
Unit Trust
100
CCPF No.4 Unit Trust
Unit Trust
100
Gracechurch Investment Unit Trust
Unit Trust
25
Hams Hall Unit Trust
Unit Trust
100
Irongate House Unit Trust
Unit Trust
50
Lime Mayfair Unit Trust
Unit Trust
100
Lime Property Fund Unit Trust
Unit Trust
100
Longcross Jersey Unit Trust
Unit Trust
100
New Broad Street House Unit Trust
Unit Trust
50
Pegasus House and Nuffield House
Unit\u00a0Trust
Unit Trust
50
Southgate Property Unit Trust
Unit Trust
50
The Designer Retail Outlet Centres
(Mansfield) Unit Trust
Unit Trust
100
The Designer Retail Outlet Centres (York)
Unit Trust
Unit Trust
100
The Designer Retail Outlet Centres
Unit\u00a0Trust
Unit Trust
100
Luxembourg
1c Rue Gabriel Lippmann l-5365, Munsbach Luxembourg
Patriarch Classic B&W Global Freestyle
FCP
45
2 Rue du Fort Bourbon, L1249, Luxembourg
AICT EUR Real Estate (DS) SARL
Ordinary
100
AICT EUR Real Estate (Foz) SARL
Ordinary
100
Aviva Investors Alternative Income
Solutions Investments S.A.
Ordinary
100
Aviva Investors Alternative Income
Solutions SCSP
Fund
100
Aviva Investors Asian Equity Income Fund
SICAV
97
Company name
Share Class1
% held
3 rue des Labours, L-1912 Luxembourg
HASPA TRENDKONZEPT-V (HASTRDV)
Ordinary
53
16 Avenue de la Gare, L1610, Luxembourg
AIEREF Holding 1
Ordinary
100
AIEREF Holding 2
Ordinary
100
Aviva Investors Alternative Income
Solutions General Partner S.\u00e0 r.l.
Ordinary
100
Aviva Investors EBC S.\u00e0 r.l.
Ordinary
100
Aviva Investors E-RELI (GP) SARL
Ordinary
100
Aviva Investors European Renewable
Energy S.A.
Ordinary
100
Aviva Investors Luxembourg Services
S.\u00e0\u00a0r.l.
Ordinary
100
Aviva Investors Perpetual Capital (GP)
SARL
Ordinary
100
Victor Hugo 1 S.\u00e0 r.l.
Ordinary
100
24-26, Avenue de la Liberte, L1930 Luxembourg
Greenman Open Fund
SICAV
67
28 Boulevard D\u2019Avranches, L1160, Luxembourg\u00a0
Goodman European Business Park Fund
(Lux) S.\u00e0r.l.
Ordinary
50
33 Rue de Gasperich, L-5826, Hesperange, Luxembourg
Allspring (Lux) Worldwide Fund - Global
Small Cap Equity Fund
SICAV
67
37A Avenue JF Kennedy, L-1855, Luxembourg
Invesco Funds - Invesco Sustainable
Global Structured Equity Fund
SICAV
52
46a Avenue John F Kennedy, L1855, Luxembourg
Aviva Investors Polish Retail S.\u00e0 r.l.
Ordinary
100
47 Avenue J.F Kennedy, L-1855, Luxembourg
CT (Lux) Diversified Growth Fund
SICAV
96
CT (Lux) European Growth & Income Fund
SICAV
100
CT (Lux) Global Total Return Bond Fund
SICAV
66
Amundi Luxembourg S.A., 5 all\u00e9e Scheffer L-2520 Luxembourg
Lyxor Net Zero 2050 S&P World Climate
PAB (DR) UCITS ETF - Acc
SICAV
71
RBC IS, 14 Porte de France, L-4360 Esch sur Alzette, Luxembourg
Aviva Inv Cd CoreFxdInc Pl Fd
Fund
25
Norway
c/o TMF Norway AS, Hagalokkveien 26, 1383, Asker, Norway
Kongsgard Alle 20 AS
Ordinary
100
Poland
AI Jana Pawla II 25, 00-854, Warsaw, Poland
Wroclaw BC sp. z.o.o
Ordinary
100
Inflancka 4b, 00-189, Warsaw, Poland\u00a0
Aviva Services Sp\u00f3\u0142ka z ograniczon\u0105
odpowiedzialno\u015bci\u0105
Ordinary
100
Plac Pi\u0142sudskiego 1 Warszawa, MAZOWIECKIE, 00-078 Poland
Focus Mall Zielona Gora Sp zoo
Unit Trust
100
Focus Park Piotrkow Trybunalski Sp zoo
Unit Trust
100
PBC Lodz SP zoo
Unit Trust
100
PBC Wroclaw Sp zoo
Unit Trust
100
Company name
Share Class1
% held
Singapore
1 Raffles Quay, #27-13, South Tower, 048583, Singapore
Aviva Investors Asia Pte. Limited
Ordinary
100
4 Shenton Way, 01 SGX Centre 2, 068807, Singapore
Singapore Life Holdings Pte Limited
Ordinary
26
Singapore Life Ltd.
Ordinary
26
6 Temasek Boulevard, #29-00 Suntec Tower Four, 038986, Singapore
Aviva Asia Management Pte. Limited
Ordinary
100
Aviva Global Services (Management
Services) Private Limited
Ordinary
100
Spain
1D, 13 Edificio Am\u00e9rica Av. de Bruselas, 28108, Alcobendas, Madrid,
Spain
E\u00f3lica Almatret S.L.
Ordinary
50
Switzerland
Leutschenbachstrasse 45, 8050 Zurich, Switzerland
Aviva Investors Schweiz GmbH
Ordinary
100
United Kingdom
1 Filament Walk, Suite 203, London, SW18 4GQ, United Kingdom
Freetricity South East Limited
Ordinary
100
1 London Wall Place, London EC2Y 5AU, United Kingdom
Schroder QEP US Core Fund
Unit Trust
41
Schroder Dynamic Multi Asset Z Acc.
Unit Trust
24
1st Floor, Finlay House, 10-14 West Nile Street, Glasgow, G1 2PP,
Scotland, United Kingdom
MacKenzie Investment Strategies Ltd.
Ordinary
100
2nd Floor, 36 Broadway, London, SW1H 0BH, United Kingdom
Fred. Olsen CBH Limited
Ordinary
49
3a Dublin Meuse, Edinburgh, EH3 6NW, United Kingdom
PAR Forestry IV L.P.
Partnership
100
4th Floor, New London House, 6 London Street, London, EC3R 7LP,
United Kingdom
Polaris U.K. Limited
Ordinary
39
4th floor, Pountney Hill House, 6 Laurence Pountney Hill, London, EC4R
0BL, United Kingdom
ES Alliance Bernstein Low Volatility Global
Equity Fund
OEIC
71
5 Lister Hill, Horsforth, Leeds, LS18 5AZ, United Kingdom
Aspire Financial Management Limited
Ordinary
49
Tenet & You Limited
Ordinary
49
Tenet Business Solutions Limited
Ordinary
49
Tenet Client Services Limited
Ordinary
49
Tenet Compliance Services Limited
Ordinary
49
Tenet Financial Services Limited
Ordinary/
Redeemable
49
Tenet Group Limited
Ordinary
49
Tenet Limited
Ordinary
49
Tenet Mortgage Solutions
Ordinary
49
TenetConnect Limited
Ordinary
49
TenetConnect Services Limited
Ordinary
49
TenetLime Limited
Ordinary
49
Company name
Share Class1
% held
Aviva Investors GR SPV 1 Limited
Ordinary
100
Aviva Investors GR SPV 3 Limited
Ordinary
100
Aviva Investors GR SPV 4 Limited
Ordinary
100
Aviva Investors GR SPV 5 Limited
Ordinary
100
Aviva Investors GR SPV 6 Limited
Ordinary
100
Aviva Investors GR SPV 7 Limited
Ordinary
100
Aviva Investors GR SPV 8 Limited
Ordinary
100
Aviva Investors GR SPV 9 Limited
Ordinary
100
Aviva Investors GR SPV 10 Limited
Ordinary
100
Aviva Investors GR SPV 11 Limited
Ordinary
100
Aviva Investors GR SPV 12 Limited
Ordinary
100
Aviva Investors GR SPV 13 Limited
Ordinary
100
Aviva Investors GR SPV 14 Limited
Ordinary
100
Aviva Investors GR SPV 15 Limited
Ordinary
100
Aviva Investors GR SPV 16 Limited
Ordinary
100
Aviva Investors GR SPV 17 Limited
Ordinary
100
Drake Building, 15 Davy Road, Plymouth Science Park, Plymouth,
Devon, PL6 8BY, United Kingdom
Pannells Financial Planning Ltd
Ordinary
100
Pannells Holdings Limited
Ordinary
100
Legal & General (Unit Trust Managers) Limited PO Box 6080
Wolverhampton WV1 9RB, United Kingdom
L&G Multi-Index Eur III-NEA
OEIC
100
L&G Multi-Index Eur IV-NEA
OEIC
100
L&G Multi-Index Eur V-NEA
OEIC
100
Liontrust Fund Partners LLP, 2 Savoy Court, London WC2R 0EZ, United
Kingdom
Liontrust Sustainable Future Corporate
Bond Fund
OEIC
27
Liontrust Sustainable Future European
Growth Fund
OEIC
36
Liontrust Sustainable Future Global
Growth Fund
OEIC
22
Liontrust Sustainable Future
Managed\u00a0Fund
OEIC
39
Liontrust Sustainable Future Managed
Growth Fund
OEIC
25
Liontrust Sustainable Future UK
Growth\u00a0Fund
OEIC
24
Liontrust UK Ethical Fund
OEIC
50
Nations House, 3rd Floor, 103 Wigmore Street, London W1U 1QS,
United\u00a0Kingdom
Cannock Consortium LLP
Partnership
43
Cannock Designer Outlet (GP Holdings)
Limited
Ordinary
37
Cannock Designer Outlet (GP) Limited
Ordinary
37
Cannock Designer Outlet (Nominee 1)
Limited
Ordinary
37
Cannock Designer Outlet (Nominee 2)
Limited
Ordinary
37
Cannock Designer Outlet LP
Partnership
37
Old Bourchiers Hall New Road, Aldham, Colchester, Essex, C06 3QU
United Kingdom
County Broadband Holdings Limited
Ordinary
29
Company name
Share Class1
% held
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, Oxfordshire,
RG9 1HH, United Kingdom
Invesco Summit Responsible 2 Fund (UK)
OEIC
30
Invesco Summit Responsible 5 Fund (UK)
OEIC
72
Pitheavlis, Perth, Perthshire, PH2 0NH, United Kingdom
AICT GBP Real Estate (Curtain House)
General Partner Limited
Ordinary
100
AICT GBP Real Estate (Curtain House)
Limited Partnership
Partnership
100
Aviva (Peak No.1) UK Limited
Ordinary
100
Aviva Insurance Limited
Ordinary
100
Aviva Investors (FP) Limited
Ordinary
100
Aviva Investors (GP) Scotland Limited
Ordinary
100
Aviva Investors Climate Transition GBP
Real Estate General Partner Limited
Ordinary
100
Aviva Investors Climate Transition GBP
Real Estate Limited Partnership
Partnership
100
General Accident plc
Ordinary/
Preference
100
Medium Scale Wind No.2 Limited
Ordinary
100
Shakespeare House, 42 Newmarket Road, Cambridge, CB5 8EP,
United\u00a0Kingdom
Hillswood Management Limited
Ordinary
24
St Albans House, 57-59 Haymarket, London, SW1Y 4QX, United Kingdom
Acre Platforms Limited
Ordinary
40
St Helen\u2019s, 1 Undershaft, London, EC3P 3DQ, United Kingdom
1 Fitzroy Place Limited Partnership
Partnership
50
1 Liverpool Street GP Limited
Ordinary
100
1 Liverpool Street Limited Partnership
Partnership
30
1 Liverpool Street Nominee 1 Limited
Ordinary
100
1 Liverpool Street Nominee 2 Limited
Ordinary
100
2 Fitzroy Place Limited Partnership
Partnership
50
2-10 Mortimer Street (GP No 1) Limited
Ordinary
50
2-10 Mortimer Street GP Limited
Ordinary
50
2-10 Mortimer Street Limited Partnership
Partnership
50
10 Station Road LP
Partnership
50
10 Station Road Nominee 1 Limited
Ordinary
100
10 Station Road Nominee 2 Limited
Ordinary
100
10-11 GNS Limited
Ordinary
100
11-12 Hanover Square LP
Partnership
50
11-12 Hanover Square Nominee 1 Limited
Ordinary
50
11-12 Hanover Square Nominee 2 Limited
Ordinary
50
20 Gracechurch (General Partner) Limited
Ordinary
50
20 Gracechurch Limited Partnership
Partnership
25
20 Station Road LP
Partnership
50
20 Station Road Nominee 1 Limited
Ordinary
100
20 Station Road Nominee 2 Limited
Ordinary
100
30 Station Road LP
Partnership
50
30 Station Road Nominee 1 Limited
Ordinary
100
30 Station Road Nominee 2 Limited
Ordinary
100
30-31 Golden Square Limited Partnership
Partnership
50
Company name
Share Class1
% held
30-31 Golden Square Nominee 1 Limited
Ordinary
50
30-31 Golden Square Nominee 2 Limited
Ordinary
50
41-42 Lowndes Square Management
Company Limited
Ordinary
78
50-60 Station Road LP
Partnership
50
50-60 Station Road Nominee 1 Limited
Ordinary
100
50-60 Station Road Nominee 2 Limited
Ordinary
100
101 Moorgate GP Limited
Ordinary
100
101 Moorgate Limited Partnership
Partnership
30
101 Moorgate Nominee 1 Limited
Ordinary
100
101 Moorgate Nominee 2 Limited
Ordinary
100
130 Fenchurch Street General
Partner\u00a0Limited
Ordinary
100
130 Fenchurch Street LP
Partnership
100
130 Fenchurch Street Nominee 1 Limited
Ordinary
100
130 Fenchurch Street Nominee 2 Limited
Ordinary
100
2015 Sunbeam Limited
Ordinary
100
Aviva Investors Pacific Equity Ex Japan
Core Fund
TTF
61
ALPF Single Family Homes General
Partner Ltd
Ordinary
100
ALPF Single Family Homes LP
Partnership
100
Ascot Real Estate Investments GP LLP
Partnership
50
Ascot Real Estate Investments LP
Partnership
50
Atlas Park Management Company Limited
Company limited by
guarantee
100
Aviva Brands Limited
Ordinary
100
Aviva Capital Partners Limited
Ordinary
100
Aviva Commercial Finance Limited
Ordinary
100
Aviva Company Secretarial Services
Limited
Ordinary
100
Aviva Credit Services UK Limited
Ordinary
100
Aviva Employment Services Limited
Ordinary
100
Aviva Europe UK Societas
Ordinary
100
Aviva Group Holdings Limited
Ordinary
100
Aviva Insurance Services UK Limited
Ordinary
100
Aviva International Holdings Limited
Ordinary
100
Aviva International Insurance Limited
Ordinary
100
Aviva Investors 30 70 Global Eq Ccy
Hedged Ind Fund
TTF
100
Aviva Investors 40 60 Global Equity Index
Fund
TTF
100
Aviva Investors 40 Spring Gardens
(General\u00a0Partner) Limited
Ordinary
100
Aviva Investors 50 50 Global Equity Index
Fund
TTF
100
Aviva Investors 60 40 Global Equity Index
Fund
TTF
100
Aviva Investors Asia Pacific Ex Japan Fund
TTF
100
Aviva Investors Balanced Life Fund
TTF
100
Aviva Investors Balanced Pension Fund
TTF
100
Aviva Investors Cautious Pension Fund
TTF
100
Company name
Share Class1
% held
Aviva Investors Climate Transition Global
Equity Fund
OEIC
76
Aviva Investors Climate Transition Real
Assets Fund
TTF
100
Aviva Investors Commercial Assets
GP\u00a0Limited
Ordinary
100
Aviva Investors Commercial Assets
Nominee Limited
Ordinary
100
Aviva Investors Continental Euro Equity
Index Fund
TTF
100
Aviva Investors Corporate Bond Fund
OEIC
100
Aviva Investors CTF Holdco1 Limited
Ordinary
100
Aviva Investors CTF Infrastructure
Midco\u00a01\u00a0Limited
Ordinary
100
Aviva Investors Dev Asia Pacific Ex Japan
Equity Index Fund
TTF
100
Aviva Investors Dev Euro UK Equity Index
Fund
TTF
100
Aviva Investors Dev World Ex UK Equity
Index Fund
TTF
100
Aviva Investors Developed Overseas Gov
BD UK Ind Fd
TTF
100
Aviva Investors Distribution life Fund
TTF
100
Aviva Investors EBC GP Limited
Ordinary
100
Aviva Investors Energy Centres
No.1\u00a0GP\u00a0Limited
Ordinary
100
Aviva Investors Energy Centres No.1
Limited Partnership
Partnership
100
Aviva Investors Europe Equity Ex UK Core
Fund
TTF
48
Aviva Investors Europe Equity Ex UK Fund
TTF
100
Aviva Investors European Property Fund
OEIC
100
Aviva Investors Global Equity Alpha Fund
TTF
100
Aviva Investors Global Equity
Endurance\u00a0Fund
OEIC
98
Aviva Investors Global Equity Fund
TTF
100
Aviva Investors Global Equity
Income\u00a0Fund
OEIC
61
Aviva Investors Global Services Limited
Ordinary
100
Aviva Investors Ground Rent GP Limited
Ordinary
100
Aviva Investors Ground Rent
Holdco\u00a0Limited
Ordinary
100
Aviva Investors Holdings Limited
Ordinary
100
Aviva Investors Idx-Lkd Gilts ovr 5 Yrs Idx
Fd
TTF
100
Aviva Investors Index Linked Gilt Fund
TTF
100
Aviva Investors Infrastructure GP Limited
Ordinary
100
Aviva Investors Infrastructure Income B
Limited
Ordinary
100
Aviva Investors Infrastructure Income C
Limited
Ordinary
100
Aviva Investors Infrastructure Income C
No.4E Limited
Ordinary
100
Aviva Investors Infrastructure Income C
No.4F Limited
Ordinary
100
Aviva Investors Infrastructure Income
Limited Partnership
Partnership
100
Company name
Share Class1
% held
Aviva Investors Infrastructure Income M
Limited
Ordinary
100
Aviva Investors Infrastructure Income M
No.4C Limited
Ordinary
100
Aviva Investors Infrastructure Income M
No.4D Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.1\u00a0Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.2\u00a0Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.2B Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.3\u00a0Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.3B Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.4A Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.4B Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.5\u00a0Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.6\u00a0Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.6a1 Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.6B Limited
Ordinary
44
Aviva Investors Infrastructure Income
No.6B1 Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.6c Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.6c1 Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.7\u00a0Limited
Ordinary
100
Aviva Investors Infrastructure Income
No.8\u00a0Limited
Ordinary
100
Aviva Investors International Index
Tracking Fund
OEIC
79
Aviva Investors Japan Equity Core Fund
TTF
46
Aviva Investors Japan Equity Fund
TTF
99
Aviva Investors Japan Equity Growth Fund
OEIC
100
Aviva Investors Japanese Equity Index
Fund
TTF
100
Aviva Investors Managed High
Income\u00a0Fund
OEIC
70
Aviva Investors Japan Equity Growth Fund
OEIC
100
Aviva Investors Money Market VNAV Fund
TTF
99
Aviva Investors Multi-asset 40 85 Shares
Index Fund
TTF
100
Aviva Investors Multi-Asset Core Fund II
OEIC
92
Aviva Investors Multi-Asset Core Fund III
OEIC
84
Aviva Investors Multi-Asset Core Fund IV
OEIC
87
Aviva Investors Multi-asset Plus II Fund
OEIC
30
Aviva Investors Multi-asset Plus III Fund
OEIC
49
Aviva Investors Multi-asset Plus IV Fund
OEIC
32
Company name
Share Class1
% held
Aviva Investors Multi-asset Plus V Fund
OEIC
34
Aviva Investors Multi-Manager 20-60%
Shares Fund
OEIC
80
Aviva Investors Multi-Manager 40-85%
Shares Fund
OEIC
79
Aviva Investors Multi-Manager
Flexible\u00a0Fund
OEIC
81
Aviva Investors Multi-Strategy Target
Return Fund
OEIC
87
Aviva Investors Non-Gilt Bond All Stocks
Index Fund
TTF
100
Aviva Investors Non-Gilt Bond over 15 Yrs
Index Fund
TTF
100
Aviva Investors Non-Gilt Bond up to 5
Years Index Fund
TTF
100
Aviva Investors North American Equity
Core Fund
TTF
44
Aviva Investors North American Equity
Fund
TTF
100
Aviva Investors North American Equity
Index Fund
TTF
100
Aviva Investors Pacific Ex Japan Equity
Index Fund
TTF
100
Aviva Investors Pensions Limited
Ordinary
100
Aviva Investors PIP Solar PV (General
Partner) Limited
Ordinary
100
Aviva Investors PIP Solar PV Limited
Partnership
Partnership
100
Aviva Investors PIP Solar PV N0.1 Limited
Ordinary
100
Aviva Investors Polish EBC LP
Partnership
100
Aviva Investors Polish Retail GP Limited
Ordinary
100
Aviva Investors Polish Retail LP
Partnership
100
Aviva Investors Pre Annuity Interest Fund
TTF
100
Aviva Investors Property Fund
Management Limited
Ordinary
100
Aviva Investors Real Estate Limited
Ordinary
100
Aviva Investors REALM Social Housing
Limited Partnership
Partnership
86
Aviva Investors Secure Income
REIT\u00a0Limited
Ordinary
100
Aviva Investors Social Housing GP Limited
Ordinary
100
Aviva Investors Social Housing Limited
Ordinary
100
Aviva Investors Sterling Corporate Bond
Fund
TTF
100
Aviva Investors Sterling Gilt Fund
TTF
100
Aviva Investors Stewardship Fixed Interest
Fund
TTF
99
Aviva Investors Stewardship Fixed Interest
Feeder Fund
OEIC
95
Aviva Investors Stewardship International
Equity Fund
TTF
100
Aviva Investors Stewardship International
Equity Feeder Fund
OEIC
99
Aviva Investors Stewardship UK Equity
Feeder\u00a0Fund
OEIC
99
Aviva Investors Stewardship UK Equity Inc
Feeder Fund
OEIC
100
Company name
Share Class1
% held
Aviva Investors Stewardship UK Equity
Fund
TTF
100
Aviva Investors Stewardship UK Equity
Income Fund
TTF
96
Aviva Investors Strategic Bond Fund
OEIC
60
Aviva Investors Strategic Global Equity
Fund
TTF
100
Aviva Investors UK Commercial Real
Estate Senior Debt LP
Partnership
21
Aviva Investors UK CRESD GP Limited
Ordinary
100
Aviva Investors UK EQ EX Aviva Inv Trusts
Index Fund
TTF
100
Aviva Investors UK Equity Alpha Fund
TTF
95
Aviva Investors UK Equity Core Fund
TTF
62
Aviva Investors UK Equity Dividend Fund
TTF
100
Aviva Investors UK Equity Fund
OEIC
100
Aviva Investors UK Equity Index Fund
TTF
100
Aviva Investors UK Fund Services Limited
Ordinary
100
Aviva Investors UK Gilts All Stock Index
Fund
TTF
100
Aviva Investors UK Gilts Over 15 Years
Index Fund
TTF
100
Aviva Investors UK Gilts Up To 5 Years
Index Fund
TTF
100
Aviva Investors UK Index Tracking Fund
OEIC
81
Aviva Investors UK Listed Equity Ex
Tobacco Fund
TTF
100
Aviva Investors UK Listed Equity Fund
TTF
100
Aviva Investors UK Listed Equity Fund
OEIC
100
Aviva Investors UK Listed Equity
Income\u00a0Fund
OEIC
51
Aviva Investors UK Listed Equity
Income\u00a0Fund
TTF
100
Aviva Investors US Equity Index Fund
TTF
100
Aviva Investors US Large Cap Equity Fund
TTF
100
Aviva Overseas Holdings Limited
Ordinary
100
Aviva Public Private Finance Limited
Ordinary
100
Aviva Special PFI GP Limited
Ordinary
100
Aviva Special PFI Limited Partnership
Partnership
100
Aviva Staff Pension Trustee Limited
Ordinary
100
Aviva UK Digital Limited
Ordinary
100
Aviva UKLAP De-risking Limited
Ordinary
100
Axcess 10 Management Company Limited
Company Limited
by Guarantee
100
Barratt House LP
Partnership
50
Barratt House Nominee 1 Limited
Ordinary
50
Barratt House Nominee 2 Limited
Ordinary
50
Barwell Business Park Nominee Limited
Ordinary
100
Bermondsey Yards General Partner
Limited
Ordinary
100
Bermondsey Yards Limited Partnership
Partnership
100
Bermondsey Yards Nominee 1 Limited
Ordinary
100
Bermondsey Yards Nominee 2 Limited
Ordinary
100
Company name
Share Class1
% held
Bersey Warehouse Nominee 1 Limited
Ordinary
100
Bersey Warehouse Nominee 2 Limited
Ordinary
100
Biomass UK No.1 LLP
Partnership
75
Biomass UK No.2 Limited
Ordinary
Deferred
100
Biomass UK No. 3 Limited
Ordinary
Deferred
100
Biomass UK No.4 Limited
Ordinary
100
Boston Biomass Limited
Ordinary
100
Boston Wood Recovery Limited
Ordinary
100
Building a Future (Newham Schools)
Limited
Ordinary
100
Cara Renewables Limited
Ordinary
100
CCPF No.4 LP
Partnership
100
CGU International Holdings BV
Ordinary
100
Chesterford Park (General Partner)
Limited
Ordinary
100
Chesterford Park (Nominee) Limited
Ordinary
100
Chesterford Park Limited Partnership
Partnership
50
Commercial Union Corporate
Member\u00a0Limited
Ordinary
100
Commercial Union Life Assurance
Company Limited
Ordinary
100
Den Brook Energy Limited
Ordinary
100
Digital Garage Nominee 1 Limited
Ordinary
100
Digital Garage Nominee 2 Limited
Ordinary
100
EES Operations 1 Limited
Ordinary
100
Electric Avenue Limited
Ordinary
100
Fitzroy Place GP 2 Limited
Ordinary
50
Fitzroy Place Management Co Limited
Ordinary
50
Fitzroy Place Residential Limited
Ordinary
50
Free Solar (Stage 2) Limited
Ordinary
100
GES Solar2 Limited
Ordinary
100
GES Solar3 Limited
Ordinary
100
Gobafoss General Partner Limited
Ordinary
100
Gobafoss Partnership Nominee
No\u00a01\u00a0Limited
Ordinary
100
Heath Farm Energy Limited
Ordinary
100
Hooton Bio Power Limited
Ordinary
56
Houlton Commercial Management
Company Limited
Company Limited
by Guarantee
50
Houlton Community Management
Company Limited
Company Limited
by Guarantee
100
Igloo Regeneration (General Partner)
Limited
Ordinary
50
Igloo Regeneration (Nominee) Limited
Ordinary
50
Igloo Regeneration Developments
(General Partner) Limited
Ordinary
50
Igloo Regeneration Developments Limited
Partnership
Partnership
20
Igloo Regeneration Limited Partnership
Partnership
50
Igloo Regeneration Property Unit Trust
Unit Trust
50
Irongate House LP
Partnership
50
Company name
Share Class1
% held
Irongate House Nominee 1 Limited
Ordinary
50
Irongate House Nominee 2 Limited
Ordinary
50
Jacks Lane Energy Limited
Ordinary
100
Lime Property Fund (General Partner)
Limited
Ordinary
100
Lime Property Fund (Nominee) Limited
Ordinary
100
Lime Property Fund Limited Partnership
Partnership
100
Lombard (London) 1 Limited
Ordinary
100
Lombard (London) 2 Limited
Ordinary
100
Longcross General Partner Limited
Ordinary
100
Longcross Limited Partnership
Partnership
100
Longcross Nominee 1 Limited
Ordinary
100
Longcross Nominee 2 Limited
Ordinary
100
Mamhilad Solar Limited
Ordinary
100
Medium Scale Wind No.1 Limited
Ordinary
100
Minnygap Energy Limited
Ordinary
100
Mortimer Street Associated Co 1 Limited
Ordinary
50
Mortimer Street Associated Co 2 Limited
Ordinary
50
Mortimer Street Nominee 1 Limited
Ordinary
50
Mortimer Street Nominee 2 Limited
Ordinary
50
Mortimer Street Nominee 3 Limited
Ordinary
50
NCH Solar1 Limited
Ordinary
100
New Broad Street House LP
Partnership
50
New Broad Street House Nominee 1
Limited
Ordinary
50
New Broad Street House Nominee 2
Limited
Ordinary
50
Norwich Union Public Private Partnership
Fund
Partnership
100
Norwich Union (Shareholder GP) Limited
Ordinary
100
NU 3PS Limited
Ordinary
100
NU Developments (Brighton) Limited
Ordinary
100
NU Library For Brighton Limited
Ordinary
100
NU Local Care Centres (Bradford) Limited
Ordinary
100
NU Local Care Centres (Chichester No.1)
Limited
Ordinary
100
NU Local Care Centres (Chichester No.2)
Limited
Ordinary
100
NU Local Care Centres (Chichester No.3)
Limited
Ordinary
100
NU Local Care Centres (Chichester No.4)
Limited
Ordinary
100
NU Local Care Centres (Chichester No.5)
Limited
Ordinary
100
NU Local Care Centres (Chichester No.6)
Limited
Ordinary
100
NU Local Care Centres (Farnham) Limited
Ordinary
100
NU Offices for Redcar Limited
Ordinary
100
NU Schools for Redbridge Limited
Ordinary
100
NU Technology and Learning Centres
(Hackney) Limited
Ordinary
100
NUPPP (Care Technology and Learning
Centres) Limited
Ordinary
100
Company name
Share Class1
% held
NUPPP (GP) Limited
Ordinary
100
NUPPP Nominees Limited
Ordinary
100
Opus Park Management Limited
Company Limited
by Guarantee
100
Pegasus House and Nuffield House LP
Partnership
50
Pegasus House and Nuffield House
Nominee 1 Limited
Ordinary
50
Pegasus House and Nuffield House
Nominee 2 Limited
Ordinary
50
Porth Teigr Management
Company\u00a0Limited
Ordinary
50
Quarryvale One Limited
Ordinary
100
RDF Energy No.1 Limited
Ordinary
57
Renewable Clean Energy 3 Limited
Ordinary
100
Renewable Clean Energy Limited
Ordinary
100
Ridge Road Energy Limited
Ordinary
100
Riley Factory Nominee 1 Limited
Ordinary
100
Riley Factory Nominee 2 Limited
Ordinary
100
Rugby Radio Station (General Partner)
Limited
Ordinary
50
Rugby Radio Station (Nominee) Limited
Ordinary
50
Rugby Radio Station Limited Partnership
Partnership
50
SHR Bordon Limited
Ordinary
100
SHR Coventry Limited
Ordinary
100
SHR Ipswich Limited
Ordinary
100
SHR Linmere Limited
Ordinary
100
SHR Rudloe Limited
Ordinary
100
SHR Swindon Limited
Ordinary
100
SHR Telford Limited
Ordinary
100
Solar Clean Energy Limited
Ordinary
100
Southgate General Partner Limited
Ordinary
50
Southgate LP (Nominee 1) Limited
Ordinary
50
Southgate LP (Nominee 2) Limited
Ordinary
50
Spire Energy Limited
Ordinary
100
Station Road Cambridge LP
Partnership
50
Station Road General Partner LLP
Partnership
100
Stonebridge Cross Management Limited
Company Limited
by Guarantee
100
SUE Developments Limited Partnership
Partnership
50
SUE GP LLP
Partnership
50
SUE GP Nominee Limited
Ordinary
50
Sustainable Housing Holdco Limited
Ordinary
100
Sustainable Housing Topco Limited
Ordinary
100
Sustainable Storage HoldCo Limited
Ordinary
100
Sustainable Storage Portfolio SPV Limited
Ordinary
100
Sustainable Storage Topco Limited
Ordinary
100
Swan Valley Management Limited
Ordinary
100
The Designer Retail Outlet Centres
(Mansfield) General Partner Limited
Ordinary
100
The Designer Retail Outlet Centres
(Mansfield) Limited Partnership
Partnership
97
Company name
Share Class1
% held
The Designer Retail Outlet Centres (York)
General Partner Limited
Ordinary
100
The Designer Retail Outlet Centres (York)
Limited Partnership
Partnership
97
The Gobafoss Partnership
Partnership
100
The Ocean Marine Insurance
Company\u00a0Limited
Ordinary
100
The Rutherford Nominee 1 Limited
Ordinary
100
The Rutherford Nominee 2 Limited
Ordinary
100
The Southgate Property Limited
Partnership
Partnership
50
The Square Brighton Limited
Ordinary
100
Turncole Wind Farm Limited
Ordinary
100
Tyne Assets (No 2) Limited
Ordinary
100
Tyne Assets Limited
Ordinary
100
Undershaft Limited
Ordinary
100
Welsh Insurance Corporation Limited/The
Ordinary
100
Westcountry Solar Solutions Limited
Ordinary
100
Woolley Hill Electrical Energy Limited
Ordinary
100
WR 11 Solar Limited
Ordinary
100
Yorkshire Insurance Company Limited /
The
Ordinary
100
Swan Court Waterman\u2019s Business Park, Kingsbury Crescent, Staines,
Surrey, TW18 3BA, United Kingdom
Healthcode Limited
Ordinary
20
Tec Marina Terra Nova Way, Penarth, Cardiff, Wales, CF64 1SA, United
Kingdom
Wealthify Group Limited
Ordinary
100
Wealthify Limited
Ordinary
100
The Apex, Brest Road, Derriford Business Park, Derriford, Plymouth, PL6
5FL, United Kindgom
Bankhouse Financial Management
Limited
Ordinary
100
Investors Planning Associates Limited
Ordinary
100
JCF Financial Services Limited
Ordinary
100
KF Consulting
Ordinary
100
Succession Advisory Services Limited
Ordinary
100
Succession Employee Benefit Solutions
Limited
Ordinary
100
Succession Financial Management
Limited
Ordinary
100
Succession Group Ltd
Ordinary
100
Succession Holdings Ltd
Ordinary
100
Succession Wealth Management Limited
Ordinary
100
The Oxford Advisory Partnership Limited
Ordinary
100
The Green, Easter Park, Benyon Road, Reading, RG7 2P,\u00a0 United
Kingdom
ANESCO Mid Devon Limited
Ordinary
100
ANESCO South West Limited
Ordinary
100
Free Solar (Stage 1) Limited
Ordinary
100
Homesun 2 Limited
Ordinary
100
Homesun 3 Limited
Ordinary
100
Homesun 4 Limited
Ordinary
100
Company name
Share Class1
% held
Homesun 5 Limited
Ordinary
100
Homesun Limited
Ordinary
100
New Energy Residential Solar Limited
Ordinary
100
Norton Energy SLS Limited
Ordinary
100
TGHC Limited
Ordinary
100
Triune Court, Monks Cross Drive, Huntington, York, England, YO32 9GZ,
United Kingdom
Oaklea Wealth Management Ltd
Ordinary
100
Unit 2, Arabesque House, Monks Cross Drive, Huntington, York, YO32
9GW, United Kingdom
A P Associates Financial Services Limited
Ordinary
100
G&E Private Wealth Limited
Ordinary
100
G&E Wealth Management (Holdings) Ltd
Ordinary
100
G&E Wealth Management Limited
Ordinary
100
HKA (F S) Limited
Ordinary
100
HKA Holdings Limited
Ordinary
100
Wellington Row, York, YO90 1WR, United Kingdom
Aviva (Peak No.2) UK Limited
Ordinary
100
Aviva Administration Limited
Ordinary
100
Aviva Client Nominees UK Limited
Ordinary
100
Aviva Equity Release UK Limited
Ordinary
100
Aviva ERFA 15 UK Limited
Ordinary
100
Aviva Investment Solutions UK Limited
Ordinary
100
Aviva Life & Pensions UK Limited
Ordinary
100
Aviva Life Holdings UK Limited
Ordinary
100
Aviva Life Investments International
(General Partner) Limited
Ordinary
100
Aviva Life Investments International
(Recovery) Limited
Ordinary
100
Aviva Life Services UK Limited
Ordinary
100
Aviva Management Services UK Limited
Ordinary
100
Aviva Pension Trustees UK Limited
Ordinary
100
Aviva Savings Limited
Ordinary
100
Aviva Trustees UK Limited
Ordinary
100
Aviva Wrap UK Limited
Ordinary
100
Bankhall Support Services Limited
Ordinary
100
CGNU Life Assurance Limited
Ordinary
100
Friends AEL Trustees Limited
Ordinary
100
Friends AELLAS Limited
Ordinary
100
Friends AELRIS Limited
Ordinary
100
Friends Life and Pensions Limited
Ordinary
100
Friends Life Assurance Society Limited
Ordinary
100
Friends Life Company Limited
Ordinary
100
Friends Life FPG Limited
Ordinary
100
Friends Life FPL Limited
Ordinary
100
Friends Life FPLMA Limited
Ordinary
100
Friends Life Holdings Limited
Ordinary
100
Friends Life Limited
Ordinary
100
Friends Life WL Limited
Ordinary
100
Company name
Share Class1
% held
Friends Provident Investment
Holdings\u00a0Limited
Ordinary
100
Friends Provident Life Assurance Limited
Ordinary
100
Friends\u2019 Provident Managed Pension
Funds Limited
Ordinary
100
Friends Provident Pension Scheme
Trustees Limited
Ordinary
100
Friends SLUA Limited
Ordinary
100
Gateway Specialist Advice
Services\u00a0Limited
Ordinary
100
Lancashire and Yorkshire Reversionary
Interest Company Limited /The
Ordinary
100
London and Manchester Group Limited
Ordinary
100
Premier Mortgage Service Limited
Ordinary
100
Sesame Bankhall Group Limited
Ordinary
100
Sesame Bankhall Valuation
Services\u00a0Limited
Ordinary
75
Sesame General Insurance
Services\u00a0Limited
Ordinary
100
Sesame Limited
Ordinary
100
Sesame Regulatory Services Limited
Ordinary
100
Sesame Services Limited
Ordinary
100
Suntrust Limited
Ordinary
100
Undershaft (NULLA) Limited
Ordinary
100
Undershaft FAL Limited
Ordinary
100
Undershaft FPLLA Limited
Ordinary
100
Undershaft SLPM Limited
Ordinary
100
Voyager Park South Management
Company Limited
Ordinary
52
Wealth Limited
Ordinary
100
United States
251 Little Falls Drive, Wilmington DE 19808, United States
AI-RECAP Carry I, LP
Partnership
82
AI-RECAP GP I, LLC
Sole Member
100
1209 Orange Street, Wilmington, DE, 19801, United States
Aviva Investors Americas LLC
Sole Member
100
2222 Grand Avenue, Des Moines, IA, 50312, United States
Aviva Investors North America Holdings,
Inc
Common
100
2711 Centreville Road, Suite 400, Wilmington, New Castle, Delaware,
19808, United States
UKP Holdings Inc.
Common
100
Cogency Global Inc., 850 New Burton Road, Suite 201, Dover, Delaware,
Kent County, 19904, United States
Exeter Properties Inc.
Common
95
Winslade Investments Inc.
Common
100
1.65 \u2013 Subsequent eventsFor details of events relating to share buybacks see note 31(e)", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yMDUvZnJhZzpjOTY2YzliN2FjZWE0ZDI2OWMzNzQ3ZDkwMWUyYzU2Yi90ZXh0cmVnaW9uOmM5NjZjOWI3YWNlYTRkMjY5YzM3NDdkOTAxZTJjNTZiXzE0NjIzNTA0NjQ5Njg5Nw_a0edcf75-2b88-477b-89a1-e64c7eab79cb": { "value": "
1 \u2013 Exchange rates
The Group\u2019s principal overseas operations during the year were located within Canada and the eurozone. The results and cash flows of
these operations have been translated into sterling at the average rates for the year, and the assets and liabilities have been translated at
the year end rates as follows:
2022
2021
Canada
Average rate ($CAD1 equals)
\u00a30.62
\u00a30.58
Year end rate ($CAD1 equals)
\u00a30.61
\u00a30.58
Eurozone
Average rate (\u20ac1 equals)
\u00a30.85
\u00a30.86
Year end rate (\u20ac1 equals)
\u00a30.89
\u00a30.84
Poland
Average rate (PLN1 equals)
N/A
\u00a30.19
Year end rate (PLN1 equals)
N/A
\u00a30.18
Profits/(losses) attributable to discontinued operations which have been disposed of, have been translated using the period average rate up
until their disposal date. Closing balance sheets of operations disposed of have been translated using the closing rate on the date of
disposal for the purpose of calculating the profit/(loss) on disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yMTcvZnJhZzowMWRmNWJhMjRmZWQ0MmNkYmJhNmRlMWQ5MzdjNjFhZS90ZXh0cmVnaW9uOjAxZGY1YmEyNGZlZDQyY2RiYmE2ZGUxZDkzN2M2MWFlXzE0NjIzNTA0NjUxMzczOA_f50eef72-2877-46da-a96b-03eaa65d82b8": { "value": "
3 \u2013 Segmental information
The Group\u2019s results can be segmented either by activity or by geography. Our primary reporting format is along market reporting lines,
with\u00a0supplementary information being given by business activity. This note provides segmental information on the consolidated income
statement.
Financial performance of our key markets are presented as UK & Ireland Life, General Insurance (which brings together our UK & Ireland GI
businesses and Canada) and Aviva Investors. Our international businesses are presented as International investments (consisting of our
interest in India, China and Singapore).
In 2021, we completed disposals of all discontinued operations which concluded our divestment programme. Segmental information is
presented for continuing operations only, an analysis of results from 2021 discontinued operations is presented in note 2(c).
(a) Operating segments
UK & Ireland Life
The principal activities of our UK & Ireland Life operations are life insurance, long-term health and accident insurance, savings, pensions and
annuity business. This segment also now includes Succession Wealth following the acquisition on 11 August 2022 (see note 2(a)).
General Insurance
UK & Ireland
The principal activities of our UK & Ireland General Insurance operations are the provision of insurance cover to individuals and businesses,
for risks associated mainly with motor vehicles, property and liability (such as employers\u2019 liability and professional indemnity liability) and
medical expenses.
Canada
The principal activity of our Canada General Insurance operation is the provision of personal and commercial lines insurance products, for
risks associated mainly with motor, property and liability principally distributed through insurance brokers.
Aviva Investors
Aviva Investors operates in a number of international markets, in particular the UK, North America and Asia Pacific. Aviva Investors manages
policyholders' and shareholders' invested funds, provides investment management services for institutional pension fund mandates and
manages a range of retail investment products. These include investment funds, unit trusts, open-ended investment companies and
individual savings accounts.
International investments
International investments comprise our long-term business operations in India, China and Singapore. In China, Aviva plc have a 50%
shareholding in Aviva-COFCO Life Insurance Company Limited. In Singapore, Aviva plc has a 26% shareholding in Aviva Singlife. On
1\u00a0April\u00a02022, Aviva plc agreed to acquire an additional 25% shareholding in Aviva India. The transaction completed on 28 September 2022
taking Aviva's shareholding to 74%. Aviva India is now a subsidiary of the Aviva Group. The Group results include 49% of Aviva India's results
until the date of acquisition and 100% of Aviva India's results from this date (see note 2(a)). These have been aggregated into a single
reporting segment in line with IFRS 8 Operating segments.
Other Group activities
Other Group activities includes investment return on centrally held assets, head office (Corporate Centre) expenses such as Group treasury
and finance functions, financing costs arising on central borrowings, the elimination entries for certain inter-segment transactions and
group consolidation adjustments.
Measurement basis
The accounting policies of the segments are the same as those for the Group as a whole. Any transactions between the business segments
are subject to normal commercial terms and market conditions. The Group evaluates performance of operating segments on the basis of:
(i)profit or loss from operations before tax attributable to shareholders and;
(ii)profit or loss from operations before tax attributable to shareholders, adjusted for non-operating items, including investment market
performance.
3 \u2013 Segmental information continued
(i) Segmental income statement for the year ended 31 December 2022
General Insurance
Continuing operations
UK & Ireland
Life
\u00a3m
UK & Ireland
GI
\u00a3m
Canada
\u00a3m
Aviva Investors
\u00a3m
International
investments
\u00a3m
Other Group
activities
\u00a3m
Total
continuing
operations
\u00a3m
Gross written premiums
9,140
5,740
4,009
\u2014
30
\u2014
18,919
Premiums ceded to reinsurers
(2,751)
(578)
(254)
\u2014
(2)
\u2014
(3,585)
Premiums written net of reinsurance
6,389
5,162
3,755
\u2014
28
\u2014
15,334
Net change in provision for unearned premiums
(23)
(185)
(148)
\u2014
\u2014
\u2014
(356)
Net earned premiums
6,366
4,977
3,607
\u2014
28
\u2014
14,978
Fee and commission income
1,116
106
43
160
\u2014
28
1,453
7,482
5,083
3,650
160
28
28
16,431
Net investment (expense)/income
(36,130)
(605)
(239)
(1)
35
(733)
(37,673)
Inter-segment revenue
\u2014
\u2014
\u2014
240
\u2014
\u2014
240
Share of (loss)/profit after tax of joint ventures and associates
(124)
\u2014
1
\u2014
8
113
(2)
Profit on the disposal and remeasurement of subsidiaries, joint
ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Segmental income1
(28,772)
4,478
3,412
399
71
(592)
(21,004)
Claims and benefits paid, net of recoveries from reinsurers
(8,319)
(2,830)
(2,011)
\u2014
(27)
(14)
(13,201)
Change in insurance liabilities, net of reinsurance
22,780
(225)
(191)
\u2014
(22)
\u2014
22,342
Change in investment contract provisions
15,445
\u2014
\u2014
4
\u2014
\u2014
15,449
Change in unallocated divisible surplus
(13)
\u2014
\u2014
\u2014
\u2014
\u2014
(13)
Fee and commission expense
(1,116)
(1,346)
(999)
(24)
\u2014
(4)
(3,489)
Investment income attributable to unitholders
\u2014
\u2014
\u2014
\u2014
\u2014
531
531
Other expenses
(1,050)
(336)
(182)
(354)
70
(359)
(2,211)
Other net foreign exchange (losses)/gains
\u2014
(48)
\u2014
1
\u2014
(26)
(73)
Inter-segment expenses
(222)
(6)
(7)
\u2014
\u2014
(5)
(240)
Finance costs
(176)
(2)
(5)
(1)
\u2014
(286)
(470)
Segmental expenses
27,329
(4,793)
(3,395)
(374)
21
(163)
18,625
(Loss)/profit before tax
(1,443)
(315)
17
25
92
(755)
(2,379)
Tax attributable to policyholders\u2019 returns
774
\u2014
\u2014
\u2014
\u2014
\u2014
774
(Loss)/profit before tax attributable to shareholders\u2019 profits
from continuing operations
(669)
(315)
17
25
92
(755)
(1,605)
Adjusting items:
Reclassification of unallocated interest
(8)
(17)
34
\u2014
\u2014
(9)
\u2014
Life business: Investment variances and economic assumption
changes
2,347
\u2014
\u2014
\u2014
40
\u2014
2,387
Non-life business: Short-term fluctuation in return on
investments
\u2014
809
380
\u2014
\u2014
186
1,375
General insurance and health business: Economic assumption
changes
\u2014
(139)
(9)
\u2014
\u2014
1
(147)
Impairment of goodwill, joint ventures, associates and other
amounts expensed
21
\u2014
\u2014
\u2014
(15)
2
8
Amortisation and impairment of intangibles acquired in
business combinations
43
\u2014
11
\u2014
\u2014
\u2014
54
Amortisation and impairment of acquired value of in-force
business
170
\u2014
\u2014
\u2014
12
\u2014
182
Profit on the disposal and remeasurement of subsidiaries, joint
ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other2
4
\u2014
\u2014
\u2014
(77)
32
(41)
Group adjusted operating profit/(loss) before tax attributable
to shareholders' profits from continuing operations
1,908
338
433
25
52
(543)
2,213
provisions assumed as part of historic acquisition activities, a charge of \u00a37 million relating to the cost of voluntary amendments to a small proportion of ground rent leases, release of a \u00a36 million provision relating to a
tax indemnity associated with a historical disposal, a charge of \u00a33 million relating to stamp duty on share buybacks and a charge of \u00a33 million related to costs associated with disposal activity
3 \u2013 Segmental information continued
(b) Further analysis by products and services
The Group\u2019s results can be further analysed by products and services which comprise long-term business, general insurance and health,
fund management and other activities.
Long-term business
Our long-term business comprises life insurance, long-term health and accident insurance, savings, pensions and annuity business written
by our life insurance subsidiaries, including managed savings and pension fund business. Long-term business also includes our share of
the\u00a0other life and related business written in our associates and joint ventures, as well as lifetime mortgage business written in the UK.
General insurance and health
Our general insurance and health business provides insurance cover to individuals and to small and medium-sized businesses, for risks
associated mainly with motor vehicles, property and liability, such as employers\u2019 liability and professional indemnity liability, and medical
expenses.
Fund management
Our fund management business invests policyholders\u2019 and shareholders\u2019 funds and provides investment management services for
institutional pension fund mandates. It manages a range of retail investment products, including investment funds, unit trusts, open-ended
investment companies and individual savings accounts. Clients include Aviva Group businesses and third-party financial institutions,
pension funds, public sector organisations, investment professionals and private investors.
Other
Other includes service companies, head office expenses such as Group treasury and finance functions, and certain financing costs and taxes
not allocated to business segments and elimination entries for certain inter-segment transactions and group consolidation adjustments.
(i) Segmental income statement \u2013 products and services for the year ended 31 December 2022
Continuing operations
Long-term
business
\u00a3m
General
insurance and
health\u00b9
\u00a3m
Fund
management
\u00a3m
Other
\u00a3m
Total
continuing
operations
\u00a3m
Gross written premiums2
8,591
10,328
\u2014
\u2014
18,919
Premiums ceded to reinsurers
(2,753)
(832)
\u2014
\u2014
(3,585)
Premiums written net of reinsurance
5,838
9,496
\u2014
\u2014
15,334
Net change in provision for unearned premiums
\u2014
(356)
\u2014
\u2014
(356)
Net earned premiums
5,838
9,140
\u2014
\u2014
14,978
Fee and commission income
1,114
144
160
35
1,453
6,952
9,284
160
35
16,431
Net investment (expense)/income
(36,117)
(841)
3
(718)
(37,673)
Inter-segment revenue
\u2014
\u2014
240
\u2014
240
Share of (loss)/profit after tax of joint ventures and associates
(107)
(6)
(1)
112
(2)
Profit on the disposal and remeasurement of subsidiaries, joint ventures and associates
\u2014
\u2014
\u2014
\u2014
\u2014
Segmental income
(29,272)
8,437
402
(571)
(21,004)
Claims and benefits paid, net of recoveries from reinsurers
(7,974)
(5,213)
\u2014
(14)
(13,201)
Change in insurance liabilities, net of reinsurance
22,754
(412)
\u2014
\u2014
22,342
Change in investment contract provisions
15,449
\u2014
\u2014
\u2014
15,449
Change in unallocated divisible surplus
(13)
\u2014
\u2014
\u2014
(13)
Fee and commission expense
(1,057)
(2,404)
(24)
(4)
(3,489)
Investment income attributable to unitholders
\u2014
\u2014
\u2014
531
531
Other expenses
(930)
(585)
(354)
(342)
(2,211)
Other net foreign exchange (losses)/gains
\u2014
(48)
1
(26)
(73)
Inter-segment expenses
(222)
(13)
\u2014
(5)
(240)
Finance costs
(169)
(7)
(1)
(293)
(470)
Segmental expenses
27,838
(8,682)
(378)
(153)
18,625
(Loss)/profit before tax
(1,434)
(245)
24
(724)
(2,379)
Tax attributable to policyholders\u2019 returns
774
\u2014
\u2014
\u2014
774
(Loss)/profit before tax attributable to shareholders\u2019 profits from continuing operations
(660)
(245)
24
(724)
(1,605)
Adjusting items
2,548
1,078
\u2014
192
3,818
Group adjusted operating profit/(loss) before tax attributable to shareholders\u2019 profits
from continuing operations
1,888
833
24
(532)
2,213
1.General insurance and health business segment includes gross written premiums of \u00a3579 million relating to health business. The remaining business relates to property and liability insurance.
2.Gross written premiums include inward reinsurance premiums assumed from other companies amounting to \u00a3349 million, which all relates to property and liability insurance
3 \u2013 Segmental information continued
(ii) Segmental income statement \u2013 products and services for the year ended 31 December 2021
Continuing operations
Long-term
business
\u00a3m
General
insurance and
health1
\u00a3m
Fund
management
\u00a3m
Other
\u00a3m
Total
continuing
operations
\u00a3m
Gross written premiums2
10,081
9,317
\u2014
\u2014
19,398
Premiums ceded to reinsurers
(3,944)
(757)
\u2014
\u2014
(4,701)
Premiums written net of reinsurance
6,137
8,560
\u2014
\u2014
14,697
Net change in provision for unearned premiums
\u2014
(307)
\u2014
\u2014
(307)
Net earned premiums
6,137
8,253
\u2014
\u2014
14,390
Fee and commission income
1,152
125
183
28
1,488
7,289
8,378
183
28
15,878
Net investment income/(expense)
16,864
(9)
4
279
17,138
Inter-segment revenue
\u2014
\u2014
237
\u2014
237
Share of profit/(loss) after tax of joint ventures and associates
165
5
\u2014
(24)
146
Profit on the disposal and remeasurement of subsidiaries, joint ventures and associates
5
17
\u2014
\u2014
22
Segmental income
24,323
8,391
424
283
33,421
Claims and benefits paid, net of recoveries from reinsurers
(8,070)
(4,423)
\u2014
\u2014
(12,493)
Change in insurance liabilities, net of reinsurance
2,230
(531)
\u2014
\u2014
1,699
Change in investment contract provisions
(15,304)
\u2014
\u2014
\u2014
(15,304)
Change in unallocated divisible surplus
(175)
\u2014
\u2014
\u2014
(175)
Fee and commission expense
(799)
(2,348)
(21)
(4)
(3,172)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
(224)
(224)
Other expenses
(1,007)
(569)
(362)
(474)
(2,412)
Other net foreign exchange gains
\u2014
48
\u2014
153
201
Inter-segment expenses
(221)
(13)
\u2014
(3)
(237)
Finance costs
(160)
(7)
\u2014
(336)
(503)
Segmental expenses
(23,506)
(7,843)
(383)
(888)
(32,620)
Profit/(loss) before tax
817
548
41
(605)
801
Tax attributable to policyholders\u2019 returns
(245)
\u2014
\u2014
\u2014
(245)
Profit/(loss) before tax attributable to shareholders\u2019 profits from continuing operations
572
548
41
(605)
556
Adjusting items
894
259
\u2014
(75)
1,078
Group adjusted operating profit/(loss) before tax attributable to shareholders\u2019 profits
from continuing operations
1,466
807
41
(680)
1,634
1.General insurance and health business segment includes gross written premiums of \u00a3510 million relating to health business. The remaining business relates to property and liability insurance.
2.Gross written premiums include inward reinsurance premiums assumed from other companies amounting to \u00a3208 million, which all relates to property and liability insurance
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yMjAvZnJhZzo2NjQxZTcxYTNjZDE0ZDhiODk3MTE2NGMzNzc0M2MzOC90ZXh0cmVnaW9uOjY2NDFlNzFhM2NkMTRkOGI4OTcxMTY0YzM3NzQzYzM4XzE0NjIzNTA0NjQ5NDcwMA_28fd4d6f-d4ab-4938-8f24-85ddcf9004e7": { "value": "
4 \u2013 Details of income
This note gives further detail on the items appearing in the income section of the income statement.
2022
\u00a3m
2021
\u00a3m
Continuing operations
Gross written premiums
Long-term:
Insurance contracts
8,581
9,922
Participating investment contracts
10
159
General insurance and health
10,328
9,317
18,919
19,398
Less: premiums ceded to reinsurers
(3,585)
(4,701)
Gross change in provision for unearned premiums
(384)
(340)
Reinsurers\u2019 share of change in provision for unearned premiums
28
33
Net change in provision for unearned premiums
(356)
(307)
Net earned premiums
14,978
14,390
Fee and commission income
Fee income from investment contract business
788
845
Fund management fee income
163
185
Other fee income
330
297
Reinsurance commissions receivable
54
39
Other commission income
110
113
Net change in deferred revenue
8
9
1,453
1,488
Total revenue
16,431
15,878
Net investment income
Interest and similar income
From financial instruments designated as trading and other than trading
4,751
3,940
From AFS investments and financial instruments at amortised cost
44
29
4,795
3,969
Dividend income
4,347
4,461
Other income from investments designated as trading
Realised (losses)/gains on disposals
(739)
552
Unrealised gains and losses
Losses arising in the year
(5,759)
(1,929)
Gains/(losses) recognised now realised
739
(552)
(5,020)
(2,481)
(5,759)
(1,929)
Other income from investments designated as other than trading
Realised gains on disposals
2,648
2,733
Unrealised gains and losses
(Losses)/gains arising in the year
(41,015)
9,595
Losses recognised now realised
(2,648)
(2,733)
(43,663)
6,862
(41,015)
9,595
Net income from investment properties
Rent
316
307
Expenses relating to these properties
(17)
(7)
Realised losses on disposal
(8)
(32)
Fair value (losses)/gains on investment properties
(1,150)
1,069
(859)
1,337
Realised loss on external debt redemption
\u2014
(51)
Foreign exchange gains/(losses) on investments other than trading
850
(192)
Other investment expenses
(32)
(52)
Net investment (expense)/income
(37,673)
17,138
Share of profit after tax of joint ventures
17
170
Share of loss after tax of associates
(19)
(24)
Share of (loss)/profit after tax of joint ventures and associates
(2)
146
Profit on disposal and remeasurement of subsidiaries, joint ventures and associates
\u2014
22
(Expense)/income from continuing operations
(21,244)
33,184
Income from discontinued operations
\u2014
13,528
Total income
(21,244)
46,712
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yMjMvZnJhZzphYWFlYWNmZWU5YjA0MDI3OTM4YmVhNzhhMDFjN2QzYy90ZXh0cmVnaW9uOmFhYWVhY2ZlZTliMDQwMjc5MzhiZWE3OGEwMWM3ZDNjXzE0NjIzNTA0NjQ5NTM4Mw_6aa2bc89-a070-4f47-ace4-a53eccc59e9b": { "value": "
5 \u2013 Details of expenses
This note gives further detail on the items appearing in the expenses section of the income statement.
2022
\u00a3m
2021
\u00a3m
Continuing operations
Claims and benefits paid
Claims and benefits paid to policyholders on long-term business
Insurance contracts
8,965
8,899
Participating investment contracts
1,295
1,334
Non-participating investment contracts
41
2
Claims and benefits paid to policyholders on general insurance and health business
5,443
4,668
15,744
14,903
Less: Claim recoveries from reinsurers
Insurance contracts
(2,502)
(2,410)
Non-participating Life investment contracts
(41)
\u2014
Claims and benefits paid, net of recoveries from reinsurers
13,201
12,493
Change in insurance liabilities
Change in insurance liabilities (note 40(b))
(24,594)
(868)
Change in reinsurance asset for insurance provisions (note 40(b))
2,252
(831)
Change in insurance liabilities, net of reinsurance
(22,342)
(1,699)
Change in investment contract provisions
Investment (income)/expense allocated to investment contracts
(10,278)
14,192
Other changes in provisions
Participating investment contracts
(3,345)
(360)
Non-participating investment contracts
(1,820)
1,471
Change in reinsurance asset for investment contract provisions
(6)
1
Change in investment contract provisions
(15,449)
15,304
Change in unallocated divisible surplus
13
175
Fee and commission expense
Acquisition costs
Commission expenses for insurance and participating investment contracts
2,191
2,160
Change in deferred acquisition costs for insurance and participating investment contracts
86
(151)
Deferrable costs for non-participating investment contracts
25
23
Other acquisition costs
987
929
Change in deferred acquisition costs for non-participating investment contracts
83
60
Reinsurance commissions and other fee and commission expense
117
151
Fee and commission expense
3,489
3,172
Investment (income)/expense attributable to unitholders
(531)
224
Other expenses
Staff costs (note 9(b))
936
923
Central costs
310
360
Depreciation
57
74
Amortisation of acquired value of in-force business on insurance/investment contracts
170
189
Amortisation of intangible assets
142
146
Impairment of intangible assets
4
1
Other operating expenses (note 5(a))
592
719
Other expenses
2,211
2,412
Other net foreign exchange losses/(gains)
73
(201)
Finance costs (note 6)
470
503
Expenses from continuing operations
(18,865)
32,383
Expenses from discontinued operations
\u2014
11,755
Total expenses
(18,865)
44,138
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yMzUvZnJhZzo0YmM1M2UwODUxODU0MjNlYTNlMmNkNThlOGNmODliZi90ZXh0cmVnaW9uOjRiYzUzZTA4NTE4NTQyM2VhM2UyY2Q1OGU4Y2Y4OWJmXzE0NjIzNTA0NjQ5NTIxMg_91efd983-d1b5-462b-afdf-24bfa64d37b7": { "value": "
9 \u2013 Employee information
This note shows where our staff are employed, excluding staff employed by our joint ventures and associates, and analyses the total
staff\u00a0costs.
(a) Employee numbers
The number of persons employed by the Group, including directors under a service contract, was:
At 31 December
Average for the year1
2022
Number
2021
Number
2022
Number
2021
Number
Continuing operations
UK & Ireland Life
9,163
8,629
8,717
8,687
UK & Ireland General Insurance
7,858
7,521
7,680
7,781
Canada
4,471
4,321
4,439
4,219
Aviva Investors
997
1,118
1,069
1,118
International investments
1,334
\u2014
1,294
\u2014
Other Group activities
541
473
502
507
Employees in continuing operations
24,364
22,062
23,701
22,312
Employees in discontinued operations
\u2014
\u2014
\u2014
5,151
Total employee numbers
24,364
22,062
23,701
27,463
Staff costs are charged within:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Acquisition costs
459
421
Claims handling expenses
204
186
Central costs (note 5)
59
50
Staff costs (note 5)
936
923
Staff costs from continuing operations
1,658
1,580
Staff costs from discontinued operations
\u2014
259
Total staff costs
1,658
1,839
10 \u2013 Directors
Information concerning individual directors\u2019 emoluments, interests and transactions is given in the Directors\u2019 Remuneration report in the
\u2018Corporate governance\u2019 section of this report. For the purposes of the disclosure required by Schedule 5 to the Companies Act 2006, the
total\u00a0aggregate emoluments of the directors in respect of 2022 was \u00a36.5 million (2021: \u00a35.4 million). Employer contributions to pensions
for\u00a0executive directors for qualifying periods were \u00a3nil (2021: \u00a3nil). The aggregate net value of share awards granted to the directors in the
period was \u00a3nil\u00a0(2021: \u00a3nil). During the year, no share options were exercised by directors (2021: no share options).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNDEvZnJhZzo0ZmRlZTY1YjQyMDQ0NjMwODQ4MjE3ZjBkMzlkODNiZS90ZXh0cmVnaW9uOjRmZGVlNjViNDIwNDQ2MzA4NDgyMTdmMGQzOWQ4M2JlXzE0NjIzNTA0NjUwNDA1OQ_435253b5-7947-4a3b-8aa5-aee869ac5a3a": { "value": "
11 \u2013 Auditors\u2019 remuneration
This note shows the total remuneration payable by the Group, excluding VAT and any overseas equivalent thereof, to our auditors.
Continuing operations
2022
\u00a3m
2021
\u00a3m
Fees payable to PwC LLP and its associates for the statutory audit of the Aviva Group and Company financial statements
3.4
2.2
Fees payable to PwC LLP and its associates for other audit services
Audit of Group subsidiaries
21.8
10.1
Additional fees related to the prior year audit of Group subsidiaries
0.7
0.4
Total audit fees
25.9
12.7
Audit related assurance
4.5
3.8
Other assurance services
1.7
1.3
Total audit and assurance fees
32.1
17.8
Tax compliance services
\u2014
\u2014
Tax advisory services
\u2014
\u2014
Services relating to corporate finance transactions
\u2014
\u2014
Other non-audit services not covered above
\u2014
\u2014
Fees payable to PwC LLP and its associates for services to Group companies
32.1
17.8
Fees payable to PwC LLP and its associates for Group occupational pensions scheme audits
0.1
0.1
Fees payable for the audit of the Group\u2019s subsidiaries include fees for the statutory audit of the subsidiaries, both inside and outside the
UK,\u00a0and for the work performed by the principal auditors in respect of the subsidiaries for the purpose of the consolidated financial
statements of the Group. Included in the statutory audit fees for the Group and its subsidiaries for 2022 are fees payable in respect of
adopting new accounting standards, most significantly, IFRS 17.
Audit related assurance comprises services in relation to statutory and regulatory filings. These include fees for the audit of the Group\u2019s
Solvency II regulatory returns, services for the audit of other regulatory returns of the Group\u2019s subsidiaries and review of interim financial
information under the Listing Rules of the UK Listing Authority. Total audit fees for continuing and discontinued operations (including
additional fees related to the prior year audit of Group subsidiaries) and audit-related assurance fees were \u00a330.4 million
(2021:\u00a0\u00a317.5\u00a0million).
Other assurance services in 2022 of \u00a31.7 million (2021: \u00a31.3 million) mainly include assurance fees over a selection of Non-Financial
Reporting metrics and fees relating to providing an annual Audit and Assurance Faculty (AAF) report for Aviva Investors to give internal and
external clients and their auditors comfort over the operating effectiveness of internal controls and review of the information security
business protection standard and associated controls.
In addition to these fees, audit fees payable to PwC LLP in respect of investment funds consolidated in the Group financial statements were
\u00a33.9 million (2021: \u00a32.6 million). These fees are borne directly by the unitholders of the funds and are not borne by\u00a0the Group.
Details of the Group\u2019s process for safeguarding and supporting the independence and objectivity of the external auditors are given in the
Audit Committee report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNDQvZnJhZzoyYzc0YWVjYzUzODA0NzZlODU5NWFhMjlhMWQ3NzE4YS90ZXh0cmVnaW9uOjJjNzRhZWNjNTM4MDQ3NmU4NTk1YWEyOWExZDc3MThhXzE0NjIzNTA0NjUxMjU1OQ_505f8933-f051-4c57-9a71-75182e5c8fd4": { "value": "
12 \u2013 Tax
This note analyses the tax charge for the year and explains the factors that affect it.
(a) Tax (credited)/charged to the income statement
(i)The total tax (credit)/charge comprises:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Current tax
For the period
89
228
Prior period adjustments
(35)
33
Total current tax from continuing operations
54
261
Deferred tax
Origination and reversal of temporary differences
(1,240)
133
Changes in tax rates or tax laws
\u2014
88
Write back of deferred tax assets
(54)
(17)
Total deferred tax from continuing operations
(1,294)
204
Total tax (credited)/charged to income statement from continuing operations
(1,240)
465
Total tax charged to income statement from discontinued operations
\u2014
73
Total tax (credited)/charged to income statement
(1,240)
538
(ii)The Group, as a proxy for policyholders in the UK and Ireland, is required to record taxes on investment income and gains\u00a0each year.
Accordingly, the tax benefit or expenses attributable to UK and Ireland life insurance policyholder returns is included in the tax charge.
The\u00a0tax credit attributable to policyholder returns included in the credit above is \u00a3774 million (2021: charge of\u00a0\u00a3245 million).
(iii)The tax (credit)/charge for continuing operations above, comprising current and deferred tax, can be analysed as follows:
Continuing operations
2022
\u00a3m
2021
\u00a3m
UK tax
(1,224)
366
Overseas tax
(16)
99
(1,240)
465
(iv)Unrecognised tax losses and temporary differences of previous years were used to reduce the current tax expense and deferred tax
charge for continuing operations by \u00a3nil and \u00a354 million (2021: \u00a311 million and \u00a317 million ), respectively.
(v)Deferred tax (credited)/charged to the income statement represents movements on the following items:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Long-term business technical provisions and other insurance items
(145)
52
Deferred acquisition costs
(29)
(1)
Unrealised (losses)/gains on investments
(300)
125
Pensions and other post-retirement obligations
15
(21)
Unused losses and tax credits
(276)
(3)
Subsidiaries, associates and joint ventures
(28)
9
Intangibles and additional value of in-force long-term business
(46)
33
Provisions and other temporary differences
(485)
10
Total deferred tax (credited)/charged to income statement from continuing operations
(1,294)
204
Total deferred tax charged to income statement from discontinued operations
\u2014
43
Total deferred tax (credited)/charged to income statement
(1,294)
247
(b) Tax (credited)/charged to other comprehensive income
(i)The total tax (credited)/charged comprises:
2022
\u00a3m
2021
\u00a3m
Current tax from continuing operations
In respect of pensions and other post-retirement obligations
\u2014
(17)
In respect of foreign exchange movements
(6)
7
(6)
(10)
Deferred tax from continuing operations
In respect of pensions and other post-retirement obligations
(412)
176
Total tax (credited)/charged to other comprehensive income arising from continuing operations
(418)
166
Total tax credited to other comprehensive income from discontinued operations
\u2014
(19)
Total tax (credited)/charged to other comprehensive income
(418)
147
(ii)There is no tax charge/(credit) attributable to policyholders\u2019 return included above in either 2022 or 2021.
12 \u2013 Tax continued
(c) Tax credited to equity
No tax was charged or credited directly to equity in either 2022 or 2021.
(d) Tax reconciliation
The tax on the Group\u2019s (loss)/profit before tax differs from the theoretical amount that would arise using the tax rate of the home country of
the Company as follows:
Shareholder
\u00a3m
Policyholder
\u00a3m
2022
\u00a3m
Shareholder
\u00a3m
Policyholder
\u00a3m
2021
\u00a3m
(Loss)/profit before tax from continuing operations
(1,605)
(774)
(2,379)
556
245
801
(Loss)/profit before tax from discontinued operations
\u2014
\u2014
\u2014
1,773
\u2014
1,773
Total (loss)/profit before tax
(1,605)
(774)
(2,379)
2,329
245
2,574
Tax calculated at standard UK corporation tax rate of 19.00% (2021: 19.00%)
(305)
(147)
(452)
442
47
489
Reconciling items
Different basis of tax \u2013 policyholders
\u2014
(628)
(628)
\u2014
200
200
Adjustment to tax charge in respect of prior periods
(28)
\u2014
(28)
(13)
\u2014
(13)
Non-assessable income and items not taxed at the full statutory rate
(31)
\u2014
(31)
(19)
\u2014
(19)
Non-taxable profit on sale of subsidiaries and associates
\u2014
\u2014
\u2014
(314)
\u2014
(314)
Disallowable expenses
16
\u2014
16
40
\u2014
40
Different local basis of tax on overseas profits
11
1
12
104
(2)
102
Change in future local statutory tax rates
\u2014
\u2014
\u2014
89
\u2014
89
Movement in valuation of deferred tax
(125)
\u2014
(125)
(22)
\u2014
(22)
Tax effect of profit from joint ventures and associates
(4)
\u2014
(4)
(16)
\u2014
(16)
Other
\u2014
\u2014
\u2014
2
\u2014
2
Total tax (credited)/charged to income statement
(466)
(774)
(1,240)
293
245
538
loss/profit before tax differs from the tax paid per the consolidated statement of cash flows as follows:
2022
\u00a3m
2021
\u00a3m
Total tax (credited)/charged to income statement from continuing operations
(1,240)
465
Accounts adjustments
Deferred tax
1,294
(204)
Prior period adjustments
35
(33)
Current tax recorded in other comprehensive income
(6)
(10)
1,323
(247)
Payment timing differences
Current year tax to be repaid in later accounting periods
131
31
Current year tax (repaid)/paid relating to prior accounting periods
(4)
55
127
86
Tax paid by continuing operations
210
304
Tax paid by discontinued operations
\u2014
79
Total tax paid
210
383
Deferred tax represents the tax on profits or losses, which are required by legislation to be taxed in a different period to which they impact
the Group's financial statements.
Prior period adjustments arise where the final tax liability payable to tax authorities is different from the tax charge for the period reported
in\u00a0the Annual Report and Accounts.
12 \u2013 Tax continued
The timing of tax payments to national tax authorities is determined by the local tax legislation in each jurisdiction. In our core businesses,
the Group is required to pay an estimate of its total tax liability in the year in which profits are earned, with any difference to the final tax
liability being paid in the following year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNDcvZnJhZzo3ZGY4Y2FmODU5ZjU0ZDFkOGI0NzIxNmFmYzM0NGZiYS90ZXh0cmVnaW9uOjdkZjhjYWY4NTlmNTRkMWQ4YjQ3MjE2YWZjMzQ0ZmJhXzE0NjIzNTA0NjUwOTUyMw_d6d30919-9c95-4cc0-807c-0506ec0a3545": { "value": "
13 \u2013 Earnings per share
This note shows how to calculate earnings per share on profit attributable to ordinary shareholders, based both on the present shares in
issue (the basic earnings per share) and the potential future shares in issue, including conversion of share options granted to employees
(the\u00a0diluted earnings per share).
We have also shown the same calculations based on our Group adjusted operating profit as we believe this gives an important indication of
operating performance. Consideration of both these measures gives a full picture of the performance of the business during the year.
(a) Basic earnings per share
(i)\u00a0 The profit attributable to ordinary shareholders is:
2022
2021
Group
adjusted
operating
profit
\u00a3m
Adjusting
items
\u00a3m
Total
\u00a3m
Group
adjusted
operating
profit
\u00a3m
Adjusting
items
\u00a3m
Total
\u00a3m
Continuing operations
Profit/(loss) before tax attributable to shareholders\u2019 profits
2,213
(3,818)
(1,605)
1,634
(1,078)
556
Tax attributable to shareholders\u2019 profits
(289)
755
466
(330)
110
(220)
Profit/(loss) from continuing operations
1,924
(3,063)
(1,139)
1,304
(968)
336
Amount attributable to non-controlling interests
(21)
\u2014
(21)
(21)
\u2014
(21)
Cumulative preference dividends for the year
(17)
\u2014
(17)
(17)
\u2014
(17)
Coupon payments in respect of tier 1 notes
(17)
\u2014
(17)
\u2014
\u2014
\u2014
Profit/(loss) attributable to ordinary shareholders from continuing
operations
1,869
(3,063)
(1,194)
1,266
(968)
298
Profit attributable to ordinary shareholders from discontinued operations
\u2014
\u2014
\u2014
441
1,209
1,650
Profit/(loss) attributable to ordinary shareholders
1,869
(3,063)
(1,194)
1,707
241
1,948
(ii)Basic earnings per share is calculated as follows:
2022
2021
Before tax
\u00a3m
Net of tax, NCI,
preference
dividends and
tier 1 notes
\u00a3m
Per share
p
Before tax
\u00a3m
Net of tax, NCI
and
preference
dividends
\u00a3m
Per share
p
Continuing operations
Group adjusted operating profit attributable to ordinary shareholders1
2,213
1,869
59.8
1,634
1,266
32.5
Adjusting items:
Reclassification of unallocated interest
\u2014
\u2014
\u2014
37
37
1.0
Life business: Investment variances and economic assumption changes
(2,387)
(1,924)
(61.5)
(634)
(549)
(14.1)
Non-life business: Short-term fluctuation in return on investments
(1,375)
(1,101)
(35.2)
(121)
(76)
(1.9)
General insurance and health business: Economic assumption changes
147
119
3.8
(80)
(65)
(1.7)
Impairment of goodwill, joint ventures, associates and other amounts
expensed
(8)
(8)
(0.3)
\u2014
\u2014
\u2014
Amortisation and impairment of intangibles acquired in business
combinations
(54)
(45)
(1.4)
(54)
(47)
(1.2)
Amortisation and impairment of acquired value of in-force business
(182)
(150)
(4.8)
(198)
(234)
(6.0)
Profit/(loss) on disposal and remeasurement of subsidiaries, joint
ventures and associates
\u2014
\u2014
\u2014
22
(6)
(0.2)
Other
41
46
1.4
(50)
(28)
(0.7)
(Loss)/profit attributable to ordinary shareholders from continuing
operations
(1,605)
(1,194)
(38.2)
556
298
7.7
Discontinued operations
Group adjusted operating profit attributable to ordinary shareholders1
\u2014
\u2014
\u2014
631
441
11.3
Adjusting items
\u2014
\u2014
\u2014
1,142
1,209
31.1
Profit attributable to ordinary shareholders from discontinued operations
\u2014
\u2014
\u2014
1,773
1,650
42.4
(Loss)/profit attributable to ordinary shareholders
(1,605)
(1,194)
(38.2)
2,329
1,948
50.1
Subsequent to 31 December 2022, the directors proposed a final dividend for 2022 of 20.7 pence per ordinary share, amounting to
\u00a3581\u00a0million in total. The cash value of dividend is calculated using 2,808,826,524 million shares as at 2\u00a0March 2023 representing issued
shares eligible for dividend payment. Subject to approval by shareholders at the AGM, the dividend will be paid on 18\u00a0May 2023 and will be
accounted for as an appropriation of retained earnings in the year ending 31 December 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNTMvZnJhZzo2MzcxZTk2ZDIzNzc0ZDgyOThjMjU0NjJjZDJkNzQ0MS90ZXh0cmVnaW9uOjYzNzFlOTZkMjM3NzRkODI5OGMyNTQ2MmNkMmQ3NDQxXzE0NjIzNTA0NjUwMDE2Ng_1439a944-fe54-43ff-b2d0-a07836089fd7": { "value": "
15 \u2013 Goodwill
This note analyses the changes to the carrying amount of goodwill during the year and details the results of our impairment testing on both
goodwill and intangible assets with indefinite lives.
(a) Carrying amount
2022
\u00a3m
2021
\u00a3m
Gross amount
At 1 January
1,836
1,921
Acquisitions and additions
324
\u2014
Disposals1
\u2014
(75)
Foreign exchange rate movements
10
(10)
At 31 December
2,170
1,836
Accumulated impairment
At 1 January
(95)
(116)
Impairment charges
\u2014
\u2014
Disposals1
\u2014
18
Foreign exchange rate movements
(3)
3
At 31 December
(98)
(95)
Carrying amount at 1 January
1,741
1,805
Carrying amount at 31 December
2,072
1,741
1.Disposals in 2021 related to Aviva Italy, Aviva Poland, Aviva Vietnam and a small disposal in the UK General Insurance segment
Goodwill from acquisitions and additions arose on the acquisition of Succession Wealth (see note 2(a)).
Impairment tests on goodwill were conducted as described in note 15(b) below.
(b) Goodwill allocation and impairment testing
A summary of the goodwill and intangibles with indefinite useful lives allocated to groups of cash generating units (CGUs) is
presented\u00a0below.
Carrying amount of goodwill
Carrying amount of intangibles
with indefinite useful lives
(detailed in note 16)
Total
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
United Kingdom \u2013 long-term business
663
663
\u2014
\u2014
663
663
United Kingdom \u2013 fund management business
324
\u2014
\u2014
\u2014
324
\u2014
United Kingdom \u2013 general insurance and health
924
924
1
1
925
925
Ireland \u2013 general insurance and health
98
93
\u2014
\u2014
98
93
Canada \u2013 general insurance
63
61
\u2014
\u2014
63
61
2,072
1,741
1
1
2,073
1,742
Goodwill in all business units is tested for impairment by comparing the carrying value of the cash generating unit to which the goodwill
relates, to the recoverable value of that CGU. The recoverable amount is the value in use of the CGU unless otherwise stated.
Long-term business
Value in use has been calculated based on a shareholder value of the business calculated in accordance with Solvency II principles,
adjusted where Solvency II does not represent a best estimate of shareholders\u2019 interests. The principal adjustments relate to the exclusion
of the benefit of transitional measures on technical provisions and the volatility adjustment under Solvency II, modification of the Solvency
II risk margin to an economic view and removal of restrictions on contract boundaries or business scope.
The present value of expected profits arising from future new business may be included within the shareholder value and is calculated on
an\u00a0adjusted Solvency II basis, using profit projections based on the most recent three-year business plans approved by management.
These\u00a0plans reflect management\u2019s best estimate of future profits based on both historical experience and expected growth rates for the
relevant cash generating unit. The underlying assumptions of these projections include market share, customer numbers, mortality,
morbidity and persistency.
Future new business profits beyond the initial three years are extrapolated using a steady growth rate. Growth rates and expected future
profits are set with regards to management estimates, past experience and relevant available market statistics.
Expected profits from future new business are discounted using a risk adjusted discount rate. The discount rate is a combination of a
risk-free rate and a risk margin to make prudent allowance for the risk that experience in future years for new business may differ from
that\u00a0assumed.
15 \u2013 Goodwill continued
Key assumptions
The Solvency II non-economic assumptions in relation to mortality, morbidity, persistency and expenses and other items are based on
management\u2019s best estimate assumptions. Economic assumptions are based on market data as at the end of each reporting period.
The\u00a0basic risk-free rate curves used to value the technical provisions reflect the curves, credit risk adjustment and fundamental spread for
the matching adjustment published by the European Insurance and Occupational Pensions Authority (EIOPA) and the Bank of England on
their websites. For the purposes of calculating value in use, the Solvency II risk margin has been modified to an economic view, with a cost
of capital rate of 2%.
General insurance, health, fund management and other businesses
Value in use is calculated as the discounted value of expected future profits of each business. The calculation uses cash flow projections
based on business plans approved by management covering a three-year period. These plans reflect management\u2019s best estimate of future
profits based on both historical experience and expected growth rates for the relevant cash generating unit. The underlying assumptions of
these projections include market share, customer numbers, premium rate and fee income changes, claims inflation and commission rates.
Cash flows beyond that three-year period are extrapolated using a steady growth rate. Growth rates and expected future profits are set with
regards to past experience and relevant available market statistics.
Future profits are discounted using a risk adjusted discount rate which is based on the Capital Asset Pricing Model (CAPM). The inputs
include the risk-free rate of interest appropriate to the geographic location of the cash flows related to each CGU being tested, market risk
premium, beta and other adjustments to factor local market risks and risks specific to each CGU.
Key assumptions
Extrapolated future
profits growth rate
Future profits
discount rate
2022
%
2021
%
2022
(Pre-tax)
%
2021
(Pre-tax)
%
United Kingdom general insurance and health
1.0
1.0
12.4
8.8
Ireland general insurance and health
Nil
Nil
9.6
8.9
Canada general insurance
5.0
5.0
10.8
10.6
Results of impairment testing
Management\u2019s impairment review of the Group\u2019s cash generating units did not identify any necessary impairments to goodwill. There were
no impairments in 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNTYvZnJhZzphMzE2ODM0ODNmMzU0MTg0OTRjMzQxNTE5Y2E0YjBiYy90ZXh0cmVnaW9uOmEzMTY4MzQ4M2YzNTQxODQ5NGMzNDE1MTljYTRiMGJjXzE0NjIzNTA0NjQ5NzU2Mg_539f2dba-0dbb-433a-883d-3569a41d9ffe": { "value": "
16 \u2013 Acquired value of in-force business (AVIF) and intangible assets
This note shows the movements in cost, amortisation and impairment of the acquired value of in-force business and intangible assets
during the year.
AVIF on
insurance
contracts\u00b9 (a)
\u00a3m
AVIF on
investment
contracts\u00b2 (a)
\u00a3m
Other
intangible
assets with
finite useful
lives (b)
\u00a3m
Intangible
assets with
indefinite
useful lives
\u00a3m
Total
\u00a3m
Gross amount
At 1 January 2021
2,581
1,432
1,607
134
5,754
Additions and transfers
7
\u2014
50
\u2014
57
Disposals3
(290)
\u2014
(213)
(128)
(631)
Foreign exchange rate movements
(16)
(2)
(1)
(5)
(24)
At 31 December 2021
2,282
1,430
1,443
1
5,156
Additions and transfers
228
\u2014
245
\u2014
473
Disposals
\u2014
\u2014
(108)
\u2014
(108)
Foreign exchange rate movements
(20)
2
18
\u2014
\u2014
At 31 December 2022
2,490
1,432
1,598
1
5,521
Accumulated amortisation
At 1 January 2021
(1,484)
(744)
(905)
\u2014
(3,133)
Amortisation for the year
(115)
(75)
(166)
\u2014
(356)
Disposals and transfers3
279
\u2014
78
\u2014
357
Foreign exchange rate movements
13
1
(2)
\u2014
12
At 31 December 2021
(1,307)
(818)
(995)
\u2014
(3,120)
Amortisation for the year4
(102)
(68)
(142)
\u2014
(312)
Acquisitions and disposals
\u2014
\u2014
102
\u2014
102
Foreign exchange rate movements
(2)
\u2014
(9)
\u2014
(11)
At 31 December 2022
(1,411)
(886)
(1,044)
\u2014
(3,341)
Accumulated Impairment
At 1 January 2021
(19)
(24)
(61)
(71)
(175)
Impairment losses charged to expenses
\u2014
\u2014
(3)
\u2014
(3)
Disposals3
\u2014
\u2014
21
68
89
Foreign exchange rate movements
\u2014
\u2014
\u2014
3
3
At 31 December 2021
(19)
(24)
(43)
\u2014
(86)
Impairment charges
\u2014
\u2014
(4)
\u2014
(4)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate movements
\u2014
(1)
\u2014
\u2014
(1)
At 31 December 2022
(19)
(25)
(47)
\u2014
(91)
Carrying amount
At 1 January 2021
1,078
664
641
63
2,446
At 31 December 2021
956
588
405
1
1,950
At 31 December 2022
1,060
521
507
1
2,089
Recoverable in more than 1 year
979
464
1.On insurance and participating investment contracts
2.On non-participating investment contracts
3.Disposals in 2021 relate to the disposals of Aviva France, Aviva Italy, Aviva Poland and Aviva Vietnam
4.Amortisation of other intangible assets with finite useful lives includes \u00a354 million (2021: \u00a366 million) of amortisation in respect of intangible assets acquired in business combinations
(a) Acquired value of in-force business
AVIF on insurance and investment contracts is generally recoverable in more than one year. Of the total of \u00a31,581 million, \u00a31,443 million
(2021:\u00a0\u00a31,357 million) is expected to be recoverable more than one year after the statement of financial position date.
Non-participating investment contract AVIF is reviewed for evidence of impairment, consistent with reviews conducted for other finite life
intangible assets. Insurance and participating investment contract AVIF is reviewed for impairment at each reporting date as part of the
liability adequacy requirements in IFRS 4. AVIF is reviewed for evidence of impairment and impairment tested at product portfolio level
by\u00a0reference to the value of future profits in accordance with Solvency II principles, adjusted where Solvency II does not represent a best
estimate of shareholders\u2019 interests, consistent with the impairment test for goodwill for long-term business (see note 15(b)).
Additions of \u00a3228 million relate to AVIF recognised upon acquisition of Aviva India (see note 2(a)). There were no impairments in 2022
(2021: \u00a3nil) in relation to the AVIF on insurance contracts or investment contracts.
(b) Other intangible assets with finite useful lives
Other intangible assets with finite useful lives consist mainly of the value of bancassurance and other distribution agreements and
capitalised software. Additions of intangible assets with finite lives in 2022 relate to an intangible attributable to the existing business of
Succession Wealth acquired on 11 August 2022 (see note 2(a)) and capitalisation of software costs in relation to the Group\u2019s digital
initiatives. Impairments totalling \u00a34 million (2021: \u00a33 million) have been recognised in 2022 in relation to capitalised software.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNTkvZnJhZzphZmI0ZDA1OWM2ZDI0N2Y1YmZhZmYwMDI1YzM5OWI5My90ZXh0cmVnaW9uOmFmYjRkMDU5YzZkMjQ3ZjViZmFmZjAwMjVjMzk5YjkzXzE0NjIzNTA0NjUwNDUxOA_9294e6d9-c9b4-49b2-ae00-30243ae106d5": { "value": "
17 \u2013 Interests in, and loans to, joint ventures
In several businesses, Group companies and other parties jointly control certain entities. This note analyses these interests and describes
the principal joint ventures in which we are involved.
(a) Carrying amount and details of joint ventures
(i)The movements in the carrying amount comprised:
2022
2021
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
At 1 January
200
1,655
1,855
221
1,481
1,702
Share of results before tax
\u2014
30
30
\u2014
195
195
Share of tax
\u2014
\u2014
\u2014
\u2014
(8)
(8)
Share of results after tax
\u2014
30
30
\u2014
187
187
Amortisation of intangibles
(13)
\u2014
(13)
(9)
\u2014
(9)
Share of profit after tax
(13)
30
17
(9)
187
178
Reclassification from subsidiary
\u2014
\u2014
\u2014
\u2014
32
32
Additions
\u2014
94
94
\u2014
31
31
Disposals
\u2014
(12)
(12)
(12)
(39)
(51)
Share of (losses)/gains taken to other comprehensive income
\u2014
(38)
(38)
\u2014
5
5
Dividends received from joint ventures
\u2014
(46)
(46)
\u2014
(37)
(37)
Foreign exchange rate movements
(1)
64
63
\u2014
(5)
(5)
At 31 December
186
1,747
1,933
200
1,655
1,855
Additions of \u00a394 million (2021: \u00a331 million) in 2022 relate to the Group's holdings in property undertakings.
Disposals of \u00a312 million in 2022 relate to the Group's holdings in property management undertakings. Disposals of \u00a351 million in 2021
include the disposal of the Group's interest in its joint venture in Turkey (see note 2(b)).
The Group\u2019s share of total comprehensive income related to joint venture entities is \u00a3(21) million (2021: \u00a3183 million).
(ii)The carrying amount at 31 December comprised:
2022
2021
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Property management undertakings
\u2014
982
982
\u2014
916
916
Long-term business undertakings
186
765
951
200
739
939
Total
186
1,747
1,933
200
1,655
1,855
The Group has no joint ventures whose non-controlling interest (NCI) is material on the basis of their share of profit/(loss).
(iv)From time to time group joint ventures may receive liability claims or become involved in actual or threatened related litigation.
The joint ventures have no contingent liabilities at 31 December 2022 (2021: \u00a365 million) to which the Group has significant exposure.
The Group has no commitments to provide funding to property management joint ventures (2021: \u00a320 million).
In certain jurisdictions the ability of joint ventures to transfer funds in the form of cash dividends or to repay loans and advances made by
the Group is subject to local corporate or insurance laws and regulations and solvency requirements.
17 \u2013 Interests in, and loans to, joint ventures continued
(b) Impairment testing
Interests in joint ventures are tested for impairment of goodwill and intangibles when there is an indicator of impairment. They are tested
for impairment by comparing the carrying value of the cash generating unit to which the goodwill or intangible relates to the recoverable
value of that cash generating unit. Recoverable amounts for long-term and general insurance businesses are calculated on a consistent
basis with that used for impairment testing of goodwill, as set out in note 15(b). The recoverable amount of property management
undertakings is the fair value less costs to sell off the joint venture, measured in accordance with the Group\u2019s accounting policy for
investment property (see accounting policy Q).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNjIvZnJhZzpkMDk1NzYzYmZlMTg0Y2ZhYmI4YzM2MTVmNzM4ZmNhNC90ZXh0cmVnaW9uOmQwOTU3NjNiZmUxODRjZmFiYjhjMzYxNWY3MzhmY2E0XzE0NjIzNTA0NjUwMTE1Ng_f376eca5-22b8-4457-941b-f9281f6255fb": { "value": "
18 \u2013 Interests in, and loans to, associates
This note analyses our interests in entities which we do not control but where we have significant influence.
(a) Carrying amount and details of associates
(i)The movements in the carrying amount comprised:
2022
2021
Equity
interests
\u00a3m
Equity\u00a0
interests
\u00a3m
At 1 January
118
263
Share of results before tax
(11)
(22)
Share of tax
\u2014
\u2014
Share of results after tax
(11)
(22)
Impairment
(23)
\u2014
Reversal of impairment
15
\u2014
Share of loss after tax
(19)
(22)
Reclassification to subsidiary
(73)
\u2014
Additions
7
\u2014
Disposals
\u2014
(77)
Reduction in group interest
(1)
(5)
Reclassification to investment
\u2014
\u2014
Dividends received from associates
(1)
(36)
Foreign exchange rate movements
10
(5)
At 31 December
41
118
interest in Aviva India was \u00a373 million. The investment was remeasured to fair value in accordance with IFRS 3 Business combinations,
resulting in a reversal of historic impairment of \u00a315 million. The investment in associate was subsequently derecognised at its revalued
amount.
Disposals of \u00a377 million in 2021 relate to the Group's interest in SCPI Ufifrance Immobilier and SCPI Logipierre 1 which were disposed of as
part of the disposal of Aviva France (see note 2(b)).
The Group\u2019s share of total comprehensive income related to associates is \u00a3(19) million (2021: \u00a3(22) million).
(ii)No associates are considered to be material from a Group perspective (2021: none). All investments in principal associates are held by
subsidiaries. The Group\u2019s principal associates are as follows:
Proportion of
ownership interest
Name
Nature of activities
Principal place of business
2022
2021
Aviva Life Insurance Company India Limited
Life insurance
India
\u2014
49.00%
AI UK Commercial Real Estate Debt Fund
Property Management
UK
20.86%
20.90%
1.In 2021, property and equipment of \u00a3157 million was disposed of as part of the disposal of operations in France and Poland
Owner-occupied properties, excluding \u00a3230 million (2021: \u00a3294 million) held under lease arrangements, are stated at their revalued
amounts, as assessed by qualified external valuers. The valuation assessment adopts market-based evidence and is in line with guidance
from the International Valuation Standards Committee and the requirements of IAS 16 Property, Plant and Equipment.
Owner-occupied properties held under lease arrangements are stated at amortised cost and are amortised on a straight-line basis over the
lease term, unless the carrying value of the leased asset exceeds the recoverable amount. Where this is the case, the asset is impaired to its
recoverable amount and the impaired carrying value is amortised on a straight-line basis over the remainder of the lease term. For further
information on the Group\u2019s lease arrangements see note 21.
If owner-occupied properties (freehold and leasehold) were stated on a historical cost basis, the carrying amount would be \u00a3134 million
(2021: \u00a3184 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNjgvZnJhZzpkZjQzYTRkM2MyMDc0YjQ4YjUzN2NmZWNiYzY3NmQ2MS90ZXh0cmVnaW9uOmRmNDNhNGQzYzIwNzRiNDhiNTM3Y2ZlY2JjNjc2ZDYxXzE0NjIzNTA0NjQ5NDc4Mw_a59c3ead-5e94-4705-96b4-bd0cd9c4499b": { "value": "
20 \u2013 Investment property
This note gives details of the properties we hold for long-term rental yields or capital appreciation.
2022
2021
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Carrying value
At 1 January
5,333
1,670
7,003
9,906
1,463
11,369
Additions
313
14
327
1,252
148
1,400
Capitalised expenditure on existing properties
56
51
107
84
21
105
Fair value (losses)/gains
(923)
(227)
(1,150)
1,062
127
1,189
Disposals1
(319)
(97)
(416)
(6,620)
(72)
(6,692)
Foreign exchange rate movements
16
12
28
(351)
(17)
(368)
At 31 December
4,476
1,423
5,899
5,333
1,670
7,003
1.In 2021, Investment property of \u00a35,155 million was disposed of as part of the disposal of Aviva France
See note 22 for further information on the fair value measurement and valuation techniques of investment property.
The fair value of investment properties leased to third parties under operating leases at 31 December 2022 was \u00a35,676 million
(2021: \u00a36,712 million). Future contractual aggregate minimum lease rentals receivable under the non-cancellable portion of these leases\u00a0are
given in note 21.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yNzEvZnJhZzpiMGE4NDE1NzZkNDk0MWUxOWRhZDc5NzU5NTcyM2Y1MC90ZXh0cmVnaW9uOmIwYTg0MTU3NmQ0OTQxZTE5ZGFkNzk3NTk1NzIzZjUwXzE0NjIzNTA0NjQ5NzgzNQ_ee5f25e9-0036-498e-8651-aa989a45bde7": { "value": "
21 \u2013 Lease assets and liabilities
The Group\u2019s leased assets primarily consist of properties occupied by Group companies carried at amortised cost (see note 19), leasehold
investment properties carried at fair value (see note 20) which are sublet to third parties and real estate long income finance leases
(see note 27). Leasehold investment properties are measured in accordance with IAS 40 Investment Property (see accounting policy Q).
Although the Group is exposed to changes in the residual value at the end of the current leases to third parties on investment property, the
Group typically enters into new operating leases and therefore is not expected to immediately realise any reduction in residual value at the
end of these leases. Expectations about the future residual values are reflected in the fair value of the properties.
(i) The following amounts in respect of leased assets have been recognised in the Group\u2019s consolidated income statement.
2022
\u00a3m
2021
\u00a3m
Interest expense on lease liabilities
9
11
Total lease expenses recognised in the income statement
9
11
Total cash outflows recognised in the period in relation to leases were \u00a363 million (2021: \u00a371 million). Expenses recognised in the Group
consolidated income statement in relation to short-term and low-value leases were \u00a3nil (2021: \u00a3nil). Variable lease payments not included in
the measurement of lease liabilities were \u00a3nil (2021: \u00a3nil).
(ii) The following table analyses the right-of-use assets relating to leased properties occupied by Group companies.
2022
\u00a3m
2021
\u00a3m
Balance at 1 January
294
338
Additions
6
74
Disposals
(1)
(56)
Foreign exchange rate movements
\u2014
(4)
Impairment of right-of-use assets
\u2014
(6)
Depreciation
(33)
(52)
Modification of right-of-use assets
(36)
\u2014
Balance at 31 December
230
294
(iii) Lease liabilities included within note 52 total \u00a3386 million (2021: \u00a3472 million). Future contractual aggregate minimum lease payments
are as follows:
2022
\u00a3m
2021
\u00a3m
Within 1 year
70
67
Later than 1 year and not later than 5 years
196
187
Later than 5 years
165
182
431
436
21 \u2013 Lease assets and liabilities continued
The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease
liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and
adjusted against the right-of-use asset.
The lease agreements do not impose any covenants other than the security interest in the leased assets that are held by the lessor.
(iv) Future contractual aggregate minimum lease rentals receivable under non-cancellable operating leases are as follows:
2022
\u00a3m
2021
\u00a3m
Within 1 year
227
229
Between 1 and 2 years
198
206
Between 2 and 3 years
175
178
Between 3 and 4 years
154
153
Between 4 and 5 years
128
130
Later than 5 years
1,162
1,136
2,044
2,032
2021 Annual Report
and\u00a0Accounts.
(c) Comparison of the carrying amount and fair values of financial instruments
Set out below is a comparison of the carrying amounts and fair values of financial assets and liabilities, excluding those classified as held for
sale. These amounts may differ where the assets or liabilities are carried on a measurement basis other than fair value, e.g. amortised cost.
2022
2021
Fair value
\u00a3m
Carrying
amount
\u00a3m
Fair value
\u00a3m
Carrying
amount
\u00a3m
Financial assets
Loans (note 23(a))1
29,646
29,647
38,622
38,624
Financial investments (note 26(a))
224,086
224,086
264,961
264,961
Fixed maturity securities
103,776
103,776
133,251
133,251
Equity securities
85,790
85,790
95,169
95,169
Other investments (including derivatives)
34,520
34,520
36,541
36,541
Financial liabilities
Non-participating investment contract (note 43(a))
140,990
140,990
151,115
151,115
Net asset value attributable to unitholders
14,080
14,080
16,427
16,427
Borrowings (note 51(a))1
6,499
6,755
8,375
7,344
Derivative liabilities (note 59(b))
9,541
9,541
5,763
5,763
1.Within the fair value total, the estimated fair value has been provided for the portion of loans and borrowings that are carried at amortised cost
Fair value of the following assets and liabilities is approximate to their carrying amounts
\u2022Receivables
\u2022Cash and cash equivalents
\u2022Loans at amortised cost
\u2022Payables and other financial liabilities
As set out in accounting policy A, the Group has chosen to defer application of IFRS 9 Financial instruments due to its activities being
predominantly connected with insurance. To facilitate comparison with entities applying IFRS 9 in full, the table below splits the Group\u2019s
financial instruments between those which are considered to have contractual terms which are solely payments of principal and interest
(SPPI) on the principal amount outstanding and all other instruments (non-SPPI). The SPPI category excludes instruments held for trading
or managed and evaluated on a fair value basis.
2022
2021
SPPI \u2013
Fair value
\u00a3m
Non-SPPI \u2013
Fair value\u00b9
\u00a3m
SPPI \u2013
Fair value
\u00a3m
Non-SPPI \u2013
Fair value\u00b9
\u00a3m
Fixed maturity securities
\u2014
103,776
\u2014
133,251
Equity securities
\u2014
85,790
\u2014
95,169
Loans
3,726
25,920
8,642
29,980
Receivables
4,750
1,293
4,640
1,448
Cash and cash equivalents
21,441
1,064
10,100
2,385
Accrued income and interest
163
2,324
284
1,833
Other investments
1
34,519
\u2014
36,541
Total
30,081
254,686
23,666
300,607
1.Instruments within this category include financial assets that meet the definition of held for trading, financial assets that are managed and evaluated on a fair value basis, and instruments with contractual terms that do
not give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding
22 \u2013 Fair value methodology continued
There has been no change (2021: \u00a32 million increase) in the fair value of SPPI instruments and a \u00a347,608 million decrease
(2021:\u00a0\u00a33,838 million decrease) in the fair value of non-SPPI instruments during the reporting period, primarily driven by a significant
increase in interest rates reducing the value of the fixed maturity securities.
(d) Fair value hierarchy analysis
An analysis of assets and liabilities measured at amortised cost and fair value categorised by fair value hierarchy is given below.
Fair value hierarchy
2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Sub-total
Fair value
\u00a3m
Amortised
cost
\u00a3m
Total carrying
value
\u00a3m
Recurring fair value measurements
Investment property (note 20)
\u2014
\u2014
5,899
5,899
\u2014
5,899
Loans (note 23(a))
\u2014
\u2014
25,920
25,920
3,727
29,647
Financial investments measured at fair value (note 26(a))
Fixed maturity securities
22,140
74,448
7,188
103,776
\u2014
103,776
Equity securities
85,459
\u2014
331
85,790
\u2014
85,790
Other investments (including derivatives)
28,192
5,021
1,307
34,520
\u2014
34,520
Financial assets classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
135,791
79,469
40,645
255,905
3,727
259,632
Financial liabilities measured at fair value
Non-participating investment contracts (note 43(a))1
140,990
\u2014
\u2014
140,990
\u2014
140,990
Net asset value attributable to unit holders
14,070
\u2014
10
14,080
\u2014
14,080
Borrowings (note 51(a))
\u2014
\u2014
1,091
1,091
5,664
6,755
Derivative liabilities (note 59(b))
200
8,986
355
9,541
\u2014
9,541
Financial liabilities classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
155,260
8,986
1,456
165,702
5,664
171,366
1.In addition to the balances in this table, included within reinsurance assets in the consolidated statement of financial position and note 45 are \u00a35,254 million of non-participating investment contracts, which are legally
reinsurance but do not meet the definition of a reinsurance contract under IFRS. These assets are financial instruments measured at fair value through profit and loss and are classified as Level 1 assets.
Fair value hierarchy
2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
fair value
\u00a3m
Non-recurring fair value measurement
Properties occupied by group companies
\u2014
\u2014
8
8
Total
\u2014
\u2014
8
8
IFRS 13 Fair Value Measurement permits assets and liabilities to be measured at fair value on either a recurring or non-recurring basis.
Recurring fair value measurements are those that other IFRSs require or permit in the statement of financial position at the end of each
reporting period, whereas non-recurring fair value measurements of assets or liabilities are those that other IFRSs require or permit in the
statement of financial position in particular circumstances. The value of freehold owner-occupied properties measured on a non-recurring
basis at 31 December 2022 was \u00a38 million (2021: \u00a315 million), stated at their revalued amounts in line with the requirements of IAS 16
Property, Plant and Equipment.
Fair value hierarchy
2021
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Sub-total
Fair value
\u00a3m
Amortised cost
\u00a3m
Total carrying
value
\u00a3m
Recurring fair value measurements
Investment property (note 20)
\u2014
\u2014
7,003
7,003
\u2014
7,003
Loans (note 23(a))
\u2014
\u2014
29,980
29,980
8,644
38,624
Financial investments measured at fair value (note 26(a))
Fixed maturity securities
34,520
90,254
8,477
133,251
\u2014
133,251
Equity securities
94,819
\u2014
350
95,169
\u2014
95,169
Other investments (including derivatives)
29,043
5,968
1,530
36,541
\u2014
36,541
Financial assets classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
158,382
96,222
47,340
301,944
8,644
310,588
Financial liabilities measured at fair value
Non-participating investment contracts (note 43(a))1
151,115
\u2014
\u2014
151,115
\u2014
151,115
Net asset value attributable to unit holders
16,417
\u2014
10
16,427
\u2014
16,427
Borrowings (note 51(a))
\u2014
\u2014
1,140
1,140
6,204
7,344
Derivative liabilities (note 59(b))
410
4,908
445
5,763
\u2014
5,763
Financial liabilities classified as held for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
167,942
4,908
1,595
174,445
6,204
180,649
1.In addition to the balances in this table, included within reinsurance assets in the consolidated statement of financial position and note 45 are \u00a35,132 million of non-participating investment contracts, which are legally
reinsurance but do not meet the definition of a reinsurance contract under IFRS. These assets are financial instruments measured at fair value through profit and loss and are classified as Level 1 assets.
22 \u2013 Fair value methodology continued
Fair value hierarchy
2021
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
fair value
\u00a3m
Non-recurring fair value measurement
Properties occupied by group companies
\u2014
\u2014
15
15
Total
\u2014
\u2014
15
15
1.Total net (losses)/gains recognised in the income statement includes realised (losses)/gains on disposals
Assets
Liabilities
2021
Investment
Property
\u00a3m
Loans
\u00a3m
Fixed
maturity
securities
\u00a3m
Equity
securities
\u00a3m
Other
investments
(including
derivatives)
\u00a3m
Financial
assets
classified
as held for
sale
\u00a3m
Net asset
value
attributable
to
unitholders
\u00a3m
Derivative
liabilities
\u00a3m
Borrowings
\u00a3m
Financial
liabilities
classified
as held for
sale
\u00a3m
Opening balance at 1 January 2021
11,369
29,839
19,053
407
6,659
1,033
(150)
(571)
(1,166)
(98)
Total net gains/(losses) recognised in the income
statement1
1,206
(1,252)
(648)
19
(102)
17
\u2014
34
(52)
44
Purchases
1,505
3,639
1,288
18
170
13
\u2014
(9)
\u2014
\u2014
Issuances
\u2014
142
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
(6,709)
(2,374)
(9,681)
(91)
(5,001)
(1,043)
140
6
78
52
Settlements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
16
\u2014
\u2014
Transfers into Level 3
\u2014
\u2014
189
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers out of Level 3
\u2014
\u2014
(1,361)
(3)
(6)
\u2014
\u2014
79
\u2014
\u2014
Foreign exchange rate movements
(368)
(14)
(363)
\u2014
(190)
(20)
\u2014
\u2014
\u2014
2
Balance at 31 December 2021
7,003
29,980
8,477
350
1,530
\u2014
(10)
(445)
(1,140)
\u2014
1.Total net gains/(losses) recognised in the income statement includes realised gains/(losses) on disposals
Total net losses recognised in the income statement in the year ended 31 December 2022 in respect of Level 3 assets measured at fair
value\u00a0amounted to \u00a310,106 million (2021: net losses of \u00a3760 million) with net gains in respect of liabilities of \u00a3258 million
(2021: net gains of \u00a326 million). Net losses of \u00a310,203 million (2021: net losses of \u00a3852 million) attributable to assets and net gains of
\u00a3258 million (2021: net losses of \u00a318 million) attributable to liabilities relate to those still held at the end of the year.
The principal assets classified as Level 3, and the valuation techniques applied to them, are described below.
(i) Investment property
\u2022Investment property is valued in the UK at least annually by external chartered surveyors in accordance with guidance issued by The Royal
Institution of Chartered Surveyors and using estimates during the intervening period. Outside the UK, valuations are produced by external
qualified professional appraisers in the countries concerned. The Group\u2019s methodology requires external valuers in the UK to apply the
\u2018Sustainability and ESG in commercial property valuation and strategic advice\u2019 guidance note issued by The Royal Institution of Chartered
Surveyors in December 2021. In a valuation context, sustainability encompasses a wide range of physical, social, environmental, and
economic factors that can affect value. The range of issues includes key environmental risks, such as flooding, energy efficiency and
climate, as well as matters of design, configuration, accessibility, legislation, management and fiscal considerations.
\u2022Investment properties are valued on an income approach that is based on current rental income plus anticipated uplifts at the next rent
review, lease expiry, or break option taking into consideration lease incentives and assuming no further growth in the estimated rental
value of the property. The uplift and discount rates are derived from rates implied by recent market transactions on similar properties.
These inputs are deemed unobservable. The yield used to value investment property can vary significantly depending on a number of
factors including location, type of property and sector. The yield used to value the portfolio ranges from 100bps to 2160bps
(2021: 113bps to 2094bps) with higher yields predominately relating to properties in the retail and leisure sectors. Over 95% of the portfolio
is valued using spreads within the range from 100bps to 810bps (2021: 113bps to 870bps).
22 \u2013 Fair value methodology continued
(ii) Loans
\u2022Commercial mortgage loans and Primary Healthcare loans held by our UK Life business are valued using a Portfolio Credit Risk Model.
This\u00a0model calculates a Credit Risk Adjusted Value for each loan. The risk adjusted cash flows are discounted using a yield curve plus an
allowance for illiquidity. Loans valued using the Portfolio Credit Risk Model have been classified as Level 3 as the liquidity premium is
deemed to be non-market observable. At 31 December 2022 the liquidity premium used in the discount rate was 110 bps (2021: 150 bps).
Future capital expenditure costs of 0.9% per annum (2021: 0.6%) are included in the modelling of the Credit Risk Adjusted Value of the
loans to address climate change actions, including potential climate-related legislation changes. The impact is a reduction in the fair value
of the properties securing the loans.
\u2022Equity release mortgage loans held by our UK Life business are valued using an internal model, with fair value initially being equal to the
transaction price. The value of these loans is dependent on the expected term of the mortgage and the forecast property value at the end
of the term and is calculated by adjusting future cash flows for credit risk and discounting using a yield curve plus an allowance for
illiquidity. At 31 December 2022 the illiquidity premium used in the discount rate was 155 bps (2021: 180 bps).
\u2022The equity release mortgages have a no negative equity guarantee (\u2018NNEG\u2019) such that the cost of any potential shortfall between the value
of the loan and the realised value of the property at the end of the term is recognised by a deduction to the value of the loan. Property
valuations at\u00a0the reporting date are obtained by taking the most recent valuation for the property and indexing using an internal house
price index based on published Land Registry data. NNEG is calculated using base property growth rates reduced for the cost of potential
dilapidations, using a stochastic model. In addition, a cost of capital charge is applied to reflect the variability in these cash flows. The
base property growth rate assumption is RPI +0.75% (2021: RPI +0.75%) which includes a reduction to the growth rate of 0.5% per annum
for the potential impact of climate change actions. The modelled growth rates include an adjustment for the 5-year period 2023-2027 to
reflect the market view of short-term growth being lower than long-term growth. The combination of the adjusted rate over the first five
years and the base property growth rate equates to a long-term average growth rate of 3.1% per annum at 31 December 2022 (2021: 3.9%)
over a twenty five year projection. After applying the cost of capital charge, dilapidations and the stochastic distribution, the effective net
long-term growth rate equates to 0.4% per annum (2021: 0.6%).
\u2022Infrastructure and Private Finance Initiative (PFI) loans held by our UK Life business are valued using a discounted cash flow model.
This\u00a0adds spreads for credit and illiquidity to a risk-free discount rate. Credit spreads used in the discount rate are calculated using an
internally developed methodology which depends on the credit rating of each loan, credit spreads on publicly traded bonds and an
estimated recovery rate in event of default and are deemed to be unobservable. At 31 December 2022, the illiquidity premium used in
the\u00a0discount rate was 115bps (2021: 95bps) for the PFI loans and ranged from 25bps to 210bps (2021: 25bps to 210bps) for the
infrastructure loans.
(iii) Fixed maturity securities
\u2022Structured bond-type, non-standard debt products and privately placed notes held by our life business in the UK do not trade in an
active\u00a0market. These fixed maturity securities are valued using discounted cash flow model, designed to appropriately reflect the credit
and illiquidity risk of the instrument. These bonds have been classified as Level 3 because the valuation approach includes significant
unobservable inputs and an element of subjectivity in determining appropriate credit and illiquidity spreads.
\u2022Other fixed maturity securities held by our life business in the UK which are not traded in an active market have been valued using third-
party or counterparty valuations. These prices are considered to be unobservable due to infrequent market transaction.
\u2022The unobservable credit and illiquidity spreads used in the discount rate range from 25bps to 604bps (2021: 24bps to 822bps) with 99%
of\u00a0the modelled assets valued using spreads within the range from 25bps to 344bps (2021: 24bps to 297bps).
(iv) Equity securities
\u2022Equity securities which primarily comprise private equity holdings held in the UK are valued by a number of third-party specialists.
These\u00a0are valued using a range of techniques including earnings multiples, forecast cash flows and price/earnings ratios which are
deemed to be unobservable.
(v) Other investments (including derivatives)
\u2022Other investments are held for index-linked, unit-linked and with-profit funds and are valued based on external valuation reports
received\u00a0from fund managers. The investments consist of:
\u2013Unit trusts;
\u2013Other Investment funds including property funds; and
\u2013Derivatives.
\u2022Where valuations are at a date other than the balance sheet date, as is the case for private equity funds, adjustments are made for items
such as subsequent draw-downs and distributions and the fund manager's carried interest.
(vi) Liabilities
\u2022The principal liabilities classified as Level 3 are securitised mortgage loan notes, presented within Borrowings, which are valued using
a\u00a0similar technique to the related Level 3 securitised mortgage assets. These liabilities are included within the relevant liability category
within the sensitivity table below.
22 \u2013 Fair value methodology continued
Sensitivities
The valuation of level 3 assets involves a high degree of judgement and estimation uncertainty due to the reliance of valuation models
on\u00a0unobservable inputs. Where possible, the Group tests the sensitivity of the fair values of Level 3 assets and liabilities to changes in
unobservable inputs to reasonable alternatives. Level 3 valuations are sourced from independent third parties when available and,
where\u00a0appropriate, validated against internally-modelled valuations, third-party models or broker quotes. Where third-party pricing
sources\u00a0are unwilling to provide a sensitivity analysis for their valuations, the Group undertakes, where feasible, sensitivity analysis on
the\u00a0following basis:
\u2022For third-party valuations validated against internally-modelled valuations using significant unobservable inputs, the sensitivity of the
internally-modelled valuation to changes in unobservable inputs to a reasonable alternative is determined.
\u2022For third-party valuations either not validated or validated against a third-party model or broker quote, the third-party valuation in its
entirety is considered an unobservable input. Sensitivities are determined by flexing inputs of internal models to a reasonable alternative,
including the yield, NAV multiple or other suitable valuation multiples of the financial instrument implied by the third-party valuation.
For\u00a0example, for a fixed income security the implied yield would be the rate of return which discounts the security\u2019s contractual cash flows
to equal the third-party valuation.
The tables below show the sensitivity of the fair value of Level 3 assets and liabilities to changes in unobservable inputs to a reasonable
alternative:
Sensitivities
2022
Fair value
\u00a3bn
Most significant unobservable input
Reasonable alternative
Positive
impact
\u00a3bn
Negative
impact
\u00a3bn
Investment property
5.9
Equivalent rental yields
+/-5-10%
0.3
(0.3)
Loans
Commercial mortgage loans and Primary Healthcare
loans
9.4
Illiquidity premium
+/-20 bps
0.1
(0.1)
Base property growth rate
+/-100 bps p.a.
0.1
(0.1)
Equity release mortgage loans
9.6
Base property growth rate
+/-40 bps p.a.
0.2
(0.2)
Current property market values
+/-10%
0.2
(0.2)
Infrastructure and Private Finance Initiative (PFI) loans
5.3
Illiquidity premium
+/-25 bps1
0.2
(0.2)
Other
1.6
Illiquidity premium
+/-25 bps1
\u2014
\u2014
Fixed maturity securities
Structured bond-type and non-standard debt products
0.4
Market spread (credit, liquidity and other)
+/-25 bps
\u2014
\u2014
Privately placed notes
2.9
Credit spreads
+/-25 bps1
0.1
(0.1)
Other fixed maturity securities
3.9
Credit and liquidity spreads
+/-20-25 bps
0.1
(0.1)
Equity securities
0.3
Market multiples applied to net asset values
+/-25%
0.1
(0.1)
Other investments
Property Funds
0.2
Market multiples applied to net asset values
+/-15-20%
\u2014
\u2014
Other investments (including derivatives)
1.1
Market multiples applied to net asset values
+/-10-40%2
0.1
(0.1)
Liabilities
Borrowings
(1.1)
Illiquidity premium
+/-50 bps
\u2014
\u2014
Other liabilities (including derivatives)
(0.4)
Independent valuation vs counterparty
N/A
\u2014
\u2014
Total Level 3 investments
39.1
1.5
(1.5)
1.On discount rate spreads
2.Dependent on investment category
22 \u2013 Fair value methodology continued
Sensitivities
2021
Fair value
\u00a3bn
Most significant unobservable input
Reasonable alternative
Positive
impact
\u00a3bn
Negative
impact
\u00a3bn
Investment property
7.0
Equivalent rental yields
+/-5-10%
0.4
(0.4)
Loans
Commercial mortgage loans and Primary Healthcare
loans
11.7
Illiquidity premium
+/-20 bps
0.1
(0.1)
Base property growth rate
+/-100 bps p.a.
0.1
(0.1)
Equity release mortgage loans
11.9
Base property growth rate
+/-40 bps p.a.
0.2
(0.2)
Current property market values
+/-10%
0.3
(0.3)
Infrastructure and Private Finance Initiative (PFI) loans
6.1
Illiquidity premium
+/-25 bps1
0.2
(0.2)
Other
0.3
Illiquidity premium
+/-25 bps1
\u2014
\u2014
Fixed maturity securities
Structured bond-type and non-standard debt products
0.5
Market spread (credit, liquidity and other)
+/-25 bps
\u2014
\u2014
Privately placed notes
3.7
Credit spreads
+/-25 bps1
0.1
(0.1)
Other fixed maturity securities
4.3
Credit and liquidity spreads
+/-20-25 bps
0.1
(0.1)
Equity securities
0.3
Market multiples applied to net asset values
+/-25%
0.1
(0.1)
Other investments
Property Funds
0.2
Market multiples applied to net asset values
+/-15-20%
\u2014
\u2014
Other investments (including derivatives)
1.3
Market multiples applied to net asset values
+/-10-40%2
0.2
(0.2)
Liabilities
Borrowings
(1.1)
Illiquidity premium
+/-50 bps
0.1
(0.1)
Other liabilities (including derivatives)
(0.5)
Independent valuation vs counterparty
N/A
\u2014
\u2014
Total Level 3 investments
45.7
1.9
(1.9)
1.On discount rate spreads
2.Dependent on investment category
The above tables demonstrate the effect of a change in one unobservable input while other assumptions remain unchanged. In reality,
there may be a correlation between the unobservable inputs and other factors. It should also be noted that some of these sensitivities
are\u00a0non-linear, and larger or smaller impacts should not be interpolated or extrapolated from these results.
(h) Liabilities not carried at fair value for which fair value is disclosed
The table below shows the fair value and fair value hierarchy for those liabilities not carried at fair value.
Fair value hierarchy
2022
Notes
As recognised
in the
consolidated
statement of
financial
position line
item
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total fair
value
\u00a3m
Liabilities not carried at fair value
Borrowings
51(a)
5,664
5,212
52
144
5,408
Fair value hierarchy
2021
Notes
As recognised
in the
consolidated
statement of
financial
position line
item
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total fair
value
\u00a3m
Liabilities not carried at fair value
Borrowings
51(a)
6,204
7,012
204
19
7,235
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23 \u2013 Loans
This note analyses the loans our Group companies have made, the majority of which are mortgage loans.
(a) Carrying amounts
The carrying amounts of loans were as follows:
2022
2021
At fair value
through profit
or loss other
than trading
\u00a3m
At amortised
cost
\u00a3m
Total
\u00a3m
At fair value
through profit
or loss other
than trading
\u00a3m
At amortised
cost
\u00a3m
Total
\u00a3m
Policy loans
1
13
14
1
13
14
Loans to banks
1,568
2,913
4,481
301
7,996
8,297
Healthcare, infrastructure & PFI other loans
6,837
\u2014
6,837
7,994
\u2014
7,994
UK securitised mortgage loans (see note 24)
1,759
\u2014
1,759
2,231
\u2014
2,231
Non-securitised mortgage loans
15,755
\u2014
15,755
19,453
\u2014
19,453
Other loans
\u2014
801
801
\u2014
635
635
Total
25,920
3,727
29,647
29,980
8,644
38,624
Of the above total loans, \u00a324,259 million (2021: \u00a329,783 million) are due to be recovered in more than one year after the statement of
financial position date.
Loans at fair value
Fair values have been calculated by using cash flow models appropriate for each portfolio of loans. Further details of the fair value
methodology and models utilised are given in note 22 (g).
The cumulative change in fair value of loans attributable to changes in credit risk to 31 December 2022 was a \u00a398 million loss
(2021: \u00a3475 million loss).
Healthcare, infrastructure and PFI other loans of \u00a36,837 million (2021: \u00a37,994 million) are secured against the income from healthcare and
educational premises.
Non-securitised mortgage loans include \u00a37,784 million (2021: \u00a39,699 million) of residential equity release mortgages, \u00a35,971 million
(2021: \u00a37,246 million) of commercial mortgages and \u00a32,000 million (2021: \u00a32,508 million) relating to UK primary healthcare and PFI
businesses. The healthcare and PFI mortgage loans are secured against General Practitioner premises, other primary health-related
premises or other emergency services related premises. For all such loans, government support is provided through either direct funding
or\u00a0reimbursement of rental payments to the tenants to meet income service and provide for the debt to be reduced substantially over the
term of the loan. Although the loan principal is not government-guaranteed, the nature of these businesses and premises provides
considerable comfort of an ongoing business model and low risk of default.
The maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class of financial assets
mentioned\u00a0above.
Loans at amortised cost
The carrying amount of these loans at both 31 December 2022 and 31 December 2021 was a reasonable approximation for their fair value.
(b) Analysis of loans carried at amortised cost
2022
2021
Amortised
Cost
\u00a3m
Impairment
\u00a3m
Carrying
Value
\u00a3m
Amortised
Cost
\u00a3m
Impairment
\u00a3m
Carrying
Value
\u00a3m
Policy loans
13
\u2014
13
13
\u2014
13
Loans to banks
2,913
\u2014
2,913
7,996
\u2014
7,996
Non-securitised mortgage loans
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other loans
801
\u2014
801
635
\u2014
635
Total
3,727
\u2014
3,727
8,644
\u2014
8,644
The movements in the impairment provisions on these loans were as follows:
2022
\u00a3m
2021
\u00a3m
At 1 January
\u2014
(16)
Increase during the year
\u2014
(2)
Foreign exchange rate movements
\u2014
1
Write back following sale or reimbursement
\u2014
17
At 31 December
\u2014
\u2014
23 \u2013 Loans continued
(c) Collateral
Loans to banks include cash collateral received under stock lending arrangements (see note 60 for further information regarding these
collateral positions). The obligation to repay this collateral is included in payables and other financial liabilities (see note 52).
The Group holds collateral in respect of loans where it is considered appropriate in order to reduce the risk of non-recovery. This collateral
generally takes the form of liens or charges over properties and, in the case of policy loans, the underlying policy for the majority of the
loan\u00a0balances above. In all other situations, the collateral must be in a readily realisable form, such as listed securities, and is held in
segregated accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yODYvZnJhZzo4NDRmM2QyZjRjYTE0OWIwYjZiM2IzYTU0YzBlN2E5OS90ZXh0cmVnaW9uOjg0NGYzZDJmNGNhMTQ5YjBiNmIzYjNhNTRjMGU3YTk5XzE0NjIzNTA0NjUwMDUwMQ_bed261e9-d338-484c-87a7-67fca1f9d3c4": { "value": "
26 \u2013 Financial investments
This note analyses our financial investments by type and shows their cost and fair value. These will change from one period to the next
as\u00a0a\u00a0result of new business written, claims paid and market movements.
(a) Carrying amount
Financial investments comprise:
2022
2021
At fair value through
profit or loss
At fair value through
profit or loss
Trading
\u00a3m
Other than
trading
\u00a3m
Total
\u00a3m
Trading
\u00a3m
Other than
trading
\u00a3m
Total
\u00a3m
Fixed maturity securities
Debt securities
UK government
\u2014
19,570
19,570
\u2014
32,547
32,547
UK local authorities
\u2014
88
88
\u2014
194
194
Non-UK government (note 26(d))
\u2014
24,038
24,038
\u2014
25,144
25,144
Corporate bonds
Public utilities
\u2014
5,536
5,536
\u2014
7,563
7,563
Other corporate
\u2014
42,245
42,245
\u2014
44,886
44,886
Convertibles and bonds with warrants attached
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
\u2014
2,240
2,240
\u2014
3,115
3,115
\u2014
93,717
93,717
\u2014
113,449
113,449
Certificates of deposit
\u2014
10,059
10,059
\u2014
19,802
19,802
\u2014
103,776
103,776
\u2014
133,251
133,251
Equity securities
Ordinary shares
Public utilities
\u2014
5,047
5,047
\u2014
3,240
3,240
Banks, trusts and insurance companies
\u2014
16,215
16,215
\u2014
17,380
17,380
Industrial miscellaneous and all other
\u2014
64,369
64,369
\u2014
74,330
74,330
\u2014
85,631
85,631
\u2014
94,950
94,950
Non-redeemable preference shares
\u2014
159
159
\u2014
219
219
\u2014
85,790
85,790
\u2014
95,169
95,169
Other investments
Unit trusts and other investment vehicles
\u2014
29,211
29,211
\u2014
30,380
30,380
Derivative financial instruments (note 59)
4,916
\u2014
4,916
5,734
\u2014
5,734
Deposits with credit institutions
\u2014
56
56
\u2014
84
84
Minority holdings in property management undertakings
\u2014
222
222
\u2014
246
246
Other investments \u2013 long-term
\u2014
114
114
\u2014
96
96
Other investments \u2013 short-term
\u2014
1
1
\u2014
1
1
4,916
29,604
34,520
5,734
30,807
36,541
Total financial investments
4,916
219,170
224,086
5,734
259,227
264,961
Of the above total, \u00a388,793 million (2021: \u00a395,373 million) is due to be recovered in more than one year after the statement of financial
position date.
Other debt securities of \u00a32,240 million (2021: \u00a33,115 million) include residential and commercial mortgage-backed securities, as well as
other structured credit securities.
Financial investments include \u00a33,970 million (2021: \u00a3832 million) in respect of non-cash collateral pledged to third parties where the
economic rights are retained by the Group.
26 \u2013 Financial investments continued
(b) Cost, unrealised gains and fair value
The following is a summary of the cost/amortised cost, gross unrealised gains and losses and fair value of financial investments:
2022
2021
Cost/
amortised
cost
\u00a3m
Unrealised
gains
\u00a3m
Unrealised
losses and
impairments
\u00a3m
Fair value
\u00a3m
Cost/amortised
cost
\u00a3m
Unrealised
gains
\u00a3m
Unrealised
losses and
impairments
\u00a3m
Fair value
\u00a3m
Fixed maturity securities
110,029
8,475
(14,728)
103,776
122,852
12,920
(2,521)
133,251
Equity securities
75,981
16,610
(6,801)
85,790
74,371
26,381
(5,583)
95,169
Other investments
Unit trusts and other investment vehicles
33,737
3,907
(8,433)
29,211
23,152
7,623
(395)
30,380
Derivative financial instruments
300
5,258
(642)
4,916
4,966
2,651
(1,883)
5,734
Deposits with credit institutions
56
\u2014
\u2014
56
84
\u2014
\u2014
84
Minority holdings in property management
undertakings
228
28
(34)
222
242
34
(30)
246
Other investments \u2013 long-term
137
3
(26)
114
101
\u2014
(5)
96
Other investments \u2013 short-term
1
\u2014
\u2014
1
1
\u2014
\u2014
1
220,469
34,281
(30,664)
224,086
225,769
49,609
(10,417)
264,961
These are further analysed as follows:
At fair value through profit or loss
220,469
34,281
(30,664)
224,086
225,769
49,609
(10,417)
264,961
Available for sale
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
220,469
34,281
(30,664)
224,086
225,769
49,609
(10,417)
264,961
All unrealised gains and losses and impairments on financial investments classified as fair value through profit or loss have been recognised
in the income statement.
Unrealised gains and losses on all financial instruments classified as fair value through profit or loss, recognised in the income statement in
the year, were a net loss of \u00a348,683 million (2021: \u00a34,381 million net gain). Of this net loss, \u00a343,663 million net loss (2021: \u00a36,862 million net
gain) related to investments designated as other than trading and \u00a35,020 million net loss (2021: \u00a32,481 million net loss) related to financial
investments designated as trading. The net loss is primarily driven by a significant increase in interest rates reducing the value of the fixed
maturity securities.
The movement in the unrealised gain/loss position reported in the statement of financial position during the year, shown in the table above,
includes foreign exchange movements on the translation of unrealised gains and losses on financial investments held by foreign
subsidiaries, which are recognised in other comprehensive income, as well as transfers due to the realisation of gains and losses on disposal
and the recognition of impairment losses.
(c) Financial investment arrangements
(i) Stock lending arrangements
The Group has entered into stock lending arrangements in the UK and overseas in accordance with established market conventions.
The\u00a0majority of the Group\u2019s stock lending transactions occur in the UK, where investments are lent to EEA-regulated, locally domiciled
counterparties and governed by agreements written under English law.
The Group receives collateral in order to reduce the credit risk of these arrangements, either in the form of securities or cash. See note 60
for\u00a0further information regarding collateral positions held by the Group.
(ii) Other arrangements
In carrying on its Bulk Purchase Annuity business, the Group\u2019s UK Life operation is required to place certain investments in trust on behalf
of\u00a0the policyholders. Amounts become payable from the trust funds to the trustees if the Group were to be in breach of its payment
obligations in respect of policyholder benefits. At 31 December 2022, \u00a31,778 million (2021: \u00a32,425 million) of financial investments were
restricted in this way.
Certain financial investments are also required to be deposited under local laws in various overseas countries as security for the holders
of\u00a0policies issued in those countries. Other investments are pledged as security collateral for bank letters of credit.
26 \u2013 Financial investments continued
(d) Non-UK government fixed maturity securities (gross of non-controlling interests)
The following is a summary of non-UK government debt by issuer as at 31 December 2022, analysed by policyholder, participating
and\u00a0shareholder funds.
Policyholder
Participating
Shareholder
Total
Non-UK government fixed maturity securities
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Austria
54
29
102
61
120
128
276
218
Belgium
79
74
149
41
261
301
489
416
France
343
441
175
420
395
783
913
1,644
Germany
536
265
330
358
326
443
1,192
1,066
Ireland
17
17
176
241
171
141
364
399
Italy
275
277
68
72
14
14
357
363
Netherlands
81
83
49
65
193
327
323
475
Norway
4
\u2014
3
4
298
392
305
396
European supranational debt
830
682
218
273
1,467
2,217
2,515
3,172
Other European countries
534
636
513
564
312
385
1,359
1,585
Europe
2,753
2,504
1,783
2,099
3,557
5,131
8,093
9,734
Canada
180
130
40
33
3,666
3,679
3,886
3,842
United States
2,536
1,810
645
433
1,084
1,484
4,265
3,727
North America
2,716
1,940
685
466
4,750
5,163
8,151
7,569
Chile
68
92
24
35
229
50
321
177
China
343
257
140
115
7
1
490
373
India
91
\u2014
\u2014
\u2014
688
\u2014
779
\u2014
Indonesia
230
199
82
73
5
1
317
273
Japan
951
1,524
404
1,108
275
277
1,630
2,909
Mexico
335
161
118
56
7
1
460
218
South Africa
247
78
88
27
5
\u2014
340
105
South Korea
179
50
211
373
159
99
549
522
Other supranational debt
\u2014
\u2014
211
310
53
151
264
461
Other
1,349
1,402
598
761
697
640
2,644
2,803
Asia Pacific and other
3,793
3,763
1,876
2,858
2,125
1,220
7,794
7,841
Total
9,262
8,207
4,344
5,423
10,432
11,514
24,038
25,144
Our direct shareholder asset exposure to government (non-UK) fixed maturity securities amounts to \u00a310,432 million (2021: \u00a311,514 million).
The primary exposures, relative to total shareholder (non-UK) government debt exposure, are to Canadian (35%), US (10%), Indian (7%),
French (4%) and German (3%) government fixed maturity securities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yODkvZnJhZzo2OGFjODNkYTZjOTI0ZTA5ODRiYTkwOWIzYjk1N2ExMC90ZXh0cmVnaW9uOjY4YWM4M2RhNmM5MjRlMDk4NGJhOTA5YjNiOTU3YTEwXzE0NjIzNTA0NjQ5NTY4OA_6f9cb98c-6c0f-4041-ab99-1362cb710e6f": { "value": "
27 \u2013 Receivables
This note analyses our total receivables.
2022
\u00a3m
2021
\u00a3m
Amounts owed by contract holders
2,217
2,053
Amounts owed by intermediaries
1,128
982
Deposits with ceding undertakings
\u2014
\u2014
Amounts due from reinsurers
518
438
Amounts due from brokers for investment sales
460
149
Amounts receivable for collateral pledged
266
1,083
Amounts due from government, social security and taxes
545
430
Finance lease receivables
143
129
Other receivables
766
824
Total
6,043
6,088
Expected to be recovered in less than one year
5,857
5,945
Expected to be recovered in more than one year
186
143
6,043
6,088
Exposure to significant concentrations of credit risk is limited due to the regulations applicable in most markets and the Group credit policy
and limits framework, which limits investments in individual assets and asset classes.
Finance lease receivables consist of long income finance leases on property.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yOTIvZnJhZzo4NDk0MjA5ZTQwMWY0MmQ0YjdlYmMyNzRkNWU3ZTNlZS90ZXh0cmVnaW9uOjg0OTQyMDllNDAxZjQyZDRiN2ViYzI3NGQ1ZTdlM2VlXzE0NjIzNTA0NjQ5Njc0OA_7a6c4b59-1a00-4915-acee-8b49501f72ca": { "value": "
28 \u2013 Deferred acquisition costs
(a) Deferred acquisition costs \u2013 carrying amount
The carrying amount of deferred acquisition costs was as follows:
2022
\u00a3m
2021
\u00a3m
Deferred acquisition costs in respect of:
Insurance contracts \u2013 long-term business
520
710
Insurance contracts \u2013 general insurance and health business
1,183
1,078
Participating investment contracts \u2013 long-term business
38
41
Non-participating investment contracts \u2013 long-term business
851
892
Total
2,592
2,721
Deferred acquisition costs (DAC) on long-term business are generally recoverable in more than one year whereas such costs on general
insurance and health business are generally recoverable within one year. Of the above total, \u00a31,239 million (2021: \u00a31,524 million) is expected
to be recovered in more than one year after the statement of financial position date. For long-term business where amortisation of the DAC
balance depends on projected profits, the amount expected to be recovered is estimated and actual experience will differ.
(b) Deferred acquisition costs \u2013 movements in the year
The movements in deferred acquisition costs during the year were:
Long-term business
2022
Insurance
contracts
\u00a3m
Participating
investment
contracts
\u00a3m
Non-
participating
investment
contracts
\u00a3m
General
insurance
and health
business
\u00a3m
Total
\u00a3m
Carrying amount at 1 January
710
41
892
1,078
2,721
Acquisition costs deferred during the year
78
1
70
2,450
2,599
Amortisation
(231)
(6)
(103)
(2,369)
(2,709)
Impact of assumption changes
(43)
2
(16)
\u2014
(57)
Effect of portfolio transfers, acquisitions and disposals
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate movements
4
\u2014
8
24
36
Other movements
2
\u2014
\u2014
\u2014
2
Carrying amount at 31 December
520
38
851
1,183
2,592
Long-term business
2021
Insurance
contracts
\u00a3m
Participating
investment
contracts
\u00a3m
Non-
participating
investment
contracts
\u00a3m
General
insurance
and health
business
\u00a3m
Total
\u00a3m
Carrying amount at 1 January
1,075
118
950
1,146
3,289
Acquisition costs deferred during the year
244
13
72
2,613
2,942
Amortisation
(224)
(3)
(87)
(2,514)
(2,828)
Impact of assumption changes
41
\u2014
(1)
\u2014
40
Effect of portfolio transfers, acquisitions and disposals1
(401)
(84)
(32)
(166)
(683)
Foreign exchange rate movements
(25)
(3)
(10)
(1)
(39)
Carrying amount at 31 December
710
41
892
1,078
2,721
1.The movement during 2021 includes the disposal of operations in France, Italy and Poland including a \u00a3341 million remeasurement loss recognised at 30 June 2021 on reclassification of Aviva France to held for sale
(see\u00a0note 2)
DAC for long-term business decreased overall over 2022 as increases from new business sales were more than offset by amortisation. DAC
for general insurance and health business increased over 2022.
Where amortisation of the DAC balance depends on projected profits, changes to economic conditions may lead to a movement in the DAC
balance and a corresponding impact on profit. It is estimated that the movement in the DAC balance would reduce profit by \u00a341\u00a0million
(2021: \u00a369 million) if market yields on fixed income investments were to increase by 1% and increase profit by \u00a348\u00a0million (2021:\u00a0\u00a368\u00a0million)
if yields were to reduce by 1%.
At both 31 December 2022 and 31 December 2021 the DAC balance has been restricted by the value of projected future profits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8yOTUvZnJhZzpjMWVmNmQyODI2NTA0MzkzYTVmM2FjM2MzZmU0ZjdkYy90ZXh0cmVnaW9uOmMxZWY2ZDI4MjY1MDQzOTNhNWYzYWMzYzNmZTRmN2RjXzE0NjIzNTA0NjQ5NDg0NQ_d8aa40d8-f30e-48b6-9d95-156a37c8b996": { "value": "
29 \u2013 Pension surpluses, other assets, prepayments and accrued income
(a) Pension surpluses and other assets \u2013 carrying amount
The carrying amount comprises:
2022
\u00a3m
2021
\u00a3m
Surpluses in the staff pension schemes (note 50(a))
1,192
2,754
Other assets
42
15
Total
1,234
2,769
Surpluses in the staff pension schemes and \u00a314 million (2021: \u00a31\u00a0million) of other assets are recoverable more than one year after the
statement of financial position date.
(b) Prepayments and accrued income
Prepayments and accrued income of \u00a32,822 million (2021:\u00a0\u00a32,391\u00a0million) includes \u00a3nil (2021: \u00a317 million) that is expected to be recovered
more than one year after the statement of financial position date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zMDEvZnJhZzpiZWQwMzUzNGUwYjM0YjUzYWQ0YmZmNjBmYzk3MTQ2My90ZXh0cmVnaW9uOmJlZDAzNTM0ZTBiMzRiNTNhZDRiZmY2MGZjOTcxNDYzXzE0NjIzNTA0NjUwMDc3Nw_07604ade-08dd-4a1e-9476-7e2feadbb0f2": { "value": "
31 \u2013 Ordinary share capital
This note gives details of Aviva plc\u2019s ordinary share capital and shows the movements during the year.
(a) Share buyback
On 31 March 2022, Aviva completed the share buyback programme originally announced on 12 August 2021, and extended to an aggregate
purchase of up to \u00a31 billion on 16 December 2021. In total, 245,225,489 shares were purchased with a nominal value of \u00a361 million and were
subsequently cancelled, giving rise to an additional capital redemption reserve of an equivalent amount. The 245,225,489 shares were
acquired at an average price of 408 pence per share. 79,587,629 shares were purchased during 2022, had a nominal value of \u00a319 million, for
total consideration of \u00a3336 million and were acquired at an average price of 423 pence per share. 165,237,860 ordinary shares were
purchased and cancelled during 2021, had a nominal value of \u00a342 million, for a total consideration of \u00a3663 million and were acquired at an
average price of 401 pence per share.
(b) Return of capital to ordinary shareholders via B share scheme
On 2 March 2022, Aviva announced a proposed return of capital, including a \u00a33,750 million B Share Scheme for the holders of ordinary
shares. 3,687,322,000 B shares were issued for nil consideration with a nominal value of 101.69 pence per share on 16 May 2022, resulting in
a total of \u00a33,750 million being credited to the B share capital account. At the same time, the merger reserve was reduced by \u00a33,750 million.
On 17 May 2022, the B shares were redeemed at 101.69 pence per share, which resulted in a \u00a33,750 million reduction in the B share capital
account and a corresponding increase in the capital redemption reserve. Retained earnings reduced by \u00a33,750 million on payment of the
return of capital to ordinary shareholders.
31 \u2013 Ordinary share capital continued
(c) Details of the Company\u2019s ordinary share capital
On 16 May 2022, the Company\u2019s share capital was consolidated whereby 76 new ordinary shares of 32 17/19 pence were issued for each
holding of 100 ordinary shares of 25 pence each. The number of ordinary shares in issue reduced by 884,957,280 from 3,687,322,000 to
2,802,364,720.
2022
\u00a3m
2021
\u00a3m
The allotted, called up and fully paid share capital of the Company at 31 December 2022 was: 2,807,964,676 ordinary shares of
32 17/19 pence each ( 31 December 2021: 3,766,095,426 ordinary shares of 25 pence each)
924
941
At the General Meeting that took place on 9 May 2022, the Company was authorised to allot up to a further maximum nominal amount of:
\u2022\u00a3614,553,667 of which \u00a3307,276,833 can be in connection with an offer by way of a rights issue
\u2022\u00a3150,000,000 of new ordinary shares in relation to any issue of Solvency II compliant capital instruments
(d) Movement in issued share capital
2022
Number of shares
Share capital
\u00a3m
Capital
redemption
reserve
\u00a3m
Share
premium
\u00a3m
25p each
32 17/19p each
B shares
At 1 January
3,766,095,426
\u2014
\u2014
941
86
1,248
Shares issued under the Group\u2019s Employee and Executive
Share Option Schemes
1,214,203
5,599,956
\u2014
2
\u2014
15
Shares cancelled through buyback
(79,987,629)
\u2014
\u2014
(19)
19
\u2014
Shares issued under the B share scheme
\u2014
\u2014
3,687,322,000
3,750
\u2014
\u2014
Shares cancelled following B share scheme redemption
\u2014
\u2014
(3,687,322,000)
(3,750)
3,750
\u2014
Share consolidation
(3,687,322,000)
2,802,364,720
\u2014
\u2014
\u2014
\u2014
At 31 December
\u2014
2,807,964,676
\u2014
924
3,855
1,263
2021
Number of
shares
25p each
Share capital
\u00a3m
Capital
redemption
reserve
\u00a3m
Share
premium
\u00a3m
At 1 January
3,928,490,420
982
44
1,242
Shares issued under the Group\u2019s Employee and Executive Share Option Schemes
2,842,866
1
\u2014
6
Shares cancelled through buyback
(165,237,860)
(42)
42
\u2014
At 31 December
3,766,095,426
941
86
1,248
The issued preference shares are non-voting except where their dividends are in arrears, where their rights are altered or on a winding up or
capital reduction of the Company.
On a winding up, they carry a preferential right of return of capital ahead of the ordinary shares. Holders are entitled to receive dividends out
of the profits available for distribution and resolved to be distributed in priority to the payment of dividends to holders of ordinary shares.
The Company does not have a contractual obligation to deliver cash or other financial assets to the preference shareholders and therefore
the directors may make dividend payments at their discretion.
At the end of 2022, the fair value of Aviva plc\u2019s preference share capital was \u00a3247 million (2021: \u00a3304.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zMDQvZnJhZzo0MjFmZDRlNGRkMjA0MzNjOThkNjZiYWY2ZTQ0YmYyMC90ZXh0cmVnaW9uOjQyMWZkNGU0ZGQyMDQzM2M5OGQ2NmJhZjZlNDRiZjIwXzE0NjIzNTA0NjUwMDM2MQ_976ded47-9472-4555-b2f6-d4cba10ab4aa": { "value": "
32 \u2013 Group\u2019s share plans
This note describes various equity compensation plans operated by the Group, and shows how the Group values the options and awards
of\u00a0shares in the Company.
(a) Description of the plans
The Group maintains a number of active share option and award plans and schemes (the Group\u2019s share plans). These are as follows:
(i) Savings-related options
These are options granted under the tax-advantaged Save As You Earn (SAYE) share option scheme in the UK and prior to 2021 the Irish
revenue-approved SAYE share option scheme in Ireland. From 2021 options in Ireland are granted under the Irish non-revenue approved
SAYE share option scheme. The SAYE allows eligible employees to acquire options over the Company\u2019s shares at a discount of up to 20% of
their market value at the date of grant.
Options are normally exercisable during the six month period following either the third or fifth anniversary of the start of the relevant savings
contract. Savings contracts are subject to the statutory savings limits of \u00a3500 per month in the UK and \u20ac500 per month in Ireland. A limit of
\u00a3250 per month was applied to contracts in the UK prior to 2016.
(ii) Aviva long-term incentive plan awards
These awards have been made under the Aviva Long-Term Incentive Plan (LTIP) and are described in the Directors\u2019 Remuneration Report
(DRR).
32 \u2013 Group\u2019s share plans continued
(iii) Aviva annual bonus plan awards
These awards have been made under the Aviva Annual Bonus Plan (ABP) and are described in the DRR.
(iv) Aviva recruitment and retention share plan awards
These are conditional awards granted under the Aviva Recruitment and Retention Share Award plan (RRSAP) in relation to the recruitment
or retention of senior managers excluding executive directors. The awards vest in tranches on various dates and vesting is conditional upon
the participant being employed by the Group on the vesting date and not having served notice of resignation. Some awards can be subject
to performance conditions. If a participant\u2019s employment is terminated due to resignation or dismissal, any tranche of the award which has
vested within the 12 months prior to the termination date may be subject to clawback and any unvested tranches of the award will lapse in
full.
(v) Aviva Investors deferred share award plan awards
These awards have been made under the Aviva Investors Deferred Share Award Plan (AI DSAP), where employees could choose to have the
deferred element of their bonus deferred into awards over Aviva shares. The awards vest in three equal tranches on the first, second and
third anniversaries of grant. No further awards are expected to be made under the AI DSAP.
(vi) Various all employee share plans
The Company maintains a number of active stock option and share award voluntary schemes:
\u2022The global matching share plan
\u2022Aviva Group employee share ownership scheme
No new Aviva plc ordinary shares will be issued to satisfy awards made under plans (iv) and (v).
(b) Outstanding options
The following table summarises information about options outstanding at 31 December and 2022 and 2021:
2022
2021
Range of exercise prices
Outstanding
options
Number
Weighted average
remaining
contractual life
Years
Weighted average
exercise price
p
Outstanding
options
Number
Weighted average
remaining
contractual life
Years
Weighted average
exercise price
p
\u00a32.20 \u2013 \u00a33.16
32,596,283
2
227.63
40,415,471
3
233.88
\u00a33.17 \u2013 \u00a33.67
10,898,433
3
333.46
5,743,442
4
331.53
\u00a33.68 \u2013 \u00a34.19
470,831
1
393.31
1,642,237
1
390.83
(c) Movements in the year
A summary of the status of the option and share plans as at 31 December 2022 and 2021, and changes during the years ended on those
dates, is shown below.
2022
2021
Number of options
Weighted average
exercise price
p
Number of awards
Number of options
Weighted average
exercise price
p
Number of awards
Outstanding at 1 January
47,801,150
251.00
40,303,963
50,137,784
251.31
45,946,328
Granted during the year
6,369,795
336.00
18,158,925
5,438,302
330.00
18,767,398
Exercised during the year
(6,238,086)
298.73
(11,416,602)
(1,888,154)
357.55
(13,192,824)
Forfeited during the year
(2,801,326)
259.10
(7,015,305)
(3,375,371)
252.12
(11,216,939)
Cancelled during the year
(713,427)
238.30
\u2014
(564,984)
244.48
\u2014
Expired during the year
(452,559)
308.98
\u2014
(1,946,427)
372.26
\u2014
Outstanding at 31 December
43,965,547
255.64
40,030,981
47,801,150
251.00
40,303,963
Exercisable at 31 December
2,676,882
278.95
\u2014
1,383,467
376.17
\u2014
(e) Fair value of options and awards granted after 7 November 2002
The weighted average fair values of options and awards granted during the year, estimated by using the Binomial option pricing model and
Monte Carlo Simulation model, were \u00a30.84 and \u00a33.95 (2021: \u00a30.80 and \u00a33.57) respectively.
32 \u2013 Group\u2019s share plans continued
(i) Share options
The fair value of the options was estimated on the date of grant, based on the following weighted average assumptions:
Weighted average assumption
2022
2021
Share price
388p
404p
Exercise price
336p
330p
Expected volatility
31.76%
30.52%
Expected life
4.08years
3.70years
Expected dividend yield
6.44%
5.28%
Risk-free interest rate
4.23%
0.54%
The expected volatility used was based on the historical volatility of the share price over a period equivalent to the expected life of the
option prior to its date of grant. The risk-free interest rate was based on the yields available on UK government bonds as at the date of grant.
The bonds chosen were those with a similar remaining term to the expected life of the options. 6,238,086 options granted after 7 November
2002 were exercised during the year (2021: 1,888,154).
(ii) Share awards
The fair value of the awards was estimated on the date of grant based on the following weighted average assumptions:
Weighted average assumption
2022
2021
Share price
404p
386p
Expected volatility\u00b9
33%
34%
Expected volatility of comparator companies\u2019 share price\u00b9
35%
34%
Correlation between Aviva and comparator competitors\u2019 share price\u00b9
51%
63%
Expected life\u00b9
3.00years
3.00years
Expected dividend yield
0.00%
0.00%
Risk-free interest rate\u00b9
1.49%
0.13%
1.For awards with market-based performance conditions only
The expected volatility used was based on the historical volatility of the share price over a period equivalent to the expected life of the share
award prior to its date of grant. The risk-free interest rate was based on the yields available on UK government bonds as at the date of\u00a0grant.
The bonds chosen were those with a similar remaining term to the expected life of the share awards.
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33 \u2013 Treasury shares
The following table summarises information about treasury shares at 31 December 2022:
2022
2021
Number
\u00a3m
Number
\u00a3m
Shares held by employee trusts
19,986,626
85
12,363,684
51
19,986,626
85
12,363,684
51
The shares are owned by employee share trusts with an undertaking to satisfy awards of shares in the Company under the Company\u2019s share
plans and schemes. Details of the features of the plans can be found in the DRR and in note 32.
These shares were purchased in the market. At 31 December 2022, they had an aggregate nominal value of \u00a36,575,548 (2021: \u00a33,090,921)
and a market value of \u00a388,500,780 (2021: \u00a350,740,559). The trustees have waived their rights to dividends on the shares held in the trusts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zMTkvZnJhZzo3M2NiNmQwYjk1ZjM0MzI1ODQ2ZGE4ODg4YjcxNzQyNC90ZXh0cmVnaW9uOjczY2I2ZDBiOTVmMzQzMjU4NDZkYTg4ODhiNzE3NDI0XzMwMQ_3c5c5f3c-c47e-491d-b2b9-a8286ace0eec": { "value": "145000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zMTkvZnJhZzo3M2NiNmQwYjk1ZjM0MzI1ODQ2ZGE4ODg4YjcxNzQyNC90ZXh0cmVnaW9uOjczY2I2ZDBiOTVmMzQzMjU4NDZkYTg4ODhiNzE3NDI0XzMzNQ_3c04fe98-4771-438b-8c72-d6f64bbc471f": { "value": "-34000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationBeforeTax", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zMjUvZnJhZzpiMGZlY2ViZTc3Mjc0NDIwYjhjMjY1MTY0MTNjZWNkNS90ZXh0cmVnaW9uOmIwZmVjZWJlNzcyNzQ0MjBiOGMyNjUxNjQxM2NlY2Q1XzE0NjIzNTA0NjQ5NDY1Mg_47aa78a1-ebe1-41fd-b9e3-4260da6b755e": { "value": "
39 \u2013 Non-controlling interests
This note gives details of the Group\u2019s non-controlling interests and shows the movements during the year.
Non-controlling interests at 31 December comprised:
2022
\u00a3m
2021
\u00a3m
Equity shares in subsidiaries
60
\u2014
Share of earnings
\u2014
2
Share of other reserves
\u2014
\u2014
60
2
Preference shares in General Accident plc
250
250
310
252
Movements in the year comprised:
2022
\u00a3m
2021
\u00a3m
Balance at 1 January
252
1,006
Profit for the year attributable to non-controlling interests
21
70
Foreign exchange rate movements
(8)
(33)
Total comprehensive income attributable to non-controlling interests
13
37
Non-controlling interests share of dividends declared in the year
(21)
(60)
Non-controlling interests in acquired subsidiaries\u00b9
66
\u2014
Disposals of non-controlling interests in subsidiaries2
\u2014
(722)
Changes in non-controlling interests in subsidiaries
\u2014
(9)
Balance at 31 December
310
252
(b) Change in contract liabilities, net of reinsurance, recognised as an expense
The purpose of the following table is to reconcile the change in insurance liabilities, net of reinsurance, shown on the consolidated
income\u00a0statement, to the change in insurance liabilities recognised as an expense in the relevant movement tables in the following notes.
The\u00a0components of the reconciliation are the change in provision for outstanding claims on long-term business (which is not included
in\u00a0a\u00a0separate movement table), and the unwind of discounting on general insurance reserves (which is included within finance costs in
the\u00a0income statement). For general insurance and health, the change in the provision for unearned premiums is not included in the
reconciliation as, within the income statement, this is included within earned premiums.
2022
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Long-term business
Change in insurance liabilities (note 41(b)(iii))
(25,175)
2,316
(22,859)
Change in provision for outstanding claims
108
(3)
105
(25,067)
2,313
(22,754)
General insurance and health
Change in insurance liabilities (note 41(c)(iv) and 45(c)(ii))
482
(66)
416
Change in provision arising from liability adequacy tests
(2)
\u2014
(2)
Less: Unwind of discount
(7)
5
(2)
473
(61)
412
Total change in insurance liabilities from continued operations (note 5)
(24,594)
2,252
(22,342)
2021
Gross
\u00a3m
Reinsurance
\u00a3m
Net
\u00a3m
Long-term business
Change in insurance liabilities (note 41(b)(iii))
2,521
(951)
1,570
Change in provision for outstanding claims
(291)
1
(290)
2,230
(950)
1,280
General insurance and health
Change in insurance liabilities (note 41(c)(iv) and 45(c)(ii))
641
114
755
Change in provision arising from liability adequacy tests
(1)
\u2014
(1)
Less: Unwind of discount
(2)
1
(1)
638
115
753
Total change in insurance liabilities
2,868
(835)
2,033
Less: Change in insurance liabilities from discontinued operations
(3,736)
4
(3,732)
Total change in insurance liabilities from continued operations (note 5)
(868)
(831)
(1,699)
For non-participating investment contracts, deposits collected and amounts withdrawn are not shown on the income statement, but
are\u00a0accounted for directly through the statement of financial position as an adjustment to the gross liabilities for investment contracts.
The\u00a0associated change in investment contract provisions shown on the income statement consists of the attributed investment return.
For\u00a0participating investment contracts, the change in investment contract provisions on the income statement primarily consists of the
movement in participating investment contract liabilities (net of reinsurance) over the reporting period.
41 \u2013 Insurance liabilities
This note analyses the Group\u2019s gross insurance contract liabilities for the long-term and general insurance and health business, describes
how the Group calculates these liabilities and presents the movement in these liabilities during the year.
(a) Carrying amount
Insurance liabilities (gross of reinsurance) at 31 December comprised:
2022
\u00a3m
2021
\u00a3m
Long-term business
Participating insurance liabilities
16,543
21,570
Unit-linked non-participating insurance liabilities
7,813
8,703
Other non-participating insurance liabilities
57,542
75,510
81,898
105,783
Outstanding claims provisions
1,405
1,288
83,303
107,071
General insurance and health
Outstanding claims provisions
8,112
7,304
Provision for claims incurred but not reported
3,077
3,156
11,189
10,460
Provision for unearned premiums
5,193
4,718
Provision arising from liability adequacy tests
\u2014
1
16,382
15,179
Total
99,685
122,250
(b) Long-term business liabilities
(i) Business description
The Group underwrites long-term business primarily in the UK and Ireland. This is mainly written in the \u2018Non-Profit\u2019 funds and in a number of
\u2018With-Profits\u2019 sub-funds. In the \u2018Non\u2011Profit\u2019 funds shareholders are entitled to 100% of the distributed profits. In the \u2018With-Profits\u2019 sub-funds
the with-profits policyholders are entitled to between 40% and 100% of distributed profits, depending on the fund rules. There is also the
Reattributed Inherited Estate External Support Account (RIEESA) in the UK, which does not itself underwrite any business, but provides
capital support to one of the 'With-Profits' sub-funds and receives any surplus or deficit emerging from it. In the RIEESA, shareholders are
entitled to 100% of the distributed profits, but these can only be distributed in line with the criteria set by the Reattribution Scheme.
(ii) Group practice
The long-term business liabilities are calculated separately for each of the Group\u2019s life operations. The provisions for overseas subsidiaries
have generally been included on the basis of local regulatory requirements, modified where necessary to reflect the requirements of the
Companies Act 2006.
Material judgement is required in calculating the liabilities and is exercised particularly through the choice of assumptions where discretion
is permitted. In turn, the assumptions used depend on the circumstances prevailing in each of the life operations. Provisions are most
sensitive to assumptions regarding discount rates, mortality and morbidity rates. Where discount rate assumptions are based on current
market yields on fixed interest securities, allowance is made for default risk implicit in the yields on the underlying assets.
Bonuses paid during the year are reflected in claims paid, whereas those allocated as part of the bonus declaration are included in the
movements in the long-term business liabilities.
A description of the main methodology and most material valuation assumptions has been provided (see note 42).
41 \u2013 Insurance liabilities continued
(iii) Movements in long-term business liabilities
The following movements have occurred in the gross long-term business liabilities during the year:
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
105,783
135,409
Liabilities in respect of new business
4,797
10,420
Expected change in existing business
(5,488)
(6,884)
Variance between actual and expected experience
(2,096)
2,209
Impact of operating assumption changes
(1,307)
(898)
Impact of economic assumption changes
(21,125)
(2,427)
Other movements recognised as an expense\u00b9
44
101
Change in liability recognised as an expense (note 40(b))
(25,175)
2,521
Effect of portfolio transfers, acquisitions and disposals\u00b2
1,236
(30,570)
Foreign exchange rate movements
31
(1,565)
Other movements3
23
(12)
Carrying amount at 31 December
81,898
105,783
The gross outstanding claims provision before discounting was \u00a311,878 million (2021: \u00a310,711 million). Details of the range of discount rates
used along with other material assumptions are available (see note 42(b)).
(iv) Movements in general insurance and health claims liabilities
The following changes have occurred in the general insurance and health claims liabilities during the year:
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
10,460
12,384
Impact of changes in assumptions
(353)
39
Claim losses and expenses incurred in the current year
6,253
6,333
Increase/(decrease) in estimated claim losses and expenses incurred in prior periods
5
(41)
Incurred claims losses and expenses
5,905
6,331
Less:
Payments made on claims incurred in the current year
(2,945)
(3,029)
Payments made on claims incurred in prior periods
(2,854)
(2,980)
Recoveries on claim payments
369
317
Claims payments made in the period, net of recoveries
(5,430)
(5,692)
Unwind of discounting
7
2
Changes in claims reserve recognised as an expense (note 40(b))
482
641
Effect of portfolio transfers, acquisitions and disposals\u00b9
\u2014
(2,476)
Foreign exchange rate movements
247
(89)
Carrying amount at 31 December
11,189
10,460
1.The movement in 2021 relates to disposal of the France, Italy and Poland businesses and includes the termination of reinsurance accepted from the former France general insurance entity
(v) Movements in general insurance and health unearned premiums
The following changes have occurred in the liabilities for unearned premiums (UPR) during the year:
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
4,718
5,210
Premiums written during the year
10,328
11,044
Less: Premiums earned during the year
(9,944)
(10,661)
Changes in UPR recognised as an expense
384
383
Gross portfolio transfers and acquisitions\u00b9
\u2014
(861)
Foreign exchange rate movements
91
(14)
Carrying amount at 31 December
5,193
4,718
1.The movement in 2021 relates to disposals of the France, Italy and Poland businesses and includes the termination of reinsurance accepted from the former France general insurance entity
41 \u2013 Insurance liabilities continued
(vi) Analysis of general insurance and health claims development
The tables that follow present the development of claims payments and the estimated ultimate cost of claims for the accident years 2013 to
2022. The upper half of the tables shows the cumulative amounts paid during successive years related to each accident year, while the lower
section of the tables shows the original estimated ultimate cost of claims and how these original estimates have increased or decreased, as
more information becomes known about the individual claims and overall claim frequency and severity.
Key elements of the development of prior accident year general insurance and health net provisions during 2022 were:
\u2022\u00a364 million strengthening from the UK due to adverse experience and additional provisioning in property and higher inflation. These were
partially offset by motor releases.
\u2022\u00a332 million release from Ireland due to motor releases and favourable liability experience.
\u2022\u00a385 million release from Canada primarily due to favourable experience in both personal and commercial motor; partially offset by
strengthening of commercial liability reserves.
Key elements of the development of prior accident year general insurance and health net provisions during 2021 were:
\u2022\u00a351 million release from the UK and Ireland primarily due to releases across motor due to favourable large claims experience partially
offset by adverse experience with commercial liability and personal property;
\u2022\u00a352 million release from Canada primarily due to favourable experience in commercial property and commercial motor, partially offset by
commercial liability strengthening from large loss development and adverse latent claims; and
\u2022\u00a354 million strengthening from discontinued markets mainly from adverse claims development in France.
Gross of reinsurance
Before the effect of reinsurance, the loss development table is:
Accident year
All prior
years
\u00a3m
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Total
\u00a3m
Gross cumulative claim payments
At end of accident year
(3,068)
(3,102)
(2,991)
(3,534)
(3,517)
(3,769)
(3,617)
(3,240)
(3,350)
(2,759)
One year later
(4,476)
(4,295)
(4,285)
(4,972)
(4,952)
(5,239)
(4,986)
(4,968)
(4,449)
Two years later
(4,916)
(4,681)
(4,710)
(5,435)
(5,388)
(5,681)
(5,646)
(5,327)
Three years later
(5,221)
(4,974)
(4,997)
(5,781)
(5,699)
(6,240)
(5,946)
Four years later
(5,467)
(5,244)
(5,198)
(6,020)
(6,150)
(6,551)
Five years later
(5,645)
(5,406)
(5,364)
(6,375)
(6,318)
Six years later
(5,739)
(5,507)
(5,570)
(6,512)
Seven years later
(5,785)
(5,630)
(5,626)
Eight years later
(5,881)
(5,653)
Nine years later
(5,897)
Estimate of gross ultimate claims
At end of accident year
6,122
5,896
5,851
6,947
6,894
7,185
6,979
6,896
6,310
6,228
One year later
6,039
5,833
5,930
6,931
6,796
7,175
6,935
6,925
6,324
Two years later
6,029
5,865
5,912
6,864
6,756
7,220
6,956
6,897
Three years later
6,067
5,842
5,814
6,817
6,751
7,250
6,915
Four years later
6,034
5,772
5,785
6,836
6,741
7,215
Five years later
5,996
5,756
5,760
6,821
6,707
Six years later
5,956
5,735
5,759
6,821
Seven years later
5,950
5,732
5,761
Eight years later
5,949
5,732
Nine years later
5,955
Estimate of gross ultimate claims
5,955
5,732
5,761
6,821
6,707
7,215
6,915
6,897
6,324
6,228
Cumulative payments
(5,897)
(5,653)
(5,626)
(6,512)
(6,318)
(6,551)
(5,946)
(5,327)
(4,449)
(2,759)
2,164
58
79
135
309
389
664
969
1,570
1,875
3,469
11,681
Effect of discounting
(687)
(2)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(689)
Present value
1,477
56
79
135
309
389
664
969
1,570
1,875
3,469
10,992
Cumulative effect of foreign exchange
movements
\u2014
3
6
25
3
6
19
24
35
37
\u2014
158
Effect of acquisitions
3
4
6
15
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
39
Present value recognised in the
statement of financial position
1,480
63
91
175
323
395
683
993
1,605
1,912
3,469
11,189
41 \u2013 Insurance liabilities continued
Net of reinsurance
After the effect of reinsurance, the loss development table is:
Accident year
All prior
years
\u00a3m
2013
\u00a3m
2014
\u00a3m
2015
\u00a3m
2016
\u00a3m
2017
\u00a3m
2018
\u00a3m
2019
\u00a3m
2020
\u00a3m
2021
\u00a3m
2022
\u00a3m
Total
\u00a3m
Net cumulative claim payments
At end of accident year
(2,905)
(2,972)
(2,867)
(3,309)
(3,483)
(3,718)
(3,565)
(3,090)
(3,308)
(2,726)
One year later
(4,240)
(4,079)
(4,061)
(4,591)
(4,843)
(5,117)
(4,873)
(4,673)
(4,336)
Two years later
(4,649)
(4,432)
(4,452)
(5,012)
(5,255)
(5,514)
(5,506)
(5,002)
Three years later
(4,918)
(4,720)
(4,725)
(5,329)
(5,560)
(6,044)
(5,799)
Four years later
(5,159)
(4,973)
(4,919)
(5,564)
(5,980)
(6,347)
Five years later
(5,324)
(5,132)
(5,085)
(5,900)
(6,144)
Six years later
(5,417)
(5,222)
(5,268)
(6,034)
Seven years later
(5,459)
(5,343)
(5,297)
Eight years later
(5,553)
(5,368)
Nine years later
(5,572)
Estimate of net ultimate claims
At end of accident year
5,838
5,613
5,548
6,489
6,714
6,997
6,774
6,378
6,119
5,950
One year later
5,745
5,575
5,635
6,458
6,591
6,944
6,729
6,321
5,991
Two years later
5,752
5,591
5,608
6,377
6,569
6,983
6,764
6,298
Three years later
5,733
5,559
5,517
6,334
6,560
7,018
6,722
Four years later
5,689
5,490
5,495
6,335
6,552
6,995
Five years later
5,653
5,472
5,469
6,323
6,522
Six years later
5,612
5,449
5,456
6,322
Seven years later
5,612
5,440
5,427
Eight years later
5,611
5,446
Nine years later
5,616
Estimate of net ultimate claims
5,616
5,446
5,427
6,322
6,522
6,995
6,722
6,298
5,991
5,950
Cumulative payments
(5,572)
(5,368)
(5,297)
(6,034)
(6,144)
(6,347)
(5,799)
(5,002)
(4,336)
(2,726)
943
44
78
130
288
378
648
923
1,296
1,655
3,224
9,607
Effect of discounting
(343)
5
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(338)
Present value
600
49
78
130
288
378
648
923
1,296
1,655
3,224
9,269
Cumulative effect of foreign exchange
movements
\u2014
3
7
24
3
7
18
23
32
35
\u2014
152
Effect of acquisitions
5
4
6
15
11
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
41
Present value recognised in the
statement of financial position
605
56
91
169
302
385
666
946
1,328
1,690
3,224
9,462
In the loss development tables shown above, the cumulative claim payments and estimates of cumulative claims for each accident year
are\u00a0translated into sterling at the exchange rates that applied at the end of that accident year. The impact of using varying exchange rates is
shown at the bottom of each table. Disposals are dealt with by treating all outstanding and IBNR claims of the disposed entity as \u2018paid\u2019 at
the date of disposal.
The loss development tables above include information on asbestos and environmental pollution claims provisions from business written
more than 10 years ago. The undiscounted claim provisions, net of reinsurance, in respect of this business at 31 December 2022 were
\u00a386 million (2021: \u00a387 million). The movement in asbestos and environmental pollution liabilities in the year reflects an increase of
\u00a32 million due to adverse large claims experience and claims development offset by claims payments net of reinsurance recoveries.
42 \u2013 Insurance liabilities methodology and assumptions
(a) Long-term business
i) UK
The main method used for the actuarial valuation of long-term insurance liabilities is the gross premium method which involves the
discounting of projected future cash flows. The cash flows are calculated using the contractual premiums payable together with explicit
assumptions for investment returns, discount rates, inflation, mortality, morbidity, persistency and future expenses. These assumptions can
vary by contract type and reflect current and expected future experience with an allowance for prudence.
Non-profit business
The valuation of non\u2011profit business is based on grandfathered regulatory requirements under IFRS 4 prior to the adoption of Solvency II,
adjusted to remove certain regulatory reserves and margins in assumptions, notably for annuity business. Conventional non\u2011profit
contracts, including those written in the with-profits funds, are valued using the gross premium method.
For unit\u2011linked and some unitised with\u2011profits business, the provisions are valued by adding a prospective non\u2011unit reserve to the bid value
of units. The prospective non\u2011unit reserve is calculated by projecting the future non\u2011unit cash flows using prudent assumptions and on the
assumption that future premiums cease, unless it is more onerous to assume that they continue.
Discount rates
Valuation discount rate assumptions are set with regard to yields on the supporting assets and the general level of long\u2011term interest rates
as measured by gilt yields. An explicit allowance for risk is included by making a deduction from the yields on corporate bonds, mortgages
and deposits, based on historical default experience of each asset class. For equity release assets, the risk allowances are consistent with
those used in the fair value asset methodology (see note 22). A further margin for risk is then deducted for all asset classes.
Valuation discount rates for business in the non-profit funds are as follows:
Valuation discount rates
(Gross of investment expenses)
2022
2021
Assurances
Life conventional non-profit
3.5%
1.1%
Pensions conventional non-profit
3.5%
1.1%
Annuities
Conventional immediate and deferred annuities
3.5% to 5%
1.1% to 2%
Non-unit reserves on unit-linked business
Life
2.8%
0.9%
Pensions
3.5%
1.1%
Income Protection
Active lives
3.5%
1.1%
Claims in payment (level and index linked)
3.5%
1.1%
The valuation discount rates are after a reduction for risk, but before allowance for investment expenses. For conventional immediate
annuity business, the allowance for risk comprises long\u2011term assumptions on a prudent basis for defaults or, in the case of equity release
assets, expected losses arising from the No\u2011Negative\u2011Equity Guarantee. These allowances vary by asset category and for some asset classes
by rating.
The risk allowances made for corporate bonds (including overseas government bonds and structured finance assets), mortgages (including
healthcare mortgages, commercial mortgages and infrastructure assets), and equity release equated to 34 bps, 28 bps, and 98 bps
respectively at 31 December 2022 (2021: 44 bps, 30 bps, and 91 bps respectively).
The total valuation allowance in respect of corporate bonds was \u00a30.7 billion (2021: \u00a31.4 billion) over the remaining term of the portfolio at
31 December 2022. The total valuation allowance in respect of mortgages (including healthcare mortgages but excluding equity release)
was \u00a30.3 billion at 31 December 2022 (2021: \u00a30.5 billion). The total valuation allowance in respect of equity release mortgages was
\u00a30.8 billion at 31 December 2022 (2021: \u00a31.2 billion). Total liabilities for the annuity business were \u00a348.5 billion at 31 December 2022
(2021: \u00a363.0 billion).
Expenses
Maintenance expense assumptions for non-profit business are generally expressed as a per policy charge set with regards to an allocation
of\u00a0current year expense levels by broad category of business and using the policy counts for in-force business. The assumptions also include
an allowance for prudence and increase by future expense inflation over the lifetime of each contract. Expense inflation is assumed to be
in\u00a0line with RPI. An additional liability is held if projected per policy expenses in future years are expected to exceed current assumptions.
A\u00a0further allowance is made for non-discretionary project costs that typically relate to mandatory requirements. Expense-related liabilities
are not held where expenses are covered by anticipated future profits in the liability methodology, notably for unit-linked contracts.
Investment expense assumptions are generally expressed as a proportion of the assets backing the liabilities.
42 \u2013 Insurance liabilities methodology and assumptions continued
Mortality
Mortality assumptions for non-profit business are set with regard to recent Company experience and general industry trends. The mortality
tables used in the valuation are summarised below:
Mortality tables used
2022
2021
Assurances
Non-profit
AM00/AF00 or TM16/TF16 adjusted for
smoker status and age/sex specific factors
with allowance for future mortality
improvements
AM00/AF00 or TM08/TF08 adjusted for
smoker status and age/sex specific factors
with allowance for future mortality
improvements
Pure endowments and deferred annuities before vesting
AM00/AF00 adjusted with allowance for
improvements
AM00/AF00 adjusted with allowance for
improvements
Annuities in payment
Pensions business and general annuity business
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT plus
allowance for future mortality
improvements
PMA16_IND/PFA16_IND or PMA16_IND_INT/
PFA16_IND_INT plus allowance for future
mortality improvements
Bulk purchase annuities
CV3 plus allowance for future mortality
improvements
CV3 plus allowance for future mortality
improvements
For the largest portfolio of pensions annuity business, the underlying mortality assumptions for males are 102.0% of PMA16_IND with base
year 2016 (2021: 102.0% of PMA16_IND with base year 2016); for females the underlying mortality assumptions are 98.3% of PFA16_IND with
base year 2016 (2021: 98.3% of PFA16_IND with base year 2016).
Improvements are based on \u2018CMI_2021 (S=7.25) Advanced with adjustments\u2019 (2021: \u2018CMI_2019 (S=7.25) Advanced with adjustments\u2019) with
a\u00a0long-term improvement rate of 1.5% (2021: 1.5%) for males and 1.5% (2021: 1.5%) for females, both with an additional improvement for
prudence of 0.5% (2021: 0.5%) to all future annual improvement adjustments. An allowance has been made to allow for greater mortality
improvements in the annuitant population relative to the general population on which CMI_2021 is based using 'Parameter A', which is set
to 0.15% for males and 0.20% for females, tapering to zero between ages 90 and 110 (for 2021 the same approach was taken with respect to
CMI_2019). Long-term improvement rates are set to taper to zero between ages 85 and 110 (2021: between 90 and 115). In addition, on a
significant proportion of individual annuity business, year-specific adjustments are made to allow for potential selection effects due to the
development of the Enhanced Annuity market and covering possible selection effects from pension freedom reforms (unchanged from
2021).
With-profits business
The Group\u2019s UK with\u2011profits funds are evaluated by reference to FRS 27, which was grandfathered under IFRS 4, prior to the adoption of
Solvency II. This uses an approach of calculating the realistic liabilities for the contracts. The realistic liabilities include the with\u2011profits
benefit reserve (WPBR), and an additional provision for the expected cost of any guarantees and options in excess of the WPBR.
The WPBR for an individual contract is generally calculated on a retrospective basis and represents the accumulation of the premiums paid
on the contract, allowing for investment return, taxation, expenses and any other charges levied on the contract.
Provisions for guarantees and options within realistic liabilities are measured using market\u2011consistent stochastic models. A stochastic
approach includes measuring the time value of guarantees and options, which represents the additional cost arising from uncertainty
surrounding future economic conditions. Non\u2011market\u2011related assumptions (for example, persistency, mortality and expenses) are assessed
on a best estimate basis with reference to Company and wider industry experience, adjusted to take into account future trends.
The with\u2011profits business is valued by adjusting Solvency II Best Estimate Liabilities and results in a valuation in accordance with FRS 27.
Future investment return
A risk-free rate equal to the spot yield on UK swaps is used for the valuation of with-profits business. The rates vary according to the
outstanding term of the policy, with a typical rate as at 31 December 2022 of 3.71% (2021: 0.95%) for a policy with ten years outstanding.
Volatility of investment return
Volatility assumptions are set with reference to implied volatility data on traded market instruments, where available, or on a best estimate
basis where not.
Volatility
2022
2021
Equity returns
19.3%
19.4%
Property returns
15.0%
15.4%
The equity volatility used depends on term, moneyness and region. The figure shown is for a sample UK equity, at the money, with a ten-
year term.
Future regular bonuses
Annual bonus assumptions for 2023 have been set consistently with the year-end 2022 declaration. Future annual bonus rates reflect
the\u00a0principles and practices of each fund. In particular, the level is set with regard to the projected margin for final bonus and the change
from one year to the next is limited to a level consistent with past practice.
42 \u2013 Insurance liabilities methodology and assumptions continued
Mortality
Mortality assumptions for with-profits business are set with regard to recent Company experience and general industry trends. The\u00a0mortality
tables used in the valuation are summarised below:
Mortality table used
2022
2021
Assurances, pure endowments and deferred annuities before vesting
Nil or Axx00 adjusted
Nil or Axx00 adjusted
Pensions business after vesting and pensions annuities in payment
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT
plus allowance for future mortality
improvement
PMA16_IND/PFA16_IND or
PMA16_IND_INT/PFA16_IND_INT
plus allowance for future mortality
improvement
Allowance for future mortality improvement is in line with the rates for non-profit business.
Expenses
Maintenance fee assumptions for with-profits business are generally expressed as a fixed per policy charge in line with a memorandum of
understanding between the with-profits funds and the non-profit fund within the company. The memorandum of understanding specifies
the charges for a five-year period ending in 2023, and specifies a level of charge inflation during that period of CPI+2% or CPI+3% depending
on the product type. After the end of the period covered by the memorandum of understanding we assume that the charges will remain
unchanged, and a level of charge inflation of RPI+1% for all products will apply. Any difference of expenses charged by Aviva Life Services UK
Limited (UKLS) to Aviva Life & Pensions UK Limited (AVLAP) over the charges specified by the memorandum of understanding accrues to the
non-profit fund.
Guarantees and options
The provisions held in respect of guaranteed annuity options for the with-profits and the non-profit business are a prudent assessment of
the additional liability incurred under the option on a basis and method consistent with that used to value basic policy liabilities, and
includes a prudent assessment of the proportion of policyholders who will choose to exercise the option. For further details see note 44.
ii) Ireland Life
Non linked business is valued using a Gross Premium Valuation method. Mortality assumptions for non-profit business are set with regard to
recent Company experience and general industry trends. The mortality tables used in the valuation are summarised below. The valuation
discount rates are after a reduction for risk of default and an allowance for investment expenses. These credit default allowances vary by
asset category and rating.
Discount rates used
Mortality tables used
Mortality table used
2022
2021
2021 & 2022
Assurances
Life
1.2% to 3.7%
-0.9% to-0.3%
TMS08/TMN08/TFS08/TFN08 adjusted
Pensions
1.7% to 3.7%
-0.8% to 0.7%
Annuities
3.7%
-0.3% to 0.8%
PMA08/PFA08 (conventional) adjusted plus allowance for future
mortality improvement
Non unit reserves for unit-linked
3.7%
-0.3% to -0.2%
AMN00/AMS00/AFN00/AFS00 adjusted
Income protection
Active lives
2.2% to 3.7%
-0.3% to -0.2%
AM80 / AF80
Claims in payment
2.2% to 3.7%
-0.3% to -0.2%
A67/70
(b) General insurance and health
Outstanding claims provisions are estimated based on known facts at the date of estimation. Case estimates are set by skilled claims
technicians and established case setting procedures. Claims above certain limits are referred to senior claims handlers for estimate
authorisation.
No adjustments are made to the claims technicians\u2019 case estimates included in booked claim provisions, except for rare occasions when the
estimated ultimate cost of individual large or unusual claims may be adjusted, subject to internal reserve committee approval, to allow for
uncertainty regarding, for example, the outcome of a court case. The ultimate cost of outstanding claims is then estimated by using a range
of standard actuarial claims projection techniques, such as the Chain Ladder and Bornhuetter-Ferguson methods. Historical claims
development is mainly analysed by accident period, although underwriting or notification period is also used where this is considered
appropriate.
The assumptions used in most non-life actuarial projection techniques, including future rates of claims inflation or loss ratio assumptions,
are implicit in the historical claims development data on which the projections are based. Additional qualitative judgement is used to assess
the extent to which past trends may not apply in the future in order to arrive at a point estimate for the ultimate cost of claims that
represents the likely outcome, from a range of possible outcomes, taking account of all the uncertainties involved. The range of possible
outcomes does not, however, result in the quantification of a reserve range.
42 \u2013 Insurance liabilities methodology and assumptions continued
The following explicit assumptions are made which could materially impact the level of booked net reserves:
Discounting
Outstanding claims provisions are based on undiscounted estimates of future claim payments, except for the following classes of business
for which discounted provisions are held. Note assumptions below are for continuing markets only so comparatives have been updated to
exclude disposed markets:
Discount rate
Mean term of liabilities
Class
2022
2021
2022
2021
Reinsured London Market business
3.0% to 5.2%
0.5% to 1.8%
8 years
8 years
Latent claims
3.1% to 4.6%
0.7% to 1.9%
7 to 10 years
8 to 11 years
Structured settlements
2.9% to 4.5%
0.9% to 2.3%
34 years
35 years
(b) Group practice
Investment contracts are those that do not transfer significant insurance risk from the contract holder to the issuer and are therefore treated
as financial instruments under IFRS.
Many investment contracts contain a discretionary participation feature in which the contract holder has a contractual right to receive
additional benefits as a supplement to guaranteed benefits. These are referred to as participating contracts and are measured according
to\u00a0the methodology for long-term business liabilities (see note 42). They are not measured at fair value as there is currently no agreed
definition of fair valuation for discretionary participation features under IFRS. In the absence of such a definition, it is not possible to provide
a range of estimates within which a fair value is likely to fall. The IASB deferred consideration of participating contracts to the IFRS 17
insurance standard, which will apply to annual reporting periods beginning on or after 1 January 2023.
43 \u2013 Liabilities for investment contracts continued
For participating business, the discretionary participation feature is recognised separately from the guaranteed element and is classified as
a liability, referred to as unallocated divisible surplus, except for the with-profits sub-fund supported by the RIEESA. Guarantees on long-
term investment products are discussed in note 44.
Investment contracts that do not contain a discretionary participation feature are referred to as non-participating contracts and the liability
is measured at either fair value or amortised cost. We currently have no non-participating investment contracts measured at amortised cost.
Of the non-participating investment contracts measured at fair value, \u00a3140,949 million at 31 December 2022 (2021: \u00a3151,016 million) are
unit\u2011linked in structure and the fair value liability is equal to the current unit fund value, including any unfunded units, plus if required,
additional non-unit reserves based on a discounted cash flow analysis. These contracts are generally classified as Level 1 in the fair value
hierarchy, as the unit reserve is calculated as the publicly quoted unit price multiplied by the number of units in issue, and any non-unit
reserve is insignificant.
For unit-linked business, a deferred acquisition cost asset and deferred income reserve liability are recognised in respect of transaction
costs and front-end fees respectively, that relate to the provision of investment management services, and which are amortised on a
systematic basis over the contract term. The amount of the related deferred acquisition cost asset is shown in note 28 and the deferred
income liability is shown in note 53.
For non-participating investment contracts acquired in a business combination, an acquired value of in-force business asset is recognised in
respect of the fair value of the investment management services component of the contracts, which is amortised on a systematic basis over
the useful lifetime of the related contracts. The amount of the acquired value of in-force business asset is shown in note 16, which relates
primarily to the acquisition of Friends Life in 2015 and Friends First in 2018.
(c) Movements in the year
The following movements have occurred in the gross provisions for investment contracts in the year:
(i) Participating investment contracts
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
21,337
97,073
Liabilities in respect of new business
10
3,621
Expected change in existing business
(1,479)
(4,196)
Variance between actual and expected experience
(1,287)
2,499
Impact of operating assumption changes
21
(31)
Impact of economic assumption changes
(657)
(132)
Other movements recognised as an expense1
47
(49)
Change in liability recognised as an expense2
(3,345)
1,712
Effect of portfolio transfers, acquisitions and disposals3
\u2014
(74,179)
Foreign exchange rate movements
17
(3,269)
Carrying amount at 31 December
18,009
21,337
1.Other movements recognised as an expense during 2022 and 2021 primarily relate to reinsurance ceded for annuity business in Ireland life. The movement in 2022 also includes model changes in Ireland life.
2.Change in assets does not reconcile with values in note 40(b) due to the inclusion of reinsurance assets classified as non-participating investment contracts where, for such contracts, deposit accounting is applied on
the consolidated income statement
3.Movement in 2021 relates to the disposal of the France, Italy and Poland businesses
4.Following a review in 2021 \u00a3407 million of assets were reclassified from financial investments to reinsurance assets
The impact of assumption changes in the above analysis shows the resulting movement in the carrying value of reinsurance assets, with
corresponding movements in gross insurance contract liabilities. For participating businesses, a movement in reinsurance assets is
generally offset by a corresponding adjustment to the unallocated divisible surplus and does not impact profit. Where assumption changes
impact profit, these are included in the effect of changes in assumptions and estimates during the year (see note 46), together with the
impact of movements in related liabilities and other non-financial assets.
(ii) General insurance and health claims liabilities
2022
\u00a3m
2021
\u00a3m
Carrying amount at 1 January
1,636
1,933
Impact of changes in assumptions
(206)
(46)
Reinsurers\u2019 share of claim losses and expenses
Incurred in current year
281
191
Incurred in prior years
202
6
Reinsurers\u2019 share of incurred claim losses and expenses
483
197
Less:
Reinsurance recoveries received on claims
Incurred in current year
(34)
(24)
Incurred in prior years
(182)
(242)
Reinsurance recoveries received in the year
(216)
(266)
Unwind of discounting
5
1
Change in reinsurance asset recognised as income/(expense) (note 40(b))
66
(114)
Effect of portfolio transfers, acquisitions and disposals1
\u2014
(181)
Foreign exchange rate movements
25
(2)
Carrying amount at\u00a0 31 December
1,727
1,636
Other provisions includes amounts set aside throughout the Group relating to product governance rectification.
(b) Movements in restructuring and other provisions
2022
2021
Restructuring
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
Restructuring
provisions
\u00a3m
Other
provisions
\u00a3m
Total
\u00a3m
At 1 January
119
397
516
48
565
613
Additional provisions
\u2014
132
132
79
235
314
Provisions released during the year
\u2014
(91)
(91)
\u2014
(193)
(193)
Charge to income statement
\u2014
41
41
79
42
121
Utilised during the year
(49)
(163)
(212)
(8)
(147)
(155)
Acquisition/disposal of subsidiaries
\u2014
55
55
\u2014
(60)
(60)
Foreign exchange rate movements
\u2014
1
1
\u2014
(3)
(3)
At 31 December
70
331
401
119
397
516
51 \u2013 Borrowings continued
(b) Core structural borrowings
(i) The carrying amounts of these borrowings are:
2022
\u00a3m
2021
\u00a3m
Subordinated debt
6.125% \u00a3700 million subordinated notes 2036
697
696
6.125% \u00a3800 million undated subordinated notes
\u2014
502
6.875% \u00a3600 million subordinated notes 2058
595
595
8.250% \u00a3500 million subordinated notes 2022
\u2014
506
6.125% \u20ac650 million subordinated notes 2043
267
252
3.875% \u20ac700 million subordinated notes 2044
619
586
5.125% \u00a3400 million subordinated notes 2050
396
396
3.375% \u20ac900 million subordinated notes 2045
793
751
4.375% \u00a3400 million subordinated notes 2049
396
395
4.000% \u00a3500 million subordinated notes 2055
493
493
4.000% $CAD450 million subordinated notes 2030
274
260
4,530
5,432
Senior notes
0.625% \u20ac500 million senior notes 2023
278
264
1.875% \u20ac750 million senior notes 2027
409
387
687
651
Commercial paper
252
50
Total
5,469
6,133
The Group has redeemed \u00a31 billion of subordinated debt during 2022. On 21 April 2022 the Group's 8.250% \u00a3500 million Tier 2 subordinated
notes reached their final maturity date and were redeemed. On 29 September 2022 the remaining \u00a3502 million of the Group's 6.125%
\u00a3800 million fixed rate reset perpetual Restricted Tier 1 notes reached their optional first all date and were redeemed.
All borrowings are stated at amortised cost.
(ii) The contractual maturity dates of undiscounted cash flows for these borrowings are:
2022
2021
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Within one year
531
229
760
550
269
819
1 to 5 years
411
912
1,323
265
1,020
1,285
5 to 10 years
275
1,077
1,352
652
1,229
1,881
10 to 15 years
700
999
1,699
700
1,178
1,878
Over 15 years
3,583
2,111
5,694
4,000
2,274
6,274
Total contractual undiscounted cash flows
5,500
5,328
10,828
6,167
5,970
12,137
Borrowings are considered current if the contractual maturity dates are within a year. Where subordinated debt is undated or loan notes are
perpetual, the interest payments have not been included beyond 15 years. Annual interest payments in future years for these borrowings are
\u00a3nil (2021: \u00a331 million).
Contractual undiscounted interest payments are calculated based on underlying fixed interest rates or prevailing market floating rates as
applicable. Year-end exchange rates have been used for interest projections on loans in foreign currencies.
51 \u2013 Borrowings continued
(c) Operational borrowings
(i) The carrying amounts of these borrowings are:
2022
\u00a3m
2021
\u00a3m
Amounts owed to financial institutions
Loans
195
71
Securitised mortgage loan notes
UK lifetime mortgage business (note 24(b))
1,091
1,140
Total
1,286
1,211
All the above borrowings are stated at amortised cost, except for the loan notes issued in connection with the UK lifetime mortgage
business of \u00a31,091 million (2021: \u00a31,140 million). These loan notes are carried at fair value. Their values are modelled on risk-adjusted cash
flows for defaults discounted at a risk-free rate plus a market-determined liquidity premium, and are therefore classified as \u2018Level 3\u2019 in the
fair value hierarchy. The risk allowances are consistent with those used in the fair value asset methodology, as described in note 22. These
have been designated at fair value through profit and loss in order to present the relevant mortgages, borrowings and derivative financial
instruments at fair value, since they are managed as a portfolio on a fair value basis. This presentation provides more relevant information
and eliminates any accounting mismatch.
The securitised mortgage loan notes are at various fixed, floating and index-linked rates. Further details about these notes are given in
note\u00a024.
(ii) The contractual maturity dates of undiscounted cash flows for these borrowings are:
2022
2021
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Principal
\u00a3m
Interest
\u00a3m
Total
\u00a3m
Within one year
260
60
320
104
48
152
1 to 5 years
306
194
500
418
144
562
5 to 10 years
370
197
567
374
157
531
10 to 15 years
145
151
296
197
117
314
Over 15 years
29
43
72
69
36
105
Total contractual undiscounted cash flows
1,110
645
1,755
1,162
502
1,664
Contractual undiscounted interest payments are calculated based on underlying fixed interest rates or prevailing market floating rates as
applicable. Year-end exchange rates have been used for interest projections on loans in foreign currencies.
(d) Description and features
(i) Subordinated debt
A description of each of the subordinated notes is set out in the table below:
Notional amount
Issue date
Redemption date
Callable at par at option of the
Company from
In the event the Company does not call the notes, the coupon will reset
at each applicable reset date to
\u00a3700 million
14 Nov 2001
14 Nov 2036
16 Nov 2026
5 year Benchmark Gilt + 2.85%
\u00a3600 million
20 May 2008
20 May 2058
20 May 2038
Daily Compounded SONIA + 0.1193% + 3.26%
\u20ac650 million
5 July 2013
5 July 2043
5 July 2023
5 year EUR mid-swaps + 5.13%
\u20ac700 million
3 July 2014
3 July 2044
3 July 2024
5 year EUR mid-swaps + 3.48%
\u00a3400 million
4 June 2015
4 June 2050
4 December 2030
Daily Compounded SONIA + 0.1193% + 4.022%
\u20ac900 million
4 June 2015
4 December 2045
4 December 2025
3 month Euribor + 3.55%
\u00a3400 million
12 September 2016
12 September 2049
12 September 2029
Daily Compounded SONIA + 0.1193% + 4.721%
\u00a3500 million
3 June 2020
3 June 2055
3 March 2035
Benchmark Gilt Rate + 4.70%
$CAD450 million
2 October 2020
2 October 2030
N/A
N/A
Subordinated notes issued by the Company rank below its senior obligations and ahead of its preference shares and ordinary share
capital.\u00a0The dated subordinated notes rank ahead of the undated subordinated notes. The fair value of notes at 31 December 2022 was
\u00a34,314 million (2021: \u00a36,262 million), calculated with reference to quoted prices.
(ii) Senior notes
All senior notes are at fixed rates and their total fair value at 31 December 2022 was \u00a3646 million (2021: \u00a3698 million).
(iii) Commercial paper
The commercial paper consists of \u00a3252 million issued by the Company (2021: \u00a350 million) and is considered core structural funding.
The\u00a0fair\u00a0value of the commercial paper is considered to be the same as its carrying value and all issuances are repayable within one year.
51 \u2013 Borrowings continued
(iv) Loans
Loans owed to financial institutions comprise:
2022
\u00a3m
2021
\u00a3m
Non-recourse
Loans to property partnerships
143
19
Other non-recourse loans
52
52
195
71
As explained in accounting policy D, the UK long-term business policyholder funds have invested in a number of property funds and
structures (the \u2018Property Funds\u2019), some of which have raised external debt, secured on the relevant Property Fund\u2019s property portfolio. The
lenders are only entitled to obtain payment of interest and principal to the extent there are sufficient resources in the relevant Property
Fund and they have no recourse whatsoever to the policyholder or shareholders\u2019 funds of any companies in the Group. Loans of
\u00a3143 million (2021: \u00a319 million) included in the table above relate to Property Funds.
Other non-recourse loans primarily include external debt raised by special purpose vehicles in the UK long-term business. The lenders have
no recourse whatsoever to the shareholders\u2019 funds of any companies in the Group. The outstanding balance of these loans at
31 December 2022 was \u00a352 million (2021: \u00a352 million).
(v) Securitised mortgage loan notes
Loan notes have been issued by special purpose securitisation companies in the UK. Details are given in note 24.
(e) Movements during the year
Movements in borrowings during the year were:
2022
2021
Core
Structural
\u00a3m
Operational
\u00a3m
Total
\u00a3m
Core
Structural
\u00a3m
Operational
\u00a3m
Total
\u00a3m
New borrowings drawn down, excluding commercial paper, net of expenses
\u2014
122
122
\u2014
24
24
Repayment of borrowings, excluding commercial paper
(1,002)
(204)
(1,206)
(1,878)
(60)
(1,938)
Movement in commercial paper1
189
\u2014
189
(54)
\u2014
(54)
Net cash (outflow)/inflow
(813)
(82)
(895)
(1,932)
(36)
(1,968)
Borrowings acquired in business combinations2
\u2014
139
139
\u2014
\u2014
\u2014
Foreign exchange rate movements
150
2
152
(177)
(2)
(179)
Borrowings reclassified/(loans repaid) for non-cash consideration
\u2014
\u2014
\u2014
\u2014
(259)
(259)
Fair value movements
\u2014
16
16
\u2014
34
34
Amortisation of discounts and other non-cash items
(1)
\u2014
(1)
(11)
\u2014
(11)
Movements in the year
(664)
75
(589)
(2,120)
(263)
(2,383)
Balance at 1 January
6,133
1,211
7,344
8,253
1,474
9,727
Balance at 31 December
5,469
1,286
6,755
6,133
1,211
7,344
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zNjQvZnJhZzo1NmIzYWJjYjI4NjU0YzcyODEyNGVmZjZmODVkNmViZS90ZXh0cmVnaW9uOjU2YjNhYmNiMjg2NTRjNzI4MTI0ZWZmNmY4NWQ2ZWJlXzE0NjIzNTA0NjQ5NTM3NA_9bb4dc4d-26ed-4bbf-bdad-11f7dd486ebc": { "value": "
52 \u2013 Payables and other financial liabilities
This note analyses our payables and other financial liabilities at the end of the year.
2022
\u00a3m
2021
\u00a3m
Payables arising out of direct insurance
1,264
1,220
Payables arising out of reinsurance operations
404
322
Deposits and advances received from reinsurers
19
18
Bank customer accounts liability
2
\u2014
Bank overdrafts1
929
607
Derivative liabilities (note 59)
9,541
5,763
Amounts due to brokers for investment purchases
539
150
Obligations for repayment of cash collateral received
1,991
2,963
Lease\u00a0 liabilities (note 21)
386
472
Other financial liabilities
1,367
1,094
Total
16,442
12,609
Expected to be settled within one year
12,381
7,974
Expected to be settled in more than one year
4,061
4,635
16,442
12,609
1.Bank overdrafts amount to \u00a3250 million (2021: \u00a3204 million) in life business operations and \u00a3679 million (2021: \u00a3403 million) in general insurance business and other operations.
All payables and other financial liabilities are carried at cost, which approximates to fair value, except for derivative liabilities, which are
carried at their fair values and lease liabilities which are carried at the present value of the outstanding lease payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zNjcvZnJhZzpmYmU1ODcyMWY2Njg0MWExOTUwZjJhYjVlOWNiNDVlYi90ZXh0cmVnaW9uOmZiZTU4NzIxZjY2ODQxYTE5NTBmMmFiNWU5Y2I0NWViXzE0NjIzNTA0NjQ5NDI5MA_5b50c9f2-73af-4d68-a441-2b6dee274959": { "value": "
53 \u2013 Other liabilities
This note analyses our other liabilities at the end of the year.
2022
\u00a3m
2021
\u00a3m
Deferred income
68
76
Reinsurers\u2019 share of deferred acquisition costs
34
28
Accruals
1,043
1,249
Interest payable on borrowings
877
949
Other liabilities
822
657
Total
2,844
2,959
Expected to be settled within one year
2,591
2,641
Expected to be settled in more than one year
253
318
2,844
2,959
1.Represents commitments for further investment in certain private equity vehicles. Such commitments do not expose the Group to the risk of future losses in excess of its investment.
Notes 17 and 18 set out the commitments the Group has to its joint ventures and associates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8zNzYvZnJhZzozZmMxMGZlNWRkMTk0ZjVjOGYxZmEzZDcxNDBjNDkyNi90ZXh0cmVnaW9uOjNmYzEwZmU1ZGQxOTRmNWM4ZjFmYTNkNzE0MGM0OTI2XzE0NjIzNTA0NjUwMzU4NQ_6ecc4f73-f48e-4ac0-9e25-e7abf1131f0f": { "value": "
56 \u2013 Group capital management
(a) Group capital
The Group is required to measure and monitor its capital resources on a regulatory basis and to comply with minimum capital requirements
of regulators in each territory it operates in. At a Group level, we have to comply with the requirements established by the PRA.
The Group Solvency II capital requirements are calculated using a Partial Internal Model (PIM) which assesses the risks on an Internal Model
basis approved by the PRA. The Solvency II capital regime requires insurers to calculate regulatory capital adequacy at both individual
regulated subsidiaries and an aggregate Group level. Non-UK entities have been included in Group solvency in line with Solvency II
requirements. Other financial sector entities (including fund management) are included at their proportional share of the capital
requirement according to the relevant sectoral values. In addition, non-UK businesses including Canada, are subject to the locally
applicable capital requirements in the jurisdictions in which they operate.
Group capital is represented by Solvency II own funds. The Solvency II position disclosed is based on a \u2018shareholder view\u2019. The shareholder
view is considered by management to be more representative of the shareholders\u2019 risk exposure and the Group\u2019s ability to cover
the\u00a0Solvency Capital Requirement (SCR) with eligible own funds and aligns with management\u2019s approach to dynamically manage its
capital\u00a0position.
In arriving at the shareholder position, the following adjustments are typically made to the regulatory Solvency II own funds:
\u2022The contribution to the Group\u2019s SCR and own funds of the most material fully ring fenced with-profits funds of \u00a31,369 million at
31 December 2022 (2021: \u00a32,205 million) and staff pension schemes in surplus of \u00a3394 million at 31 December 2022 (2021: \u00a31,218 million)
are excluded. These exclusions have no impact on Solvency II surplus as these funds are self-supporting on a Solvency II capital basis with
any surplus capital above SCR not recognised;
\u2022A notional reset of the transitional measure on technical provisions (TMTP), calculated using the same method as used for formal TMTP
resets. This presentation avoids step changes to the Solvency II position that arise only when the formal TMTP reset points are triggered.
The 31 December 2022 Solvency II position includes a notional reset (\u00a3437 million decrease in own funds) (an application for a formal reset
has been submitted to the regulator and will be reflected in our regulatory position once approved) while the 31 December 2021 Solvency
II position included a formal, rather than notional, reset of the TMTP in line with the regulatory requirement to reset the TMTP at\u00a0least
every two years and hence no adjustment was required. In addition, due to interest rate rises over the period, a formal reset of TMTP
as\u00a0at\u00a030 June 2022 was approved and is included in the estimated 31 December 2022 regulatory Solvency II position;
2022
\u00a3m
2021
\u00a3m
Estimated Solvency II regulatory own funds as at 31 December
18,668
25,573
Adjustments for:
Fully ring-fenced with-profits funds
(1,369)
(2,205)
Staff pension schemes in surplus
(394)
(1,218)
Notional reset of TMTP
(437)
\u2014
Estimated Solvency II shareholder own funds at 31 December
16,468
22,150
Solvency II own funds are comprised of a combination of shareholders\u2019 funds, preference share capital, subordinated debt, and deferred tax
assets measured on a Solvency II basis. During the year, the Group redeemed \u00a31 billion of subordinated debt (see note\u00a051) and issued
\u00a30.5 billion of of Restricted Tier 1 subordinated debt .
Solvency II surplus at the Group level represents the excess of eligible Solvency II own funds over the Group\u2019s solvency capital requirements
calculated in accordance with Solvency II requirements. The Group maintained capital in excess of the SCR at all times during 2022.
All\u00a0regulated subsidiaries complied with their capital requirements throughout the year, with the exception of a temporary breach in a small
entity in Canada where solvency coverage was promptly restored.
Further information on the Group\u2019s Solvency II position, shareholder view, including a reconciliation between IFRS equity and own funds
can be found in the Other information section. This information is estimated and is therefore subject to change. It is also unaudited.
56 \u2013 Group capital management continued
(b) Risks and capital management objectives
The primary objective of capital management is to maintain an efficient capital structure, in a manner consistent with our risk profile and
the regulatory and market requirements of our business. Capital is a primary consideration across a wide range of business activities,
including product development, pricing, business planning, merger and acquisition transactions and asset and liability management.
A\u00a0Capital Management Standard, applicable Group-wide, sets out minimum standards and guidelines over responsibility for capital
management including considerations for capital management decisions and requirements for management information, capital
monitoring, reporting, forecasting, planning and overall governance.
The Group manages capital in conjunction with solvency capital requirements and in line with the dividend policy and capital framework.
\u2022We aim to deliver sustainable dividends at a level that is resilient in times of stress and is covered by the capital and cash generated from
our businesses;
\u2022At the core of our capital framework is financial strength in accordance with risk appetite and efficient deployment of capital. See note 58
for more information about the Group\u2019s risk management approach;
\u2022Key elements of our capital framework are as follows:
\u2013Solvency II shareholder cover ratio working range of 160%-180%
\u2013Centre liquid assets of c.\u00a31.5 billion
\u2013Solvency II debt leverage ratio below 30%
\u2013To maintain our AA credit rating metrics;
\u2022After the payment of our regular dividend, surplus capital is available for investment in the business to support growth and top quartile
efficiency objectives, bolt-on M&A where this delivers attractive risk adjusted returns and the opportunity is in line with our strategy, and
any additional returns to shareholders releasing excess capital over time;
\u2022The Group seeks to retain financial flexibility by maintaining strong liquidity, access to a range of capital markets and significant unutilised
committed credit lines; and
\u2022Our businesses are capitalised based on their regulatory minimum levels with further prudent volatility buffers specific to each entity.
Subsidiary capital appetites and working ranges are reviewed regularly by subsidiary boards.
Intra-group capital arrangements
Consistent with our capital management framework, the Group has in place intra-group arrangements to provide additional capital support
to its regulated subsidiaries. In the normal course of business, the Group will provide additional capital support to its regulated subsidiaries
in certain circumstances. While the Group considers it unlikely that such support will be required, the arrangements are intended to provide
additional comfort to its regulated subsidiaries and its policyholders.
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57 \u2013 Statement of cash flows
This note gives further detail behind the figures in the statement of cash flows.
(a) The reconciliation of (loss)/profit before tax to the net cash inflow from operating activities is:
Continuing operations
2022
\u00a3m
2021
\u00a3m
(Loss)/profit before tax
(2,379)
801
Adjustments for:
Share of loss/(profit) of joint ventures and associates
2
(146)
Dividends received from joint ventures and associates
47
32
Loss/(profit) on sale of:
Investment property
8
32
Subsidiaries, joint ventures and associates
\u2014
(22)
Investments
(1,909)
(3,233)
(1,901)
(3,223)
Fair value losses/(gains) on:
Investment property
1,150
(1,069)
Investments
48,667
(4,416)
Borrowings
16
34
49,833
(5,451)
Depreciation of property and equipment
57
74
Equity compensation plans, equity settled expense
58
24
Impairment and expensing of:
Goodwill on subsidiaries
(77)
\u2014
Acquired value of in-force business and intangibles
4
\u2014
Non-financial assets
\u2014
7
(73)
7
Amortisation of:
Premium/discount on debt securities
68
64
Premium/discount on borrowings
(1)
(11)
Premium/discount on non-participating investment contracts
68
75
Financial instruments
260
130
Acquired value of in-force business and intangibles
244
259
639
517
Change in unallocated divisible surplus
13
175
Interest expense on borrowings
450
490
Net finance income on pension schemes
(42)
(27)
Foreign currency exchange gains
(778)
(11)
Changes in working capital
Decrease/(increase) in reinsurance assets
2,052
(1,709)
Decrease/(increase) in deferred acquisition costs
167
(90)
(Decrease)/increase in insurance liabilities and investment contracts
(38,062)
16,333
Increase in other assets1
(5,457)
(3,701)
(41,300)
10,833
Net purchases of operating assets
Net purchases of investment property
(434)
(717)
Net proceeds on sale of investment property
408
1,047
Net sales/(purchase) of financial investments
11,493
(6,979)
11,467
(6,649)
Total cash generated from/(used in) operating activities from continuing operations
16,093
(2,554)
1.In 2022, increase in other assets excludes \u00a360 million (202: \u00a3nil) for costs relating to internally generated intangible assets under development which are presented within net cash flows (used in)/from investing activities
The cash flows presented in this statement cover all the Group\u2019s activities and include flows from both policyholder and shareholder
activities. Operating cash flows reflect the movement in both policyholder and shareholder controlled cash and cash equivalent balances.
During the year the net operating cash inflow reflects a number of factors, including the level of premium income, payments of claims,
creditors and surrenders and purchases and sales of operating assets including financial investments. It also includes changes in the size
and value of consolidated cash investment funds and changes in the Group participation in these funds.
57 \u2013 Statement of cash flows continued
(b) Cash flows in respect of the acquisition of, and additions to, subsidiaries, joint ventures and associates comprised:
Continuing operations
2022
\u00a3m
2021
\u00a3m
Cash consideration for subsidiaries, joint ventures and associates acquired and additions1
(275)
\u2014
Total cash flow on acquisitions and additions from continuing operations
(275)
\u2014
1.Cash consideration for subsidiaries, joint ventures and associates acquired and additions relates to the acquisition of Succession Wealth and Aviva Life Insurance Company India Limited (see note 2a)
(c) Cash flows in respect of the disposal of subsidiaries, joint ventures and associates comprised:
2022
\u00a3m
2021
\u00a3m
Continuing operations
Cash proceeds from disposal of subsidiaries, joint ventures and associates
\u2014
24
Less: Net cash and cash equivalents divested with subsidiaries
\u2014
(1)
Cash flow on disposals from continuing operations
\u2014
23
Discontinued operations
Cash proceeds from disposal of subsidiaries, joint ventures and associates1
\u2014
6,136
Less: Net cash and cash equivalents divested with subsidiaries
\u2014
(2,772)
Cash flow on disposals from discontinued operations
\u2014
3,364
Total cash flow on disposals
\u2014
3,387
1.Cash proceeds from disposal of subsidiaries, joint ventures and associates are net of \u00a3nil (2021: \u00a319 million) transaction costs paid during the year
The above figures in (b) and (c) form part of cash flows from investing activities.
(d) Cash and cash equivalents in the statement of cash flows at 31 December comprised:
2022
\u00a3m
2021
\u00a3m
Cash at bank and in hand
5,371
4,833
Cash equivalents
17,134
7,652
22,505
12,485
Bank overdrafts
(929)
(607)
21,576
11,878
Cash and cash equivalents reconciles to the statement of financial position as follows:
2022
\u00a3m
2021
\u00a3m
Cash and cash equivalents (excluding bank overdrafts)
22,505
12,485
22,505
12,485
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58 \u2013 Risk management
Risk management is key to Aviva\u2019s success. We accept the risks inherent to our core business lines of life, general insurance and health, and
asset management. We diversify these risks through our scale, geographic spread, the variety of the products and services we offer and the
channels through which we sell them. We receive premiums which we invest to maximise risk-adjusted returns, so that we can fulfil our
promises to customers while providing a return to our shareholders. In doing so we have a preference for retaining those risks we believe we
are capable of managing to generate a return.
Our sustainability and financial strength are underpinned by an effective risk management process and risk intelligent culture, which helps
us identify major risks to which we may be exposed, establish appropriate controls and take mitigating actions for the benefit of our
customers and investors. The Group\u2019s risk strategy is to invest its available capital to optimise the balance between return and risk while
maintaining an appropriate level of economic (i.e. risk-based) and regulatory capital.
The key elements of our risk management framework comprise: our risk strategy and risk management forward plans; risk governance,
including risk policies and business standards, risk oversight committees and roles and responsibilities; and the processes we use to
identify, measure, manage, monitor and report risks, including the use of our risk models and stress and scenario testing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80MTIvZnJhZzplYzZiMmU0YWU0N2Y0NDdlODEyYjY2MTk3MTA3YzNkYi90ZXh0cmVnaW9uOmVjNmIyZTRhZTQ3ZjQ0N2U4MTJiNjYxOTcxMDdjM2RiXzE0NjIzNTA0NjQ5ODU1Mw_9cec3e86-0720-484e-847f-0dda7ca75fc0": { "value": "
59 \u2013 Derivative financial instruments and hedging
This note gives details of the various financial instruments the Group uses to mitigate risk.
The Group uses a variety of derivative financial instruments, including both exchange traded and over-the-counter instruments, in line with
the Group\u2019s overall risk management strategy. The objectives include managing exposure to market, foreign currency and/or interest rate
risk on existing assets or liabilities, as well as planned or anticipated investment purchases.
In the narrative and tables below, figures are given for both the notional amounts and fair values of these instruments. The notional
amounts reflect the aggregate of individual derivative positions on a gross basis and so give an indication of the overall scale of the
derivative transaction. The fair values represent the gross carrying values at\u00a0the year end for each class of derivative contract held (or issued)
by the Group.
The fair values do not provide an indication of credit risk, as many over-the-counter transactions are contracted and documented under
ISDA (International Swaps and Derivatives Association, Inc.) master agreements or their equivalent. Such agreements are designed to
provide a legally enforceable set-off in the event of default, which reduces credit exposure. In addition, the Group has collateral agreements
in place between the individual Group entities and relevant counterparties. See note 60 for further information on collateral and net credit
risk of derivative instruments.
(a) Instruments designated for hedge accounting
The Group has formally assessed and documented the hedge effectiveness for financial instruments designated as hedging instruments in
accordance with IAS 39.
Net investment hedges
To reduce its exposure to foreign currency risk, the Group has designated a portion of its euro and Canadian dollar denominated debt as
hedging instruments to hedge the net investment in its Irish and Canadian subsidiaries. The carrying value of the debt designated in net
investment hedges at 31 December 2022 was \u00a3964 million (2021: \u00a3917 million). The fair value of the debt at that date was \u00a3891 million
(2021: \u00a3984 million).
Foreign exchange loss of \u00a338 million (2021: gains of \u00a331 million) on translation of the debt to sterling at the statement of financial position
date in respect of the effective portion have been recognised in the hedging instruments reserve in shareholders\u2019 equity.
Hedge accounting applied to the Group\u2019s net investment in Aviva France and Aviva Italy was terminated at 31 December 2020. The amounts
previously recognised in the hedging instruments reserve were recycled to the income statement on completion of the disposals during
2021 (see note 37).
Cash flow hedges
The Group did not apply cash flow hedging during the year. In 2021, the Group terminated the cash flow hedges used for hedging the
currency forward contracts on completion of the disposal of Aviva France and Aviva Poland.
59 \u2013 Derivative financial instruments and hedging continued
(b) Derivatives
The Group did not apply hedge accounting to derivatives at 31 December 2022 and 31 December 2021.
(i) The Group\u2019s derivatives at 31 December 2022 and 2021 were as follows:
2022
2021
Contract/
notional
amount
\u00a3m
Fair value
asset
\u00a3m
Fair value
liability
\u00a3m
Contract/
notional
amount
\u00a3m
Fair value
asset
\u00a3m
Fair value
liability
\u00a3m
Foreign exchange contracts
OTC
Forwards
44,705
1,027
(561)
41,999
334
(266)
Interest rate and currency swaps
11,316
200
(1,223)
9,503
494
(357)
Total
56,021
1,227
(1,784)
51,502
828
(623)
Interest rate contracts
OTC
Forwards
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Swaps
53,758
2,483
(6,053)
63,457
3,811
(2,346)
Options
150
1
\u2014
162
1
\u2014
Swaptions
842
41
(8)
147
66
(1)
Exchange traded
Futures
8,829
89
(141)
7,934
19
(57)
Total
63,579
2,614
(6,202)
71,700
3,897
(2,404)
Equity/Index contracts
OTC
Options
6,707
162
(90)
12,884
87
(48)
Exchange traded
Futures
11,527
180
(55)
11,424
102
(97)
Options
1,469
158
(6)
1,627
207
(11)
Total
19,703
500
(151)
25,935
396
(156)
Credit contracts
5,418
30
(74)
8,919
11
(307)
Other
14,770
545
(1,330)
11,548
602
(2,273)
Total at 31 December
159,491
4,916
(9,541)
169,604
5,734
(5,763)
Fair value assets of \u00a34,916 million (2021: \u00a35,734 million) are recognised as \u2018Derivative financial instruments\u2019 in note 26(a), while fair value
liabilities of \u00a39,541 million (2021: \u00a35,763 million) are recognised as \u2018Derivative liabilities\u2019 in note 52.
The Group\u2019s derivative risk management policies are outlined in note 58.
(ii) The contractual undiscounted cash flows in relation to derivative liabilities have the following maturities:
2022
\u00a3m
2021
\u00a3m
Within 1 year
1,973
1,136
Between 1 and 2 years
965
496
Between 2 and 3 years
747
406
Between 3 and 4 years
693
373
Between 4 and 5 years
658
333
After 5 years
8,009
3,326
13,045
6,070
Amounts subject to enforceable netting arrangements
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
2021
Gross
amounts
\u00a3m
Amounts
offset
\u00a3m
Net amounts
reported in
the statement
of financial
position
\u00a3m
Financial
instruments
\u00a3m
Cash collateral
\u00a3m
Securities
collateral
received/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial assets
4,593
\u2014
4,593
(2,839)
(1,053)
(177)
524
Loans to banks and repurchase arrangements
8,297
\u2014
8,297
\u2014
(300)
(5,285)
2,712
Total financial assets
12,890
\u2014
12,890
(2,839)
(1,353)
(5,462)
3,236
Financial liabilities
Derivative financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Total financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Derivative assets are recognised as \u2018Derivative financial instruments\u2019 in note 26(a), while fair value liabilities are recognised as \u2018Derivative
liabilities\u2019 in note 52. \u00a31,512 million (2021: \u00a31,141 million) of derivative assets and \u00a33,137 million (2021: \u00a31,242 million) of derivative liabilities
are not subject to master netting agreements and are therefore excluded from the table above.
Amounts receivable related to securities lending and reverse-repurchase arrangements totalling \u00a34,481 million (2021: \u00a38,297 million) are
recognised within \u2018Loans to banks\u2019 in note 23.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within \u2018Obligations for
repayment of cash collateral received\u2019 in note 52.
60 \u2013 Financial assets and liabilities subject to offsetting, enforceable master netting
agreements and similar arrangements continued
(b) Collateral
In the tables above, the amounts of assets or liabilities presented in the consolidated statement of financial position are offset first by
financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the
amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables above in the
case of over-collateralisation.
The total amount of collateral received which the Group is permitted to sell or repledge in the absence of default, excluding collateral
related to balances recognised within \u2018Loans to banks\u2019 disclosed in note 23, was \u00a34,877 million (2021: \u00a313,385 million), all of which other
than \u00a3322 million (2021: \u00a31,190 million) is related to securities lending arrangements. Collateral of \u00a31,568 million (2021: \u00a31,318 million) has
been received related to balances recognised within \u2018Loans to banks\u2019 in note 23. The value of collateral that was actually sold or repledged
in the absence of default was \u00a3nil (2021: \u00a3nil).
The level of collateral held is monitored regularly, with further collateral obtained where this is considered necessary to manage the Group\u2019s
risk exposure. The fair values of collateral received approximate to their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80MTUvZnJhZzozMDkzMTNlYWEyZDM0MTVmODZhMGU1NmI4MWM5YzE2MC90ZXh0cmVnaW9uOjMwOTMxM2VhYTJkMzQxNWY4NmEwZTU2YjgxYzljMTYwXzE0NjIzNTA0NjUwMTE0Mg_5e0b2d58-0979-42c1-b2a9-675e76d12304": { "value": "
60 \u2013 Financial assets and liabilities subject to offsetting, enforceable master netting
agreements and similar arrangements
(a) Offsetting arrangements
Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to offset and
has the intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability simultaneously.
Aviva mitigates credit risk in derivative contracts by entering into collateral agreements, where practical, and into ISDA master netting
agreements for each of the legal entities to facilitate its right to offset credit risk exposure. The credit support agreement will normally
dictate the threshold over which collateral needs to be pledged by Aviva or its counterparty.
Derivative transactions requiring Aviva or its counterparty to post collateral are typically the result of over-the-counter derivative trades,
comprised mostly of interest rate swaps, currency swaps and credit default swaps. These transactions are conducted under terms that are
usual and customary to standard long-term borrowing, derivative, securities lending and securities borrowing activities. The derivative
assets and liabilities in the table below are made up of the contracts described in detail in note 59.
Aviva participates in a number of stock lending and repurchase arrangements. In some of these arrangements cash is exchanged by Aviva
for securities and a related receivable is recognised within \u2018Loans to banks\u2019 in note 23. These arrangements are reflected in the tables below.
In instances where the collateral is recognised in the statement of financial position, the obligation for its return is included within \u2018Payables
and other financial liabilities\u2019 in note 52.
In other arrangements, securities are exchanged for other securities. The collateral received must be in a readily realisable form, such as
listed securities, and is held in segregated accounts. Transfer of title always occurs for the collateral received. In many instances, however,
no market risk or economic benefit is exchanged and these transactions are not recognised in the statement of financial position in
accordance with our accounting policies, and accordingly not included in the tables below.
Amounts subject to enforceable netting arrangements
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
2022
Gross
amounts
\u00a3m
Amounts
offset
\u00a3m
Net amounts
reported in
the statement
of financial
position
\u00a3m
Financial
instruments
\u00a3m
Cash collateral
\u00a3m
Securities
collateral
received/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial assets
3,404
\u2014
3,404
(1,797)
(272)
(55)
1,280
Loans to banks and repurchase arrangements
4,481
\u2014
4,481
\u2014
(300)
(4,181)
\u2014
Total financial assets
7,885
\u2014
7,885
(1,797)
(572)
(4,236)
1,280
Financial liabilities
Derivative financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Total financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Amounts subject to enforceable netting arrangements
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
2021
Gross
amounts
\u00a3m
Amounts
offset
\u00a3m
Net amounts
reported in
the statement
of financial
position
\u00a3m
Financial
instruments
\u00a3m
Cash collateral
\u00a3m
Securities
collateral
received/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial assets
4,593
\u2014
4,593
(2,839)
(1,053)
(177)
524
Loans to banks and repurchase arrangements
8,297
\u2014
8,297
\u2014
(300)
(5,285)
2,712
Total financial assets
12,890
\u2014
12,890
(2,839)
(1,353)
(5,462)
3,236
Financial liabilities
Derivative financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Total financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Derivative assets are recognised as \u2018Derivative financial instruments\u2019 in note 26(a), while fair value liabilities are recognised as \u2018Derivative
liabilities\u2019 in note 52. \u00a31,512 million (2021: \u00a31,141 million) of derivative assets and \u00a33,137 million (2021: \u00a31,242 million) of derivative liabilities
are not subject to master netting agreements and are therefore excluded from the table above.
Amounts receivable related to securities lending and reverse-repurchase arrangements totalling \u00a34,481 million (2021: \u00a38,297 million) are
recognised within \u2018Loans to banks\u2019 in note 23.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within \u2018Obligations for
repayment of cash collateral received\u2019 in note 52.
60 \u2013 Financial assets and liabilities subject to offsetting, enforceable master netting
agreements and similar arrangements continued
(b) Collateral
In the tables above, the amounts of assets or liabilities presented in the consolidated statement of financial position are offset first by
financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the
amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables above in the
case of over-collateralisation.
The total amount of collateral received which the Group is permitted to sell or repledge in the absence of default, excluding collateral
related to balances recognised within \u2018Loans to banks\u2019 disclosed in note 23, was \u00a34,877 million (2021: \u00a313,385 million), all of which other
than \u00a3322 million (2021: \u00a31,190 million) is related to securities lending arrangements. Collateral of \u00a31,568 million (2021: \u00a31,318 million) has
been received related to balances recognised within \u2018Loans to banks\u2019 in note 23. The value of collateral that was actually sold or repledged
in the absence of default was \u00a3nil (2021: \u00a3nil).
The level of collateral held is monitored regularly, with further collateral obtained where this is considered necessary to manage the Group\u2019s
risk exposure. The fair values of collateral received approximate to their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80MTUvZnJhZzozMDkzMTNlYWEyZDM0MTVmODZhMGU1NmI4MWM5YzE2MC90ZXh0cmVnaW9uOjMwOTMxM2VhYTJkMzQxNWY4NmEwZTU2YjgxYzljMTYwXzE0NjIzNTA0NjUwMTE0Mg_b8661faa-48c2-499d-8cc2-6204482d420d": { "value": "
60 \u2013 Financial assets and liabilities subject to offsetting, enforceable master netting
agreements and similar arrangements
(a) Offsetting arrangements
Financial assets and liabilities are offset in the statement of financial position when the Group has a legally enforceable right to offset and
has the intention to settle the asset and liability on a net basis, or to realise the asset and settle the liability simultaneously.
Aviva mitigates credit risk in derivative contracts by entering into collateral agreements, where practical, and into ISDA master netting
agreements for each of the legal entities to facilitate its right to offset credit risk exposure. The credit support agreement will normally
dictate the threshold over which collateral needs to be pledged by Aviva or its counterparty.
Derivative transactions requiring Aviva or its counterparty to post collateral are typically the result of over-the-counter derivative trades,
comprised mostly of interest rate swaps, currency swaps and credit default swaps. These transactions are conducted under terms that are
usual and customary to standard long-term borrowing, derivative, securities lending and securities borrowing activities. The derivative
assets and liabilities in the table below are made up of the contracts described in detail in note 59.
Aviva participates in a number of stock lending and repurchase arrangements. In some of these arrangements cash is exchanged by Aviva
for securities and a related receivable is recognised within \u2018Loans to banks\u2019 in note 23. These arrangements are reflected in the tables below.
In instances where the collateral is recognised in the statement of financial position, the obligation for its return is included within \u2018Payables
and other financial liabilities\u2019 in note 52.
In other arrangements, securities are exchanged for other securities. The collateral received must be in a readily realisable form, such as
listed securities, and is held in segregated accounts. Transfer of title always occurs for the collateral received. In many instances, however,
no market risk or economic benefit is exchanged and these transactions are not recognised in the statement of financial position in
accordance with our accounting policies, and accordingly not included in the tables below.
Amounts subject to enforceable netting arrangements
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
2022
Gross
amounts
\u00a3m
Amounts
offset
\u00a3m
Net amounts
reported in
the statement
of financial
position
\u00a3m
Financial
instruments
\u00a3m
Cash collateral
\u00a3m
Securities
collateral
received/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial assets
3,404
\u2014
3,404
(1,797)
(272)
(55)
1,280
Loans to banks and repurchase arrangements
4,481
\u2014
4,481
\u2014
(300)
(4,181)
\u2014
Total financial assets
7,885
\u2014
7,885
(1,797)
(572)
(4,236)
1,280
Financial liabilities
Derivative financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Total financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Amounts subject to enforceable netting arrangements
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
2021
Gross
amounts
\u00a3m
Amounts
offset
\u00a3m
Net amounts
reported in
the statement
of financial
position
\u00a3m
Financial
instruments
\u00a3m
Cash collateral
\u00a3m
Securities
collateral
received/
pledged
\u00a3m
Net amount
\u00a3m
Financial assets
Derivative financial assets
4,593
\u2014
4,593
(2,839)
(1,053)
(177)
524
Loans to banks and repurchase arrangements
8,297
\u2014
8,297
\u2014
(300)
(5,285)
2,712
Total financial assets
12,890
\u2014
12,890
(2,839)
(1,353)
(5,462)
3,236
Financial liabilities
Derivative financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Total financial liabilities
(4,521)
\u2014
(4,521)
3,060
117
821
(523)
Derivative assets are recognised as \u2018Derivative financial instruments\u2019 in note 26(a), while fair value liabilities are recognised as \u2018Derivative
liabilities\u2019 in note 52. \u00a31,512 million (2021: \u00a31,141 million) of derivative assets and \u00a33,137 million (2021: \u00a31,242 million) of derivative liabilities
are not subject to master netting agreements and are therefore excluded from the table above.
Amounts receivable related to securities lending and reverse-repurchase arrangements totalling \u00a34,481 million (2021: \u00a38,297 million) are
recognised within \u2018Loans to banks\u2019 in note 23.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within \u2018Obligations for
repayment of cash collateral received\u2019 in note 52.
60 \u2013 Financial assets and liabilities subject to offsetting, enforceable master netting
agreements and similar arrangements continued
(b) Collateral
In the tables above, the amounts of assets or liabilities presented in the consolidated statement of financial position are offset first by
financial instruments that have the right of offset under master netting or similar arrangements with any remaining amount reduced by the
amount of cash and securities collateral. The actual amount of collateral may be greater than amounts presented in the tables above in the
case of over-collateralisation.
The total amount of collateral received which the Group is permitted to sell or repledge in the absence of default, excluding collateral
related to balances recognised within \u2018Loans to banks\u2019 disclosed in note 23, was \u00a34,877 million (2021: \u00a313,385 million), all of which other
than \u00a3322 million (2021: \u00a31,190 million) is related to securities lending arrangements. Collateral of \u00a31,568 million (2021: \u00a31,318 million) has
been received related to balances recognised within \u2018Loans to banks\u2019 in note 23. The value of collateral that was actually sold or repledged
in the absence of default was \u00a3nil (2021: \u00a3nil).
The level of collateral held is monitored regularly, with further collateral obtained where this is considered necessary to manage the Group\u2019s
risk exposure. The fair values of collateral received approximate to their carrying amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80MTgvZnJhZzo3YzI2ZTBmZTI2Mjg0MzE5OWRjNDBkMGJiM2I1Njg1NC90ZXh0cmVnaW9uOjdjMjZlMGZlMjYyODQzMTk5ZGM0MGQwYmIzYjU2ODU0XzE0NjIzNTA0NjUwMTg5Mw_8dbd259a-35f2-4dfc-9012-11c98719e2c0": { "value": "
61 \u2013 Related party transactions
This note gives details of the transactions between Group companies and related parties which comprise our joint ventures, associates and
staff pension schemes.
The Group undertakes transactions with related parties in the normal course of business. Loans to related parties are made on normal
arm\u2019s-length commercial terms.
Services provided to, and by related parties
2022
2021
Income earned
in the year
\u00a3m
Expenses
incurred in
the year
\u00a3m
Payable at
year end
\u00a3m
Receivable at
year end
\u00a3m
Income earned
in the year
\u00a3m
Expenses
incurred in
the year
\u00a3m
Payable at
year end
\u00a3m
Receivable at
year end
\u00a3m
Associates
39
\u2014
\u2014
9
36
\u2014
\u2014
9
Joint ventures1
34
\u2014
\u2014
135
50
\u2014
\u2014
1
Employee pension schemes
10
\u2014
\u2014
5
12
\u2014
\u2014
6
83
\u2014
\u2014
149
98
\u2014
\u2014
16
1.Following a review of 2021, comparative amounts have been amended from those previously reported to include transactions between Aviva Investors Singapore and Aviva Singlife Holdings Pte. Limited. The effect of
this change is \u00a313 million in Income earned in the year.
Transactions with joint ventures in UK relate to the property management undertakings, the most material of which are listed in note
17(a)(iii). The Group has equity interests in these joint ventures, together with the provision of administration services and financial
management to many of them. Our fund management companies also charge fees to these joint ventures for administration services and
for arranging external finance.
Key management personnel of the Company may from time to time purchase insurance, savings, asset management or annuity products
marketed by group companies on equivalent terms to those available to all employees of the Group. In 2022, other transactions with key
management personnel were not deemed to be significant either by size or in the context of their individual financial positions.
Our UK fund management companies manage most of the assets held by the Group\u2019s main UK staff pension scheme, for which they charge
fees based on the level of funds under management. The main UK scheme holds investments in Group-managed funds and insurance
policies with other group companies, as explained in note 50(b)(ii). As at 31 December 2022, the Friends Provident Pension Scheme (\u2018FPPS\u2019),
acquired in 2015 as part of the acquisition of the Friends Life business, held an insurance policy of \u00a3432 million (2021: \u00a3625 million) issued by
a group company, which eliminates on consolidation. During the year, Aviva Group Holdings Limited provided a short term loan of \u00a388
million to FPPS. As at 31 December 2022 \u00a326 million remained outstanding, which is included within the Group\u2019s loan assets and as a
deduction from FPPS plan assets, and does not eliminate on consolidation.
The related parties\u2019 receivables are not secured and no guarantees were received in respect thereof. The receivables will be settled in
accordance with normal credit terms.
.
61 \u2013 Related party transactions continued
During the year, the Aviva Staff Pension Scheme (ASPS) completed two (2021: three) bulk annuity buy-in transactions with Aviva Life &
Pensions UK Limited (AVLAP). Total premiums of \u00a31,324 million (2021: \u00a32,456 million) were paid by the scheme to AVLAP, with AVLAP
recognising total gross liabilities of \u00a31,001 million (2021: \u00a32,184 million). The difference between the premiums and the gross liabilities
implies profit2 of \u00a3323 million (2021: \u00a3272 million), which does not include costs incurred by the Group associated with the transactions,
and\u00a0is driven primarily by differences between the measurement bases used to calculate the premium and the accounting value of the
associated gross liabilities. The ASPS recognised the total plan assets of \u00a3891 million (2021: \u00a31,760 million), with the difference between
the\u00a0plan assets recognised and the premiums paid being recognised as an actuarial loss through Other Comprehensive Income. As at
31 December 2022, AVLAP recognised cumulative technical provisions of \u00a33,342 million (2021: \u00a34,264 million) in relation to buy-in
transactions with the ASPS which have been included within the Group's gross liabilities, and the ASPS held a transferable plan asset of
\u00a32,875 million (2021: \u00a33,543 million) which does not eliminate on consolidation.
Key management compensation
The total compensation to those employees classified as key management, being those having authority and responsibility for planning,
directing and controlling the activities of the Group, including the executive and non-executive directors is as follows:
2022
\u00a3m
2021
\u00a3m
Salary and other short-term benefits
8.3
9.0
Post-employment benefits
0.9
1.1
Equity compensation plans
18.9
14.9
Termination benefits
\u2014
1.5
Total
28.1
26.5
In 2022, roles within the management structure were reviewed and certain positions were determined to no longer be persons with decision
making responsibility. As a result, the number of individuals classified as key management personnel has reduced as at 31 December 2022.
Information concerning individual directors\u2019 emoluments, interests and transactions is given in the Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80MzMvZnJhZzplMGJiN2U5N2E3MGQ0NTY5YjJkYjM1NmFjZTYzNjM5NC90YWJsZTo4MjIyYTI3NTAyMTE0ODdiYmE3Y2M2NzA1MTY2NjIxYS90YWJsZXJhbmdlOjgyMjJhMjc1MDIxMTQ4N2JiYTdjYzY3MDUxNjY2MjFhXzExLTItMS0xLTk4OTU2NA_c80b7c8b-dc3d-4a4f-9b99-b36b9f617e18": { "value": "1589000000", "decimals": -6, "dimensions": { "concept": "core:ProfitLoss", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80MzMvZnJhZzplMGJiN2U5N2E3MGQ0NTY5YjJkYjM1NmFjZTYzNjM5NC90YWJsZTo4MjIyYTI3NTAyMTE0ODdiYmE3Y2M2NzA1MTY2NjIxYS90YWJsZXJhbmdlOjgyMjJhMjc1MDIxMTQ4N2JiYTdjYzY3MDUxNjY2MjFhXzExLTMtMS0xLTk4OTU2NA_4270f693-6874-4e8d-a1ae-c3cf8583fba4": { "value": "7140000000", "decimals": -6, "dimensions": { "concept": "core:ProfitLoss", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80NDIvZnJhZzoyMjM1YmU4NjczYTk0M2U5OGU4OGUwMDYyNjA3MDJhNy90ZXh0cmVnaW9uOjIyMzViZTg2NzNhOTQzZTk4ZTg4ZTAwNjI2MDcwMmE3XzE0NjIzNTA0NjQ5NDg1OA_49a53d45-0b23-4a06-a773-07b881c3486c": { "value": "2022-12-31", "dimensions": { "concept": "bus:BalanceSheetDate", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00" 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"id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF80NDIvZnJhZzoyMjM1YmU4NjczYTk0M2U5OGU4OGUwMDYyNjA3MDJhNy90ZXh0cmVnaW9uOjIyMzViZTg2NzNhOTQzZTk4ZTg4ZTAwNjI2MDcwMmE3XzE0NjIzNTA0NjQ5NDgzOQ_c5b635c0-f4ad-4b54-92ad-f8b6d090e8d4": { "value": "2468686", "dimensions": { "concept": "bus:UKCompaniesHouseRegisteredNumber", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF82MDcvZnJhZzpjMjM4MDUyNDg1NDM0Y2Y1OGU2MGUzZDE1ZjQ3ZjU0Mi90ZXh0cmVnaW9uOmMyMzgwNTI0ODU0MzRjZjU4ZTYwZTNkMTVmNDdmNTQyXzE0Nzg4NDMxMzk0Njg2Mw_c265e10c-4b43-45bb-b92a-9c0c6364ed32": { "value": "1 Undershaft, London, EC3P 3DQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwNA_188d3f22-899d-4d7c-ab6d-16ed1352f637": { "value": "Acquisitions of, and additions to, subsidiaries, joint ventures and associates net of cash acquired relates to the acquisition of Succession Wealth and Aviva Life Insurance Company India Limited (see note 2a)", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwNA_188d3f22-899d-4d7c-ab6d-16ed1352f637", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwMw_98908938-65ec-430d-baa0-105c43bc0751": { "value": "Cash flows from operating activities include interest received of \u00a34,335\u00a0million (2021: \u00a33,605\u00a0million) and dividends received of \u00a34,347\u00a0million (2021: \u00a34,461\u00a0million). Cash flows from operating activities include impacts
from the investment of proceeds from the disposal of discontinued operations into financial investments during 2021, and subsequent disinvestment from those financial investments in 2022 ahead of the return of
capital to ordinary shareholders. This activity is reflected as an increase in cash generated from operating activities in 2022.
", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwMw_98908938-65ec-430d-baa0-105c43bc0751", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1Mg_abd23e02-c436-4e69-a281-6894b5035e05": { "value": "On 15 June 2022, the Group issued \u00a3500 million of 6.875% fixed rate reset perpetual Restricted Tier 1 contingent convertible notes (the RT1 notes). These RT1 notes are treated as equity and any coupon payments are recognised directly in equity as they arise (see note 35).", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1Mg_abd23e02-c436-4e69-a281-6894b5035e05", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU0OA_79c6c02c-e4c6-4f62-9c14-44389c6dffc8": { "value": "On 12 August 2021, the Group announced a share buyback of ordinary shares for an aggregate purchase price of up to \u00a3750 million. On 16 December 2021 Aviva announced the increase and extension of the share buyback programme to \u00a31\u00a0billion. In the year ended 31 December 2021, \u00a3663 million of shares had been purchased and shares with a nominal value of \u00a342 million were cancelled. ", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU0OA_79c6c02c-e4c6-4f62-9c14-44389c6dffc8", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU0Nw_c87012fc-cd88-4fee-92bf-1d1b350d6c45": { "value": "Capital reserves consist of share premium of \u00a31,248\u00a0million, a capital redemption reserve of \u00a386\u00a0million and a merger reserve of \u00a38,974\u00a0million", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU0Nw_c87012fc-cd88-4fee-92bf-1d1b350d6c45", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwNQ_dd6d1815-1116-4e65-8716-7ae147325312": { "value": "Repayment of borrowings includes the redemption of \u00a31,002\u00a0million (2021: \u00a31,878\u00a0million) subordinated debt and senior notes (see note 51(e))", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwNQ_dd6d1815-1116-4e65-8716-7ae147325312", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwNg_ba4e14eb-f613-4c2c-ae19-2ca87283db77": { "value": "On 15 June 2022, the Group issued \u00a3500\u00a0million of 6.875% fixed rate reset perpetual restricted tier 1 contingent convertible notes (the RT1 notes). The RT1 notes are callable at par between 15 December 2031 and
15 June 2032 (the First Reset Date) inclusive and thereafter every five years after the First Reset Date. If not called, the coupon from 15 June 2032 will be reset to the prevailing five year benchmark gilt yield plus 4.649%.
The notes have no fixed maturity date. Optional cancellation of coupon payments is at the discretion of the Group and mandatory cancellation is upon the occurrence of certain conditions. The RT1 notes are therefore
treated as equity and the coupon payment is recognised directly in equity. On the occurrence of certain conversion trigger events the notes are convertible into ordinary shares of the Group.
", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xOTMvZnJhZzo5NDM0YzFjN2YzOTc0M2Q3YTFmZmViM2Y2YjRhOGY1Ni90ZXh0cmVnaW9uOjk0MzRjMWM3ZjM5NzQzZDdhMWZmZWIzZjZiNGE4ZjU2XzE0NjIzNTA0NjUwOTMwNg_ba4e14eb-f613-4c2c-ae19-2ca87283db77", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1Mw_82ff70fc-5da1-4539-a487-9ac2ca3ca24a": { "value": "On 28 September 2022, Aviva acquired an additional 25% or the ordinary shares of Aviva Life Insurance Company India Limited giving Aviva a controlling interest in the entity (see note 2(a))", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1Mw_82ff70fc-5da1-4539-a487-9ac2ca3ca24a", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1MQ_22f4aaca-8eeb-4c5b-8817-e60fb37b0a44": { "value": "On 2 March 2022, Aviva announced a proposed return of capital, via a \u00a33,750 million B Share Scheme for the holders of ordinary shares. 3,687,322,000 B shares were issued for nil consideration with a nominal value of
101.69 pence per share on 16 May 2022, resulting in a total of \u00a33,750 million being credited to the B share capital account. At the same time, the merger reserve was reduced by \u00a33,750 million. On 17 May 2022, the B
shares were redeemed at 101.69 pence per share, which resulted in a \u00a33,750 million reduction in the B share capital account and a corresponding increase in the capital redemption reserve. Retained earnings reduced
by \u00a33,750 million on payment of the return of capital to ordinary shareholders.
", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1MQ_22f4aaca-8eeb-4c5b-8817-e60fb37b0a44", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1MA_283647d3-a761-463e-b6a7-a70da80f0b94": { "value": "In the year ended 31 December 2022, \u00a3336\u00a0million of shares were purchased and shares with a nominal value of \u00a319 million have been cancelled as part of the share buyback programme", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU1MA_283647d3-a761-463e-b6a7-a70da80f0b94", "language": "en" } }, "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU0OQ_b693b0eb-435b-4a34-83a1-a12b24619a1b": { "value": "Capital reserves consist of share premium of \u00a31,263 million, a capital redemption reserve of \u00a33,855 million and a merger reserve of \u00a35,224 million", "dimensions": { "concept": "xbrl:note", "noteId": "id3VybDovL2RvY3MudjEvZG9jOjUyNDk1MzhhYTE3MzQ4NTZiNGZmYjdkYzU0Y2FlNGUwL3NlYzo1MjQ5NTM4YWExNzM0ODU2YjRmZmI3ZGM1NGNhZTRlMF8xODcvZnJhZzpjZDBkOTI4NDUzNmI0NTQ0YTQ2ZmI2Yzg4Mzg3NTYwMS90ZXh0cmVnaW9uOmNkMGQ5Mjg0NTM2YjQ1NDRhNDZmYjZjODgzODc1NjAxXzE0NjIzNTA0NjUxNTU0OQ_b693b0eb-435b-4a34-83a1-a12b24619a1b", "language": "en" } } } }