{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "avi": "http://www.aviva.com/20231231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "linkTypes": { "ftTyp_fact-footnote": "http://www.xbrl.org/2003/arcrole/fact-footnote" }, "linkGroups": { "ftGrp_default": "http://www.xbrl.org/2003/role/link" }, "taxonomy": [ "http://www.aviva.com/20231231/YF0Y5B0IB8SM0ZFG9G81-2023-12-31.xsd" ] }, "facts": { "f-2": { "value": "23000", "decimals": 0, "dimensions": { "concept": "ifrs-full:AverageNumberOfEmployees", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-3": { "value": "23000", "decimals": 0, "dimensions": { "concept": "ifrs-full:AverageNumberOfEmployees", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-143": { "value": "Aviva plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-145": { "value": "Aviva plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-146": { "value": "Aviva plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-147": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-148": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-149": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-150": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-151": { "value": "transacts life assurance and long-term savings business, fund management and most classes of general insurance and health business through its subsidiaries, joint ventures, associates and branches in the UK, Ireland, Canada, India, China and Singapore", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-157": { "value": "
(D) Consolidation principles
(a) 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 following:
\u2022 Power over the investee,
\u2022 Exposure, or rights, to variable returns from its
involvement with the investee, and
\u2022 The ability to use its power over the investee to affect
its\u00a0returns.
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.
(b) 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 an 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:
\u2022 Where 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;
\u2022 Where 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
\u2022 Where 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 carried at fair value through profit or loss
within financial investments in the consolidated
statement of financial position, in accordance with IFRS 9
Financial Instruments.
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.
(c) Consolidation procedure
Subsidiaries are consolidated from the date the Group
obtains control and are excluded from consolidation
from\u00a0the date the Group loses control. All intercompany
transactions, balances and unrealised surpluses and
deficits on transactions between Group companies
have\u00a0been 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 fair 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 the
proportionate share of the acquiree\u2019s identifiable net
assets. The excess of the consideration transferred over
the fair value of the net assets of the subsidiary acquired
is\u00a0recorded 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.
(d) Merger accounting and the merger reserve
Prior to 1 January 2004, the date of first time adoption
of\u00a0IFRS, certain significant business combinations were
accounted for using the \u2018pooling of interests method\u2019 (or
merger accounting), which treats the merged groups as
if\u00a0they 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 the 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\u00a0the 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
Companies Act 2006.
(e) 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
liabilities may be greater or less than 50% but the terms of
the relevant 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 asset in the consolidated statement of financial
position. As explained 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
Group no longer has significant influence or joint control
over the investment.
If the Group\u2019s share of losses in an associate or joint
venture equals or exceeds its interest in the undertaking,
the Group does not recognise further losses unless it
has\u00a0incurred obligations or made payments on behalf of
the entity.
(f) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-158": { "value": "
(E) Foreign currency translation
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, associates and joint
ventures, and of borrowings and other currency
instruments designated as hedges of such investments,
are recognised in other comprehensive income and taken
to the currency translation reserve within equity.
On disposal of a foreign entity, such exchange differences
are transferred out of this reserve and are recognised in
the income statement as part of the gain or loss on sale.
The cumulative translation differences were deemed to be
zero at the transition 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 fixed maturity securities and
other monetary financial assets measured at fair value
through profit or loss (FVTPL) (see accounting policy W)
are included in foreign exchange gains and losses in the
income statement. Translation differences on non-
monetary items, such as equities which are designated as
FVTPL, are reported as part of the fair value gain or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-159": { "value": "
(F) Fair value measurement
Fair value is the price that would be received to sell an
asset or paid to 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 use when pricing the asset
or liability.
The fair value of a non-financial asset is determined based
on its highest and best use from a market participant\u2019s
perspective. When using this approach, the Group takes
into account the asset\u2019s use 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
transaction 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 deferred 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 or the
transaction is closed out or otherwise matured.
If an asset or a liability measured at fair value has a bid
price and an ask price, the price within the bid-ask spread
that is most representative of fair value in the
circumstances is used to measure fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-160": { "value": "
(G) Product classification
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 contract.
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) that are 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 under IFRS 17 as set out in
policy (M). This includes hybrid participating investment
contracts, which are a combination of unit-linked and
with-profits investments for which the discretionary
participation feature is a significant portion of the
combined contract. Investment contracts without
discretionary participation features, referred to as non-
participating investment contracts, and the related
reinsurance assets are accounted for as financial
instruments under IFRS 9.
The classification of the Group\u2019s main contracts is
summarised below:
Type of contract
Classification
Annuities
Insurance contract
Unit-linked with significant
insurance risk or with a
significant discretionary
participation feature
Insurance contract/
Participating investment
contract
Unit-linked without significant
insurance risk and without
significant discretionary
participation features
Non-participating investment
contract
Protection
Insurance contract
General insurance
(motor,\u00a0property, liability)
Insurance contract
With-profits
Insurance contract/
Participating investment
contract
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForInsuranceProductClassificationTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-161": { "value": "
(H) Insurance service result
The insurance service result represents the Group\u2019s profit
or loss recognised on insurance contracts, participating
investment contracts and reinsurance contracts
(measured in accordance with policy M) in the period,
excluding the impact of the time value of money and
financial risks related to such contracts. The insurance
service result contains three components:
(a) Insurance revenue
For insurance contracts and participating investment
contracts applying General Measurement Model (GMM)
and Variable Fee Approach (VFA), insurance revenue is
comprised of:
\u2022 The amortisation of contractual service margin (CSM);
\u2022 The release of the risk adjustment included within the
liability for remaining coverage;
\u2022 Claims and expenses expected to be incurred in the
period, as released from the liability for remaining
coverage and adjusted for the allocation of loss Other,
including revenue recognised for policyholder tax and
other incurred expenses that have been charged to
policyholder funds; and
\u2022 The recovery of insurance acquisition cash flows, which
offsets the amortisation included in insurance service
expenses.
For insurance contracts applying the premium allocation
approach (PAA), insurance revenue is based upon the
amount of expected premium receipts allocated to
insurance contracts in the period. Premium receipts are
allocated to insurance contracts based upon the passage
of time or, where there is evidence that the release of risk
differs from the passage of time, on the basis of the
expected timing of insurance service expenses.
(b) Insurance service expenses
For insurance contracts and participating investment
contracts, insurance service expenses are comprised of:
\u2022 Actual claims (excluding investment components) and
non-acquisition fulfilment expenses incurred, adjusted
for the allocation of loss components;
\u2022 The recognition and reversal of losses on onerous
contracts;
\u2022 Non-financial assumption changes which do not adjust
the CSM;
\u2022 Non-financial assumption changes which affect the
valuation of the liability for incurred claims;
\u2022 Any impairment of acquisition cash flows, net of
reversals; and
\u2022 The amortisation of insurance acquisition cash flows.
For contracts measured under the GMM and VFA,
recovery of insurance acquisition cash flows is included in
insurance revenue, as described above, and an equal and
opposite amount for the amortisation of insurance
acquisition cash flows is included in insurance service
expenses.
For contracts measured under the PAA, amortisation of
insurance acquisition cash flows is based on the passage
of time or, where there is evidence that the release of risk
differs from the passage of time, on the basis of the
expected timing of insurance service expenses.
(c) Net income and expenses from reinsurance contracts
Net income (expenses) from reinsurance contracts held
represents the insurance service result for groups of
reinsurance contracts held and is comprised of:
\u2022 The allocation of reinsurance premiums paid, which is
calculated using the same principles as used to calculate
revenue on insurance contracts;
\u2022 Amounts recoverable from reinsurers, which is
calculated using the same principles as used to calculate
insurance service expenses on insurance contracts;
\u2022 The recognition of, and subsequent movements in,
reinsurance loss recovery components; and
\u2022 The effect of changes in the risk of reinsurers\u2019 non-
performance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-162": { "value": "
(I) Insurance finance result
Insurance finance income/expenses are calculated on
insurance contracts, participating investment contracts
and reinsurance contracts, comprising:
\u2022 Changes in the fair value of underlying items;
\u2022 The accretion of interest on the CSM;
\u2022 The unwind of discounting on fulfilment cash flows and
the risk adjustment; and
\u2022 The impact of financial assumption changes upon
fulfilment cash flows and the risk adjustment.
The latter two components apply to contracts measured
under the GMM and PAA, in addition to VFA contracts
where the risk mitigation option is applied.
Where changes in expected future cash flows and risk
adjustment on GMM contracts arise from non-financial
assumption changes and experience variances, the
difference between measuring the change in fulfilment
cash flows using current financial assumptions and the
impact which adjusts the CSM using locked in financial
assumptions is recognised in the income statement in net
finance expenses.
The accounting policies used to calculate amounts within
the insurance finance result are discussed in greater detail
in policy M.
(J) Investment contract fee revenue
Non-participating 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 the
amounts being managed, and will generally be charged as
an 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
provided in future periods are deferred and recognised
when the performance obligation is fulfilled. Variable
consideration, such as performance 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 occur.
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 measured at fair value,
the front-end fees that relate to the provision of
investment management services are deferred and
recognised as the services are provided. Origination fees
are recognised immediately where the sale of fund
interests represent a separate performance obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-163": { "value": "
(K) 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 AA. All
other fee and commission income is recognised over time
as the services are provided.
(L) Other investment income
Investment income consists of dividends, interest and
rents receivable for the year, movements in amortised
cost on fixed maturity securities, realised gains and losses,
and unrealised gains and losses on investments held at
FVTPL (as defined in accounting policy W). 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 using a
straight line method, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-164": { "value": "Insurance, participating investment and
reinsurance contracts
Insurance contracts, participating investment contracts
and reinsurance contracts are accounted for in
accordance with IFRS\u00a017.
The key measurement principles are outlined below.
(a) IFRS 17 measurement models
The Group applies three measurement models to
insurance contracts, participating investment contracts
and reinsurance contracts as follows:
Model
Applicable business
GMM
\u2022 Bulk purchase annuities
\u2022 Individual immediate and deferred
annuities
\u2022 Individual and group protection
\u2022 With-profits contracts with guaranteed
annuity terms
\u2022 Reinsurance contracts held, including
non-life reinsurance contracts that are
not eligible for PAA
VFA
\u2022 Participating investment contracts
\u2022 Unit linked or with-profits contracts
with significant insurance risk
PAA
\u2022 Short duration non-life insurance
contracts
\u2022 Longer duration non-life insurance
contracts which are eligible for PAA
\u2022 Reinsurance contracts held which are
eligible for PAA
The Group applies judgement when determining eligibility
criteria for the VFA and PAA measurement models (see
Accounting policy M section (b)).
Under each measurement model insurance contract
liabilities are measured as the sum of the liability for
remaining coverage (LRC) and the liability for incurred
claims (LIC). The LRC represents the obligation under the
insurance contract for insured events that have not yet
occurred i.e., the obligation that relates to the unexpired
portion of the coverage period, including the contractual
service margin (CSM). The LIC reflects the obligation to
investigate and pay valid claims for insured events that
have already occurred, including events that have already
occurred but for which claims have not been reported.
The key features of each measurement model are set
out\u00a0below.
(i) General measurement model (GMM)
The GMM is the default IFRS 17 measurement model.
The\u00a0fulfilment cash flows comprise the present value of
future cash flows within the boundary of the contract,
discounted at current rates, and an explicit risk
adjustment for non-financial risk.
At inception, a CSM liability is recognised for each new
group of contracts which represents the unearned profit
to be recognised over the coverage period.
Initial measurement is based on the cash flows within the
boundary of the contract discounted at the rate when the
contract is written. Except for reinsurance contracts held,
losses on groups of contracts that are onerous at
inception are recognised immediately.
For subsequent measurement, fulfilment cash flows are
discounted at current rates at each balance sheet date,
while the CSM is remeasured applying the discount rate
when the contract is written (the locked-in rate). Other
financial assumptions including inflation and foreign
exchange rates are also locked in at inception for the
purposes of remeasuring the CSM. The CSM is
remeasured for changes in the fulfilment cash flows
relating to non-financial risk only, applying these locked
in financial assumptions. Interest is accreted on the CSM
using the locked-in discount rate and the CSM is
amortised over the coverage period of the contract.
The coverage period is determined based on the service
provided to customers including both insurance and
investment services. Losses on groups of contracts that
are profitable at inception but subsequently become
onerous are recognised immediately.
In contrast to insurance contracts, the CSM for
groups\u00a0of\u00a0reinsurance contracts held can be an asset
or\u00a0liability. If reinsurance is in place when underlying
groups of\u00a0insurance contracts become onerous, the
reinsurance\u00a0CSM recognised is adjusted to offset
the\u00a0gross losses arising.
Where the net cost of purchasing reinsurance contracts
held relates to events that occurred prior to purchase
(for\u00a0example adverse development cover) no CSM is
recognised, and the net cost is recognised immediately
in\u00a0the income statement.
(ii) Variable fee approach (VFA)
The VFA is a modified approach to the GMM that is
applied to groups of insurance and investment contracts
with direct participating features which meet eligibility
requirements that demonstrate they provide substantial
investment related services to policyholders.
Fulfilment cash flows for VFA contracts comprise the
obligation to pay policyholders an amount equal to the
fair\u00a0value of underlying items, less the variable fee for
future service.
Changes in the obligation to pay policyholders the fair
value of underlying items are recognised within net
finance expenses from insurance contracts in the
income\u00a0statement.
The variable fee includes the present value of the Group\u2019s
share of the fair value of underlying 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) Premium allocation approach (PAA)
The PAA is a simplified measurement model which can
be\u00a0applied to all short duration contracts and to longer
duration contracts that meet PAA eligibility criteria.
It\u00a0is\u00a0applied 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\u00a0net of acquisition cash flows, less the amount
of\u00a0premiums and acquisition cash flows that have been
recognised in profit or loss over the expired portion of
the\u00a0coverage period.
Premium receipts and acquisition cash flows are
recognised in profit or loss over the life of the contract,
based on the expected timing of incurred claims.
Where policyholder premiums are yet to be remitted by
intermediaries, these premiums are treated as received
within the LRC with a separate financial asset recognised for
the amounts due from intermediaries. Commissions due to
intermediaries are treated as paid within the LRC with a
separate financial liability recognised. Variable commissions
which are not yet due and which are dependent upon
underwriting performance are measured\u00a0within the liability
for remaining coverage, until\u00a0the coverage period expires and
the liability amount is known, at which point they are
reclassified as financial liabilities.
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\u00a0the\u00a0LIC aligns to the GMM, with an explicit risk
adjustment for non-financial risk, and discounting
applied\u00a0to expected cash flows. For Health contracts
a\u00a0PAA exemption is applied to measure the LIC on an
undiscounted basis, allowable because claims are settled
within 12 months of their incurred date.
(b) Choice of measurement model
(i) VFA eligibility\u00a0
Life business is considered to have direct participating
features, and is required to be measured under the VFA
model where:
\u2022 Contractual terms evidence that policyholders
participate in a pool of clearly identified underlying
items, for example unit-linked or with-profits funds;
\u2022 The policyholders expect to receive a substantial share
of the returns on underlying items (defined by the Group
as greater than 50%); and
\u2022 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\u00a0VFA.
(ii) 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 reasonably 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 applying the same financial modelling
approach and are all PAA eligible except for treaties
reinsuring the adverse development of incurred claims.
(c) Level of aggregation
The unit of account is a group of contracts, so insurance
contracts are aggregated into groups for measurement
purposes. Discrete CSMs are determined for each group
of insurance contracts applying GMM or VFA.
Groups of\u00a0insurance 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:
\u2022 Contracts that are onerous;
\u2022 Contracts that have no significant possibility of
becoming\u00a0onerous; (based on the probability that
changes in assumptions would result in contracts
becoming onerous); and\u00a0
\u2022 All remaining contracts.
Reinsurance contracts held are also subdivided into
three\u00a0profitability groups, determined by reference to
net\u00a0gains/losses on initial recognition, and comprising:
\u2022 Contracts that have a net gain at initial recognition;
\u2022 Contracts that have no significant possibility of a net
gain\u00a0arising subsequently; and
\u2022 All 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.\u00a0
For contracts measured under the PAA, IFRS 17 permits
a\u00a0simplification whereby contract groups are assumed
not\u00a0to 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.
(d) Recognition and derecognition
An insurance contract issued by the Group is recognised
from the earliest of:
\u2022 The beginning of its coverage period (i.e. the period
during which the Group provides insurance contract
services in respect of any premiums within the boundary
of the contract);
\u2022 The date the first payment from the policyholder
becomes due or, if there is no contractual due date,
when it is received from the policyholder; and
\u2022 The date when facts and circumstances indicate that the
contract is onerous.
Reinsurance contracts are recognised on the
following\u00a0dates:
\u2022 Reinsurance contracts that provide proportionate
coverage: the later of the date on which any underlying
insurance contract is initially recognised and the date
the reinsurance is entered into. This applies to the
Group\u2019s quota share reinsurance contracts.
\u2022 Other reinsurance contracts: The beginning of the
coverage period of the group of reinsurance contracts.
However, if the Group recognises an onerous group of
underlying insurance contracts on an earlier date and
the related reinsurance contract was entered into before
that earlier date, then the group of reinsurance
contracts is recognised on that earlier date. This applies
to the Group\u2019s excess of loss and catastrophe cover
reinsurance contracts.
An insurance or reinsurance contract acquired in a
transfer of contracts or a business combination is
recognised on the date of acquisition.
When the contract is recognised, it is added to an existing
group of contracts or, if the contract does not qualify
for\u00a0inclusion in an existing group, it forms a new group
to\u00a0which future contracts are added. Groups of
contracts\u00a0are\u00a0established on initial recognition and
their\u00a0composition is not revised once all contracts have
been added to the group.
Insurance contracts are derecognised when the contract
is extinguished, i.e. when the specified obligations expire,
are discharged, or are cancelled.
The Group also derecognises a contract if its terms are
modified in a way that would have changed the
accounting for the contract significantly had the new
terms always existed, in which case a new contract based
on the modified terms is recognised.
(e) Estimate of future cash flows
The estimate of future cash flows is assessed at the level
of groups of contracts 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.
(i) Contract boundaries
Cash flows are within the contract boundary if they arise
from substantive rights and obligations that exist during
the reporting period in which the Group can compel the
policyholder to pay premiums or has a substantive
obligation to provide insurance contract services.
A\u00a0substantive obligation to provide services ends when
the Group has the practical ability to reassess the risks
(insurance and financial risks transferred from the
policyholder, so excluding lapse and expense risks) and
set a price or level of benefits that fully reflects those
reassessed risks for either the particular policyholder
or\u00a0the portfolio that contains the contract.
Riders, representing add-on provisions to a basic
insurance policy that provide additional benefits to the
policyholder at additional cost, issued together with the
main insurance contracts form part of a single insurance
contract with all of the cash flows within its boundary.
Some insurance contracts issued by the Group provide
policyholders with the option to buy additional insurance
coverage. The Group assesses the practical ability to
reprice such insurance contracts in their entirety to
determine if the option cash flows are within or outside
the insurance contract boundary. As a result of this
assessment, options for which pricing is not guaranteed
are not measured by the Group until they are exercised.
Cash flows are within the boundaries of participating
investment contracts if they result from a substantive
obligation of the Group to deliver cash at a present or
future date.
Cash flows are within the contract boundary of a
reinsurance contract held if they arise from substantive
rights and obligations that exist during the reporting
period in which the Group is compelled to pay amounts
to\u00a0the reinsurer or has a substantive right to receive
services from the reinsurer.
The contract boundary is reassessed at each reporting
date to include the effect of changes in circumstances
on\u00a0the Group\u2019s substantive rights and obligations and,
therefore, may change over time. Cash flows outside the
contract boundary relate to future insurance contracts
and are recognised when those contracts meet the
recognition criteria.
(ii) 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\u00a0annuitant 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 rational way.
Principal non-financial assumptions used in the
calculation of the non-life LIC use past claims experience
to project future claims (estimated using a range of
standard actuarial claims projection techniques).
(iii) 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 cash flows 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\u00a0the fair value of an appropriate reference portfolio
of\u00a0assets 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\u00a0market 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 to be sourced.\u00a0
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 derive the risk-free
yield and the relevant liability cash flows (known as an
\u2018illiquidity premium\u2019).\u00a0
The illiquidity premium is determined as a percentage
of\u00a0the current spread over the risk-free yield on an
index\u00a0of covered bonds. The percentage applied reflects
the liquidity characteristics of the liabilities including
the\u00a0propensity and ability of policyholders to lapse
or\u00a0surrender their contracts; for example, 100% for
structured settlements where surrenders are not possible,
and 0% for unit-linked contracts where policyholders
can\u00a0normally immediately surrender their contract for
the\u00a0unit value. An intermediate percentage is applied
for\u00a0other 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 Group recognises the impact of financial assumption
changes in the income statement, except for those that
relate to changes in the variable fee for VFA contracts
which adjust the CSM.
(f) 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\u00a0Group\u2019s pricing and capital allocation framework,
leveraging the Solvency II view of non-financial risk,
considering a lifetime view, and including diversification
between risks.
The change in risk adjustment relating to current or past
service is recognised within insurance revenue in the
income statement. The impact of discounting the risk
adjustment for GMM and PAA contracts is disaggregated
and recognised within net finance expenses from
insurance contracts.
(g) 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.
For profitable groups of insurance contracts, the CSM is
established to ensure no profit is recognised at inception,
hence it is equal and opposite to the net present value of
the expected cash flows (including initial premiums and
insurance acquisition cash flows) and the risk adjustment.
For groups of gross insurance contracts issued that are
onerous at initial recognition, the CSM is set to nil and
losses are recognised in the income statement. For
reinsurance contracts the CSM is initially recognised at a
value that ensures no gain or loss is recognised but may
be adjusted for loss offsetting as set out in (h).
Subsequently, the CSM is adjusted for:
\u2022 Accretion of interest at locked-in discount rates (groups
of GMM contracts only), which is charged to net finance
expenses in the income statement;
\u2022 New contracts added to the same group;
\u2022 Changes in fulfilment cash flows (including risk
adjustment) that relate to future service;
\u2022 For reinsurance contracts held, income recognised in
profit or loss on initial recognition of onerous underlying
contracts and adjustments to the loss recovery
component set out in (h); and
\u2022 Currency exchange differences.
Changes in fulfilment cash flows that relate to future
service include:
\u2022 Experience variances in premiums received during the
period that relate to services provided from the start of
the current period;
\u2022 Changes in expected future cash flows and risk
adjustment on GMM contracts arising from non-
financial assumption changes and experience variances,
measured using locked in financial assumptions;
\u2022 Changes in the variable fee and risk adjustment on VFA
contracts arising from financial and non-financial
assumption changes and experience variances, except
where the risk mitigation option is applied; and
\u2022 Experience variances in non-distinct investment
components, premium refunds and rights to withdraw
payable in the period.
Changes in fulfilment cash flows that relate to past
or\u00a0current service do not adjust the CSM and are
recognised immediately in the income statement,
including the following:
\u2022 Experience variances in claims and expenses incurred,
which are recognised as the difference between
insurance revenue (expected claims and expenses
incurred) and insurance service expenses (actual claims
and expenses incurred); and
\u2022 Changes in expected future cash flows and risk
adjustment on GMM contracts arising from financial
assumption changes and experience variances, including
changes in cash flows that are contractually linked to an
inflation index, which are recognised in net finance
expenses from insurance contracts.
The balance on the CSM at the end of the period is
available for release to profit or loss.
The amount of CSM recognised in insurance revenue
each\u00a0period (the CSM amortisation) is determined by
considering, for each group of contracts, coverage units
that reflect the quantity of the benefits provided in
each\u00a0period and the expected coverage period.
Benefits provided included those arising from both
insurance and investment related services. Investment
related services are only included if the Group is deemed
to be providing a\u00a0significant investment service when
providing an investment component, or policyholder\u2019s
right to withdraw, that is expected to include an
investment return generated by investment activity
performed by the\u00a0Group. This includes contracts where
the value of the\u00a0investment return that the policyholder
benefits from\u00a0is not directly related to the value of the
underlying investments.
Coverage units are discounted and are updated at each
reporting date to reflect the current best\u00a0estimate of
service expected to be provided in future\u00a0periods.
Coverage units for reinsurance contracts held are
typically consistent with the underlying gross contracts,
adjusted for differences in the services provided.
(h) Loss components and loss offsetting
Losses on onerous contracts are recognised immediately
within insurance service expenses in the income statement,
and a loss component is established. Subsequent losses,
and reversals of losses, arising from changes in fulfilment
cash flows that relate to future service adjust the loss
component and are recognised immediately in insurance
service expenses to the extent that a balance remains on
the loss component, after which a CSM will be established.
A variable proportion approach is used to systematically
allocate changes in fulfilment cash flows that relate to
past or current service to the loss component, resulting
in\u00a0a deduction from the amount of these changes that
is\u00a0recognised within insurance revenue in the income
statement with an offsetting adjustment to insurance
service expenses. The variable proportion is determined
each reporting date as the proportion of the balance on
the loss component relative to the fulfilment cash flows
for that group of contracts.
A reinsurance loss recovery component is established for a
group of reinsurance contracts that covers a group of
onerous underlying contracts. At initial recognition this is\u00a0the
amount that the reinsurance CSM has been adjusted\u00a0as a
result of recognising income to offset losses\u00a0recognised at
inception on underlying insurance contracts, based on the
percentage of the claims that are\u00a0recoverable through the
reinsurance.
Subsequently the loss recovery component is adjusted for
changes in\u00a0the reinsurance fulfilment cash flows that
correspond\u00a0to change in fulfilment cash flows that relate\u00a0to
future service for the underlying onerous contracts.
The balance\u00a0on the loss recovery component
is\u00a0systematically allocated to the income statement
using\u00a0a similar approach to loss components.
(i) Investment components and rights to withdraw
Investment components are amounts that are payable
to\u00a0the policyholder in all circumstances, regardless
of\u00a0whether an insured event occurs. This typically
includes the account balance on unit-linked and with-
profit contracts, surrender and maturity values on
protection contracts and guaranteed payments on
immediate annuities. Rights to withdraw, which
may\u00a0include items that are investment components,
are\u00a0amounts payable to policyholders that do not
represent an additional benefit payable when an
insured\u00a0event occurs.
This includes, but is not restricted to, maturity values that
are not determined by the occurrence of an insured event,
a policyholder\u2019s rights to receive a surrender value or
refund of premiums on cancellation of a policy, rights to
transfer an amount to another insurance provider and
guaranteed annuity payments on a deferred annuity in
excess of the death benefit payable prior to retirement.
Investment components and rights to withdraw are
excluded from insurance revenue and insurance service
expenses in the income statement.
(j) Insurance acquisition cash flows
Insurance acquisition cash flows are initially deferred on
the balance sheet as an insurance acquisition cash flow
asset and then allocated against groups of insurance
contracts to which they are directly attributable.
This includes instances where insurance acquisition cash
flows 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 cash flows as an expense at the
point they are incurred.
Where insurance acquisition cash flows are allocated to
contract groups applying GMM or VFA, they are included
within the measurement of the CSM and recognised in the
income statement over the period which services are
provided to the customer. Insurance acquisition cash
flows 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 cash flow assets are assessed for
impairment where facts and circumstances indicate that
they may be impaired. The Group uses data on customer
retention rates and the profitability of products to identify
such facts and circumstances.", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForInsuranceBusinessTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-165": { "value": "Non-participating investment contract liabilities
(a) Claims
For non-participating investment contracts with an
account balance, claims reflect the excess of amounts paid
over the account balance released.
(b) Contract liabilities
Non-participating investment contract liabilities are
designated at FVTPL. Under IFRS 9, the Group elects to
recognise the movement in own credit risk through the
income statement in order to eliminate an accounting
mismatch. Deposits collected under non-participating
investment contracts are not accounted for through the
income statement, except for the investment 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 provide 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 to the surrender value. For
unit-linked contracts, the fair value liability is equal to the
current unit fund value, including any unfunded units.
In addition, if required, non-unit reserves are held 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 match the market price
for risk.
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForInvestmentContractTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-166": { "value": "
(O) Reinsurance for non-participating investment
contracts
Reinsurance assets for non-participating investment
contracts includes balances in respect of investment
contracts that are legally reinsurance contracts but do not
meet the definition of a reinsurance contract under IFRS
17 as they principally transfer financial risk. Premiums
payable on these contracts are accounted for directly
through the statement of financial position.
A deposit asset is initially recognised, based on the
consideration paid less any explicitly identified premiums
or fees to be retained by the reinsured. The assets are
subsequently measured at FVTPL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-167": { "value": "
(P) Goodwill, AVIF and intangible assets
(a) Goodwill
Goodwill represents the excess of the cost of an
acquisition over the fair 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 eliminated against reserves and
has not been reinstated.
Where negative goodwill arises on an acquisition, this is
recognised immediately in the consolidated income
statement.
(b) Acquired value of in-force business (AVIF)
The present value of future profits on a portfolio of long-
term non-participating investment contracts, acquired
either directly or through the purchase of a subsidiary,
is\u00a0recognised as an asset.
If the AVIF results from the acquisition of an investment
in\u00a0a joint venture or an associate, it is held within the
carrying amount of that investment. 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.
AVIF is reviewed for evidence of impairment, consistent
with reviews conducted for other finite life intangible
assets and impairment tested at product portfolio level
by\u00a0reference to a projection of future profits arising from
the portfolio.
(c) Intangible assets
Intangible assets consist primarily of contractual
relationships such as access to distribution networks,
customer lists and software.
The economic lives of these are determined by
considering relevant factors such as usage of the asset,
typical product life cycles, potential obsolescence,
maintenance costs, the stability of the industry,
competitive position and the period of control 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.
(d) Impairment testing
For impairment testing, goodwill and intangible assets
with indefinite useful lives have been allocated to cash-
generating units. The carrying amount of goodwill and
intangible assets with indefinite useful lives is reviewed
at\u00a0least annually or when circumstances or events
indicate\u00a0there may be uncertainty over this value.
Goodwill and indefinite life intangibles are written
down\u00a0for impairment where the recoverable amount is
insufficient to support its carrying value. Further details
on goodwill allocation and impairment testing are given
in\u00a0note 17. Any impairments are charged as expenses in
the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-168": { "value": "
(Q) Property and equipment
Owner-occupied properties are carried at their
revalued\u00a0amounts, and movements are recognised in
other comprehensive income and taken to a separate
reserve within equity. When such properties are sold,
the\u00a0accumulated 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. See accounting policy AB 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:
\u2022 Properties under construction
No depreciation
\u2022 Owner-occupied properties,
and related mechanical and
electrical equipment
25 years
\u2022 Motor vehicles
Three years, or lease
term (up to useful life)
if longer
\u2022 Computer equipment
Three to five years
\u2022 Other 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 their 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-169": { "value": "
(R) Investment property
Investment property is held for long-term rental yields
and is not occupied by the Group.
Completed investment property is stated at its 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 Q 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-170": { "value": "
(S) Impairment of non-financial assets
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 impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-172": { "value": "
(U) Impairment of financial assets
Financial assets held at amortised cost and lease
receivables are in the scope of expected credit loss
requirements under IFRS 9.
This includes financial assets held at amortised cost such
as loans to banks, other loans, and receivables.
Expected credit loss is an unbiased, probability-weighted
estimate of credit losses. It considers all reasonable and
supportable information, including forward looking
economic assumptions and a range of possible outcomes.
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,
except where the Group uses the simplified approach to
apply lifetime expected credit losses to trade receivables
that do not contain a significant financing component.
The gross carrying amount of a financial asset is written
off to the extent that there is no reasonable expectation of
recovery. Subsequent recoveries in excess of the financial
asset\u2019s written-down carrying value are credited to the
income statement.
(V) Derecognition, contract modification and offset
of financial assets and financial liabilities
A financial asset (or, where applicable, a part of a financial
asset or part of a group of similar financial assets) is
derecognised where:
\u2022 The rights to receive cash flows from the asset have
expired;
\u2022 The 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
\u2022 The Group has transferred its rights to receive cash
flows from the asset and has either transferred
substantially all the risks and rewards of the asset, or
has\u00a0neither 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 extinguished (that is when the
obligation is discharged, or cancelled or expires). The
difference between the carrying amount extinguished and
the consideration paid is recognised in profit or loss.
If the terms of a financial asset or financial liability
measured at amortised cost are substantially modified,
then the contractual rights to cash flows from the original
financial asset or financial liability are deemed to have
expired or extinguished. The original financial asset or
financial liability is derecognised, and a new financial asset
or financial liability is recognised at fair value.
A financial asset measured at amortised cost is not
derecognised if the contractual terms are not
substantially modified and a modification gain or loss is
recognised in profit or loss.
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": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-173": { "value": "
(W) Financial investments
The Group classifies financial investments at FVTPL using
the business model assessment as described in accounting
policy T.
The FVTPL category has two subcategories \u2013 those that
meet the definition as being held for trading and those
that are held at FVTPL based on the business model
assessment. Fixed maturity securities and equity
securities, which the Group acquires with the intention
to\u00a0resell in the short term and derivatives are classified
as\u00a0trading. All other investments are classified as other
than trading.
The fair value of investments is based on the quoted price
within the bid-ask spread that is most representative of
fair value or based on the cash flow models using market
observable inputs or unobservable inputs. Changes in the
fair value of investments are included in the income
statement in the period in which they arise.
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.", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForFinancialInvestmentsTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-174": { "value": "
(X) Derivative financial instruments and hedging
Derivative financial instruments include foreign exchange
contracts, interest rate futures, currency and interest rate
swaps, currency and interest 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 classified as mandatorily held at FVTPL,
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 55(b).
The Group has collateral agreements in place between the
individual Group entities and relevant counterparties.
Accounting policy Z covers collateral, both received and
pledged, in respect of these derivatives.
(a) 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.
(b) 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\u00a0options.
(c) 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.
(d) Hedge accounting
Hedge accounting is applied to certain transactions of
the\u00a0Group so that the financial statements represent the
impact of the Group\u2019s hedging strategies for currency risk.
The Group has applied the IFRS\u00a09 hedge accounting
requirements from 1\u00a0January 2023.
Hedge accounting can be applied only if all the following
criteria are met:
\u2022 The hedge relationship consists only of eligible hedging
instruments and hedged items;
\u2022 There is formal designation and documentation of the
hedging relationship and the risk management objective
and the risk management strategy; and
\u2022 The hedge relationship meets the hedge effectiveness
requirements.
The Group applies hedge accounting by using net
investment hedges to hedge the currency risk arising
from\u00a0our foreign operations (hedged item) against foreign
currency borrowings (hedging instrument). Cash flow
hedging is also used to hedge currency risk arising from
the expected sale of Aviva Singapore. Changes in the fair
value of the hedging instrument is recognised in other
comprehensive income in a separate reserve within
equity\u00a0to the extent that it is effective. Gains and losses
accumulated in this reserve are transferred to the income
statement on disposal or part-disposal of the foreign
operation.
For derivative transactions where hedge accounting is not
applied, the fair value gains and losses on these derivatives
are recognised immediately in net investment income.
Prior to 1 January 2023, hedge accounting was applied to
certain transactions which met the criteria set out in
IAS\u00a039.
At the inception of the transaction, the Group
documented 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 documented its
assessment of whether the hedge was expected to be
highly effective in offsetting the risk in the hedged item
and whether it was actually effective, both at inception
and on an ongoing basis. Changes in the fair value of
hedging instruments that were designated as a net
investment hedge were recognised in other
comprehensive income in a separate reserve within
equity. The Group did not apply the hedge accounting
rules to its derivative translations during 2022.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-175": { "value": "
(Y) Loans
Loans with fixed maturities, mortgage loans on
investment property, securitised mortgages and
collateral\u00a0loans, are recognised when cash is advanced
to\u00a0borrowers. 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.
As described in accounting policy T, loans are classified
and measured at either amortised cost or FVTPL based on
the outcome of an assessment of the 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 majority of mortgage loans are measured at fair value
since they\u2019re managed and evaluated on a fair value basis.
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.
The impairment policy is described in accounting policy U
for loans measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-176": { "value": "
(Z) Collateral
The Group receives and pledges collateral in the form
of\u00a0cash or non-cash assets in respect of stock lending
transactions, certain derivative contracts and loans,
in\u00a0order 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\u00a0segregated from the Group, is recognised as an
asset in the statement of financial position with a
corresponding liability for the repayment in financial
liabilities (see note 56). However, where the Group has
a\u00a0currently enforceable legal right of set-off and the
ability and intent to settle net, the collateral liability and
associated derivative balances are shown net. Non-cash
collateral received is not recognised in the statement
of\u00a0financial position unless the transfer of the collateral
meets the derecognition criteria from the perspective
of\u00a0the 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) the
counterparty to the arrangement defaults, at which point
the collateral 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 the appropriate asset classification.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-177": { "value": "
(AA) Deferred acquisition costs for non-
participating investment contracts and other assets
For non-participating investment and investment fund
management contracts, incremental acquisition costs
and\u00a0sales enhancements that are directly attributable to
securing an investment management service are deferred.
These deferred acquisition costs are amortised over the
period in which the service is provided.
Deferred acquisition costs are reviewed by category
of\u00a0business at the end of each reporting period and are
written-off where they are no longer considered to be
recoverable.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-178": { "value": "
(AB) Leases
Where the Group is the lessee, a lease liability equal to
the\u00a0present 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\u00a0associated 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 defined 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\u00a0finance leases if the risks and rewards of ownership
are\u00a0substantially 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. The Group
has not entered into any material finance lease
arrangements as lessor.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-179": { "value": "
(AC) Provisions and contingent liabilities
Provisions are recognised when the Group has a present
legal or constructive obligation as a result of past events,
it is more probable than not that an outflow of resources
embodying economic benefits 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\u00a0onerous 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\u00a0the expenditure required to settle the present obligation
at\u00a0the balance sheet date. Discounting is applied to the
provision where the effect of the time value\u00a0of money
is\u00a0material. Provisions are not recognised for future
operating losses.
Restructuring provisions are recognised when the
Group\u00a0has a detailed formal plan and has raised a valid
expectation that the restructure will be carried out,
for\u00a0example 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\u00a0of the entity are excluded.
Where the Group expects a provision to be reimbursed, for
example under an insurance contract, the reimbursement
is recognised as a separate asset but only when the
reimbursement is virtually certain.
Contingent liabilities are disclosed if there is a possible
future obligation as a result of a past event, or if there
is\u00a0a\u00a0present 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-180": { "value": "
(AD) Employee benefits
(a) 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 contribute 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 pension 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 durations
approximating to the terms of the related pension liability.
The resultant net surplus or deficit recognised as an asset
or liability on the statement of financial position is the fair
value of plan assets less the present value of the defined
benefit obligation at the end of the reporting period.
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\u00a0the schemes. If the fair value of plan assets exceeds
the\u00a0present 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\u00a0of\u00a0future refunds from the plan or reductions in
contributions to the plan. In order to calculate the present
value of economic benefits, consideration is given to any
minimum funding requirements that apply 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.
For defined contribution plans, the Group pays
contributions to publicly or privately administered
pension plans. Once the contributions have been paid,
the\u00a0Group, as employer, has no further payment
obligations. The Group\u2019s contributions are charged to
the\u00a0income statement in the year to which they relate
and\u00a0are included in staff costs.
(b) Equity compensation plans
The Group offers share award and option plans over
the\u00a0Company\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\u00a0compensation plans, which were granted after
7\u00a0November 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\u00a0awards 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 the 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\u00a0net 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\u00a0then credited to retained earnings.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-181": { "value": "
(AE) Income taxes
The current tax expense is based on the taxable profits
for\u00a0the year, after any adjustments in respect of prior
years. Tax, including tax relief for losses if applicable,
is\u00a0allocated 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 liabilities.
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 respectively.
Current and deferred tax includes amounts provided
in\u00a0respect of uncertain tax positions, where management
expects it is more likely than 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 estimate at the balance sheet date.
Changes in facts and circumstances underlying these
provisions are reassessed at each balance sheet date,
and\u00a0the 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,\u00a0Ireland 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\u00a0total 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\u00a0shareholder 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\u00a0policyholder tax to provide a meaningful measure of
the\u00a0tax the Group pays on its profit. In the pro forma
reconciliations, the Group adjusted operating profit has
been calculated after charging policyholder tax.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-182": { "value": "
(AF) Borrowings
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\u00a0property and equipment as described in accounting
policy Q.
Where loan notes have been issued in connection with
certain securitised mortgage loans, the Group has taken
advantage of the fair value option under IFRS 9 to present
them at fair value to eliminate any accounting mismatch
which would otherwise arise from using different
measurement bases for these items and the associated
mortgages and derivative financial instruments.
The Group elects to recognise the amount of change in
the fair value of borrowings attributable to changes in
credit risk in the income statement, as the alternative of
recognising the impact in other comprehensive income
would create an accounting mismatch.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-183": { "value": "
(AG) Share capital and treasury shares
(a) 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:
\u2022 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
\u2022 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.
(b) 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.
(c) 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.
(d) Treasury shares
Where the Company or its subsidiaries purchase the
Company\u2019s share capital or obtain rights to purchase
its\u00a0share 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\u00a0the treasury share account in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-184": { "value": "
(AH) Fiduciary activities
Assets and income arising from fiduciary activities,
together with related undertakings to return such
assets\u00a0to customers, are excluded from these financial
statements where the Group has no contractual rights
in\u00a0the assets and acts in a fiduciary capacity such as
nominee, trustee or agent.
", "dimensions": { "concept": "avi:DescriptionOfAccountingPolicyForFiduciaryActivitiesTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-185": { "value": "
(AI) Earnings per share
Basic earnings per share is calculated by dividing net
income available 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 coupon payments on the direct
capital instrument (DCI) as the directors believe this
figure provides a better indication of operating
performance. Details are given in note 15.
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.
Potential or contingent share issuances are treated as
dilutive when their conversion to shares would decrease
net earnings per share.components;
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"avi:PreferenceDividendsPaid", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-773": { "value": "17000000", "decimals": -6, "dimensions": { "concept": "avi:PreferenceDividendsPaid", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-774": { "value": "878000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-775": { "value": "828000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-776": { "value": "6000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-777": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromContributionsOfNoncontrollingInterests", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-778": { "value": "34000000", "decimals": -6, "dimensions": { "concept": "avi:CouponPaymentsOnNotes", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-779": { "value": "17000000", "decimals": -6, "dimensions": { "concept": "avi:CouponPaymentsOnNotes", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-780": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-9" ] } } }, "f-781": { "value": "496000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "fn-9" ] } } }, "f-782": { "value": "21000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-783": { "value": "21000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-784": { "value": "-1820000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-785": { "value": "-5939000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-786": { "value": "-4902000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-787": { "value": "9605000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-788": { "value": "21576000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-789": { "value": "11878000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-790": { "value": "-22000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-791": { "value": "93000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-792": { "value": "16652000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-793": { "value": "21576000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-794": { "value": "5560000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-795": { "value": "4335000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-796": { "value": "3999000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-797": { "value": "4347000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsOperatingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "f-798": { "value": "531000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:SubordinatedDebtAndSeniorNotesMember", "unit": "iso4217:GBP" } }, "f-799": { "value": "1002000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:SubordinatedDebtAndSeniorNotesMember", "unit": "iso4217:GBP" } }, "f-800": { "value": "500000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Borrowings", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-06-16T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:ConvertibleNotesMember", "unit": "iso4217:GBP" } }, "f-801": { "value": "0.06875", "decimals": 5, "dimensions": { "concept": "ifrs-full:BorrowingsInterestRate", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2022-06-16T00:00:00", "ifrs-full:BorrowingsByNameAxis": "avi:ConvertibleNotesMember" } }, "f-802": { "value": "
2 - Exchange rates
The Group\u2019s principal overseas operations during the year were located within the Eurozone and Canada. 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:
2023
\u00a3
2022
\u00a3m
Eurozone
Average rate (\u20ac1 equals)
0.87
0.85
Year end rate (\u20ac1 equals)
0.87
0.89
Canada
Average rate ($CAD1 equals)
0.60
0.62
Year end rate ($CAD1 equals)
0.59
0.61
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-803": { "value": "
3 - Strategic transactions
(a) Acquisitions
(i) AIG Life Limited (AIG Life UK)
On 25 September 2023 Aviva announced the acquisition of AIG Life UK from Corebridge Financial, Inc. (Corebridge), a
quoted subsidiary of American International Group, Inc. (AIG), for consideration of \u00a3460\u00a0million. The\u00a0transaction is
expected to complete in the first half of 2024, subject to customary closing conditions, including regulatory approvals.
(ii) Optiom O2 Holdings Inc (Optiom)
On 27 November 2023, Aviva announced the acquisition of Optiom from Novacap and other minority shareholders for
consideration of c.$CAD 170 million (approximately \u00a3100\u00a0million ). The transaction completed on 5\u00a0January 2024.
(iii) Probitas Holdings (Bermuda) Limited and its subsidiaries (Probitas)
On 4 March 2024, Aviva announced the acquisition of Probitas for a total consideration of \u00a3242 million. The transaction
includes the acquisition of Probitas\u2019 fully-integrated Lloyd\u2019s platform, encompassing its Corporate Member, Managing
Agent, international distribution entities and tenancy rights to Syndicate 1492. The transaction is subject to customary
closing conditions, including regulatory approvals, and is expected to complete in 2024. The transaction is not expected
to have a material impact on the Group's IFRS net asset value.
(iv) The following acquisitions took place during 2022:
\u2022 On 11 August 2022 the Group acquired 100% of the ordinary share capital and preference share capital of
Succession Jersey Limited for an initial cash consideration of \u00a3385 million. For further information relating to the assets
and liabilities acquired on acquisition see note 1(c).
\u2022 On 28 September 2022 the Group acquired an additional 25% of the ordinary share capital of Aviva Life Insurance
Company India Limited for cash consideration of \u00a337 million, increasing the Group's 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. For further information see note 2 of the Aviva plc Annual Report
and Accounts 2022.
(b) Disposals
On 13 September 2023, Aviva announced the sale of its entire shareholding in Aviva SingLife Holdings Pte Ltd, together
with two debt instruments, to Sumitomo Life Insurance Company for a total cash consideration of $SGD 1,444 million
(approximately \u00a3853 million). On 27 December 2023 Aviva announced that it expected to receive an additional $SGD 140
million from Sumitomo Life Insurance Company in respect of the sale, resulting in a total cash consideration of $SGD
1,584 million (approximately \u00a3936 million). The shareholding and the debt instruments (see note 19 and note 25) have been
classified as held for sale at 31 December 2023 and there was no gain or loss recognised on remeasurement to held for
sale. The transaction received its final regulatory approval on 4 March 2024. We expect the transaction to complete in
March 2024.
There were no significant disposals during 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-804": { "value": "
4 - Segmental information
The Group\u2019s results can be segmented either by activity or by geography. Our primary reporting format is along business
unit 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 business units are presented as Insurance, Wealth & Retirement (IWR), General
Insurance (which brings together our UK & Ireland General Insurance businesses and Canada General Insurance) and
Aviva Investors. Our international businesses are presented as International investments (consisting of our interests in
India, China and Singapore).
(a) Operating segments
Insurance, Wealth & Retirement (IWR)
The principal activities of our IWR operations are life insurance, long-term health and accident insurance, savings,
pensions and annuity business.
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).
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\u00a0Investors 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 India, the
Group\u00a0has a 74% shareholding in Aviva India. In China, Aviva plc have a 50% shareholding in Aviva-COFCO Life Insurance
Company Limited. On 13 September 2023, Aviva plc announced the sale of its entire shareholding in Aviva Singlife
(see\u00a0note 3(b) for details).
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\u00a0operating 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.
(i) Segmental income statement for the year ended 31 December 2023
Insurance,
Wealth &
Retirement
(IWR)
\u00a3m
UK & Ireland
General
Insurance
\u00a3m
Canada
General
Insurance
\u00a3m
Aviva
Investors
\u00a3m
International
investments
(India, China
and
Singapore)
\u00a3m
Other Group
activities
\u00a3m
Total
\u00a3m
Insurance revenue1
8,164
6,219
4,070
\u2014
61
(17)
18,497
Insurance service expense
(7,055)
(5,443)
(3,639)
\u2014
(81)
1
(16,217)
Net (expense)/income from reinsurance contracts
(278)
(409)
(78)
\u2014
\u2014
4
(761)
Insurance service result
831
367
353
\u2014
(20)
(12)
1,519
Investment return1
20,604
442
303
13
98
920
22,380
Net finance (expense)/income from insurance contracts
and participating investment contracts
(6,593)
(399)
(180)
\u2014
(73)
17
(7,228)
Net finance income/(expense) from reinsurance
contracts
531
133
10
\u2014
\u2014
(33)
641
Movement in non-participating investment contract
liabilities
(13,559)
\u2014
\u2014
1
\u2014
\u2014
(13,558)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
\u2014
\u2014
(861)
(861)
Net financial result
983
176
133
14
25
43
1,374
Fee and commission income1
1,110
54
11
126
\u2014
8
1,309
Inter-segment revenue
\u2014
\u2014
\u2014
238
\u2014
\u2014
238
Share of (loss)/profit after tax of joint ventures and
associates 1
(46)
\u2014
1
\u2014
(26)
\u2014
(71)
Other operating expenses
(1,065)
(90)
(44)
(357)
(1)
(551)
(2,108)
Other net foreign exchange gains
\u2014
48
\u2014
\u2014
\u2014
98
146
Other finance costs
(200)
(1)
(5)
\u2014
\u2014
(273)
(479)
Inter-segment expenses
(219)
(10)
(6)
\u2014
\u2014
(3)
(238)
Profit/(loss) before tax
1,394
544
443
21
(22)
(690)
1,690
Tax attributable to policyholders\u2019 returns
(249)
\u2014
\u2014
\u2014
\u2014
\u2014
(249)
Profit/(loss) before tax attributable to shareholders\u2019 profits
1,145
544
443
21
(22)
(690)
1,441
Adjusting items:
Reclassification of unallocated interest
(9)
(27)
48
\u2014
\u2014
(12)
\u2014
Investment variances and economic assumption changes
(302)
(67)
(104)
\u2014
85
66
(322)
Impairment of goodwill, joint ventures, associates and
other amounts expensed
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Amortisation and impairment of intangibles acquired in
business combinations
40
2
10
\u2014
\u2014
\u2014
52
Amortisation and impairment of acquired value of in-force
business
59
\u2014
\u2014
\u2014
\u2014
\u2014
59
Integration and restructuring costs
61
\u2014
\u2014
\u2014
\u2014
\u2014
61
Other
\u2014
\u2014
2
\u2014
\u2014
174
176
Group adjusted operating profit/(loss) before tax
attributable to shareholders' profits
994
452
399
21
63
(462)
1,467
1. Total reported income, excluding inter-segment revenue, includes \u00a337,751 million from the United Kingdom (Aviva plc\u2019s country of domicile). Income is attributed on the basis of geographical origin
which does not differ materially from revenue by geographical destination, as most risks are located in the countries where the contracts were written.
(ii) Segmental income statement for year ended 31 December 2022 - restated1
Insurance,
Wealth &
Retirement
(IWR)
\u00a3m
UK & Ireland
General
Insurance
\u00a3m
Canada
General
Insurance
\u00a3m
Aviva
Investors
\u00a3m
International
investments
(India, China
and
Singapore)
\u00a3m
Other Group
activities
\u00a3m
Total
\u00a3m
Insurance revenue2
7,382
5,575
3,916
\u2014
33
(17)
16,889
Insurance service expense
(6,745)
(5,186)
(3,538)
\u2014
(33)
(3)
(15,505)
Net (expense)/income from reinsurance contracts
(142)
(176)
(71)
\u2014
\u2014
6
(383)
Insurance service result
495
213
307
\u2014
\u2014
(14)
1,001
Investment return2
(36,126)
(605)
(239)
(1)
35
(733)
(37,669)
Net finance income/(expense) from insurance contracts
and participating investment contracts
23,477
1,023
206
\u2014
(35)
(172)
24,499
Net finance (expense)/income from reinsurance
contracts
(1,805)
(556)
(11)
\u2014
\u2014
249
(2,123)
Movement in non-participating investment contract
liabilities
12,458
\u2014
\u2014
4
\u2014
\u2014
12,462
Investment income attributable to unitholders
\u2014
\u2014
\u2014
\u2014
\u2014
531
531
Net financial result
(1,996)
(138)
(44)
3
\u2014
(125)
(2,300)
Fee and commission income2
1,069
48
9
160
\u2014
28
1,314
Inter-segment revenue
\u2014
\u2014
\u2014
240
\u2014
\u2014
240
Share of (loss)/profit after tax of joint ventures and
associates 2
(124)
\u2014
1
\u2014
18
113
8
Other operating expenses
(1,009)
(57)
(35)
(378)
77
(317)
(1,719)
Other net foreign exchange (losses)/gains
\u2014
(48)
\u2014
1
\u2014
(26)
(73)
Other finance costs
(176)
(2)
(5)
(1)
\u2014
(286)
(470)
Inter-segment expenses
(222)
(6)
(7)
\u2014
\u2014
(5)
(240)
(Loss)/profit before tax
(1,963)
10
226
25
95
(632)
(2,239)
Tax attributable to policyholders\u2019 returns
764
\u2014
\u2014
\u2014
\u2014
\u2014
764
(Loss)/profit before tax attributable to shareholders\u2019
profits
(1,199)
10
226
25
95
(632)
(1,475)
Adjusting items:
Reclassification of unallocated interest
(8)
(17)
34
\u2014
\u2014
(9)
\u2014
Investment variances and economic assumption changes
2,270
285
81
\u2014
36
64
2,736
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
68
\u2014
\u2014
\u2014
\u2014
\u2014
68
Integration and restructuring costs
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other
4
\u2014
\u2014
\u2014
(77)
32
(41)
Group adjusted operating profit/(loss) before tax
attributable to shareholders' profits
1,199
278
352
25
39
(543)
1,350
1. The 2022 comparative results have been restated following the adoption of IFRS 17 and for methodology changes described in note 1.
2. Total reported income, excluding inter-segment revenue, includes \u00a3(25,770) million from the United Kingdom (Aviva plc\u2019s country of domicile). Income is attributed on the basis of geographical
origin which does not differ materially from revenue by geographical destination, as most risks are located in the countries where the contracts were written.
(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 pension fund business. Long-term business also
includes our share of the other 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 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\u00a0private 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 - product and services for the year ended 31 December 2023
Long-term\u00a0
business
\u00a3m
General
insurance
and health1
\u00a3m
Fund
management
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue
7,589
10,925
\u2014
(17)
18,497
Insurance service expense
(6,554)
(9,664)
\u2014
1
(16,217)
Net (expense)/income from reinsurance contracts
(278)
(487)
\u2014
4
(761)
Insurance service result
757
774
\u2014
(12)
1,519
Investment return
20,680
715
14
971
22,380
Net finance (expense)/income from insurance contracts and participating
investment contracts
(6,667)
(578)
\u2014
17
(7,228)
Net finance income/(expense) from reinsurance contracts
531
143
\u2014
(33)
641
Movement in non-participating investment contract liabilities
(13,558)
\u2014
\u2014
\u2014
(13,558)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
(861)
(861)
Net financial result
986
280
14
94
1,374
Fee and commission income
1,105
70
126
8
1,309
Inter-segment revenue
\u2014
\u2014
238
\u2014
238
Share of (loss)/profit after tax of joint ventures and associates
(72)
1
\u2014
\u2014
(71)
Other operating expenses
(1,070)
(101)
(357)
(580)
(2,108)
Other net foreign exchange gains
\u2014
42
\u2014
104
146
Other finance costs
(200)
(6)
\u2014
(273)
(479)
Inter-segment expenses
(219)
(16)
\u2014
(3)
(238)
Profit/(loss) before tax
1,287
1,044
21
(662)
1,690
Tax attributable to policyholders\u2019 returns
(249)
\u2014
\u2014
\u2014
(249)
Profit/(loss) before tax attributable to shareholders\u2019 profits
1,038
1,044
21
(662)
1,441
Adjusting items
(47)
(128)
\u2014
201
26
Group adjusted operating profit/(loss) before tax attributable to shareholders'
profits
991
916
21
(461)
1,467
1. General insurance and health product segment includes insurance revenue of \u00a3637 million relating to health business. The remaining segment relates to property and liability insurance.
(ii) Segmental income statement - product and services for the year ended 31 December 2022 - restated1
Long-term\u00a0
business
\u00a3m
General
insurance
and health 2
\u00a3m
Fund
management
\u00a3m
Other
\u00a3m
Total
\u00a3m
Insurance revenue
6,857
10,049
\u2014
(17)
16,889
Insurance service expense
(6,343)
(9,172)
\u2014
10
(15,505)
Net (expense)/income from reinsurance contracts
(142)
(247)
\u2014
6
(383)
Insurance service result
372
630
\u2014
(1)
1,001
Investment return
(36,173)
(829)
(1)
(666)
(37,669)
Net income/(expense) from insurance contracts and participating investment
contracts
23,442
1,229
\u2014
(172)
24,499
Net (expense)/income from reinsurance contracts
(1,805)
(567)
\u2014
249
(2,123)
Movement in non-participating investment contract liabilities
12,458
\u2014
4
\u2014
12,462
Investment income attributable to unitholders
\u2014
\u2014
\u2014
531
531
Net financial result
(2,078)
(167)
3
(58)
(2,300)
Fee and commission income
1,069
57
160
28
1,314
Inter-segment revenue
\u2014
\u2014
240
\u2014
240
Share of (loss)/profit after tax of joint ventures and associates
(106)
1
(1)
114
8
Other operating expenses
(795)
(146)
(378)
(400)
(1,719)
Other net foreign exchange (losses)/gains
\u2014
(48)
1
(26)
(73)
Other finance costs
(176)
(7)
(1)
(286)
(470)
Inter-segment expenses
(222)
(13)
\u2014
(5)
(240)
(Loss)/profit before tax
(1,936)
307
24
(634)
(2,239)
Tax attributable to policyholders\u2019 returns
764
\u2014
\u2014
\u2014
764
(Loss)/profit before tax attributable to shareholders\u2019 profits
(1,172)
307
24
(634)
(1,475)
Adjusting items
2,333
400
1
91
2,825
Group adjusted operating profit/(loss) before tax attributable to shareholders'
profits
1,161
707
25
(543)
1,350
1. The 2022 comparative results have been restated following the adoption of IFRS 17 and for methodology changes described in note 1.
2. General insurance and health product segment includes insurance revenue of \u00a3558 million relating to health business. The remaining segment relates to property and liability insurance.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-805": { "value": "
5 - Insurance revenue
This note analyses the insurance revenue recognised in relation to our insurance contracts and participating investment
contracts (which are described in note 40).
Insurance revenue for the year ended 31 December comprised:
2023
2022
Life Risk
\u00a3m
Participating
\u00a3m
Non-Life
\u00a3m
Total
\u00a3m
Life Risk
\u00a3m
Participating
\u00a3m
Non-Life
\u00a3m
Total
\u00a3m
Amounts relating to changes in liabilities for
remaining coverage
CSM recognised for services provided
729
151
\u2014
880
578
172
\u2014
750
Change in risk adjustment for non-financial
risk for risk expired
96
3
\u2014
99
171
5
\u2014
176
Expected incurred claims and other
insurance service expenses
5,788
462
\u2014
6,250
5,764
266
\u2014
6,030
Other1
\u2014
36
\u2014
36
\u2014
(414)
\u2014
(414)
Recovery of insurance acquisition cashflows
301
6
\u2014
307
288
10
\u2014
298
Contracts not measured under the PAA
6,914
658
\u2014
7,572
6,801
39
\u2014
6,840
Contracts measured under the PAA
\u2014
\u2014
10,925
10,925
\u2014
\u2014
10,049
10,049
Total insurance revenue
6,914
658
10,925
18,497
6,801
39
10,049
16,889
1. Other predominantly relates to revenue recognised for incurred policyholder tax expenses on participating business.
For contracts measured under the PAA, amounts recognised in insurance revenue are based on the expected premiums
earned in the year.
6 - Net financial result
This note analyses the Group\u2019s net financial results in profit or loss. This analysis is provided by reportable product
groups for insurance and participating investment contracts, which are explained in note 40 (a).
2023
Life risk
Participating
Non-life
Non-
Participating
Non
insurance
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest and similar income from financial instruments at
amortised cost
9
5
6
27
48
95
Interest and similar income from financial instruments at
FVTPL
648
392
359
1,902
2,753
6,054
Other investment income
6(a)
3,586
2,163
353
11,648
(1,516)
16,234
Net impairment loss on financial assets
\u2014
\u2014
(3)
\u2014
\u2014
(3)
Total investment return
4,243
2,560
715
13,577
1,285
22,380
Changes in fair value of underlying items
(204)
(2,383)
\u2014
\u2014
\u2014
(2,587)
Effects of risk mitigation option
\u2014
5
\u2014
\u2014
\u2014
5
Interest accreted on contractual service margin
(207)
\u2014
\u2014
\u2014
\u2014
(207)
Effect of, and changes in, interest rates and other financial
assumptions
(3,454)
(120)
(578)
\u2014
\u2014
(4,152)
Effect of measuring changes in estimates at current rates
and adjusting the CSM at rates on initial recognition
(292)
5
\u2014
\u2014
\u2014
(287)
Net finance expense from insurance contracts and
participating investment contracts
(4,157)
(2,493)
(578)
\u2014
\u2014
(7,228)
Interest accreted
18
\u2014
81
\u2014
\u2014
99
Other
513
\u2014
29
\u2014
\u2014
542
Net finance income from reinsurance contracts
531
\u2014
110
\u2014
\u2014
641
Investment expense allocated to non-participating investment
contracts
\u2014
\u2014
\u2014
(13,558)
\u2014
(13,558)
Changes in non-participating investment contract provisions
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Change in reinsurance asset for non-participating
investment contract provisions
\u2014
\u2014
\u2014
1
\u2014
1
Movement in non-participating investment contract liabilities
\u2014
\u2014
\u2014
(13,558)
\u2014
(13,558)
Investment expense attributable to unitholders
\u2014
\u2014
\u2014
\u2014
(861)
(861)
Net financial result
617
67
247
19
424
1,374
Underlying items comprise financial instruments and other assets and liabilities held within unit-linked and with-profits
funds whose value determines some of the amounts payable to policyholders. For policyholders invested in with-profits
funds with a policyholder estate the underlying items may include non-profit insurance contracts written within the
funds.
Restated1
2022
Note
Life risk
Participating
Non-life
Non-
Participating
Non
insurance
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Interest and similar income from financial instruments at
amortised cost
12
2
12
7
66
99
Interest and similar income from financial instruments at
FVTPL
1,419
326
262
1,011
1,678
4,696
Other investment income
6(a)
(21,010)
(4,332)
(1,110)
(13,776)
(2,233)
(42,461)
Net impairment loss on financial assets
\u2014
\u2014
(3)
\u2014
\u2014
(3)
Total investment return
(19,579)
(4,004)
(839)
(12,758)
(489)
(37,669)
Changes in fair value of underlying items
1,219
3,558
\u2014
\u2014
\u2014
4,777
Effects of risk mitigation option
\u2014
532
\u2014
\u2014
\u2014
532
Interest accreted on contractual service margin
(165)
\u2014
\u2014
\u2014
\u2014
(165)
Effect of, and changes in, interest rates and other financial
assumptions
17,554
127
1,229
\u2014
\u2014
18,910
Effect of measuring changes in estimates at current rates
and adjusting the CSM at rates on initial recognition
445
\u2014
\u2014
\u2014
\u2014
445
Net finance income from insurance contracts and participating
investment contracts
19,053
4,217
1,229
\u2014
\u2014
24,499
Interest accreted
4
\u2014
14
\u2014
\u2014
18
Other
(1,795)
(13)
(333)
\u2014
\u2014
(2,141)
Net finance expense from reinsurance contracts
(1,791)
(13)
(319)
\u2014
\u2014
(2,123)
Investment expense allocated to non-participating
investment contracts
\u2014
\u2014
\u2014
12,452
\u2014
12,452
Changes in non-participating investment contract provisions
\u2014
\u2014
\u2014
4
\u2014
4
Change in reinsurance asset for non-participating
investment contract provisions
\u2014
\u2014
\u2014
6
\u2014
6
Movement in non-participating investment contract liabilities
\u2014
\u2014
\u2014
12,462
\u2014
12,462
Investment income attributable to unitholders
\u2014
\u2014
\u2014
\u2014
531
531
Net financial result
(2,317)
200
71
(296)
42
(2,300)
(a) Other investment income
2023
\u00a3m
Restated1
2022
\u00a3m
Dividend income
3,999
4,347
Net gains/(losses)
12,317
(46,804)
From financial assets mandatorily held at FVTPL
15,206
(56,047)
From financial assets held at amortised cost
91
93
From borrowings designated as FVTPL
74
(16)
From financial liabilities mandatorily held at FVTPL2
(3,054)
9,166
Net losses from investment properties
(14)
(859)
Rent
319
316
Expenses relating to these properties
(22)
(17)
Realised losses on disposal
(10)
(8)
Fair value losses on investment properties
(301)
(1,150)
Net foreign exchange (losses)/gains on financial instruments not held at FVTPL
(91)
850
Other
23
5
Other investment income
16,234
(42,461)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and IFRS 9, as described in note 1.
2. Financial liabilities consist of derivative financial liabilities which meet the definition of held for trading under IFRS 9.
40 \u2013 Insurance and reinsurance contracts
For the purpose of this note, all references to insurance contracts include participating investment contracts.
The Group has presented the information about insurance and reinsurance contracts using the following product groups.
Reportable product group
Products and services
Measurement model
Life risk
(see note 40(b)(i))
\u2022 Annuities (bulk purchase and individual), term assurance,
income protection and critical illness
GMM
\u2022 Includes participating pension saving contracts with
guaranteed annuity terms as these contracts are
expected to convert to annuity contracts and the
predominant characteristics are life risk
Life participating
(see note 40(b)(ii))
\u2022 With profits savings contracts, unit linked insurance and
unit linked participating contracts
Predominantly measured using the VFA. There is
some participating business which is measured
using the GMM.
Non-life
(see note 40(b)(iii))
\u2022 General insurance contracts
Predominantly measured using the PAA. There
is a small portion of non-life business which is
measured using the GMM.
\u2022 Health insurance contracts
This note analyses the following in respect of these insurance and reinsurance contracts:
(a) Carrying amount
(b) Movements in the year
(c) Assets of insurance acquisition cashflows
(d) Effect of contracts initially recognised in the year
(e) Contractual service margin emergence
(f) Non-life claims development
(g) Significant judgements, estimates and assumptions
(a) Carrying amount
Insurance and reinsurance contracts at 31 December comprised:
2023
Restated1
2022
Life risk
Participating
Non-life
Total
Life risk
Participating
Non-life
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contracts
Insurance contract liabilities
Insurance contract balances
40(b)
68,134
39,544
14,372
122,050
63,423
40,970
13,246
117,639
Assets for insurance acquisition cashflows
40(c)
\u2014
\u2014
(175)
(175)
\u2014
\u2014
(78)
(78)
Total insurance contract liabilities
68,134
39,544
14,197
121,875
63,423
40,970
13,168
117,561
Reinsurance contracts
Reinsurance contract assets
40(b)
(5,739)
\u2014
(1,965)
(7,704)
(4,926)
\u2014
(1,834)
(6,760)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The following table sets out the carrying amounts of insurance and reinsurance contracts expected to be settled/
(recovered) more than 12 months after the reporting date.
2023
\u00a3m
Restated1
2022
\u00a3m
Insurance contract and participating investment contract liabilities
104,773
101,953
Reinsurance contract assets
(5,501)
(4,889)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
At 31 December 2023 , the maximum exposure to credit risk from insurance contracts is \u00a32,664 million
(2022 : \u00a32,120 million), which primarily relates to premiums receivable for services that the Group has already provided,
and the maximum exposure to credit risk from reinsurance contracts is \u00a36,534 million (2022: \u00a36,308 million).
(b) Movements in the year
The following movements have occurred in the carrying amount of insurance contract balances in the year:
Carrying amount
Note
2023
\u00a3m
Restated1
2022
\u00a3m
At 1 January
117,639
143,490
Insurance revenue
5
(18,497)
(16,889)
Insurance service expenses
16,217
15,505
Insurance finance expense/(income)
7,228
(24,499)
Foreign exchange rate movements and other charges
(300)
381
Premiums received
20,532
18,367
Claims and expenses paid, including investment component
(17,628)
(16,615)
Acquisition cash flows
(3,141)
(3,119)
Effect of portfolio transfers, acquisitions and disposals2
\u2014
1,018
At 31 December
122,050
117,639
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
2. The movement in 2022 relates to the acquisition of an additional 25% of the ordinary shares of Aviva Life Insurance Company India Limited giving Aviva a controlling interest in the entity.
Included within the carrying amounts are: the present value of expected future cashflows, representing a best estimate
view; risk adjustment for non-financial risk; and CSM representing the unearned profit for future service.
The carrying amount for reinsurance contracts are recognised separately from insurance contract balances. Detailed
movements on both are included in sections 40(b)(i) to 40(b)(iii).
The following summarises movements in CSM that have occurred during the year:
2023
Restated1
2022
Life risk
Participating
Non-life
Total
Life risk
Participating
Non-life
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
CSM in respect of insurance contracts
At 1 January
5,714
1,218
\u2014
6,932
4,951
1,312
\u2014
6,263
CSM recognised for services provided
(729)
(151)
\u2014
(880)
(578)
(172)
\u2014
(750)
Other movements in CSM
2,393
(27)
\u2014
2,366
1,341
78
\u2014
1,419
At 31 December
7,378
1,040
\u2014
8,418
5,714
1,218
\u2014
6,932
CSM in respect of reinsurance contracts
At 1 January
(452)
\u2014
\u2014
(452)
(100)
\u2014
\u2014
(100)
CSM recognised for services received
80
\u2014
\u2014
80
63
\u2014
\u2014
63
Other movements in CSM
(798)
\u2014
\u2014
(798)
(415)
\u2014
\u2014
(415)
At 31 December
(1,170)
\u2014
\u2014
(1,170)
(452)
\u2014
\u2014
(452)
Net CSM at 1 January
5,262
1,218
\u2014
6,480
4,851
1,312
\u2014
6,163
Net CSM at 31 December
6,208
1,040
\u2014
7,248
5,262
1,218
\u2014
6,480
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
Other movements in CSM include:
\u2022 Recognition of additional CSM in respect of new insurance and reinsurance contracts recognised in the year;
\u2022 Remeasurement of existing contracts (covering non-financial assumption changes and experience variances for all
contracts, plus financial assumption changes and experience variances for contracts in scope of the VFA); and
\u2022 For contracts in scope of the GMM, interest accretion on the CSM balance which is recognised within net finance
expense/income from insurance contracts.
Each of these items can be seen in more detail in the respective tables in section 40(b)(i) for life risk and 40(b)(ii) for
participating.
For insurance contracts the largest driver of the movement in CSM for both 2022 and 2023 is longevity assumption
changes on annuity contracts. These assumption changes are described in more detail in note 43.
The CSM recognised for services provided on insurance contracts in the year of \u00a3880 million ( 2022: \u00a3750 million) is a key
component of insurance revenue.
The CSM asset in respect of reinsurance contracts has also increased primarily reflecting lower expected reinsurance
recoveries due to longevity assumption changes in the underlying insurance contracts.
The following summarises movements in the risk adjustment that have occurred during the year:
Life
Non-life
Risk
Participating
PAA
GMM
Total
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Risk adjustment in respect of insurance contracts
At 1 January
1,443
62
553
\u2014
553
2,058
Change in risk adjustment for risk expired
(96)
(3)
\u2014
\u2014
\u2014
(99)
Other movements in risk adjustment
16
6
(30)
\u2014
(30)
(8)
At 31 December
1,363
65
523
\u2014
523
1,951
Risk adjustment in respect of reinsurance contracts
At 1 January
(570)
\u2014
(72)
(90)
(162)
(732)
Change in risk adjustment for risk expired
33
\u2014
\u2014
11
11
44
Other movements in risk adjustment
(102)
\u2014
(8)
9
1
(101)
At 31 December
(639)
\u2014
(80)
(70)
(150)
(789)
Net risk adjustment at 1 January
873
62
481
(90)
391
1,326
Net risk adjustment at 31 December
724
65
443
(70)
373
1,162
Life
Non-life
Risk
Participating
PAA
GMM
Total
Total
2022 restated1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Risk adjustment in respect of insurance contracts
At 1 January
2,653
79
569
\u2014
569
3,301
Change in risk adjustment for risk expired
(171)
(5)
\u2014
\u2014
\u2014
(176)
Other movements in risk adjustment
(1,039)
(12)
(16)
\u2014
(16)
(1,067)
At 31 December
1,443
62
553
\u2014
553
2,058
Risk adjustment in respect of reinsurance contracts
At 1 January
(1,055)
\u2014
(60)
(104)
(164)
(1,219)
Change in risk adjustment for risk expired
88
\u2014
\u2014
14
14
102
Other movements in risk adjustment
397
\u2014
(12)
\u2014
(12)
385
At 31 December
(570)
\u2014
(72)
(90)
(162)
(732)
Net risk adjustment at 1 January
1,598
79
509
(104)
405
2,082
Net risk adjustment at 31 December
873
62
481
(90)
391
1,326
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The change in risk adjustment for risk expired is recognised in insurance revenue.
The net risk adjustment has decreased in the year. Other movements in risk adjustment include the risk adjustment
established on new business (details of which can be seen in note 40(d)), the impact of movements in discount rates, a
reduction in the risk adjustment due to changes in longevity assumptions, and for 2023 the impact of reforms to the
Solvency II risk margin in the UK.
During 2022 , there was a significant fall in net risk adjustment, driven by the large rise in discount rates.
Movements in carrying amounts of insurance and reinsurance contracts
The following reconciliations present the movements in the carrying amounts of insurance and reinsurance contracts in
each product group.
For life risk and participating contracts each table presents a different analysis of the movements in both insurance and
reinsurance balances. The first disclosure, split by remaining coverage and incurred claims, presents the income
statement items that constitute insurance revenue, insurance service expenses and net expenses from reinsurance
contracts. The sum of these items represents the contribution to insurance service result. Movements in the balances
relating to finance expenses and cash flows are shown below the insurance service result.
In the second disclosure, split by measurement component (present value of expected future cash flows, risk adjustment
and CSM), the movements are presented by driver of change. The insurance service result and subsequent movements
have consistent totals across the two disclosure tables.
For non-life business all gross contracts are measured under the PAA so have no CSM. The movements in balances are
presented split by remaining coverage and incurred claims with the incurred claims further analysed between the cash
flow and risk adjustment components. For reinsurance contracts the same presentation is used to show total reinsurance
contracts. A further table then follows to display the results exclusively for the sub-group of reinsurance contracts
relating to adverse development cover, which are the only non-life contracts measured under the GMM and have no
CSM.
(i) Life risk
Insurance contracts
The following table shows life risk insurance contracts analysed by remaining coverage and incurred claims:
2023
Restated1
2022
Liabilities for remaining
coverage
Liabilities
for incurred
claims
Total
Liabilities for remaining
coverage
Liabilities for
incurred
claims
Total
Excluding loss
component
Loss
component
Excluding loss
component
Loss
component
Carrying amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
61,626
497
1,300
63,423
80,285
400
1,170
81,855
At 1 January
61,626
497
1,300
63,423
80,285
400
1,170
81,855
Changes in comprehensive income
Insurance revenue
5
(6,914)
\u2014
\u2014
(6,914)
(6,801)
\u2014
\u2014
(6,801)
Contracts under the modified
retrospective transition approach
(169)
\u2014
\u2014
(169)
(246)
\u2014
\u2014
(246)
Contracts under the fair value transition
approach
(4,426)
\u2014
\u2014
(4,426)
(4,707)
\u2014
\u2014
(4,707)
Other contracts
(2,319)
\u2014
\u2014
(2,319)
(1,848)
\u2014
\u2014
(1,848)
Insurance service expenses
301
(96)
5,937
6,142
288
88
5,718
6,094
Incurred claims and other insurance
service expenses
\u2014
(40)
5,937
5,897
\u2014
(44)
5,718
5,674
Amortisation of insurance acquisition
cash flows
301
\u2014
\u2014
301
288
\u2014
\u2014
288
Losses and reversals of losses on
onerous contracts
\u2014
(56)
\u2014
(56)
\u2014
132
\u2014
132
Investment components and premium
refunds
(906)
\u2014
906
\u2014
(1,157)
\u2014
1,157
\u2014
Insurance service result
(7,519)
(96)
6,843
(772)
(7,670)
88
6,875
(707)
Net finance expenses/(income) from
insurance contracts
6
4,139
18
\u2014
4,157
(19,059)
6
\u2014
(19,053)
Effect of movements in exchange rates
(80)
(1)
(5)
(86)
76
3
10
89
Total changes in comprehensive income
(3,460)
(79)
6,838
3,299
(26,653)
97
6,885
(19,671)
Cash flows
Premiums received
8,777
\u2014
\u2014
8,777
7,857
\u2014
\u2014
7,857
Claims and other insurance service
expenses paid, including investment
component
\u2014
\u2014
(6,895)
(6,895)
\u2014
\u2014
(6,755)
(6,755)
Insurance acquisition cash flows
(470)
\u2014
\u2014
(470)
(508)
\u2014
\u2014
(508)
Total cash flows
8,307
\u2014
(6,895)
1,412
7,349
\u2014
(6,755)
594
Effect of portfolio transfers, acquisitions and
disposals 2
\u2014
\u2014
\u2014
\u2014
645
\u2014
\u2014
645
At 31 December
66,473
418
1,243
68,134
61,626
497
1,300
63,423
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
66,473
418
1,243
68,134
61,626
497
1,300
63,423
At 31 December
66,473
418
1,243
68,134
61,626
497
1,300
63,423
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. The movement in 2022 relates to the acquisition of an additional 25% of the ordinary shares of Aviva Life Insurance Company India Limited giving Aviva a controlling interest in the entity.
The following table shows life risk insurance contracts analysed by measurement component:
Estimates of
present
value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
2023 Carrying amount
Contracts
under
modified
retrospectiv
e
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
56,266
1,443
\u2014
3,283
2,431
5,714
63,423
At 1 January
56,266
1,443
\u2014
3,283
2,431
5,714
63,423
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
\u2014
(376)
(353)
(729)
(729)
Change in risk adjustment for risk expired
\u2014
(96)
\u2014
\u2014
\u2014
\u2014
(96)
Experience adjustments
109
\u2014
\u2014
\u2014
\u2014
\u2014
109
Changes that relate to current services
109
(96)
\u2014
(376)
(353)
(729)
(716)
Contracts initially recognised in the period
(602)
177
\u2014
1
424
425
\u2014
Changes in estimates that adjust the CSM
(1,619)
(149)
1
598
1,169
1,768
\u2014
Changes in estimates that result in losses and reversal of
losses on onerous contracts
(56)
\u2014
\u2014
\u2014
\u2014
\u2014
(56)
Changes that relate to future services
(2,277)
28
1
599
1,593
2,193
(56)
Insurance service result
(2,168)
(68)
1
223
1,240
1,464
(772)
Net finance expenses/(income) from insurance contracts
6
3,959
(9)
\u2014
150
57
207
4,157
Effect of movements in exchange rates
(76)
(3)
\u2014
(4)
(3)
(7)
(86)
Total changes in comprehensive income
1,715
(80)
1
369
1,294
1,664
3,299
Cash flows
Premiums received
8,777
\u2014
\u2014
\u2014
\u2014
\u2014
8,777
Claims and other insurance service expense paid, including
investment components
(6,895)
\u2014
\u2014
\u2014
\u2014
\u2014
(6,895)
Insurance acquisition cashflows
(470)
\u2014
\u2014
\u2014
\u2014
\u2014
(470)
Total cash flows
1,412
\u2014
\u2014
\u2014
\u2014
\u2014
1,412
At 31 December
59,393
1,363
1
3,652
3,725
7,378
68,134
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
59,393
1,363
1
3,652
3,725
7,378
68,134
At 31 December
59,393
1,363
1
3,652
3,725
7,378
68,134
Estimates
of present
value of
future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
2022 Carrying amount - restated1
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
74,251
2,653
\u2014
2,911
2,040
4,951
81,855
At 1 January
74,251
2,653
\u2014
2,911
2,040
4,951
81,855
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
\u2014
(304)
(274)
(578)
(578)
Change in risk adjustment for risk expired
\u2014
(171)
\u2014
\u2014
\u2014
\u2014
(171)
Experience adjustments
(90)
\u2014
\u2014
\u2014
\u2014
\u2014
(90)
Changes that relate to current services
(90)
(171)
\u2014
(304)
(274)
(578)
(839)
Contracts initially recognised in the period
(570)
186
\u2014
\u2014
418
418
34
Changes in estimates that adjust the CSM
(677)
(69)
\u2014
543
203
746
\u2014
Changes in estimates that result in losses and reversal of
losses on onerous contracts
103
(5)
\u2014
\u2014
\u2014
\u2014
98
Changes that relate to future services
(1,144)
112
\u2014
543
621
1,164
132
Insurance service result
(1,234)
(59)
\u2014
239
347
586
(707)
Net finance expenses/(income) from insurance contracts
6
(18,053)
(1,159)
\u2014
124
35
159
(19,053)
Effect of movements in exchange rates
63
8
\u2014
9
9
18
89
Total changes in comprehensive income
(19,224)
(1,210)
\u2014
372
391
763
(19,671)
Cash flows
Premiums received
7,857
\u2014
\u2014
\u2014
\u2014
\u2014
7,857
Claims and other insurance service expense paid, including
investment components
(6,755)
\u2014
\u2014
\u2014
\u2014
\u2014
(6,755)
Insurance acquisition cashflows
(508)
\u2014
\u2014
\u2014
\u2014
\u2014
(508)
Total cash flows
594
\u2014
\u2014
\u2014
\u2014
\u2014
594
Effect of portfolio transfers, acquisitions and disposals2
645
\u2014
\u2014
\u2014
\u2014
\u2014
645
At 31 December
56,266
1,443
\u2014
3,283
2,431
5,714
63,423
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
56,266
1,443
\u2014
3,283
2,431
5,714
63,423
At 31 December
56,266
1,443
\u2014
3,283
2,431
5,714
63,423
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. The movement in 2022 relates to the acquisition of an additional 25% of the ordinary shares of Aviva Life Insurance Company India Limited giving Aviva a controlling interest in the entity.
Key changes that impact the income statement include the release of CSM for services provided and the release of risk
adjustment for expired risks.
Changes that relate to future service include:
\u2022 New contracts initially recognised in the year which give rise to a CSM liability representing unearned future profit on
service yet to be provided;
\u2022 Experience variances and assumption changes on profitable contracts that impact the expected fulfilment cash flows
and adjust the CSM liability; and
\u2022 Recognition of new onerous contracts and experience variances or assumption changes on onerous contracts impacting
the income statement immediately.
The changes in estimates that increase the CSM include the effect of both experience variances and assumption changes
on expected future cash flows. Assumption changes included in the changes in estimates that increases the CSM at
31 December 2023 of \u00a31,768 million relate primarily to spouses of BPA scheme members and changes to longevity
assumptions. The changes in estimates that increase the CSM at 31 December 2022 of \u00a3746 million, primarily reflects a
change to longevity assumptions.
Assumption changes are explained in more detail in note 43.
The net finance expenses from insurance contracts of \u00a34,157 million ( 2022: \u00a319,053 million net finance income) recognised
in the income statement includes the impact of the change in financial assumptions, the unwind of discounting on the
fulfilment cash flows and interest accretion on the CSM. There were significant increases in discount rates during 2022,
with smaller changes in discount rates during 2023.
Reinsurance contracts
The following table shows life risk reinsurance contracts analysed by remaining coverage and incurred claims:
2023
Restated1
2022
Assets for remaining coverage
Assets for
incurred
claims
Total
Assets for remaining coverage
Assets for
incurred
claims
Total
Carrying amount
Excluding
loss
recovery
component
Loss
recovery
component
Excluding
loss
recovery
component
Loss
recovery
component
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
4,261
150
515
4,926
5,747
109
479
6,335
Opening liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
4,261
150
515
4,926
5,747
109
479
6,335
Changes in comprehensive income
Allocation of reinsurance premiums paid
(2,693)
\u2014
\u2014
(2,693)
(2,512)
\u2014
\u2014
(2,512)
Recoveries of incurred claims and other
insurance service expenses
\u2014
(4)
2,576
2,572
\u2014
(18)
2,326
2,308
Recoveries and reversals of recoveries of
losses on onerous underlying contracts
\u2014
(158)
\u2014
(158)
\u2014
62
\u2014
62
Amounts recoverable from reinsurers
\u2014
(162)
2,576
2,414
\u2014
44
2,326
2,370
Net expenses from reinsurance contracts
(2,693)
(162)
2,576
(279)
(2,512)
44
2,326
(142)
Net finance income/(expenses) from
reinsurance contracts
6
530
1
\u2014
531
(1,788)
(3)
\u2014
(1,791)
Effect of movements in exchange rates
(16)
\u2014
(1)
(17)
39
\u2014
3
42
Total changes in comprehensive income
(2,179)
(161)
2,575
235
(4,261)
41
2,329
(1,891)
Cash flows
Premiums paid
3,163
\u2014
\u2014
3,163
2,775
\u2014
\u2014
2,775
Amounts received
\u2014
\u2014
(2,585)
(2,585)
\u2014
\u2014
(2,293)
(2,293)
Total cash flows
3,163
\u2014
(2,585)
578
2,775
\u2014
(2,293)
482
At 31 December
5,245
(11)
505
5,739
4,261
150
515
4,926
Closing assets
5,245
(11)
505
5,739
4,261
150
515
4,926
Closing liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
5,245
(11)
505
5,739
4,261
150
515
4,926
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The following table shows life risk reinsurance contracts analysed by measurement component:
Estimates
of present
value of
future cash
flows
Risk
adjustmen
t for
non-
financial
risk
Contractual service margin (CSM)
Total
Contracts
under
modified
retrospectiv
e
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
2023 Carrying amount
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
3,904
570
(74)
386
140
452
4,926
Opening liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
3,904
570
(74)
386
140
452
4,926
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
11
(50)
(41)
(80)
(80)
Change in risk adjustment for risk expired
\u2014
(33)
\u2014
\u2014
\u2014
\u2014
(33)
Experience adjustments
(8)
\u2014
\u2014
\u2014
\u2014
\u2014
(8)
Changes that relate to current services
(8)
(33)
11
(50)
(41)
(80)
(121)
Contracts initially recognised in the period
(143)
155
\u2014
\u2014
(12)
(12)
\u2014
Changes in estimates that adjust the CSM
(714)
(80)
(11)
105
700
794
\u2014
Changes in estimates that relate to losses and reversals of
losses on onerous underlying contracts
(158)
\u2014
\u2014
\u2014
\u2014
\u2014
(158)
Changes that relate to future services
(1,015)
75
(11)
105
688
782
(158)
Adjustments to assets for incurred claims
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net expenses from reinsurance contracts
(1,023)
42
\u2014
55
647
702
(279)
Net finance income/(expenses) from reinsurance contracts
6
485
28
(2)
12
8
18
531
Effect of movements in exchange rates
(14)
(1)
\u2014
(2)
\u2014
(2)
(17)
Total changes in comprehensive income
(552)
69
(2)
65
655
718
235
Cash flows
Premiums paid
3,163
\u2014
\u2014
\u2014
\u2014
\u2014
3,163
Amounts received
(2,585)
\u2014
\u2014
\u2014
\u2014
\u2014
(2,585)
Total cash flows
578
\u2014
\u2014
\u2014
\u2014
\u2014
578
At 31 December
3,930
639
(76)
451
795
1,170
5,739
Closing assets
3,930
639
(76)
451
795
1,170
5,739
Closing liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
3,930
639
(76)
451
795
1,170
5,739
Estimates
of present
value of
future cash
flows
Risk
adjustment
for
non-
financial
risk
Contractual service margin (CSM)
Total
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
Other
contracts
CSM
Total
2022 Carrying amount - restated1
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
5,180
1,055
(71)
283
(112)
100
6,335
Opening liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
5,180
1,055
(71)
283
(112)
100
6,335
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
12
(43)
(32)
(63)
(63)
Change in risk adjustment for risk expired
\u2014
(88)
\u2014
\u2014
\u2014
\u2014
(88)
Experience adjustments
(53)
\u2014
\u2014
\u2014
\u2014
\u2014
(53)
Changes that relate to current services
(53)
(88)
12
(43)
(32)
(63)
(204)
Contracts initially recognised in the period
(159)
155
\u2014
\u2014
4
4
\u2014
Changes in estimates that adjust the CSM
(335)
(65)
(13)
133
280
400
\u2014
Changes in estimates that relate to losses and reversals of
losses on onerous underlying contracts
62
\u2014
\u2014
\u2014
\u2014
\u2014
62
Changes that relate to future services
(432)
90
(13)
133
284
404
62
Net expenses from reinsurance contracts
(485)
2
(1)
90
252
341
(142)
Net finance income/(expenses) from reinsurance contracts
6
(1,306)
(491)
(2)
9
(1)
6
(1,791)
Effect of movements in exchange rates
33
4
\u2014
4
1
5
42
Total changes in comprehensive income
(1,758)
(485)
(3)
103
252
352
(1,891)
Cash flows
Premiums paid
2,775
\u2014
\u2014
\u2014
\u2014
\u2014
2,775
Amounts received
(2,293)
\u2014
\u2014
\u2014
\u2014
\u2014
(2,293)
Total cash flows
482
\u2014
\u2014
\u2014
\u2014
\u2014
482
At 31 December
3,904
570
(74)
386
140
452
4,926
Closing assets
3,904
570
(74)
386
140
452
4,926
Closing liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
3,904
570
(74)
386
140
452
4,926
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The movements in the life risk reinsurance contract assets have the same key drivers as the underlying insurance
contracts and are also particularly impacted by the longevity assumption changes, as many of the reinsurance contracts
held are in respect of bulk purchase annuities.
Some gross onerous contracts do not have reinsurance in place so movements in the gross loss component occur without
a corresponding movement being seen in the reinsurance loss recovery component.
(ii) Participating
Insurance contracts
The following table shows participating insurance contracts analysed by remaining coverage and incurred claims:
2023
Restated1
2022
Liabilities for remaining
coverage
Liabilities
for incurred
claims
Total
Liabilities for remaining
coverage
Liabilities for
incurred
claims
Total
Carrying amount
Excluding
loss
component
Loss
component
Excluding
loss
component
Loss
component
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
40,439
6
525
40,970
47,557
\u2014
739
48,296
At 1 January
40,439
6
525
40,970
47,557
\u2014
739
48,296
Changes in comprehensive income
Insurance revenue
5
(658)
\u2014
\u2014
(658)
(39)
\u2014
\u2014
(39)
Contracts under the modified
retrospective transition approach
(154)
\u2014
\u2014
(154)
60
\u2014
\u2014
60
Contracts under the fair value transition
approach
(483)
\u2014
\u2014
(483)
(87)
\u2014
\u2014
(87)
Other contracts
(21)
\u2014
\u2014
(21)
(12)
\u2014
\u2014
(12)
Insurance service expenses
6
3
402
411
10
6
223
239
Incurred claims and other insurance
service expenses
\u2014
(1)
402
401
\u2014
(1)
223
222
Amortisation of insurance acquisition
cash flows
6
\u2014
\u2014
6
10
\u2014
\u2014
10
Losses and reversals of losses on
onerous contracts
\u2014
4
\u2014
4
\u2014
7
\u2014
7
Investment components and premium
refunds
(3,941)
\u2014
3,941
\u2014
(3,493)
\u2014
3,493
\u2014
Insurance service result
(4,593)
3
4,343
(247)
(3,522)
6
3,716
200
Net finance expenses/(income) from
insurance contracts
6
2,493
\u2014
\u2014
2,493
(4,217)
\u2014
\u2014
(4,217)
Effect of movements in exchange rates
(37)
\u2014
\u2014
(37)
1
\u2014
\u2014
1
Total changes in comprehensive income
(2,137)
3
4,343
2,209
(7,738)
6
3,716
(4,016)
Cash flows
Premiums received
391
\u2014
\u2014
391
257
\u2014
\u2014
257
Claims and other insurance service
expenses paid, including investment
component
\u2014
\u2014
(4,010)
(4,010)
\u2014
\u2014
(3,930)
(3,930)
Insurance acquisition cash flows
(16)
\u2014
\u2014
(16)
(10)
\u2014
\u2014
(10)
Total cash flows
375
\u2014
(4,010)
(3,635)
247
\u2014
(3,930)
(3,683)
At 31 December
38,677
9
858
39,544
40,439
6
525
40,970
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
38,677
9
858
39,544
40,439
6
525
40,970
At 31 December
38,677
9
858
39,544
40,439
6
525
40,970
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The following table shows participating insurance contracts analysed by measurement component:
Estimates of
present value
of future cash
flows
Risk
adjustment
for
non-financial
risk
Contractual service margin (CSM)
Total
2023 Carrying amount
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
39,690
62
438
780
1,218
40,970
At 1 January
39,690
62
438
780
1,218
40,970
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
(58)
(93)
(151)
(151)
Change in risk adjustment for risk expired
\u2014
(3)
\u2014
\u2014
\u2014
(3)
Experience adjustments
(61)
\u2014
\u2014
\u2014
\u2014
(61)
Revenue recognised for incurred policyholder tax expenses
(36)
\u2014
\u2014
\u2014
\u2014
(36)
Changes that relate to current services
(97)
(3)
(58)
(93)
(151)
(251)
Changes in estimates that adjust the CSM
31
(3)
8
(36)
(28)
\u2014
Changes in estimates that result in losses and reversal of
losses on onerous contracts
4
\u2014
\u2014
\u2014
\u2014
4
Changes that relate to future services
35
(3)
8
(36)
(28)
4
Insurance service result
(62)
(6)
(50)
(129)
(179)
(247)
Net finance expenses/(income) from insurance contracts
6
2,483
9
\u2014
1
1
2,493
Effect of movements in exchange rates
(37)
\u2014
\u2014
\u2014
\u2014
(37)
Total changes in comprehensive income
2,384
3
(50)
(128)
(178)
2,209
Cash flows
\u2014
\u2014
Premiums received
391
\u2014
\u2014
\u2014
\u2014
391
Claims and other insurance service expense paid, including
investment components
(4,010)
\u2014
\u2014
\u2014
\u2014
(4,010)
Insurance acquisition cashflows
(16)
\u2014
\u2014
\u2014
\u2014
(16)
Total cash flows
(3,635)
\u2014
\u2014
\u2014
\u2014
(3,635)
At 31 December
38,439
65
388
652
1,040
39,544
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
38,439
65
388
652
1,040
39,544
At 31 December
38,439
65
388
652
1,040
39,544
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Contractual service margin (CSM)
Total
2022 Carrying amount - restated1
Contracts
under
modified
retrospective
transition
approach
Contracts
under fair
value
transition
approach
CSM
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
46,905
79
496
816
1,312
48,296
At 1 January
46,905
79
496
816
1,312
48,296
Changes in comprehensive income
CSM recognised for services provided
\u2014
\u2014
(74)
(98)
(172)
(172)
Change in risk adjustment for risk expired
\u2014
(5)
\u2014
\u2014
\u2014
(5)
Experience adjustments
(79)
\u2014
\u2014
\u2014
\u2014
(79)
Revenue recognised for incurred policyholder tax expenses
449
\u2014
\u2014
\u2014
\u2014
449
Changes that relate to current services
370
(5)
(74)
(98)
(172)
193
Contracts initially recognised in the period
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Changes in estimates that adjust the CSM
(66)
(10)
15
61
76
\u2014
Changes in estimates that result in losses and reversal of
losses on onerous contracts
7
\u2014
\u2014
\u2014
\u2014
7
Changes that relate to future services
(59)
(10)
15
61
76
7
Insurance service result
311
(15)
(59)
(37)
(96)
200
Net finance expenses/(income) from insurance contracts
6
(4,217)
(2)
1
1
2
(4,217)
Effect of movements in exchange rates
1
\u2014
\u2014
\u2014
\u2014
1
Total changes in comprehensive income
(3,905)
(17)
(58)
(36)
(94)
(4,016)
Cash flows
Premiums received
257
\u2014
\u2014
\u2014
\u2014
257
Claims and other insurance service expense paid, including
investment components
(3,930)
\u2014
\u2014
\u2014
\u2014
(3,930)
Insurance acquisition cashflows
(10)
\u2014
\u2014
\u2014
\u2014
(10)
Total cash flows
(3,683)
\u2014
\u2014
\u2014
\u2014
(3,683)
Effect of portfolio transfers, acquisitions and disposals2
373
\u2014
\u2014
\u2014
\u2014
373
At 31 December
39,690
62
438
780
1,218
40,970
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
39,690
62
438
780
1,218
40,970
At 31 December
39,690
62
438
780
1,218
40,970
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
2. The movement in 2022 relates to the acquisition of an additional 25% of the ordinary shares of Aviva Life Insurance Company India Limited giving Aviva a controlling interest in the entity.
Key changes that impact the income statement include the release of CSM for services provided and experience variances
for the period. Other changes that relate to current services include revenue recognised for policyholder tax expenses,
representing income tax on policyholders' investment return, charged to the policyholder funds.
Net finance (income)/expenses mainly represents investment returns on the net assets held in policyholder funds.
(iii) Non-life
Insurance contracts
The following table shows non-life insurance contracts analysed by remaining coverage and incurred claims:
Liabilities for remaining coverage
Liabilities for incurred claims
Total
Contracts under PAA
2023 Carrying amount
Excluding loss
component
Loss
component
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
2,439
44
10,210
553
13,246
At 1 January
2,439
44
10,210
553
13,246
Changes in comprehensive income
Insurance revenue
5
(10,925)
\u2014
\u2014
\u2014
(10,925)
Incurred claims and other insurance service expenses
\u2014
(29)
7,037
160
7,168
Amortisation of insurance acquisition cash flows
2,535
\u2014
\u2014
\u2014
2,535
Losses and reversals of losses on onerous contracts
\u2014
16
\u2014
\u2014
16
Adjustments to liabilities for incurred claims
\u2014
\u2014
148
(203)
(55)
Insurance service expenses
2,535
(13)
7,185
(43)
9,664
Insurance service result
(8,390)
(13)
7,185
(43)
(1,261)
Net finance expenses/(income) from insurance contracts
6
\u2014
\u2014
558
20
578
Effect of movements in exchange rates
(31)
\u2014
(139)
(7)
(177)
Total changes in comprehensive income
(8,421)
(13)
7,604
(30)
(860)
Cash flows
Premiums received
11,364
\u2014
\u2014
\u2014
11,364
Claims and other insurance service expenses paid, including
investment component
\u2014
\u2014
(6,723)
\u2014
(6,723)
Insurance acquisition cash flows
(2,655)
\u2014
\u2014
\u2014
(2,655)
Total cash flows
8,709
\u2014
(6,723)
\u2014
1,986
At 31 December
2,727
31
11,091
523
14,372
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
2,727
31
11,091
523
14,372
At 31 December
2,727
31
11,091
523
14,372
The \u00a3(203) million adjustment to the risk adjustment in the liability for incurred claims comprises the release of the risk
adjustment as claims are paid and also includes assumption changes in calculating the risk adjustment.
Liabilities for remaining coverage
Liabilities for incurred claims
Total
Contracts under PAA
2022 Carrying amount - restated1
Excluding loss
component
Loss
component
Estimates of
present value
of future cash
flows
Risk
adjustment for
non-financial
risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
\u2014
\u2014
\u2014
\u2014
\u2014
Opening liabilities
2,398
27
10,345
569
13,339
At 1 January
2,398
27
10,345
569
13,339
Changes in comprehensive income
Insurance revenue
5
(10,049)
\u2014
\u2014
\u2014
(10,049)
Incurred claims and other insurance service expenses
\u2014
(43)
6,535
110
6,602
Amortisation of insurance acquisition cash flows
2,391
\u2014
\u2014
\u2014
2,391
Losses and reversals of losses on onerous contracts
\u2014
59
\u2014
\u2014
59
Adjustments to liabilities for incurred claims
\u2014
\u2014
187
(67)
120
Insurance service expenses
2,391
16
6,722
43
9,172
Insurance service result
(7,658)
16
6,722
43
(877)
Net finance expenses/(income) from insurance contracts
6
\u2014
\u2014
(1,160)
(69)
(1,229)
Effect of movements in exchange rates
47
1
233
10
291
Total changes in comprehensive income
(7,611)
17
5,795
(16)
(1,815)
Cash flows
Premiums received
10,253
\u2014
\u2014
\u2014
10,253
Claims and other insurance service expenses paid, including
investment component
\u2014
\u2014
(5,930)
\u2014
(5,930)
Insurance acquisition cash flows
(2,601)
\u2014
\u2014
\u2014
(2,601)
Total cash flows
7,652
\u2014
(5,930)
\u2014
1,722
At 31 December
2,439
44
10,210
553
13,246
Closing assets
\u2014
\u2014
\u2014
\u2014
\u2014
Closing liabilities
2,439
44
10,210
553
13,246
At 31 December
2,439
44
10,210
553
13,246
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
The \u00a3(67) million adjustment to the risk adjustment in the liability for incurred claims is comprised of the release of the
risk adjustment as claims are paid and also includes assumption changes in calculating the risk adjustment.
There are no non-life gross insurance contracts measured under the GMM.
Reinsurance contracts
The following table shows non-life reinsurance contracts analysed by remaining coverage and incurred claims (contracts
measured under the PAA or GMM):
Assets for
remaining
coverage
Assets for incurred claims
Total
Contracts under PAA
2023 Carrying amount
Contracts
not under
PAA
Estimates of
present
value of
future cash
flows
Risk
adjustment
for non-
financial
risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
855
\u2014
907
72
1,834
Opening liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
855
\u2014
907
72
1,834
Changes in comprehensive income
Allocation of reinsurance premiums paid
(949)
\u2014
\u2014
\u2014
(949)
Recoveries of incurred claims and other insurance service expenses
34
46
261
16
357
Adjustments to assets for incurred claims
\u2014
\u2014
123
(12)
111
Amounts recoverable from reinsurers
34
46
384
4
468
Effect of changes in non-performance risk of reinsurers
1
\u2014
(2)
\u2014
(1)
Net expenses from reinsurance contracts
(914)
46
382
4
(482)
Net finance income/(expenses) from reinsurance contracts
6
73
\u2014
33
4
110
Effect of movements in exchange rates
7
\u2014
(5)
\u2014
2
Total changes in comprehensive income
(834)
46
410
8
(370)
Cash flows
Premiums paid
823
\u2014
\u2014
\u2014
823
Amounts received
\u2014
(46)
(276)
\u2014
(322)
Total cash flows
823
(46)
(276)
\u2014
501
At 31 December
844
\u2014
1,041
80
1,965
Closing assets
844
\u2014
1,041
80
1,965
Closing liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
844
\u2014
1,041
80
1,965
Assets for
remaining
coverage
Assets for incurred claims
Total
Contracts under PAA
2022 Carrying amount - restated1
Contracts
not under
PAA
Estimates of
present
value of
future cash
flows
Risk
adjustment
for non-
financial risk
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
1,051
\u2014
736
60
1,847
Opening liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
1,051
\u2014
736
60
1,847
Changes in comprehensive income
Allocation of reinsurance premiums paid
(886)
\u2014
\u2014
\u2014
(886)
Recoveries of incurred claims and other insurance service expenses
174
71
419
14
678
Adjustments to assets for incurred claims
\u2014
\u2014
(32)
6
(26)
Amounts recoverable from reinsurers
174
71
387
20
652
Effect of changes in non-performance risk of reinsurers
(5)
\u2014
(2)
\u2014
(7)
Net expenses from reinsurance contracts
(717)
71
385
20
(241)
Net finance income/(expenses) from reinsurance contracts
6
(221)
\u2014
(95)
(3)
(319)
Effect of movements in exchange rates
14
\u2014
20
(5)
29
Total changes in comprehensive income
(924)
71
310
12
(531)
Cash flows
Premiums paid
728
\u2014
\u2014
\u2014
728
Amounts received
\u2014
(71)
(139)
\u2014
(210)
Total cash flows
728
(71)
(139)
\u2014
518
At 31 December
855
\u2014
907
72
1,834
Closing assets
855
\u2014
907
72
1,834
Closing liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
855
\u2014
907
72
1,834
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
The following table shows non-life reinsurance contracts reinsuring against the risk of adverse development on incurred
claims analysed by measurement component (contracts measured under the GMM):
2023
Restated1
2022
Carrying amount
Estimates of
present value of
future cash flows
Risk
adjustment for
non-financial
risk
Total
Estimates of
present value of
future cash flows
Risk
adjustment for
non-financial
risk
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Opening assets
809
90
899
939
104
1,043
Opening liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 1 January
809
90
899
939
104
1,043
Changes in comprehensive income
Change in risk adjustment for risk expired
\u2014
(11)
(11)
\u2014
(14)
(14)
Experience adjustments
8
\u2014
8
(34)
\u2014
(34)
Changes that relate to current services
8
(11)
(3)
(34)
(14)
(48)
Changes in estimates for adverse development cover
49
(15)
34
155
19
174
Changes that relate to future services
49
(15)
34
155
19
174
Effect of changes in non-performance risk of reinsurers
1
\u2014
1
(5)
\u2014
(5)
Net expenses from reinsurance contracts
58
(26)
32
116
5
121
Net finance income/(expenses) from reinsurance
contracts
67
6
73
(198)
(22)
(220)
Effect of movements in exchange rates
(7)
\u2014
(7)
13
3
16
Total changes in comprehensive income
118
(20)
98
(69)
(14)
(83)
Cash flows
Amounts received
(75)
\u2014
(75)
(61)
\u2014
(61)
Total cash flows
(75)
\u2014
(75)
(61)
\u2014
(61)
At 31 December
852
70
922
809
90
899
Closing assets
852
70
922
809
90
899
Closing liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
852
70
922
809
90
899
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
(c) Assets of insurance acquisition cashflows
The following table sets out carrying amount and movement of assets for non-life insurance acquisition cash flows at
31 December:
Carrying amount
2023
Restated1
2022
\u00a3m
\u00a3m
At 1 January
78
72
Amounts incurred during the year
115
8
Amounts derecognised and included in the measurement of insurance contracts
(18)
\u2014
Effect of movements in exchange rates
\u2014
(2)
Balance at 31 December
175
78
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
The following table sets out when the Group expects to derecognise assets for non-life insurance acquisition cash flows
after the reporting date:
2023
Restated1
2022
\u00a3m
\u00a3m
Less than one year
52
29
One to two years
42
23
Two to three years
33
16
Three to four years
24
10
Four to five years
6
\u2014
Five to ten years
18
\u2014
Total
175
78
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
(d) Effect of contracts initially recognised in the year
2023
2022
Life risk
Participating
Total
Life risk
Participating
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expected premiums from new insurance contracts
8,439
\u2014
8,439
7,277
\u2014
7,277
The following tables summarise the effect on the measurement components arising from the initial recognition of
insurance and reinsurance contracts not measured under the PAA in the year.
(i) Life risk
Insurance contracts
2023
Restated1
2022
Profitable
contracts
issued
Onerous
contracts
issued
Total
Profitable
contracts
issued
Onerous
contracts
issued
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Claims and other insurance service expenses payable
7,073
257
7,330
5,487
712
6,199
Insurance acquisition cash flows
503
4
507
492
16
508
Estimates of present value of cash outflows
7,576
261
7,837
5,979
728
6,707
Estimates of present value of cash inflows
(8,171)
(268)
(8,439)
(6,562)
(715)
(7,277)
Risk adjustment
170
7
177
165
21
186
CSM
425
\u2014
425
418
\u2014
418
Losses recognised on initial recognition
\u2014
\u2014
\u2014
\u2014
34
34
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
Reinsurance contracts
2023
Restated1
2022
Contracts
initiated
without a
loss
recovery
component
Contracts
initiated
with a loss
recovery
component
Total
Contracts
initiated
without a
loss
recovery
component
Contracts
initiated with
a loss
recovery
component
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Estimates of present value of cash outflows
5,132
505
5,637
4,392
\u2014
4,392
Estimates of present value of cash inflows
(4,996)
(499)
(5,495)
(4,233)
\u2014
(4,233)
Risk adjustment
(140)
(14)
(154)
(155)
\u2014
(155)
CSM
4
8
12
(4)
\u2014
(4)
Income recognised on initial recognition
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
(ii) Participating
There were no Participating business contracts initially recognised in either the current or prior year.
(iii) Non-life
There were no non-life insurance contracts initially recognised in the current or prior year measured under the general
measurement model.
(e) Contractual service margin emergence
The following tables set out when the Group expects to recognise the remaining CSM in the income statement for
contracts measured under the GMM or VFA, after allowing for future accretion of interest on the CSM for GMM
contracts. The amounts presented represent the net impact in each period of expected release of the CSM recognised in
revenue less the accretion of interest on the CSM recognised in insurance finance expenses.
Less than
one year
One to two
years
Two to
three years
Three to
four years
Four to five
years
Five to ten
years
10 to 15
years
15 to 20
years
Greater
than 20
years
Total
2023
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
483
420
378
361
346
1,499
1,179
917
1,795
7,378
Participating
88
85
81
76
71
280
164
90
105
1,040
Non-life
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Insurance contracts
571
505
459
437
417
1,779
1,343
1,007
1,900
8,418
Life risk
45
49
47
46
45
202
173
154
409
1,170
Participating
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-life
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Reinsurance contracts
45
49
47
46
45
202
173
154
409
1,170
Net CSM
526
456
412
391
372
1,577
1,170
853
1,491
7,248
Less than
one year
One to two
years
Two to three
years
Three to
four years
Four to five
years
Five to ten
years
10 to 15
years
15 to 20
years
Greater
than 20
years
Total
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
340
325
288
276
266
1,185
922
715
1,397
5,714
Participating
86
79
77
74
71
301
200
129
201
1,218
Non-life
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Insurance contracts
426
404
365
350
337
1,486
1,122
844
1,598
6,932
Life risk
30
12
13
13
13
60
58
60
193
452
Participating
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Non-life
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Reinsurance contracts
30
12
13
13
13
60
58
60
193
452
Net CSM
396
392
352
337
324
1,426
1,064
784
1,405
6,480
(f) Non-life claims development
The table illustrates how estimates of cumulative claims for the Group\u2019s non-life business have developed over time on a
gross and net of reinsurance basis. Each table shows how the Group\u2019s estimates of total claims for each accident year
have developed over time and reconciles the cumulative claims to the amount included in the statement of financial
position. Balances have been translated at the exchange rates prevailing at the reporting date as per note 2.
In the claims development table, 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 claims development table 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 2023 were \u00a378 million ( 2022 : \u00a386 million). The movement in asbestos and environmental pollution liabilities
in the year reflects an decrease of \u00a3(8) million due to favourable claims development and claims payments net of
reinsurance recoveries.
All prior
years
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross of reinsurance
Estimates of undiscounted cumulative claims
4,452
4,462
5,298
5,282
5,706
5,423
5,460
4,987
6,216
7,239
At end of accident year
4,460
4,491
5,334
5,354
5,613
5,422
5,345
5,044
6,123
7,239
\u2014
One year
4,463
4,581
5,362
5,310
5,644
5,384
5,383
5,104
6,216
\u2014
\u2014
Two years
4,514
4,576
5,312
5,307
5,710
5,431
5,378
4,987
\u2014
\u2014
\u2014
Three years
4,514
4,503
5,286
5,301
5,741
5,414
5,460
\u2014
\u2014
\u2014
\u2014
Four years
4,460
4,494
5,305
5,291
5,734
5,423
\u2014
\u2014
\u2014
\u2014
\u2014
Five years
4,464
4,476
5,307
5,283
5,706
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Six years
4,448
4,474
5,319
5,282
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Seven years
4,445
4,482
5,298
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Eight years
4,449
4,462
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Nine years
4,452
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cumulative gross claims paid
(4,394)
(4,388)
(5,079)
(5,007)
(5,282)
(4,738)
(4,155)
(3,713)
(4,266)
(3,423)
2,791
58
74
219
275
424
685
1,305
1,274
1,950
3,816
12,871
Effect of discounting
(1,064)
(8)
(10)
(23)
(25)
(37)
(56)
(77)
(108)
(176)
(273)
(1,857)
Effect of the risk adjustment for
non-financial risk
94
3
3
9
10
17
28
57
54
87
160
522
Effect of claims payable
1
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
11
\u2014
1
4
17
Cumulative effect of foreign
exchange movements
\u2014
3
12
(1)
\u2014
4
7
10
10
(22)
\u2014
23
Effect of acquisitions
14
7
11
6
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
38
Gross liabilities for incurred claims
included in the statement of
financial position
1,836
63
90
210
260
408
664
1,306
1,230
1,840
3,707
11,614
Net of reinsurance
Estimates of undiscounted net cumulative claims
4,328
4,300
4,912
5,141
5,516
5,253
4,890
4,762
5,893
6,912
At end of accident year
4,351
4,338
4,996
5,193
5,457
5,263
4,889
4,876
5,794
6,912
\u2014
One year
4,371
4,435
5,008
5,138
5,457
5,247
4,861
4,838
5,893
\u2014
\u2014
Two years
4,410
4,423
4,939
5,146
5,530
5,285
4,858
4,762
\u2014
\u2014
\u2014
Three years
4,402
4,357
4,917
5,144
5,562
5,262
4,890
\u2014
\u2014
\u2014
\u2014
Four years
4,346
4,353
4,923
5,135
5,560
5,253
\u2014
\u2014
\u2014
\u2014
\u2014
Five years
4,344
4,332
4,922
5,115
5,516
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Six years
4,329
4,315
4,929
5,141
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Seven years
4,322
4,295
4,912
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Eight years
4,327
4,300
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Nine years
4,328
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Cumulative net claims paid
(4,275)
(4,207)
(4,716)
(4,857)
(5,121)
(4,636)
(3,881)
(3,587)
(4,112)
(3,378)
1,485
53
93
196
284
395
617
1,009
1,175
1,781
3,534
10,622
Effect of discounting
(679)
(8)
(10)
(20)
(25)
(34)
(52)
(66)
(102)
(165)
(257)
(1,418)
Effect of the risk adjustment for
non-financial risk
17
2
3
8
11
15
23
28
48
74
143
372
Effect of non-performance risk of
reinsurers
15
\u2014
\u2014
\u2014
\u2014
1
1
1
1
2
4
25
Effect of claims payable
7
\u2014
(4)
55
95
(25)
(33)
(186)
54
(39)
(10)
(86)
Cumulative effect of foreign
exchange movements
\u2014
4
11
(2)
\u2014
3
6
2
10
(22)
\u2014
12
Effect of acquisitions
14
7
14
8
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
43
Reinsurance of adverse claims
development presented in net
liabilities for remaining coverage
922
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
922
Net liabilities for incurred claims
included in the statement of
financial position
1,781
58
107
245
365
355
562
788
1,186
1,631
3,414
10,492
(g) Significant judgements, estimates and assumptions
This note gives details of the significant judgements made in applying IFRS 17, explaining the inputs, assumptions,
methods and estimation techniques used to measure insurance, participating investment and reinsurance contracts.
Accounting policy C sets out the critical accounting judgements and the material accounting estimates that are
considered particularly susceptible to changes in estimates and assumptions. This note provides further detail of how
these are applied in the context of IFRS 17.
The Group underwrites life 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-Profit\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.
The Group underwrites non-life business in the UK, Ireland and Canada, providing individual and corporate customers
with a wide range of insurance products.
Significant judgments, estimates and assumptions associated with measuring insurance products and associated
reinsurance are outlined below.
(i) Fulfilment cash flows
Fulfilment cash flows comprise:
\u2022 estimates of future cash flows;
\u2022 an adjustment (discount rate) to reflect the time value of money and the financial risks related to future cash flows, to
the extent that the financial risks are not included in the estimates of future cash flows; and
\u2022 a risk adjustment.
The Group\u2019s objective in estimating future cash flows is to determine the expected value of a range of scenarios that
reflects the full range of possible outcomes. A deterministic approach, producing point estimates based on best estimate
assumptions, is used for valuing most of the Group\u2019s business. The exception is for contracts with embedded options and
guarantees, in particular with-profits participation business, where a stochastic approach based on the average of a
number of scenarios is used. Stochastic modelling involves projecting future cash flows under a large number of possible
economic scenarios for market variables such as interest rates and equity returns.
Estimates of future cash flows
In estimating future cash flows, the Group incorporates, in an unbiased way, all reasonable and supportable information
that is available without undue cost or effort at the reporting date. This information includes both internal and external
historical data about claims and other experience, updated to reflect current expectations of future events.
The estimates of future cash flows reflect the Group\u2019s view of current conditions at the reporting date, using market
variables consistent with observable market prices, where applicable.
When estimating future cash flows, the Group takes into account current expectations of future events that might affect
those cash flows. However, expectations of future changes in legislation that would change or discharge a present
obligation or create new obligations under existing contracts are not taken into account until the change in legislation is
substantively enacted. For cash flows which are contractually linked to an index of prices or wages, the Group derives an
assumption for future RPI from RPI swap curves, and adjusts this to derive future inflation assumptions for other price
and wage indices.
Cash flows within the boundary of a contract relate directly to the fulfilment of the contract, including those for which
the Group has discretion over the amount or timing. These include payments to (or on behalf of) policyholders, insurance
acquisition cash flows and other costs that are incurred in fulfilling contracts.
Insurance acquisition cash flows arise from the activities of selling, underwriting and starting a group of contracts that
are directly attributable to the portfolio of contracts to which the group belongs. This includes initial and recurring
commissions payable on instalment premiums receivable within the contract boundary. Other costs that are incurred in
fulfilling the contracts include:
\u2022 claims handling, maintenance and administration costs;
\u2022 costs that the Group will incur in providing investment services;
\u2022 costs that the Group will incur in performing investment activities to the extent that the Group performs them to
enhance benefits from insurance coverage for policyholders by generating an investment return from which
policyholders will benefit if an insured event occurs; and
\u2022 income tax and other costs specifically chargeable to the policyholders under the terms of the contracts.
Insurance acquisition cash flows and other costs that are incurred in fulfilling contracts comprise both direct costs and
an allocation of fixed and variable overheads.
Cash flows are attributed to acquisition activities, other fulfilment activities and other activities at local entity level using
activity-based costing techniques. Cash flows attributable to acquisition and other fulfilment activities are allocated to
groups of contracts using methods that are systematic and rational and are consistently applied to all costs that have
similar characteristics.
Contract boundaries
The assessment of the contract boundary, which defines which future cash flows are included in the measurement of a
contract, requires judgement and consideration of the Group\u2019s substantive rights and obligations under the contract as
follows.
Insurance contracts
Group protection policies issued by the Group have terms that are guaranteed to be renewable every two or three years.
The Group determines that the cash flows related to future renewals (i.e. the guaranteed renewable terms) of these
contracts are outside the contract boundary. This is because the premium charged for the period reflects the Group\u2019s
expectation of its exposure to risk for that period and, on renewal, the Group can reprice the premium to reflect the
reassessed risks for the next period based on claims experience and expectations for the respective portfolio. Any
renewal of the contract is treated as a new contract and is recognised, separately from the initial contract, when the
recognition criteria are met.
Pension savings contracts with guaranteed annuity terms allow the policyholder to convert, on maturity of the stated
term, the maturity benefit into an immediately starting life-contingent annuity at a predetermined rate. The Group has
assessed the contract boundary for the entire contract, including the option, and concluded that the cash flows related to
the fulfilment of the annuity option fall within the boundary of the contract. This is because the Group does not have the
practical ability to reprice the contract on maturity of the stated term.
Reinsurance contracts
Quota share - The Group manages risks arising from Life insurance contracts through external quota share reinsurance
contracts. These reinsurance contracts cover underlying contracts issued within the term on a risk-attaching basis and
provides unilateral rights to both the Group and the reinsurer to terminate the cession of new business subject to giving
notice to the other party. Notice can usually be given at any time, with termination to new business effective three
months from notice being given, albeit a limited number of the Group\u2019s quota share reinsurance contract currently
stipulate a different notice period. On initial recognition, the cash flows within the reinsurance contract boundary are
determined to be those arising from underlying contracts that the Group expects to issue and cede under the
reinsurance contract within the next three months. Subsequently risks expected to attach beyond the end of this initial
notice period are considered cash flows of new reinsurance contracts and are recognised, separately from the initial
contract, as they fall within the rolling three-month notice period.
Excess of loss - The Group\u2019s non-Life excess of loss reinsurance contracts held provide coverage for claims incurred
during an accident year. Thus, all cash flows arising from claims incurred and expected to be incurred in the accident
year are included in the measurement of the reinsurance contracts held. Some of these contracts include mandatory
reinstatement premiums, which are guaranteed per the contractual arrangements and are thus within the contract
boundary. Estimated reinstatement premiums due are offset against recoveries within the liability for incurred claims.
Risk attaching reinsurance - The Group\u2019s risk-attaching non-life treaties have varying coverage periods, ranging from
annual treaties to indefinite treaties. Such treaties provide unilateral rights to the Group and reinsurer to terminate the
cession of new business by giving notice to the other party based upon notice periods defined by the treaty. On initial
recognition, the cash flows within the reinsurance contract boundary are determined to be those arising from underlying
contracts that the Group expects to issue and cede under the reinsurance contract within the termination notice period.
Subsequently risks attaching beyond the end of the initial termination notice period are considered cash flows of new
reinsurance contracts and are recognised, separately from the initial contract, as they fall within subsequent termination
notice periods.
Adverse development cover - The Group\u2019s non-Life adverse development cover treaties are deemed to expire when all
uncertainty associated with the ceded claims liabilities has expired. The contract boundary is based upon the best
estimate of when all obligations associated with the liabilities will be extinguished.
Life contracts
Death and other claim benefits
Death and other claim benefits are projected using decrements appropriate to each class of business, including
persistency, mortality and morbidity.
Mortality assumptions are set with regard to recent Company experience and general industry trends. Local, generally
accepted, published standard mortality tables are used for different categories of business as appropriate.
The mortality tables used in the valuation for the most material lines of business are summarised below:
2023
2022
UK business
Life protection
AM00/AF00 or TM16/TF16 adjusted for
smoker status and age/sex specific
factors with allowance for future
mortality improvements
AM00/AF00 or TM16/TF16 adjusted for
smoker status and age/sex specific
factors with allowance for future
mortality improvements
Pure endowments
and\u00a0deferred annuities
before vesting
AM00/AF00 adjusted with allowance
for improvements
AM00/AF00 adjusted with allowance for
improvements
Ireland business
Life protection
TMS08/TMN08/TFS08/TFN08 adjusted
plus allowance for future mortality
improvement
TMS08/TMN08/TFS08/TFN08 adjusted
plus allowance for future mortality
improvement
Annuity payments
The conventional immediate and deferred annuity business is valued by discounting future benefit payments with an
allowance for mortality, including future improvements in mortality. Mortality assumptions are set with regard to
Company experience and general industry trends.
The mortality tables used in the valuation for the most material lines of business are summarised below:
2023
2022
UK business
Pensions business and
general annuity business
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
Bulk purchase annuities
CV3 plus allowance for future mortality
improvement
CV3 plus allowance for future mortality
improvement
Ireland business
Annuities
PMA08/PFA08 (conventional) adjusted
plus allowance for future mortality
improvement
PMA08/PFA08 (conventional) adjusted
plus allowance for future mortality
improvement
For the largest portfolio of pensions annuity business, the underlying mortality assumptions, before risk adjustment for
males are 106.6% of PMA16_IND with base year 2016 (2022 restated: 104.1% of PMA16_IND with base year 2016). For
females the underlying mortality assumptions, before risk adjustment, are 101.3% of PFA16_IND with base year 2016
(2022 restated: 100.3% of PFA16_IND with base year 2016). The base rates on some contracts are adjusted for lifestyle,
medical, and other factors.
Improvements before risk adjustment are based on \u2018CMI_2022 (S=7.25) Advanced with adjustments\u2019
(2022 restated: \u2018CMI_2021 (S=7.25) Advanced with adjustments\u2019) with zero weight on 2022 data within the model. Instead
of placing weight on 2022 data within the CMI improvements model, a separate adjustment is made to reflect the impact
that the drivers of excess mortality in 2022 and 2023 are expected to have in future years. We use a long-term
improvement rate of 1.5% for both males and females (31 December 2022 restated: 1.5% for both males and females) . An
allowance has been made to adjust for greater mortality improvements in the annuitant population relative to the general
population on which CMI_2022 is based, using a parameter of 0.15% for males and 0.20% for females, tapering to zero
between ages 90 and 110 (for 2022 the same approach was taken with respect to CMI_2021). Long-term improvement
rates are set to taper to zero between ages 85 and 110 (2022 restated: between 85 and 110).
Expenses
Maintenance expense assumptions for life business are generally expressed as a per policy charge set with regards to an
allocation of current year expense levels by category of business, adjusted for known changes in contractual
arrangements with external suppliers and using the policy counts for in-force business. Expenses are generally charged
to with-profits funds using 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. Any differential between that and the total charge for each
policy accrues to the non-profit fund and is also included in the fulfilment cash flows. The assumptions also include an
allowance for future expense inflation over the lifetime of each contract, which is assumed to be in line 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.
Investment expense assumptions are generally expressed as a proportion of the assets backing the liabilities.
Non-life contracts
The Group establishes reserves for claim events that occurred before the valuation date, whether reported or not. When
calculating claim costs, the Group takes into account estimated future recoveries from salvage and subrogation. Where
non-Life contracts are onerous, the measurement of the loss component includes an estimate of future claims that are
expected to occur within the remaining coverage period.
The undiscounted ultimate cost of outstanding claims is estimated by using a range of standard actuarial claims
projection techniques, such as the Chain Ladder and Bornhuetter-Ferguson methods. Historical claims development
is\u00a0mainly analysed by accident period, although underwriting or notification period is also used where this is
considered\u00a0appropriate.
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. The ultimate cost of outstanding claims
includes provision for expenses associated with handling claims.
UK mesothelioma claims
The level of uncertainty associated with latent claims is considerable due to the relatively small number of claims and the
long-tail nature of the liabilities. UK mesothelioma claims account for a large proportion of the Group\u2019s latent claims. The
key assumptions underlying the estimation of these claims include claim numbers, the base average cost per claim, future
inflation in the average cost of claims and legal fees. The best estimate of the liabilities considers the latest available
market information and studies and how these might impact Aviva\u2019s liabilities.
Lump sums payable to bodily injury claimants
Lump sum payments in settlement of bodily injury claims are influenced by the Ogden discount rate among other factors.
The Ogden discount rate is set by the Lord Chancellor and is applied when calculating the present value of future care
costs and loss of earnings for claims settlement purposes. The Lord Chancellor's next review of the Ogden discount rate
is expected to begin by summer 2024 and its impact upon the valuation of claims has been estimated on a probability
weighted basis which considers a range of possible outcomes from the review.
Discount rates
All cash flows are discounted using risk-free yield curves adjusted to reflect the characteristics of the cash flows and the
liquidity of the insurance contracts. For the risk-free yield curves, the Group generally uses the risk-free interest rate
curves published by the PRA and EIOPA for regulatory reporting, which are based on swap rates and in the UK based on
SONIA (Sterling Over Night Index Average). In Canada, the Group uses the Bank of Canada zero-coupon bond curve.
Where necessary, yield curves are interpolated between the last available market data point and an ultimate forward rate,
which reflects long-term real interest rate and inflation expectations.\u00a0
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 cash flows 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.
Under the top-down approach, 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 liabilities. 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.
For the measurement of new annuity business at inception only, the discount rates are 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 to be sourced.
Under the bottom-up approach, the discount rate is determined as the risk-free yield, adjusted for differences in liquidity
characteristics between the financial assets used to derive the risk-free yield and the relevant liability cash flows (known
as an \u2018illiquidity premium\u2019).
For UK and Ireland business, the illiquidity premium is determined as a percentage of the current spread over the risk-
free yield on an index of covered bonds. For Canadian business, the illiquidity premium is determined with reference to a
spread of bonds available on the market. The percentage 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. In Canada, a single illiquidity premium is selected given the limited duration differences and similar liquidity
characteristics.
The tables below set out the yield curves used to discount the cash flows of insurance contracts for major currencies:
2023
Restated1
2022
1 year
5 years
10 years
15 years
20 years
40 years
1 year
5 years
10 years
15 years
20 years
40 years
Life contracts
Immediate and deferred annuities
GBP
6.5%
5.1%
5.0%
5.2%
5.2%
4.9%
6.1%
5.7%
5.3%
5.2%
5.1%
4.7%
EUR
4.3%
3.2%
3.3%
3.4%
3.3%
3.6%
3.7%
3.7%
3.6%
3.6%
3.3%
3.4%
Life protection contracts
GBP
5.1%
3.7%
3.6%
3.7%
3.8%
3.5%
5.0%
4.6%
4.2%
4.1%
4.0%
3.6%
EUR
3.6%
2.5%
2.6%
2.7%
2.6%
2.8%
3.4%
3.3%
3.3%
3.2%
3.0%
3.0%
With-profits contracts
GBP
5.2%
3.7%
3.8%
3.9%
3.9%
3.6%
5.2%
4.8%
4.5%
4.4%
4.3%
3.9%
EUR
3.6%
2.5%
2.6%
2.7%
2.6%
2.8%
3.4%
3.3%
3.3%
3.2%
3.0%
3.0%
Unit-linked contracts
GBP
4.7%
3.4%
3.3%
3.4%
3.4%
3.2%
4.5%
4.1%
3.7%
3.6%
3.5%
3.2%
EUR
3.6%
2.5%
2.6%
2.7%
2.6%
2.8%
3.4%
3.3%
3.3%
3.2%
3.0%
3.0%
Non-life contracts
Structured settlements
GBP
5.4%
4.0%
3.9%
4.0%
4.1%
3.8%
5.5%
5.1%
4.7%
4.6%
4.5%
4.2%
Latent claims
GBP
5.2%
3.8%
3.8%
3.9%
3.9%
3.6%
5.2%
4.8%
4.5%
4.4%
4.3%
3.9%
EUR
3.9%
2.8%
2.9%
3.0%
2.9%
3.2%
3.4%
3.3%
3.3%
3.2%
3.0%
3.0%
Other general insurance claims
GBP
5.1%
3.7%
3.6%
3.7%
3.8%
3.5%
5.0%
4.6%
4.2%
4.1%
4.0%
3.7%
EUR
3.7%
2.7%
2.7%
2.8%
2.7%
3.1%
3.4%
3.3%
3.3%
3.2%
3.0%
3.0%
CAD
5.4%
3.9%
3.9%
3.9%
3.9%
3.8%
5.6%
4.4%
4.3%
4.3%
4.4%
4.3%
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
The yields used are after a reduction for risk, but before allowance for investment expenses (which are included in the
expected future cash flows).
For annuity business, the allowance for risk comprises long-term assumptions for defaults or, in the case of equity release
assets, expected losses arising from the No-Negative-Equity 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 36bps, 25bps, and 89bps respectively at 31 December 2023 (2022 restated: 35bps, 26bps, and 83bps respectively).
For with-profits business, the liabilities associated with guarantees and options are measured using a market-consistent
stochastic model. The cash flows are discounted at scenario-specific rates calibrated, on average, to be the bottom-up
discount rates. Volatility assumptions are set with reference to implied volatility data on traded market instruments,
where available, or on a best estimate basis where not.
2023
2022
Equity returns
17.8%
19.3%
Property returns
15.0%
15.0%
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.
Risk adjustments for non-financial risk
The risk adjustment for non-financial risk 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 with reference to the Group\u2019s pricing and capital allocation framework. The calibration leverages
the Solvency II view of non-financial risk, considering a lifetime view, but excludes financial risks which are included
within the Solvency II risk margin. The risk adjustment includes diversification between different portfolios of insurance
and participating investment contracts, financial and non-financial risks, non-participating investment contracts and
other non-insurance contracts using correlation matrix techniques. Diversification between entities across the Group is
not included.
For life business, the risk adjustment is allocated to individual contracts, including reinsurance contracts, using provisions
for adverse deviation (PADs) applied to the best estimate non-financial assumptions.
For non-life business, the risk adjustment is allocated to groups of contract level based upon their capital intensity,
with\u00a0a\u00a0greater amount allocated to contract groups with greater valuation uncertainty. Initially the Group applies these
techniques on a net of reinsurance basis before calculating gross up factors for each group of contracts and calculating
the reinsurance risk adjustment as the difference between net and gross.
For with-profits contracts the risk adjustment reflects the shareholder\u2019s interest in the with-profits fund. However, for
non-profit contracts in the with-profit funds, the fund is treated as the entity and the risk adjustment reflects a 100%
share of the risk, as for other non-profit business.
The Group estimates the Risk Adjustment\u2019s corresponding confidence level by comparing the combined value of best
estimate cash flows and Risk Adjustment with a distribution of possible outcomes on an ultimate horizon. For\u00a0life and
participating contracts the confidence interval, net of reinsurance corresponds to the 68th percentile (2022: 70th
percentile), for non-life contracts it corresponds to the 77th percentile (2022: 74th percentile). The percentiles disclosed
benefit from the diverse profile of entities within the Group, but not from diversification between the Group's Life and
non-Life segments and are uncertain estimates made as of 31 December, which could reasonably change within 12
months. Factors which could cause them to change include variations in the Company's risk profile or quantification
thereof, for example as might arise from economic factors such as changes in risk-free discount rates or changes in the
composition of insurance liabilities. the movements in the value of the net risk adjustment required to move the
confidence level by 2.5 percentage points can be seen in the table below. The figures assume that there are no changes in
estimate of future cashflows when in reality a lot of factors which influence the risk adjustment calibration will also
impact the estimate of future cashflows.
2023
2022
\u00a3m
\u00a3m
Life and participating business
Movement in net risk adjustment required for 2.5pp confidence level increase
65
75
Movement in net risk adjustment required for 2.5pp confidence level reduction
(65)
(75)
Non-Life business
Movement in net risk adjustment required for 2.5pp confidence level increase
45
48
Movement in net risk adjustment required for 2.5pp confidence level reduction
(41)
(46)
For Life risk and Participating contracts, this is the confidence level that the liabilities recognised and associated
reinsurance balances, excluding CSM, are sufficient to cover the ultimate cost of in-force insurance liabilities applying
period end assumptions. For non-Life contracts, this represents the confidence level that net claims liabilities recognised
are sufficient to cover the ultimate cost of claims. Net non-Life claims liabilities include the liability for incurred claims,
asset for incurred claims and the asset for remaining coverage on reinsurance contracts held that reinsure against
adverse development on incurred claims.
(ii) Contractual service margin
Determination of coverage units
The amount of CSM recognised in profit or loss to reflect services provided in 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 are reviewed and updated at each reporting date.
The coverage units used by major product lines are:
Product line
Coverage units
Immediate annuity
Annuity outgo
Deferred annuity
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, judgement has been applied in determining the appropriate method for measuring coverage
units\u00a0and the weighting of those coverage units across the investment return service provided prior to retirement and
the\u00a0insurance service provided post-retirement. That judgement was supported by evidence of market pricing of these
services, resulting in an approach that targets equivalence at retirement with the CSM for immediate annuities (when
pricing in an active market) that provide an insurance service equivalent to that provided by the deferred annuities post-
retirement.
The coverage units for the investment return service combine the expected investment return with the weighting that
produces the target CSM after allowing for expected retirement date, transfers and commutations. There is limited
estimation uncertainty arising when applying this approach, not least because the weighting of services does not directly
impact on the measurement of the CSM, instead it impacts on the pattern of CSM release over the long life of these
contracts. Expected investment return is calculated using the locked in discount rate throughout the life of the contract,
to represent the investment return that policyholders benefit from through the pricing of their contract.
Expected rates of transfers taken by retirement date and take up rates for tax free cash (the main commutations taken at
retirement in the UK) are not typically subject to significant fluctuations.
Coverage units for reinsurance contracts held are typically consistent with the underlying gross contracts, adjusted for
differences in the services provided.
Risk mitigation option
The Group uses derivatives and financial investments to mitigate the financial risk arising from equity and interest rate
exposures in UK with-profit funds, in accordance with its documented risk management objective and strategy for
mitigating financial risk. An economic offset exists between the insurance contracts and the risk-mitigating items
(derivatives and financial investments held at FVTPL), and credit risk does not dominate the economic offset.
For the with-profit sub-fund supported by the RIEESA, the Group has chosen to apply the risk mitigation option. Certain
changes in variable fee cash flows are recognised in profit or loss, and do not adjust the CSM, as they arise from changes
in equity and interest rate risks that are mitigated by the use of derivatives and financial investments held at FVTPL.
(iii) Investment components
The Group identifies the investment component of a contract by determining the amount that it would be required to
repay to the policyholder in all scenarios with commercial substance. These include circumstances in which an insured
event occurs or the contract matures or is terminated without an insured event occurring. Investment components and
rights to withdraw are both excluded from insurance revenue and insurance service expenses, and variances between
actual and expected cash flows adjust the CSM.
Participating and some non-participating whole-life contracts have explicit surrender values. The non-distinct
investment component excluded from insurance revenue and insurance service expenses is determined as the surrender
value specified in the contractual terms.
Immediate annuities with a guarantee period contain a non-distinct investment component equal to the value of those
guaranteed payments.
Deferred annuities include a non-distinct investment component if all of the following features are present:
\u2022 transfer value in the deferral period;
\u2022 death benefit in the deferral period; and
\u2022 guarantee period once the annuity is in payment.
The investment component excluded from insurance revenue and insurance service expenses is determined as the lower
of the present value of each of those possible payments. Any amounts in excess of the investment component, or any
payments made under those features that do not qualify as an investment component, are treated as rights to withdraw.
In either case, transfer values paid during the deferral period are presented as premium refunds.
(iv) Fair value of insurance contracts and measurement of contracts on transition to IFRS 17
The Group has measured the fair value of insurance contracts when it acquired contracts in a business combination and
when it applied the fair value approach on transition to IFRS 17. The Group has also applied the modified retrospective
approach on transition to IFRS 17.
For further details on the measurement of contracts on transition to IFRS 17, see note 1(d).
41 \u2013 Non-participating investment contracts
This note analyses our gross liabilities for non-participating investment contracts by type of product and describes the
calculation of these liabilities.
(a) Carrying amount
Non-participating investment contracts as at 31 December comprised:
2023
Restated1
2022
\u00a3m
\u00a3m
Liabilities for non-participating investment contracts
158,588
141,188
Reinsurance assets for non-participating investment contracts
(4,713)
(5,290)
Net non-participating investment contracts
153,875
135,898
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
(b) Group practice
Investment contracts are those that do not transfer significant insurance risk from the contract holder to the issuer and
if\u00a0they do not contain a significant discretionary participation feature they are treated as financial instruments in scope
of\u00a0IFRS 9.
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 the methodology as prescribed by IFRS 17 insurance contracts.
Investment contracts that do not contain a discretionary participation feature are referred to as non-participating
contracts and the liability is measured at fair value. For non-participating investment contracts designated at FVTPL, the
Group elects to present the change in fair value attributable to a change in the credit risk of the contracts in the income
statement.
Of the non-participating investment contracts measured at fair value, \u00a3158,498 million at 31 December 2023
(2022 :\u00a0\u00a3141,160\u00a0million) 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 30 and the deferred income liability is shown in note 49.
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 18, 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 non-participating investment contracts in the year:
Carrying amount
2023
Restated1
2022
\u00a3m
\u00a3m
At 1 January
141,188
151,295
Liabilities in respect of new business
4,243
4,120
Expected change in existing business
(3,263)
(3,185)
Variance between actual and expected experience
16,589
(11,360)
Impact of operating assumption changes
\u2014
(17)
Impact of economic assumption changes
\u2014
(106)
Other movements recognised as an expense
40
28
Change in liability
17,609
(10,520)
Effect of portfolio transfers, acquisitions and disposals
\u2014
\u2014
Foreign exchange rate movements
(164)
415
Other movements2
(45)
(2)
At 31 December
158,588
141,188
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. Other movements relates to a reallocation between non-participating investment liabilities and non-participating reinsurance assets of \u00a3(45) million (2022: \u00a3(2) million).
For unit-linked investment contracts, movements in asset values are offset by corresponding changes in liabilities,
limiting the net impact on profit. The variance between actual and expected experience in 2023 of \u00a316,589\u00a0million is due
to increases in global equity markets and higher bond and gilt values as a result of decreasing interest rates.
The impacts of assumption changes on profit are included in the effect of changes in assumptions and estimates during
the year shown in note 43 , which combines non-participating investment contracts together with the impact of
movements in related non-financial assets.
The following movements have occurred in the reinsurance asset for non-participating investment contracts in the year:
Carrying amount
2023
Restated1
2022
\u00a3m
\u00a3m
At 1 January
5,290
5,122
Assets in respect of new business
88
409
Expected change in existing business assets
(261)
(176)
Variance between actual and expected experience
456
(63)
Other movements recognised as an expense2
(815)
\u2014
Change in asset
(532)
170
Other movements3
(45)
(2)
At 31 December
4,713
5,290
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. \u00a3815 million of policyholder assets have transferred from reinsured funds to non-reinsured funds during 2023.
3. Other movements relates to a reallocation between non-participating investment liabilities and non-participating reinsurance assets of \u00a3(45) million (2022: \u00a3(2) million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-806": { "value": "
7 - Fee and commission income
2023
\u00a3m
Restated1
2022
\u00a3m
Fee income from non-participating investment contract business
715
741
Fund management fee income
134
163
Other fee income
369
292
Other commission income
86
110
Net change in deferred revenue
5
8
Total
1,309
1,314
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-808": { "value": "
8 - Expenses
This note analyses the Group\u2019s expenses in profit or loss.
Note
2023
\u00a3m
Restated1
2022
\u00a3m
Claims and benefits incurred
Claims and benefits on long-term business
Insurance contracts and participating investment contracts
5,850
5,572
Claims and benefits on general insurance and health business
6,557
6,237
12,407
11,809
Claim recoveries from reinsurers
Insurance contracts and participating investment contracts
(3,040)
(2,953)
Claims and benefits incurred, net of recoveries from reinsurers
9,367
8,856
Losses on onerous insurance contracts and participating investment contracts
122
136
Fee and commission expense
Acquisition costs
Commission expenses
2,541
4,149
Other acquisition costs
1,055
999
Amount attributed to insurance acquisition cash flows incurred during the year
(3,179)
(4,844)
Acquisition costs for non-participating investment contracts
417
304
Amortisation of insurance acquisition cash flows
2,842
2,689
Change in deferred acquisition costs for non-participating investment contracts
70
49
Other fee and commission expense
36
24
Fee and commission expense
3,365
3,066
Other expenses
Staff costs
11(b)
1,032
936
Central costs
354
310
Depreciation
66
57
Amortisation of acquired value of in-force business on non-participating investment contracts
59
68
Amortisation of intangible assets
119
142
Impairment of intangible assets
\u2014
4
Other expenses (see below)
959
635
Other net foreign exchange (gains)/losses
(146)
73
Other expenses
2,443
2,225
Total expenses
15,297
14,283
Represented by expenses included within the income statement:
Insurance service expense
16,217
15,505
Expense recovery from reinsurance contracts2
(2,882)
(3,014)
Other operating expenses
2,108
1,719
Other net foreign exchange (gains)/losses
(146)
73
Total expenses
15,297
14,283
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. Expense recovery from reinsurance contracts is presented in consolidated income statement within net expense from reinsurance contracts, which comprises an allocation of premiums paid to
reinsurers of \u00a3(3,643) million (2022 : \u00a3(3,397) million) and amount recovered from reinsurers of \u00a32,882 million (2022: \u00a33,014 million).
Other expenses were \u00a3959 million (2022 : \u00a3635 million) which mainly included costs relating to property and IT. In 2023, it
also included \u00a392 million of fees paid to bondholders in respect of modification to the terms and conditions of the
Group's Tier 2 Fixed to Floating notes, charges of \u00a371 million relating to our historic divestments, and integration and
restructuring costs of \u00a361 million as set out below. In 2022, other expenses were partially offset by a gain of \u00a377 million
relating to negative goodwill on the acquisition of Aviva India.
Other operating expenses presented on the consolidated income statement of \u00a32,108 million ( 2022: \u00a31,719 million)
includes the Group's Aviva Investors segment, amortisation\u00a0on AVIF and intangibles acquired in business combinations,
expenses attributable to non-participating investment contract, expenses attributable to non-insurance products such as
wealth management services and Corporate Centre costs.
Integration & restructuring costs
At the beginning of 2024, IWR announced a 15 year extension to our key strategic partnerships with Diligenta and FNZ to
simplify our operations and support our growth ambitions, with further changes improving how we serve our customers.
Integration and restructuring costs of \u00a361 million have been incurred during 2023 in relation to this simplification, with
additional costs expected to be incurred over the period 2024-2028. This programme will rationalise our administration
platforms to remove complexity and improve customer outcomes. The costs will cover changes to data and systems and
expenditure to deliver associated efficiency savings. Benefits of this restructuring programme will include a reduction in
the operating cost base of the IWR business, resulting in higher capital generation and cash remittances. These costs are
included in other expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-807": { "value": "
8 - Expenses
This note analyses the Group\u2019s expenses in profit or loss.
Note
2023
\u00a3m
Restated1
2022
\u00a3m
Claims and benefits incurred
Claims and benefits on long-term business
Insurance contracts and participating investment contracts
5,850
5,572
Claims and benefits on general insurance and health business
6,557
6,237
12,407
11,809
Claim recoveries from reinsurers
Insurance contracts and participating investment contracts
(3,040)
(2,953)
Claims and benefits incurred, net of recoveries from reinsurers
9,367
8,856
Losses on onerous insurance contracts and participating investment contracts
122
136
Fee and commission expense
Acquisition costs
Commission expenses
2,541
4,149
Other acquisition costs
1,055
999
Amount attributed to insurance acquisition cash flows incurred during the year
(3,179)
(4,844)
Acquisition costs for non-participating investment contracts
417
304
Amortisation of insurance acquisition cash flows
2,842
2,689
Change in deferred acquisition costs for non-participating investment contracts
70
49
Other fee and commission expense
36
24
Fee and commission expense
3,365
3,066
Other expenses
Staff costs
11(b)
1,032
936
Central costs
354
310
Depreciation
66
57
Amortisation of acquired value of in-force business on non-participating investment contracts
59
68
Amortisation of intangible assets
119
142
Impairment of intangible assets
\u2014
4
Other expenses (see below)
959
635
Other net foreign exchange (gains)/losses
(146)
73
Other expenses
2,443
2,225
Total expenses
15,297
14,283
Represented by expenses included within the income statement:
Insurance service expense
16,217
15,505
Expense recovery from reinsurance contracts2
(2,882)
(3,014)
Other operating expenses
2,108
1,719
Other net foreign exchange (gains)/losses
(146)
73
Total expenses
15,297
14,283
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. Expense recovery from reinsurance contracts is presented in consolidated income statement within net expense from reinsurance contracts, which comprises an allocation of premiums paid to
reinsurers of \u00a3(3,643) million (2022 : \u00a3(3,397) million) and amount recovered from reinsurers of \u00a32,882 million (2022: \u00a33,014 million).
Other expenses were \u00a3959 million (2022 : \u00a3635 million) which mainly included costs relating to property and IT. In 2023, it
also included \u00a392 million of fees paid to bondholders in respect of modification to the terms and conditions of the
Group's Tier 2 Fixed to Floating notes, charges of \u00a371 million relating to our historic divestments, and integration and
restructuring costs of \u00a361 million as set out below. In 2022, other expenses were partially offset by a gain of \u00a377 million
relating to negative goodwill on the acquisition of Aviva India.
Other operating expenses presented on the consolidated income statement of \u00a32,108 million ( 2022: \u00a31,719 million)
includes the Group's Aviva Investors segment, amortisation\u00a0on AVIF and intangibles acquired in business combinations,
expenses attributable to non-participating investment contract, expenses attributable to non-insurance products such as
wealth management services and Corporate Centre costs.
Integration & restructuring costs
At the beginning of 2024, IWR announced a 15 year extension to our key strategic partnerships with Diligenta and FNZ to
simplify our operations and support our growth ambitions, with further changes improving how we serve our customers.
Integration and restructuring costs of \u00a361 million have been incurred during 2023 in relation to this simplification, with
additional costs expected to be incurred over the period 2024-2028. This programme will rationalise our administration
platforms to remove complexity and improve customer outcomes. The costs will cover changes to data and systems and
expenditure to deliver associated efficiency savings. Benefits of this restructuring programme will include a reduction in
the operating cost base of the IWR business, resulting in higher capital generation and cash remittances. These costs are
included in other expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-809": { "value": "
9 - Other finance costs
This note analyses the interest costs on our borrowings (which are described in note 47 ) and similar charges.
Other\u00a0finance costs comprise:
Note
2023
\u00a3m
2022
\u00a3m
Subordinated debt
219
253
Long term senior debt
10
10
Commercial paper
4
1
Interest expense on core structural borrowings at amortised cost
233
264
Amounts owed to financial institutions at amortised cost
26
5
Securitised mortgage loan notes at fair value
70
79
Interest expense on operational borrowings
96
84
Interest on collateral received
39
12
Net finance charge on pension schemes
46(b)(i)
25
20
Interest on lease liabilities
8
9
Other similar charges
78
81
Total finance costs
479
470
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-811": { "value": "
11 - Employee information
This note shows where our staff are employed, excluding staff employed by our joint ventures and associates, and
analyses the total staff costs.
(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
2023
2022
2023
2022
Number
Number
Number
Number
Insurance, Wealth & Retirement (IWR)
9,963
9,163
9,562
8,717
UK & Ireland General Insurance
8,653
7,858
8,333
7,680
Canada General Insurance
4,657
4,471
4,643
4,439
Aviva Investors
963
997
967
1,069
International investments
1,490
1,334
1,447
1,294
Other operations
656
541
577
502
Total employee numbers
26,382
24,364
25,529
23,701
1. Average employee numbers have been calculated using a monthly average that takes into account recruitment, leavers, transfers, acquisitions and disposals of businesses during the year.
(b) Staff costs
Note
2023
\u00a3m
2022
\u00a3m
Wages and salaries
1,132
1,042
Social security costs
132
126
Post-retirement obligations
Defined benefit schemes
46(d)
27
23
Defined contribution schemes
46(d)
190
172
Profit sharing and incentive plans
198
220
Equity compensation plans
33(d)
61
58
Termination benefits
14
17
Total staff costs
1,754
1,658
Staff costs are charged within:
Note
2023
\u00a3m
2022
\u00a3m
Acquisition costs
465
459
Claims handling expenses
190
204
Central costs
67
59
Staff costs
8
1,032
936
Total staff costs
1,754
1,658
12 - 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 aggregate emoluments of the directors in respect of 2023 was
\u00a37.3\u00a0million (2022: \u00a36.5 million). Employer contributions to pensions for executive directors for qualifying periods were
\u00a3nil in both 2023 and 2022. The aggregate net value of share awards granted to the directors in the year was \u00a3nil in both
2023 and 2022. No share options were exercised by directors during the year in either 2023 and 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-810": { "value": "
11 - Employee information
This note shows where our staff are employed, excluding staff employed by our joint ventures and associates, and
analyses the total staff costs.
(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
2023
2022
2023
2022
Number
Number
Number
Number
Insurance, Wealth & Retirement (IWR)
9,963
9,163
9,562
8,717
UK & Ireland General Insurance
8,653
7,858
8,333
7,680
Canada General Insurance
4,657
4,471
4,643
4,439
Aviva Investors
963
997
967
1,069
International investments
1,490
1,334
1,447
1,294
Other operations
656
541
577
502
Total employee numbers
26,382
24,364
25,529
23,701
1. Average employee numbers have been calculated using a monthly average that takes into account recruitment, leavers, transfers, acquisitions and disposals of businesses during the year.
(b) Staff costs
Note
2023
\u00a3m
2022
\u00a3m
Wages and salaries
1,132
1,042
Social security costs
132
126
Post-retirement obligations
Defined benefit schemes
46(d)
27
23
Defined contribution schemes
46(d)
190
172
Profit sharing and incentive plans
198
220
Equity compensation plans
33(d)
61
58
Termination benefits
14
17
Total staff costs
1,754
1,658
Staff costs are charged within:
Note
2023
\u00a3m
2022
\u00a3m
Acquisition costs
465
459
Claims handling expenses
190
204
Central costs
67
59
Staff costs
8
1,032
936
Total staff costs
1,754
1,658
12 - 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 aggregate emoluments of the directors in respect of 2023 was
\u00a37.3\u00a0million (2022: \u00a36.5 million). Employer contributions to pensions for executive directors for qualifying periods were
\u00a3nil in both 2023 and 2022. The aggregate net value of share awards granted to the directors in the year was \u00a3nil in both
2023 and 2022. No share options were exercised by directors during the year in either 2023 and 2022.
45 \u2013 Pension deficits and other provisions
This note details the non-insurance provisions that the Group holds and shows the movements in these during the year.
(a) Carrying amounts
Note
2023
Restated1
2022
\u00a3m
\u00a3m
Total IAS 19 obligations to main staff pension schemes
46(a)
410
360
Restructuring provisions
44
70
Other provisions
341
294
Total provisions
795
724
1. The 2022 comparative amounts have been restated to reduce other liabilities by \u00a337 million following the remeasurement of the Succession Wealth acquisition balance sheet (see note 1(c)).
Restructuring provisions include lease termination penalties and costs relating to disposed entities. They comprise only
the direct expenditures arising from the restructuring, which are those that are necessarily entailed by the restructuring;
and not associated with the ongoing activities of the entity.
Other provisions are measured based upon our expectation of the value and timing of future economic outflows. Other
provisions include product governance provisions, which are measured based upon the amounts we expect to pay to
policyholders and other costs arising directly from remediation.
(b) Movements on restructuring and other provisions
2023
Restated1
2022
Restructuring
provisions
Other
provisions
Total
Restructuring
provisions
Other
provisions 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
70
293
363
119
396
515
Additional provisions
\u2014
174
174
\u2014
131
131
Provisions released during the year
(3)
(66)
(69)
\u2014
(91)
(91)
Charge to income statement
(3)
108
105
\u2014
40
40
Utilised during the year
(23)
(60)
(83)
(49)
(162)
(211)
Acquisition of subsidiaries
\u2014
\u2014
\u2014
\u2014
19
19
Foreign exchange rate movements
\u2014
\u2014
\u2014
\u2014
1
1
At 31 December
44
341
385
70
294
364
1. The 2022 comparative amounts have been restated to reduce other liabilities by \u00a337 million following the remeasurement of the Succession Wealth acquisition balance sheet (see note 1(c)).
Of the total restructuring and other provisions, \u00a388 million ( 2022 restated: \u00a382 million) is expected to be settled more
than one year after the statement of financial position date.
Restructuring provisions include amounts for separation costs and onerous contracts arising as a result of disposal
transactions completed in 2020 and 2021.
46 \u2013 Pension obligations
(a) Introduction
The Group operates a number of defined benefit and defined contribution pension schemes. The material defined benefit
schemes are in the UK, Ireland and Canada. The assets and liabilities of these defined benefit schemes as at 31 December
are shown below.
2023
2022
Note
UK
Ireland
Canada
Total
UK
Ireland
Canada
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Total fair value of scheme assets
46(b)(ii)
10,678
678
190
11,546
10,877
689
197
11,763
Present value of defined benefit obligation
(10,211)
(679)
(249)
(11,139)
(10,002)
(670)
(259)
(10,931)
Net IAS 19 surpluses/(deficits) in the schemes
467
(1)
(59)
407
875
19
(62)
832
Surpluses included in other assets
31
809
8
\u2014
817
1,166
26
\u2014
1,192
Deficits included in provisions
45
(342)
(9)
(59)
(410)
(291)
(7)
(62)
(360)
Net IAS 19 surpluses/(deficits) in the schemes
467
(1)
(59)
407
875
19
(62)
832
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\u00a0Group 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\u00a0appropriate methods for the respective countries on local funding bases.
The number of scheme members was as follows:
2023
2022
Number
UK
Ireland
Canada
Total
UK
Ireland
Canada
Total
Deferred members
37,906
2,182
213
40,301
39,843
2,200
344
42,387
Pensioners
41,212
975
1,228
43,415
40,501
982
1,261
42,744
Total members
79,118
3,157
1,441
83,716
80,344
3,182
1,605
85,131
All schemes are closed to future accrual. Closure of the schemes has removed the volatility associated with additional
future accrual for active members.
(i) UK schemes
In the UK, the Group operates three main pension schemes, the ASPS, the RAC Scheme which was retained after the sale
of RAC Limited in September 2011 and the FPPS, which was acquired as part of the Friends Life acquisition in 2015. As the
defined benefit sections of the UK schemes are now closed to both new members and future accrual, existing deferred
members in active service and new entrants participate in the defined contribution section of the ASPS. The UK schemes
operate within the UK pensions\u2019 regulatory framework.
(ii) Other schemes
In Ireland, the Group operates two main pension schemes, the Aviva Ireland Staff Pension Fund (AISPF) and the Friends
First Group Retirement and Death Benefits Scheme (FFPS) which was acquired as part of the Friends First acquisition in
June 2018. Future accruals for the AISPF and FFPS schemes ceased with effect from 30 April 2013 and 1 April 2014
respectively. The Irish schemes are regulated by the Pensions Authority in Ireland.
The Canadian defined benefit pension plan ceased accruals with effect from 31 December 2011. The Canadian pension
plan currently in force is a Defined Contribution Pension Plan that is subject to the Pensions Benefits Act (Ontario),
Income Tax Act (Canada), and oversight of the Financial Services Regulatory Authority of Ontario.
(b) IAS 19 disclosures
Disclosures under IAS 19 for the material defined benefit schemes in the UK, Ireland and Canada, are given below. Where
schemes provide both defined benefit and defined contribution pensions, the assets and liabilities shown exclude those
relating to defined contribution pensions.
(i) Movements in the scheme surpluses and deficits
Movements in the pension schemes\u2019 surpluses and deficits comprise:
2023
2022
Fair value
of scheme
assets
Present
value of
defined
benefit
obligation
IAS 19
Pensions net
surplus/
(deficits)
Fair value
of scheme
assets
Present
value of
defined
benefit
obligation
IAS 19
Pensions net
surplus/
(deficits)
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net IAS 19 surplus in the schemes at 1 January
11,763
(10,931)
832
19,337
(17,068)
2,269
Administrative expenses
\u2014
(22)
(22)
\u2014
(20)
(20)
Total pension cost charged to net operating expenses
\u2014
(22)
(22)
\u2014
(20)
(20)
Net interest credited/(charged) to investment income/(finance
costs) 1
544
(505)
39
352
(310)
42
Total recognised in income statement
544
(527)
17
352
(330)
22
Actual return on these assets
316
\u2014
316
(7,125)
\u2014
(7,125)
Less: Interest income on scheme assets
(544)
\u2014
(544)
(352)
\u2014
(352)
Return on scheme assets excluding amounts in interest income
(228)
\u2014
(228)
(7,477)
\u2014
(7,477)
(Losses) / gains from change in financial assumptions
\u2014
(333)
(333)
\u2014
5,724
5,724
Gains from change in demographic assumptions
\u2014
104
104
\u2014
540
540
Experience losses
\u2014
(38)
(38)
\u2014
(329)
(329)
Total recognised in other comprehensive income
(228)
(267)
(495)
(7,477)
5,935
(1,542)
Employer contributions
53
\u2014
53
89
\u2014
89
Plan participant contributions
2
(2)
\u2014
2
(2)
\u2014
Benefits paid
(546)
546
\u2014
(572)
572
\u2014
Administrative expenses paid from scheme assets
(22)
22
\u2014
(20)
20
\u2014
Foreign exchange rate movements
(20)
20
\u2014
52
(58)
(6)
Net IAS 19 surplus in the schemes at 31 December
11,546
(11,139)
407
11,763
(10,931)
832
1. Net interest income of \u00a364 million (2022: \u00a362 million) has been credited to investment income and net interest expense of \u00a325 million (2022: \u00a320 million) has been charged to finance costs (see note 9 ).
The present value of unfunded post-retirement benefit obligations included in the table above is \u00a385 million at
31 December 2023 (2022:\u00a0\u00a388 million).
Remeasurement loss of \u00a3495 million ( 2022: loss of \u00a31,542 million) recorded in the statement of comprehensive income for
the period are largely driven by:
\u2022 During 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 57 for further information). The scheme assets recognised are transferable and
so have not been subject to consolidation within the Group\u2019s financial statements.
\u2022 Economic movements, including movements in interest rates and in spreads on government and corporate bonds, and
movements impacting other assets. This has resulted in an increase in the valuation of the defined benefit obligation
(DBO) not fully offset by the increase in the fair value of fixed income securities and other assets.
\u2022 The losses were partially offset by actuarial gains relating to updated demographic assumptions (including longevity).
(ii) Scheme assets
Scheme assets are stated at their fair values at 31 December. Total scheme assets are comprised by country as follows:
2023
2022
UK
Ireland
Canada
Total
UK
Ireland
Canada
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bonds
7,804
545
\u2014
8,349
7,969
530
63
8,562
Equities
\u2014
18
\u2014
18
\u2014
18
\u2014
18
Property
14
\u2014
\u2014
14
74
\u2014
\u2014
74
Pooled investment vehicles
2,093
253
185
2,531
1,710
273
132
2,115
Derivatives
3
52
\u2014
55
(158)
56
\u2014
(102)
Insurance policies
3,992
\u2014
\u2014
3,992
3,423
\u2014
\u2014
3,423
Repurchase agreements
(2,436)
(203)
\u2014
(2,639)
(646)
(191)
\u2014
(837)
Cash and other1
(361)
13
5
(343)
(1,063)
3
2
(1,058)
Total fair value of scheme assets
11,109
678
190
11,977
11,309
689
197
12,195
Less: consolidation elimination for non-
transferable Group insurance policy 2
(431)
\u2014
\u2014
(431)
(432)
\u2014
\u2014
(432)
Total IAS 19 fair value of scheme assets
10,678
678
190
11,546
10,877
689
197
11,763
1. Cash and other assets comprise cash at bank, receivables, payables, and longevity swaps.
2. As at 31 December 2023, the FPPS asset includes an insurance policy of \u00a3431 million (2022: \u00a3432 million) issued by a Group company that is not transferable under IAS 19 and is consequently
eliminated from the Group\u2019s IAS 19 scheme assets. Insurance policies issued by other Group companies of \u00a33,561 million as at 31 December 2023 (2022: \u00a32,991 million) included in the ASPS assets
are transferable and so are not subject to consolidation.
Total scheme assets are analysed by those that have a quoted market price in an active market and other as follows:
2023
2022
Quoted in an
active market
Other
Total
Quoted in an
active market
Other
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Bonds
6,889
1,460
8,349
7,078
1,484
8,562
Equities
18
\u2014
18
18
\u2014
18
Property
\u2014
14
14
\u2014
74
74
Pooled investment vehicles
38
2,493
2,531
31
2,084
2,115
Derivatives
34
21
55
64
(166)
(102)
Insurance policies
\u2014
3,992
3,992
\u2014
3,423
3,423
Repurchase agreements
\u2014
(2,639)
(2,639)
\u2014
(837)
(837)
Cash and other1
489
(832)
(343)
(717)
(341)
(1,058)
Total fair value of scheme assets
7,468
4,509
11,977
6,474
5,721
12,195
Less: consolidation elimination for non-transferable Group
insurance policy 2
(431)
(431)
\u2014
(432)
(432)
Total IAS 19 fair value of scheme assets
7,468
4,078
11,546
6,474
5,289
11,763
1. Cash and other assets comprise cash at bank, receivables, payables, and longevity swaps.
2. As at 31 December 2023, the FPPS asset includes an insurance policy of \u00a3431 million (2022: \u00a3432 million) issued by a Group company that is not transferable under IAS 19 and is consequently
eliminated from the Group\u2019s IAS 19 scheme assets. Insurance policies issued by other Group companies of \u00a33,561 million as at 31 December 2023 (2022: \u00a32,991 million) included in the ASPS assets
are transferable and so are not subject to consolidation.
IAS 19 plan assets include investments in Group-managed funds of \u00a31,124 million (2022: \u00a31,468 million) and transferable
insurance policies with other Group companies of \u00a33,561 million (2022: \u00a32,991 million) in the ASPS. Where the investments
are in segregated funds with specific asset allocations, they are included in the appropriate line in the table above,
otherwise they appear in \u2018Cash and other\u2019. There are no significant judgements involved in the valuation of the scheme
assets. Insurance policies are valued on the same basis as the pension scheme liabilities, as required by IAS 19.
(iii) Assumptions on scheme liabilities
The valuations used for accounting under IAS 19 have been based on the most recent funding actuarial valuations,
updated to take account of the standard\u2019s requirements in order to assess the liabilities of the material schemes at
31 December 2023.
The projected unit credit method
The inherent uncertainties affecting the measurement of scheme liabilities require these to be measured on an actuarial
basis. This involves discounting the best estimate of future cash flows to be paid out by the scheme using the projected
unit credit method. This is an accrued benefits valuation method which calculates the past service liability to members
and makes allowance for their projected future earnings. It is based on a number of actuarial assumptions, which vary
according to the economic conditions of the countries in which the relevant businesses are situated, and changes in these
assumptions can materially affect the measurement of the pension obligations.
Financial assumptions
The main financial assumptions used to calculate scheme liabilities under IAS 19 are:
2023
2022
UK
Ireland
Canada
UK
Ireland
Canada
Inflation rate1
3.1%
2.1%
2.75%
3.5%
2.6%
2.75%
General salary increases2
5.2%
3.6%
3.25%
5.3%
4.1%
3.25%
Pension increases3
3.2%
0.6 %/0.7 %
\u2014%
3.6%
0.8%
\u2014%
Deferred pension increases3
2.6%
2.1%
\u2014%
3.6%
2.3%
\u2014%
Discount rate4, 5
4.49 %/4.50 %/
4.51 %
(non-insured
members)
3.15 %/3.10 %
4.62%
4.81 %/4.80 %/
4.78 %
(non-insured
members)
3.65 %/3.60 %
5.05%
4.51 %/4.48 %
(insured members)
4.79 %/4.82 %
(insured members)
Basis of discount rate
AA-rated corporate bonds
AA-rated corporate bonds
1. For the UK schemes relevant RPI/CPI swap curves are used in the calculation of the DBO; the rate shown is the equivalent single RPI rate for ASPS. In 2023, CPI is derived as RPI less 100 bps pre
2030 and RPI less 0bps post 2030 (2022: RPI less 100 bps pre 2030 and RPI less 0bps post 2030).
2. In the UK, the only remaining linkage between pension benefits and general salary increases is in respect of a small amount of Guaranteed Minimum Pension benefits, in line with National Average
Earnings.
3. For the UK schemes relevant RPI/CPI swap curves are used, adjusted to reflect the appropriate caps/floors and inflation volatility with full curves used in the calculation of the DBO. The rates
shown are the single equivalent rates for the biggest groups of pensions in payment and deferment respectively in the ASPS. The rates shown for 2022 included allowance for the impact of known
inflation experience that fell within the reference period for pension and deferred pension increases due in 2023. The rates shown for 2023 exclude this known experience - the single equivalent
increases at 2022 using a consistent methodology to derive the rates would have been 3.4% for pension increases in payment and 3.1% for increases in deferment.
4. To calculate scheme liabilities in the UK, a discount rate of 4.49 % is used for ASPS, 4.50 % for RAC and 4.51 % for FPPS members not included in annuity policies held by the scheme. A discount rate
of 4.51 % is used for ASPS members and 4.48% for FPPS members included in annuity policies held by the schemes. The different rates reflect the differences in the duration of the liabilities
between the schemes.
5. For the Irish schemes, a discount rate of 3.15 % and 3.10 % is used for AISPF and FFPS respectively, reflecting the differences in the duration of the liabilities between the two schemes.
The discount rate and pension increase rate are the two assumptions that have the largest impact on the value of the
liabilities, with the difference between them being known as the net discount rate. For each country, the discount rate is
based on current average yields of high-quality debt instruments taking account of the maturities of the defined benefit
obligations.
Mortality assumptions
Mortality assumptions are material in measuring the Group\u2019s obligations under its defined benefit schemes. The
assumptions used are summarised in the table below and have been selected to reflect the characteristics and experience
of the membership of these schemes.
The mortality tables, average life expectancy and pension duration used at 31 December 2023 for scheme members are
as\u00a0follows:
Normal
retirement
age
(NRA)
Life expectancy/(pension
duration) at NRA of a male
Life expectancy/(pension
duration) at NRA of a female
Currently
aged
NRA
20 years
younger than
NRA
Currently
aged
NRA
20 years
younger than
NRA
UK
ASPS
SAPS tables as a proxy for Club Vita pooled experience, including an
allowance for future improvements
60
87.8
89.2
89.4
91.3
(27.8)
(29.2)
(29.4)
(31.3)
RAC
SAPS, including allowances for future improvement
65
86.7
88.4
88.8
90.5
(21.7)
(23.4)
(23.8)
(25.5)
FPPS
SAPS, including allowances for future improvement
60
87.6
89.5
90.0
91.7
(27.6)
(29.5)
(30.0)
(31.7)
Ireland
AISPF
89% PNA00 with allowance for future improvements
61
88.9
90.6
91.7
93.3
(27.9)
(29.6)
(30.7)
(32.3)
FFPS
88%/91% ILT15 with allowance for future improvements
65
89.0
90.5
91.6
93.2
(24.0)
(25.5)
(26.6)
(28.2)
Canada
Canadian Pensioners\u2019 Mortality 2014 Private Table, including allowance
for future improvements
65
87.3
88.8
89.8
91.1
(22.3)
(23.8)
(24.8)
(26.1)
The assumptions above are based on commonly used mortality tables. The tables make allowance for observed variations
in such factors as age, gender, pension amount, salary and postcode-based lifestyle group, and have been adjusted to
reflect recent research into mortality experience. However, the extent of future improvements in longevity is subject to
considerable uncertainty and judgement is required in setting this assumption. For the ASPS, which is the most material
scheme to the Group, the allowance for mortality improvement is per the actuarial profession\u2019s CMI_2022 (S=7.25)
Advanced with adjustments model (2022: CMI_2021 (S=7.25) Advanced with adjustments) with zero weight on 2022 data
within the model. Instead of placing weight on 2022 data within the CMI improvements model, a separate adjustment is
made to reflect the impact that the drivers of excess mortality in 2022 and 2023 are expected to have in future years.
There is a long-term improvement rate of 1.50% for both males and females (2022: 1.50% for both males and females). The
CMI_2022 tables have been adjusted to allow for greater mortality improvements in the annuitant population relative to
the general population on which CMI_2022 is based, using a parameter of 0.15% for males and 0.20% for females,
tapering to zero between ages 90 and 110 (for 2022\u00a0the same approach was taken with respect to CMI_2021). Long-term
improvement rates are set to taper to zero between ages 85 and 110 (2022: long-term improvement rates taper to zero
between ages 85 and 110).
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 sensitivity 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:
2023
2022
Increase in
interest
rates +1%
Decrease in
interest
rates -1%
Increase in
inflation rate
+1%
Decrease in
inflation rate
-1%
1 year
younger1
Increase in
interest rates
+1%
Decrease in
interest rates
-1%
Increase in
inflation rate
+1%
Decrease in
inflation rate
-1%
1 year
younger 1
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Impact on present value of
defined benefit obligation
1,301
(1,612)
(1,189)
977
(314)
1,299
(1,613)
(1,078)
872
(308)
Impact on fair value of
scheme assets
(1,448)
1,828
1,255
(1,086)
312
(1,573)
1,995
1,316
(1,133)
293
Impact on IAS 19 surplus
(147)
216
66
(109)
(2)
(274)
382
238
(261)
(15)
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\u00a0correlated. It should also be noted that these sensitivities are non-linear, and larger or smaller impacts should not be
interpolated or extrapolated from these results.
Maturity profile of the defined benefit obligation
The discounted scheme liabilities have an average duration of 13 years (2022: 13 years) in ASPS, 15 years (2022: 15 years) in
FPPS, 13 years (2022: 14 years) in the RAC scheme, 15 years (2022: 15 years) in AISPF, 22 years (2022: 23\u00a0years) in FFPS and 9
years (2022: 9 years) in the Canadian scheme.
The expected undiscounted benefits payable from the main UK defined benefit scheme, ASPS, is shown in the
chart\u00a0below:
Undiscounted benefit payments (\u00a3m)
(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 and inflation 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 and property 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 multiple bulk annuity buy-in transactions with Aviva Life & Pensions UK
Limited, a Group Company. These transactions have covered approximately \u00a33.4 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 RAC pension scheme entered into a longevity swap covering approximately \u00a30.4 billion of pensioner
in payment scheme liabilities.
(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.
Contributions of around \u00a360 million are expected to be paid during 2024. This includes cash settlements from the
non-transferable annuity policy, as well as deficit reduction contributions to the FPPS, AISPF and Canadian scheme.
(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:
Note
2023
2022
\u00a3m
\u00a3m
UK defined benefit schemes
26
22
Overseas defined benefit schemes
1
1
Total defined benefit schemes
11(b)
27
23
UK defined contribution schemes
171
152
Overseas defined contribution schemes
19
20
Total defined contribution schemes
11(b)
190
172
Total charge for pension schemes
217
195
There were no significant contributions payable or prepaid in the consolidated statement of financial position as at either
31 December 2023 or 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-814": { "value": "
13 - Auditors\u2019 remuneration
This note shows the total remuneration payable by the Group, excluding VAT and any overseas equivalent thereof,
to\u00a0our\u00a0auditors.
2023
\u00a3m
2022
\u00a3m
Fees payable to PwC LLP and its associates for the statutory audit of the Aviva Group and Company financial
statements
3.2
3.4
Fees payable to PwC LLP and its associates for other services
Audit of Group subsidiaries
18.6
21.8
Additional fees related to the prior year audit of Group subsidiaries
0.1
0.7
Total audit fees
21.9
25.9
Audit related assurance
4.5
4.5
Total audit and audit-related assurance fees
26.4
30.4
Other assurance services
1.3
1.7
Total audit and assurance fees
27.7
32.1
Tax compliance services
0
0
Tax advisory services
0
0
Services relating to corporate finance transactions
0
0
Other non-audit services not covered above
0
0
Fees payable to PwC LLP and its associates for services to Group companies
27.7
32.1
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, and 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 and 2023 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 (including
additional fees related to the audit of Group subsidiaries) and audit-related assurance fees were \u00a326.4 million
(2022:\u00a0\u00a330.4\u00a0million).
Other assurance services in 2023 of \u00a31.3 million ( 2022 : \u00a31.7 million) mainly include assurance fees over a selection of
non-financial reporting metrics.
In addition to these fees, audit fees payable to PwC LLP in respect of investment funds consolidated in the Group
financial statements were \u00a34.1 million (2022: \u00a33.9 million). These fees are borne directly by the unitholders of the funds
and are not borne by the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-815": { "value": "
14 - Tax
This note analyses the tax charge for the year and explains the factors that affect it.
(a) Tax charged/(credited) to the income statement
(i) The total tax charged/(credited) comprises:
2023
\u00a3m
Restated1
2022
\u00a3m
For the period
321
89
Adjustments in respect of prior years
(29)
(35)
Current tax
292
54
Origination and reversal of temporary differences
306
(1,190)
Write down/(back) of deferred tax assets
(14)
(73)
Deferred tax
292
(1,263)
Total tax charged/(credited) to income statement
584
(1,209)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
(ii) Policyholder tax
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 expense attributable to UK and Ireland life insurance policyholder returns
is included in the tax charge. The tax charge attributable to policyholder returns included in the charge above is
\u00a3249\u00a0million ( 2022: credit of\u00a0\u00a3764 million).
(iii) The tax charged/(credited) to the income statement, comprising current and deferred tax, can be analysed as
follows:
2023
\u00a3m
Restated1
2022
\u00a3m
UK tax
517
(1,238)
Overseas tax
67
29
Total tax charged/(credited) to income statement
584
(1,209)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
(iv) Unrecognised tax losses and temporary differences
Unrecognised tax losses and temporary differences of previous years were used to reduce the current tax expense and
deferred tax charge by \u00a3nil million and \u00a314 million (2022: \u00a3nil million and \u00a373 million) respectively.
(v) Deferred tax charged/(credited) to the income statement
Deferred tax charged/(credited) to the income statement represents movements on the following items:
2023
\u00a3m
Restated1
2022
\u00a3m
Long-term business technical provisions and other insurance items
(195)
(162)
Deferred acquisition costs
(25)
17
Unrealised gains on investments
57
(300)
Pensions and other post-retirement obligations
14
15
Unused losses and tax credits
225
(295)
Subsidiaries, associates and joint ventures
\u2014
(28)
Intangibles and additional value of in-force long-term business
(27)
(25)
Provisions and other temporary differences
243
(485)
Total deferred tax charged/(credited) to income statement
292
(1,263)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
(b) Tax credited to other comprehensive income
(i) The total tax credited comprises:
2023
\u00a3m
Restated1
2022
\u00a3m
In respect of pensions and other post-retirement obligations
(3)
\u2014
In respect of foreign exchange movements
2
(6)
Current tax
(1)
(6)
In respect of pensions and other post-retirement obligations
(119)
(412)
Deferred tax
(119)
(412)
Total tax credited to comprehensive income
(120)
(418)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
(ii) Policyholder tax
There is no tax charge/(credit) attributable to policyholders\u2019 return included above in either 2023 or 2022.
(c) Tax credited/(charged) to equity
No tax was charged or credited directly to equity in either 2023 or 2022 .
(d) Tax reconciliation
The tax on the Group\u2019s profit/(loss) before tax differs from the theoretical amount that would arise using the tax rate of
the home country of the Company as follows:
2023
Restated1
2022
Shareholder
\u00a3m
Policyholder
\u00a3m
Total
\u00a3m
Shareholder
\u00a3m
Policyholder
\u00a3m
Total
\u00a3m
Total profit/(loss) before tax
1,441
249
1,690
(1,475)
(764)
(2,239)
Tax calculated at standard UK corporation tax rate of 23.50% (2022:
19.00%)
339
58
397
(280)
(145)
(425)
Reconciling items
Different basis of tax \u2013 policyholders
\u2014
192
192
\u2014
(620)
(620)
Adjustment to tax charge in respect of prior periods
(9)
\u2014
(9)
(28)
\u2014
(28)
Non-assessable income and items not taxed at the full statutory rate
(13)
\u2014
(13)
(31)
\u2014
(31)
Disallowable expenses
32
\u2014
32
16
\u2014
16
Different local basis of tax on overseas profits
8
(1)
7
(3)
1
(2)
Movement in valuation of deferred tax
(30)
\u2014
(30)
(113)
\u2014
(113)
Tax effect of profit from joint ventures and associates
6
\u2014
6
(6)
\u2014
(6)
Other
2
\u2014
2
\u2014
\u2014
\u2014
Total tax charged/(credited) to income statement
335
249
584
(445)
(764)
(1,209)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The tax charge/(credit) attributable to policyholder returns is removed from the Group\u2019s total profit before tax in arriving
at the Group\u2019s profit before tax attributable to shareholders\u2019 profits. As the net of tax profits attributable to with-profits
and unit-linked policyholders is zero, the Group\u2019s pre-tax profit attributable to policyholders is an amount equal and
opposite to the tax charge/(credit) attributable to policyholders included in the total tax charge.
The UK corporation tax rate increased to 25% from 1 April 2023. This rate has been used in the calculation of the UK\u2019s
deferred tax assets and liabilities.
In addition, the UK government announced a reduction in the authorised surplus payments charge, applicable to
withdrawing amounts from pension schemes in surplus, from 35% to 25% to take effect from 6 April 2024. This provision
was not substantively enacted at the balance sheet date, however, its implementation is expected to reduce the deferred
tax liabilities of the group by approximately \u00a343 million.
During 2023, legislation on The Organisation for Economic Co-operation and Development proposals to reform the
international tax system and introduce a global minimum effective rate of corporation tax of 15% was enacted or
substantively enacted by a number of jurisdictions in which the group operates, to take effect from 31 December 2023. In
accordance with the amendments to IAS 12, endorsed in the UK on 19 July 2023, the Group has applied the exemption and
not provided for deferred tax in respect of these reforms.
The Group has assessed its potential exposure, based on the available information, and has identified that the effective
tax rates in most jurisdictions are either over 15% or that transitional safe harbour relief is expected to apply. Where these
do not apply, the Group expects to be exposed to no greater than \u00a310 million of additional tax under these provisions in
those jurisdictions.
(e) Tax paid reconciliation
The tax on the Group\u2019s profit before tax differs from the tax paid per the consolidated statement of cash flows as follows:
2023
\u00a3m
Restated1
2022
\u00a3m
Total tax charged/(credited) to income statement
584
(1,209)
Deferred tax
(292)
1,263
Adjustments in respect of prior years
29
35
Current tax recorded in other comprehensive income
(1)
(6)
Accounts adjustments
(264)
1,292
Amounts paid in (earlier)/later accounting periods
(180)
131
Amounts received relating to prior accounting periods
(72)
(4)
Payment timing differences
(252)
127
Total tax paid
68
210
Total tax paid has arisen in our main jurisdictions of the UK, Canada and Ireland by \u00a346 million, \u00a320 million and \u00a32\u00a0million,
respectively (2022: \u00a3134 million, \u00a365 million and \u00a36 million). Other jurisdictions accounted for \u00a3nil million
(2022:\u00a0\u00a35\u00a0million).
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\u2019s financial statements. Adjustments in respect of prior years arise where the final tax
liability payable to tax authorities is different from the tax charge for the period reported in the Annual Report and
Accounts.
44 \u2013 Tax assets and liabilities
This note analyses the tax assets and liabilities that appear in the statement of financial position and explains the
movements in these balances in the year.
(a) Current tax
Current tax assets recoverable and liabilities payable in more than one year are \u00a385 million and \u00a31 million
( 2022:\u00a0\u00a3116\u00a0million and \u00a310\u00a0million), respectively.
The Group is party to the CFC & Dividend Group Litigation Order, which challenged the tax treatment of dividends
received from non-UK entities before 2009. The Group is attempting to recover claims from HMRC covered by this
judgement. A recoverable balance of \u00a385\u00a0million ( 2022 : \u00a3106 million) is included within current tax assets.
(b) Deferred tax
(i) The balances at 31 December comprise:
2023
Restated1
2022
\u00a3m
\u00a3m
Deferred tax assets
958
1,382
Deferred tax liabilities
(453)
(703)
Net deferred tax asset
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
Deferred tax attributable to policyholder returns included above at 31 December 2023 was an asset of \u00a389 million
( 2022 :\u00a0asset of \u00a3340\u00a0million).
Net deferred tax assets in respect of policyholder investments arose as a result of significant market volatility in 2022.
These positions are expected to reverse as the market recovers. The deferred tax asset relates to UK tax losses which
carry forward indefinitely and is recognised based on probable future taxable investment income and gains within five
years. Assumed investment returns are consistent with actuarial assumptions used in reserving and alternative
assumptions modelled by the Group also show full recovery of the deferred tax asset over this period.
Where shareholder deferred tax assets are not supported by deferred tax liabilities, they are recognised to the extent that
it is probable that future taxable profits will be available against which the tax losses can be utilised. In assessing future
profitability, the directors have relied on board approved business plans and profit forecasts for up to five years and the
Group's history of taxable profits in the relevant jurisdictions.
(ii) The net deferred tax asset/(liability) arises on the following items:
2023
Restated1
2022
\u00a3m
\u00a3m
Long-term business technical provisions and other insurance items
500
362
Deferred acquisition costs
(6)
(30)
Unrealised gains on investments
(245)
(187)
Pensions and other post-retirement obligations
(145)
(250)
Unused losses and tax credits
267
459
Intangibles and additional value of in-force long-term business
(207)
(237)
Provisions and other temporary differences
341
562
Net deferred tax asset
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
(iii) The movement in the net deferred tax asset/(liability) was as follows:
Note
2023
Restated1
2022
\u00a3m
\u00a3m
Net asset/(liability) at 1 January
679
(941)
Acquisition and disposal of subsidiaries
\u2014
(57)
Amounts (charged)/credited to income statement
14(a)
(292)
1,263
Amounts credited to other comprehensive income
14(b)
119
412
Foreign exchange rate movements
(1)
2
Net asset at 31 December
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
The Group has unrecognised gross tax losses (excluding capital losses) and other temporary differences of \u00a3347 million
(2022 restated: \u00a3487 million) to carry forward against future taxable income of the necessary category in the companies
concerned. Of these, trading losses of \u00a344 million (2022: \u00a326 million) will expire within the next eight years. The remaining
losses have no expiry date.
In addition, the Group has unrecognised gross capital losses of \u00a3577 million (2022: \u00a3579 million). These have no expiry
date.
At 31 December 2023, a potential deferred tax liability of \u00a322 million (2022 restated: \u00a314 million) is not recognised on
temporary differences relating to reserves of overseas subsidiaries which are not expected to be distributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-816": { "value": "
(v) Deferred tax charged/(credited) to the income statement
Deferred tax charged/(credited) to the income statement represents movements on the following items:
2023
\u00a3m
Restated1
2022
\u00a3m
Long-term business technical provisions and other insurance items
(195)
(162)
Deferred acquisition costs
(25)
17
Unrealised gains on investments
57
(300)
Pensions and other post-retirement obligations
14
15
Unused losses and tax credits
225
(295)
Subsidiaries, associates and joint ventures
\u2014
(28)
Intangibles and additional value of in-force long-term business
(27)
(25)
Provisions and other temporary differences
243
(485)
Total deferred tax charged/(credited) to income statement
292
(1,263)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
(b) Tax credited to other comprehensive income
(i) The total tax credited comprises:
2023
\u00a3m
Restated1
2022
\u00a3m
In respect of pensions and other post-retirement obligations
(3)
\u2014
In respect of foreign exchange movements
2
(6)
Current tax
(1)
(6)
In respect of pensions and other post-retirement obligations
(119)
(412)
Deferred tax
(119)
(412)
Total tax credited to comprehensive income
(120)
(418)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
44 \u2013 Tax assets and liabilities
This note analyses the tax assets and liabilities that appear in the statement of financial position and explains the
movements in these balances in the year.
(a) Current tax
Current tax assets recoverable and liabilities payable in more than one year are \u00a385 million and \u00a31 million
( 2022:\u00a0\u00a3116\u00a0million and \u00a310\u00a0million), respectively.
The Group is party to the CFC & Dividend Group Litigation Order, which challenged the tax treatment of dividends
received from non-UK entities before 2009. The Group is attempting to recover claims from HMRC covered by this
judgement. A recoverable balance of \u00a385\u00a0million ( 2022 : \u00a3106 million) is included within current tax assets.
(b) Deferred tax
(i) The balances at 31 December comprise:
2023
Restated1
2022
\u00a3m
\u00a3m
Deferred tax assets
958
1,382
Deferred tax liabilities
(453)
(703)
Net deferred tax asset
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
Deferred tax attributable to policyholder returns included above at 31 December 2023 was an asset of \u00a389 million
( 2022 :\u00a0asset of \u00a3340\u00a0million).
Net deferred tax assets in respect of policyholder investments arose as a result of significant market volatility in 2022.
These positions are expected to reverse as the market recovers. The deferred tax asset relates to UK tax losses which
carry forward indefinitely and is recognised based on probable future taxable investment income and gains within five
years. Assumed investment returns are consistent with actuarial assumptions used in reserving and alternative
assumptions modelled by the Group also show full recovery of the deferred tax asset over this period.
Where shareholder deferred tax assets are not supported by deferred tax liabilities, they are recognised to the extent that
it is probable that future taxable profits will be available against which the tax losses can be utilised. In assessing future
profitability, the directors have relied on board approved business plans and profit forecasts for up to five years and the
Group's history of taxable profits in the relevant jurisdictions.
(ii) The net deferred tax asset/(liability) arises on the following items:
2023
Restated1
2022
\u00a3m
\u00a3m
Long-term business technical provisions and other insurance items
500
362
Deferred acquisition costs
(6)
(30)
Unrealised gains on investments
(245)
(187)
Pensions and other post-retirement obligations
(145)
(250)
Unused losses and tax credits
267
459
Intangibles and additional value of in-force long-term business
(207)
(237)
Provisions and other temporary differences
341
562
Net deferred tax asset
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
(iii) The movement in the net deferred tax asset/(liability) was as follows:
Note
2023
Restated1
2022
\u00a3m
\u00a3m
Net asset/(liability) at 1 January
679
(941)
Acquisition and disposal of subsidiaries
\u2014
(57)
Amounts (charged)/credited to income statement
14(a)
(292)
1,263
Amounts credited to other comprehensive income
14(b)
119
412
Foreign exchange rate movements
(1)
2
Net asset at 31 December
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
The Group has unrecognised gross tax losses (excluding capital losses) and other temporary differences of \u00a3347 million
(2022 restated: \u00a3487 million) to carry forward against future taxable income of the necessary category in the companies
concerned. Of these, trading losses of \u00a344 million (2022: \u00a326 million) will expire within the next eight years. The remaining
losses have no expiry date.
In addition, the Group has unrecognised gross capital losses of \u00a3577 million (2022: \u00a3579 million). These have no expiry
date.
At 31 December 2023, a potential deferred tax liability of \u00a322 million (2022 restated: \u00a314 million) is not recognised on
temporary differences relating to reserves of overseas subsidiaries which are not expected to be distributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-817": { "value": "
15 - 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 diluted 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) Basic earnings per share is calculated as follows:
2023
Restated1
2022
Note
Group
adjusted
operating
profit
\u00a3m
Adjusting
items
\u00a3m
Total
\u00a3m
Group
adjusted
operating
profit
\u00a3m
Adjusting
items
\u00a3m
Total
\u00a3m
Profit/(loss) tax attributable to shareholders\u2019 profits
1,467
(26)
1,441
1,350
(2,825)
(1,475)
Tax attributable to shareholders\u2019 profits
(289)
(46)
(335)
(178)
623
445
Profit/(loss) for the period
1,178
(72)
1,106
1,172
(2,202)
(1,030)
Amount attributable to non-controlling interests
(21)
\u2014
(21)
(21)
\u2014
(21)
Coupon payments in respect of tier 1 notes
(34)
\u2014
(34)
(17)
\u2014
(17)
Cumulative preference dividends
(17)
\u2014
(17)
(17)
\u2014
(17)
Profit attributable to ordinary shareholders
1,106
(72)
1,034
1,117
(2,202)
(1,085)
Weighted average number of shares
15(a)(iii)
2,744
2,744
2,744
3,126
3,126
3,126
Operating earnings per share/Basic earnings per share2
40.3p
(2.6)p
37.7p
35.7p
(70.4)p
(34.7)p
1. The 2022 comparative results have been restated following the adoption of IFRS 17 and for methodology changes described in note 1.
2. Operating earnings per share in 2022 was impacted by the share consolidation completed on 16 May 2022. The operating earnings per share numbers using weighted average number of shares as if
the share consolidation had taken place on 1 January 2022 would have been 39.9 pence per share.
(ii) Basic earnings per share comprises:
2023
Restated1
2022
Before tax
\u00a3m
Net of tax, NCI,
preference
dividends and\u00a0
tier 1 notes
coupon
payments
\u00a3m
Per share
pence
Before tax
\u00a3m
Net of tax, NCI,
preference
dividends and\u00a0
tier 1 notes
coupon
payments
\u00a3m
Per share
pence
Group adjusted operating profit attributable to ordinary
shareholders
1,467
1,106
40.3
1,350
1,117
35.7
Adjusting items:
Investment variances and economic assumption changes
322
207
7.5
(2,736)
(2,139)
(68.4)
Impairment of goodwill, joint ventures, associates and other
amounts expensed
\u2014
\u2014
\u2014
(8)
(8)
(0.3)
Amortisation and impairment of intangibles acquired in
business combinations
(52)
(40)
(1.5)
(54)
(45)
(1.4)
Amortisation and impairment of acquired value of in-force
business
(59)
(43)
(1.6)
(68)
(56)
(1.8)
Integration and restructuring costs
(61)
(46)
(1.7)
\u2014
\u2014
\u2014
Other
(176)
(150)
(5.5)
41
46
1.5
Profit/(loss) attributable to ordinary shareholders
1,441
1,034
37.7
(1,475)
(1,085)
(34.7)
1. The 2022 comparative results have been restated following the adoption of IFRS 17 and for methodology changes described in note 1.
(iii) Weighted average number of shares
The calculation of basic earnings per share uses a weighted average of 2,744 million (2022: 3,126 million) ordinary shares in
issue, after deducting treasury shares. The actual number of shares in issue at 31 December 2023 was 2,739 million
(2022:\u00a02,808 million) or 2,652 million ( 2022: 2,723 million) excluding treasury shares. See note 32 for further information
on the movements in share capital during the year.
(b) Diluted earnings per share
(i) Diluted earnings per share is calculated as follows:
2023
Restated1
2022
Net of tax, NCI,
preference
dividends and\u00a0
tier 1 notes
coupon
payments
\u00a3m
Weighted
average
number of
shares
\u00a3m
Per share
pence
Net of tax, NCI,
preference
dividends and\u00a0
tier 1 notes
coupon
payments
\u00a3m
Weighted
average
number of
shares
\u00a3m
Per share
pence
Profit attributable to ordinary shareholders
1,034
2,744
37.7
(1,085)
3,126
(34.7)
Dilutive effect of share awards and options2
33
(0.5)
\u2014
\u2014
Diluted earnings per share
1,034
2,777
37.2
(1,085)
3,126
(34.7)
1. The 2022 comparative results have been restated following the adoption of IFRS 17 and for methodology changes described in note 1.
2. Excluded from the diluted (pence per share) figures are \u00a339 million ordinary shares issued during the year ended 31 December 2022. If exercised, these would have a 0.4 pence per share and are
excluded in accordance with IAS 33 Earnings per share.
(ii) Diluted earnings per share on Group adjusted operating profit attributable to ordinary shareholders is calculated as
follows:
2023
Restated1
2022
Net of tax,
NCI,
preference
dividends
and\u00a0 tier 1
notes coupon
payments
Weighted
average
number of
shares
Per share
Net of tax,
NCI,
preference
dividends
and\u00a0 tier 1
notes coupon
payments
Weighted
average
number of
shares
Per share
\u00a3m
\u00a3m
pence
\u00a3m
\u00a3m
pence
Profit attributable to ordinary shareholders
1,106
2,744
40.3
1,117
3,126
35.7
Dilutive effect of share awards and options
33
(0.5)
39
(0.4)
Diluted earnings per share
1,106
2,777
39.8
1,117
3,165
35.3
1. The 2022 comparative results have been restated following the adoption of IFRS 17 and for methodology changes described in note 1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-818": { "value": "
16 - Dividends and appropriations
This note analyses the total dividends and other appropriations paid during the year, as set out in the table below. Details
are also provided of the proposed final dividend for 2023 , which is not accrued in these financial statements and is
therefore excluded from the table.
2023
\u00a3m
2022
\u00a3m
\u00a0 \u00a0 Interim 2023 \u2013 11.10 pence per share, paid on 5 October 2023
302
\u2014
\u00a0 \u00a0 Final 2022 \u2013 20.70 pence per share, paid on 18 May 2023
576
\u2014
\u00a0 \u00a0 Interim 2022 \u2013 10.30 pence per share, paid on 28 September 2022
\u2014
287
\u00a0 \u00a0 Final 2021 \u2013 14.70 pence per share, paid on 19 May 2022
\u2014
541
Ordinary dividends declared and charged to equity in the year
878
828
Preference dividends declared and charged to equity in the year
17
17
Coupon payments on tier 1 notes charged to equity in the year
34
17
Total dividends and appropriations
929
862
Subsequent to 31 December 2023, the directors proposed a final dividend for 2023 of 22.3 pence pence per ordinary
share, amounting to \u00a3611\u00a0million in total. The cash value of dividend is calculated using 2,739,487,140 shares as at 1 March
2024 representing issued shares eligible for dividend payment. Subject to approval by shareholders at the AGM, the
dividend will be paid on 23 May 2024 and will be accounted for as an appropriation of retained earnings in the year ending
31 December 2024 . See shareholder services in the Other information section for further details. See note 32 for
information on share buyback and return of capital to ordinary shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-819": { "value": "
17 - 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
2023
Restated1,2
2022
Gross
amount
\u00a3m
Accumulated
impairment
\u00a3m
Carrying
amount
\u00a3m
Gross
amount
\u00a3m
Accumulated
impairment
\u00a3m
Carrying
amount
\u00a3m
At 1 January
2,185
(83)
2,102
1,821
(80)
1,741
Acquisitions and additions1
2
\u2014
2
354
\u2014
354
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate movements
(5)
1
(4)
10
(3)
7
Impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
At 31 December
2,182
(82)
2,100
2,185
(83)
2,102
1. Comparative amounts for acquisitions and additions to goodwill have been increased by \u00a330 million following restatement of the Succession Wealth acquisition balance sheet (see note 1(c)).
2. Comparative amounts for gross amount and accumulated impairment have been net down by \u00a315 million to remove historic goodwill balances that had been fully impaired in disposed of entities.
This does not impact the carrying amount of goodwill at 31 December 2022.
Impairment tests on goodwill were conducted as described in section (b).
(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 below.
2023
Restated1
2022
Carrying
amount of
goodwill
Carrying
amount of
intangibles with
indefinite
useful lives
Total
Carrying
amount of
goodwill
Carrying
amount of
intangibles with
indefinite
useful lives
Total
note 18
note 18
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom \u2013 long-term business
663
\u2014
663
663
\u2014
663
United Kingdom \u2013 fund management business
356
\u2014
356
354
\u2014
354
United Kingdom \u2013 general insurance and health
924
1
925
924
1
925
Ireland \u2013 general insurance and health
96
\u2014
96
98
\u2014
98
Canada
61
\u2014
61
63
\u2014
63
Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
2,100
1
2,101
2,102
1
2,103
1. Comparative amounts for fund management business have been increased by \u00a330 million following restatement of the Succession Wealth acquisition balance sheet (see note 1(c)).
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.
(i) 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 adjusted Solvency II basis, using profit projections based on the most recent three-year business plans
approved by management. 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, 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 assumed.
(ii) 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 basic 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%.
(iii) 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 at least 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 and consider future risks
associated with climate change.
Cash flows beyond the plan 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.
2023
2022
Key assumptions
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
%
%
%
%
United Kingdom general insurance and health
1.0
11.9
1.0
12.4
Ireland general insurance and health
Nil
9.3
Nil
9.6
Canada general insurance
5.0
10.8
5.0
10.8
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 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-820": { "value": "
(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 below.
2023
Restated1
2022
Carrying
amount of
goodwill
Carrying
amount of
intangibles with
indefinite
useful lives
Total
Carrying
amount of
goodwill
Carrying
amount of
intangibles with
indefinite
useful lives
Total
note 18
note 18
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
United Kingdom \u2013 long-term business
663
\u2014
663
663
\u2014
663
United Kingdom \u2013 fund management business
356
\u2014
356
354
\u2014
354
United Kingdom \u2013 general insurance and health
924
1
925
924
1
925
Ireland \u2013 general insurance and health
96
\u2014
96
98
\u2014
98
Canada
61
\u2014
61
63
\u2014
63
Other
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
2,100
1
2,101
2,102
1
2,103
1. Comparative amounts for fund management business have been increased by \u00a330 million following restatement of the Succession Wealth acquisition balance sheet (see note 1(c)).
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.
(i) 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 adjusted Solvency II basis, using profit projections based on the most recent three-year business plans
approved by management. 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, 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 assumed.
(ii) 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 basic 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%.
(iii) 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 at least 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 and consider future risks
associated with climate change.
Cash flows beyond the plan 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.
2023
2022
Key assumptions
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
Extrapolated
future profits
growth rate
Future pre-
tax profits
discount rate
%
%
%
%
United Kingdom general insurance and health
1.0
11.9
1.0
12.4
Ireland general insurance and health
Nil
9.3
Nil
9.6
Canada general insurance
5.0
10.8
5.0
10.8
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 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-821": { "value": "
18 - 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.
2023
Restated1,2
2022
AVIF on
investment
contracts (a)
Internally
generated
intangibles
assets
Other
intangible
assets with
finite useful
lives (b)
Intangible
assets with
indefinite
useful lives
Total
AVIF on
investment
contracts (a)
Internally
generated
intangibles
assets
Other
intangible
assets with
finite useful
lives (b)1
Intangible
assets with
indefinite
useful lives
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Gross amount
At 1 January
1,432
687
822
1
2,942
1,430
732
711
1
2,874
Additions
\u2014
185
25
\u2014
210
\u2014
55
101
\u2014
156
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(108)
\u2014
\u2014
(108)
Foreign exchange rate
movements
(1)
(2)
(6)
\u2014
(9)
2
8
10
\u2014
20
At 31 December
1,431
870
841
1
3,143
1,432
687
822
1
2,942
Accumulated amortisation
At 1 January
(886)
(516)
(528)
\u2014
(1,930)
(818)
(524)
(471)
\u2014
(1,813)
Amortisation for the
year
(59)
(67)
(52)
\u2014
(178)
(68)
(88)
(54)
\u2014
(210)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
102
\u2014
\u2014
102
Foreign exchange rate
movements
\u2014
1
4
\u2014
5
\u2014
(6)
(3)
\u2014
(9)
At 31 December
(945)
(582)
(576)
\u2014
(2,103)
(886)
(516)
(528)
\u2014
(1,930)
Accumulated Impairment
At 1 January
(25)
(47)
\u2014
\u2014
(72)
(24)
(43)
\u2014
\u2014
(67)
Impairment charges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
\u2014
\u2014
(4)
Foreign exchange rate
movements
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
(1)
At 31 December
(25)
(47)
\u2014
\u2014
(72)
(25)
(47)
\u2014
\u2014
(72)
Carrying amount at 1
January
521
124
294
1
940
588
165
240
1
994
Carrying amount at 31
December
461
241
265
1
968
521
124
294
1
940
1. Comparative amounts for acquisitions and additions to other intangible assets with finite useful lives have decreased by \u00a389 million following restatement of the Succession Wealth acquisition
balance sheet (see note 1(c)).
2. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
(a) Acquired value of in-force business
AVIF on non-participating investment contracts is generally recoverable in more than one year. Of the total of
\u00a3461\u00a0million, \u00a3409 million (2022:\u00a0\u00a3464 million) is expected to be recoverable more than one year after the statement of
financial position date.
AVIF is reviewed for evidence of impairment, consistent with reviews conducted for other finite life intangible assets.\u00a0
If\u00a0evidence of impairment exists, AVIF is tested at product portfolio level by reference 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 17(b)).
(b) Other intangible assets
Additions to Internally generated intangible assets in 2023 relate to capitalisation of software costs in relation to the
Group\u2019s digital initiatives. Impairments totalling \u00a3nil million (2022: \u00a34 million) have been recognised in 2023.
Other intangible assets with finite useful lives primarily includes the value of bancassurance and other distribution
agreements.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-822": { "value": "
19 - Interests in, and loans to, joint\u00a0ventures
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:
2023
Restated1
2022
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
At 1 January
70
1,802
1,872
62
1,722
1,784
Share of loss after tax
\u2014
(33)
(33)
\u2014
27
27
Additions
\u2014
8
8
\u2014
94
94
Disposals
\u2014
(19)
(19)
\u2014
(12)
(12)
Share of losses taken to other comprehensive income
\u2014
\u2014
\u2014
\u2014
(38)
(38)
Dividends received from joint ventures
\u2014
(51)
(51)
\u2014
(46)
(46)
Foreign exchange rate movements
(3)
(36)
(39)
8
55
63
At 31 December
67
1,671
1,738
70
1,802
1,872
Less: Joint ventures classified as held for sale
(67)
(482)
(549)
\u2014
\u2014
\u2014
At 31 December
\u2014
1,189
1,189
70
1,802
1,872
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
Additions and disposals in 2023 relate to the Group's holdings in property management undertakings.
On 13 September 2023, Aviva announced the sale of its entire shareholding in Aviva Singlife Holdings Pte Ltd to Sumitomo
Life Insurance Company. The shareholding, together with two debt instruments, have been classified as held for sale at
31\u00a0December 2023. No remeasurement loss has been recognised on reclassification to held for sale (see note 3(b)).
The Group\u2019s share of total comprehensive income related to joint venture entities is \u00a333 million loss (2022: \u00a311 million
loss).
(ii) The carrying amount at 31 December comprised:
2023
Restated1
2022
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Goodwill and
intangibles
\u00a3m
Equity
interests
\u00a3m
Total
\u00a3m
Property management undertakings
\u2014
927
927
\u2014
982
982
Long-term business undertakings
67
744
811
70
820
890
At 31 December
67
1,671
1,738
70
1,802
1,872
Less: Joint ventures classified as held for sale
(67)
(482)
(549)
\u2014
\u2014
\u2014
At 31 December
\u2014
1,189
1,189
70
1,802
1,872
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
The property management undertakings perform property ownership and management activities, and are incorporated
and operate in the UK. All such investments are held by subsidiary entities.
The long-term business undertakings perform life insurance activities. All investments in such undertakings are unlisted
and held by subsidiaries, except for the shares in the Chinese joint venture, Aviva-COFCO Life Insurance Company
Limited, which are held by Aviva plc. The Group\u2019s share of net assets of that company is \u00a3252 million
( 2022 restated: \u00a3319\u00a0million) and the carrying value at cost of \u00a3123 million (2022 : \u00a3123 million).
(iii) Principal joint ventures
No joint ventures are considered to be material from a Group perspective in either 2023 or 2022 . The Group\u2019s principal
joint ventures are as follows:
2023
2022
Nature of activities
Principal place
of\u00a0business
Proportion of
ownership
interest
%
Proportion of
ownership
interest
%
Ascot Real Estate Investments LP
Property management
UK
50.00%
50.00%
2-10 Mortimer Street Limited Partnership
Property management
UK
50.00%
50.00%
Aviva-COFCO Life Insurance Company Ltd.
Life insurance
China
50.00%
50.00%
Singapore Life Holdings Pte Limited (formerly known as
Aviva\u00a0Singlife\u00a0Holdings Pte. Ltd)
Insurance holding
company
Singapore
24.19%
25.95%
(iv) Contingent liabilities and commitments
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 other contingent liabilities at 31 December 2023 (2022: none) to which the Group
has\u00a0significant exposure. The Group has no commitments to provide funding to property management joint ventures
(2022: none).
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.
(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 amount 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 17(b). The recoverable amount of property management undertakings is the fair value less costs to sell of the joint
venture, measured in accordance with the Group\u2019s accounting policy for investment property (see accounting policy R).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-823": { "value": "
20 - 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:
2023
2022
Equity
interests
\u00a3m
Equity
interests
\u00a3m
At 1 January
41
118
Share of results before tax
(39)
(11)
Share of tax
\u2014
\u2014
Share of results after tax
(39)
(11)
Impairment
\u2014
(23)
Reversal of impairment
\u2014
15
Share of loss after tax
(39)
(19)
Reclassification of subsidiary1
\u2014
(73)
Reclassification from financial investments2
195
\u2014
Additions
1
7
Reduction in group interest
(8)
(1)
Dividends received from associates
(30)
(1)
Foreign exchange rate movements
\u2014
10
At 31 December
160
41
1. On 28 September 2022 the Group acquired an additional 25% of the ordinary shares of Aviva India, increasing the Group's total shareholding from 49% to 74% giving Aviva a controlling interest in
the entity.
2. The reclassification from financial investments of \u00a3195 million relates to the Group\u2019s holding in a property management undertaking.
The Group\u2019s share of total comprehensive income related to associates is \u00a339 million loss ( 2022 : \u00a319 million loss).
(ii) Principal associates
No associates are considered to be material from a Group perspective in either 2023 or 2022. Investments in principal
associates are held by subsidiaries. The Group's principal associates are as follows:
2023
2022
Nature of activities
Principal place
of\u00a0business
Proportion of
ownership
interest
%
Proportion of
ownership
interest
%
Balanced Commercial Property Trust
Property Management
UK
23.18%
\u2014%
AI UK Commercial Real Estate Debt Fund
Property Management
UK
20.90%
20.86%
(iii) Contingent liabilities
The associates have no contingent liabilities to which the Group has significant exposure. The Group has no
commitments to provide funding to property management associates (2022 : \u00a32 million).
In certain jurisdictions the ability of associates 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.
(b) Impairment testing
The recoverable amount of property management undertakings is the fair value less costs to sell of the associate,
measured in accordance with the Group\u2019s accounting policy for investment property (see accounting policy R).
There is no impairment charge in 2023. In 2022, \u00a323 million was recognised in the income statement and primarily related
to the full impairment of an investment held by the UK & Ireland Life business.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-824": { "value": "
21 \u2013 Property and equipment
This note analyses our property and equipment, the total of which primarily consists of properties occupied by
Group\u00a0companies.
2023
2022
Owner occupied
properties
Motor
vehicles
\u00a3m
Computer
equipment
\u00a3m
Other
assets
\u00a3m
Owner occupied
properties
Motor
vehicles
\u00a3m
Computer
equipment
\u00a3m
Other
assets
\u00a3m
Total
\u00a3m
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Freehold
\u00a3m
Leasehold
\u00a3m
Cost or valuation
At 1 January
9
1,125
6
64
181
1,385
27
1,149
7
68
178
1,429
Additions
\u2014
69
\u2014
9
71
149
\u2014
6
\u2014
14
8
28
Disposals
\u2014
(2)
\u2014
(7)
(1)
(10)
(17)
(2)
(1)
(19)
(11)
(50)
Fair value losses
\u2014
\u2014
\u2014
\u2014
(16)
(16)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Modification of right-of-use
assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(36)
\u2014
\u2014
\u2014
(36)
Foreign exchange rate
movements
\u2014
(6)
\u2014
(3)
10
1
(1)
8
\u2014
1
6
14
At 31 December
9
1,186
6
63
245
1,509
9
1,125
6
64
181
1,385
Depreciation and impairment
At 1 January
(1)
(895)
(3)
(48)
(88)
(1,035)
(12)
(855)
(3)
(50)
(81)
(1,001)
Charge for the year
\u2014
(47)
\u2014
(5)
(14)
(66)
\u2014
(33)
\u2014
(14)
(10)
(57)
Disposals
\u2014
1
\u2014
7
\u2014
8
11
1
\u2014
18
4
34
Foreign exchange rate
movements
\u2014
4
\u2014
3
1
8
\u2014
(8)
\u2014
(2)
(1)
(11)
At 31 December
(1)
(937)
(3)
(43)
(101)
(1,085)
(1)
(895)
(3)
(48)
(88)
(1,035)
Carrying amount at 31 December
8
249
3
20
144
424
8
230
3
16
93
350
Owner-occupied properties, excluding \u00a3249 million ( 2022: \u00a3230 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\u00a016 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 23 .
If owner-occupied properties (freehold and leasehold) were stated on a historical cost basis, the carrying amount would
be \u00a358 million ( 2022: \u00a3134 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-825": { "value": "
22 \u2013 Investment property
This note gives details of the properties we hold for long-term rental yields or capital appreciation.
2023
2022
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
Freehold
\u00a3m
Leasehold
\u00a3m
Total
\u00a3m
At 1 January
4,476
1,423
5,899
5,333
1,670
7,003
Additions
809
23
832
313
14
327
Capitalised expenditure on existing properties
132
52
184
56
51
107
Fair value losses
(250)
(51)
(301)
(923)
(227)
(1,150)
Disposals
(63)
(318)
(381)
(319)
(97)
(416)
Foreign exchange rate movements
3
(4)
(1)
16
12
28
At 31 December
5,107
1,125
6,232
4,476
1,423
5,899
See note 24 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 2023 was
\u00a36,085\u00a0million (2022 :\u00a0\u00a35,676\u00a0million). Future contractual aggregate minimum lease rentals receivable under the
non-cancellable portion of these leases are given in note 23 .", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-826": { "value": "
23 \u2013 Lease assets and liabilities
The Group\u2019s leased assets primarily consist of properties occupied by Group companies carried at amortised cost (see
note 21), leasehold investment properties carried at fair value (see note 22 ) which are sublet to third parties and real
estate long income finance leases (see note 29). Leasehold investment properties are measured in accordance with IAS\u00a040
Investment Property (see accounting policy R).
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.
(a) The following amounts in respect of leased assets have been recognised in the Group\u2019s consolidated income
statement.
2023
\u00a3m
2022
\u00a3m
Interest expense on lease liabilities
8
9
Total lease expenses recognised in the income statement
8
9
Total cash outflows recognised in the year in relation to leases were \u00a362 million (2022 : \u00a363 million).
(b) Right-of-use assets
The following table analyses the right-of-use assets relating to leased properties occupied by Group companies.
2023
\u00a3m
2022
\u00a3m
At 1 January
230
294
Additions
69
6
Disposals
(1)
(1)
Foreign exchange rate movements
(2)
\u2014
Depreciation
(47)
(33)
Modification of right-of-use assets
\u2014
(36)
At 31 December
249
230
There were no gains arising from sale and leaseback transactions during the year. Included within the income statement
is \u00a33 million ( 2022: \u00a33 million) of income in respect of sublets of right-of-use assets. Impairment of right-of-use assets
was \u00a33 million (2022 : \u00a3nil).
(c) Future contractual aggregate minimum lease payments
Lease liabilities included within note 48 total \u00a3372 million (2022: \u00a3386 million). Future contractual aggregate minimum
lease payments are as follows:
2023
\u00a3m
2022
\u00a3m
Within one year
77
70
Later than one year and not later than five years
149
196
Later than five years
128
165
Total future contractual aggregate minimum lease payments
354
431
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.
(d) Future contractual aggregate minimum lease rentals receivable
Future contractual aggregate minimum lease rentals receivable under non-cancellable operating leases are as follows:
2023
\u00a3m
2022
\u00a3m
Within one year
192
227
Between one and two years
171
198
Between two and three years
154
175
Between three and four years
130
154
Between four and five years
113
128
Later than five years
998
1,162
Total future contractual aggregate minimum lease rentals receivable - operating leases
1,758
2,044
Future contractual aggregate minimum lease rentals receivable under non-cancellable finance leases are as follows:
2023
\u00a3m
2022
\u00a3m
Within one year
4
4
Between one and two years
4
4
Between two and three years
4
4
Between three and four years
4
4
Between four and five years
4
4
Later than five years
133
157
Total future contractual aggregate minimum lease rentals receivable - finance leases
153
177
Finance income on the net investment in finance leases during the year was \u00a33 million (2022 : \u00a3nil).
Unearned finance income in respect of finance leases at 31 December 2023, representing the difference between the
gross and net investment in the leases, was \u00a330 million ( 2022: \u00a334 million). Unguaranteed residual value in respect of
finance leases was \u00a3nil (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-827": { "value": "
24 \u2013 Fair value methodology
This note explains the methodology for valuing our assets and liabilities measured at fair value and for fair value
disclosures. It also provides an analysis of these according to a fair value hierarchy, determined by the market
observability of valuation inputs.
(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 implicitly reflect market view of climate risks to future
cashflows.
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:
\u2022 Quoted prices for similar assets and liabilities in active markets;
\u2022 Quoted prices for identical or similar assets and liabilities in markets that are not active, the prices are not current,
or\u00a0price quotations vary substantially either over time or among market makers, or in which little information is
released\u00a0publicly;
\u2022 Inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves
observable at commonly quoted intervals, implied volatilities and credit spreads); and
\u2022 Market 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 follows:
\u2022 Where the broker price is validated by using internal models with market observable inputs and the values are similar,
we classify the investment as Level 2; and
\u2022 In 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.
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. Climate risks are factored into the inputs to Level 3 fair values as described in note 24(g).
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 14.3% (2022 restated: 15.5%) of assets and
0.7% (2022: 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.
(b) Changes to valuation techniques
There were no changes in the valuation techniques during the year compared to those described in the Group's 2022
Annual Report and Accounts.
(c) Carrying amount and fair values of financial instruments
The carrying amounts of financial assets and financial liabilities are set out in the following table:
2023
Restated1
2022
Note
Mandatorily
held at FVTPL
\u00a3m
Designated
at FVTPL on
initial recognition
\u00a3m
Amortised
cost
\u00a3m
Total
carrying
amount
\u00a3m
Mandatorily
held at FVTPL
\u00a3m
Designated
at FVTPL on
initial recognition
\u00a3m
Amortised
cost
\u00a3m
Total
carrying
amount
\u00a3m
Financial assets
Loans
25(a)
27,220
\u2014
4,465
31,685
25,919
\u2014
3,714
29,633
Cash and cash equivalents
\u2014
959
16,314
17,273
\u2014
1,064
21,441
22,505
Fixed maturity securities
113,889
\u2014
\u2014
113,889
103,776
\u2014
\u2014
103,776
Equity securities
92,572
\u2014
\u2014
92,572
85,790
\u2014
\u2014
85,790
Other investments (including
derivatives)
39,370
\u2014
\u2014
39,370
34,520
\u2014
\u2014
34,520
Financial investments
28(a)
245,831
\u2014
\u2014
245,831
224,086
\u2014
\u2014
224,086
Reinsurance assets for non-
participating investment contracts
41
4,713
\u2014
\u2014
4,713
5,290
\u2014
\u2014
5,290
Financial assets classified as held for
sale
\u2014
\u2014
199
199
\u2014
\u2014
\u2014
\u2014
Financial liabilities
Non-participating investment contracts
41
\u2014
158,588
\u2014
158,588
\u2014
141,188
\u2014
141,188
Net asset value attributable to
unitholders
\u2014
14,184
\u2014
14,184
\u2014
14,080
\u2014
14,080
Borrowings
47(a)
\u2014
941
5,433
6,374
\u2014
1,091
5,664
6,755
Derivative liabilities2
55(b)
7,426
\u2014
\u2014
7,426
9,541
\u2014
\u2014
9,541
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and IFRS 9, as described in note 1.
2. Derivative financial liabilities meet the definition of held for trading.
For financial liabilities designated at FVTPL where the change in the credit risk of the financial liability impacts the fair
value, the amounts recognised in the income statement are set out below:
2023
2022
During the
year
From initial
recognition
During the
year
From initial
recognition
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial liabilities
Borrowings
4
13
(103)
9
Fair values for borrowings held at amortised cost are presented in note 47(a). Fair values of the following financial assets
and financial liabilities approximate to their carrying amounts:
\u2022 Receivables;
\u2022 Cash and cash equivalents;
\u2022 Loans at amortised cost; and
\u2022 Payables and other financial liabilities.
(d) Fair value hierarchy analysis
An analysis of assets and liabilities measured at amortised cost and fair value categorised by fair value hierarchy
is\u00a0given\u00a0below.
2023
Restated1
2022
Fair value hierarchy
Fair value
total
Amortised
cost
Total
carrying
amount
Fair value hierarchy
Fair value
total
Amortised
cost
Total
carrying
amount
Note
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Recurring fair value measurements
Investment property
22
\u2014
\u2014
6,232
6,232
\u2014
6,232
\u2014
\u2014
5,899
5,899
\u2014
5,899
Loans
25(a)
\u2014
\u2014
27,220
27,220
4,465
31,685
\u2014
\u2014
25,919
25,919
3,714
29,633
Cash and cash
equivalents
959
\u2014
\u2014
959
16,314
17,273
1,064
\u2014
\u2014
1,064
21,441
22,505
Fixed maturity
securities
42,989
64,876
6,024
113,889
\u2014
113,889
22,140
74,448
7,188
103,776
\u2014
103,776
Equity securities
92,259
\u2014
313
92,572
\u2014
92,572
85,459
\u2014
331
85,790
\u2014
85,790
Other investments
(including derivatives)
34,354
4,158
858
39,370
\u2014
39,370
28,192
5,021
1,307
34,520
\u2014
34,520
Financial investments
measured at fair value
28(a)
169,602
69,034
7,195
245,831
\u2014
245,831
135,791
79,469
8,826
224,086
\u2014
224,086
Reinsurance assets for
non-participating
investment contracts
41(a)
4,713
\u2014
\u2014
4,713
\u2014
4,713
5,290
\u2014
\u2014
5,290
\u2014
5,290
Financial assets
classified as held for sale
\u2014
\u2014
\u2014
\u2014
199
199
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial assets
175,274
69,034
40,647
284,955
20,978
305,933
142,145
79,469
40,644
262,258
25,155
287,413
Non-participating
investment contracts
41(a)
158,588
\u2014
\u2014
158,588
\u2014
158,588
141,188
\u2014
\u2014
141,188
\u2014
141,188
Net asset value
attributable to
unitholders
14,184
\u2014
\u2014
14,184
\u2014
14,184
14,070
\u2014
10
14,080
\u2014
14,080
Borrowings
47(a)
\u2014
\u2014
941
941
5,433
6,374
\u2014
\u2014
1,091
1,091
5,664
6,755
Derivative liabilities
55(b)
50
7,072
304
7,426
\u2014
7,426
200
8,986
355
9,541
\u2014
9,541
Total financial liabilities
172,822
7,072
1,245
181,139
5,433
186,572
155,458
8,986
1,456
165,900
5,664
171,564
Non-recurring fair value measurements
Properties occupied by
group companies
\u2014
\u2014
8
8
\u2014
8
\u2014
\u2014
8
8
\u2014
8
Total
\u2014
\u2014
8
8
\u2014
8
\u2014
\u2014
8
8
\u2014
8
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and IFRS 9, as described in note 1.
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 2023 was \u00a38\u00a0million
(2022: \u00a38 million), stated at their revalued amounts in line with the requirements of IAS 16 Property, Plant and Equipment.
(e) Valuation approach for fair value assets and liabilities classified as Level 2
Please see section (a) for a description of typical Level 2 inputs.
Fixed maturity securities, in line with market practice, are generally valued using an independent pricing service. These
valuations are determined using independent external quotations from multiple sources and are subject to a number of
monitoring controls, such as monthly price variances, stale price reviews and variance analysis.
Pricing services, where available, are used to obtain the third-party broker quotes. Where pricing services providers are
used, a single valuation is obtained and applied. When prices are not available from pricing services, quotes are sourced
from brokers.
Over-the-counter derivatives are valued using broker quotes or models such as option pricing models, simulation models
or a combination of models. The inputs for these models include a range of factors which are deemed to be observable,
including current market and contractual prices for underlying instruments, period to maturity, correlations, yield curves
and volatility of the underlying instruments.
Unit Trusts and other investment funds (included under the other investments category) are valued using net asset values
which are not subject to a significant adjustment for restrictions on redemption or for limited trading activity.
(f) Transfers between levels of the fair value hierarchy
For financial instruments that are recognised at fair value on a recurring basis, the Group determines whether transfers
have occurred between levels of the fair value hierarchy by re-assessing categorisation (based on the lowest level input
that is significant to the fair value measurement as a whole) at the end of the reporting period.
Transfers between Level 1 and Level 2
There were no significant transfers between Level 1 and Level 2 (2022: no significant transfers).
Transfers to/from Level 3
\u00a3152\u00a0million (2022: \u00a3699\u00a0million) of assets transferred into Level 3 and \u00a32,398\u00a0million (2022: \u00a3510\u00a0million) of assets
transferred out of Level 3 relate principally to fixed maturity securities held by our business in the UK. These are
transferred between Levels depending on the availability of observable inputs and whether the counterparty and broker
quotes are corroborated using valuation models with observable inputs.
\u00a316 million (2022: \u00a3297 million) of liabilities transferred into Level 3 relate to derivatives held by our business in the UK.
These have been transferred into level 3 following a change to using an internally-derived valuation model from the
previous counterparty supplied valuations to ensure consistency of approach with the associated assets and liabilities
held at fair value.
\u00a354 million (2022: \u00a3nil) of liabilities transferred out of Level 3 relate to derivatives held by our business in the UK.
(g) Further information on Level 3 assets and liabilities
The table below shows movement in the Level 3 assets measured at fair value.
2023
2022
Investment
Property
\u00a3m
Loans
\u00a3m
Fixed
maturity
securities
\u00a3m
Equity
securities
\u00a3m
Other
investments
(including
derivatives)
\u00a3m
Investment
Property
\u00a3m
Loans
\u00a3m
Fixed
maturity
securities
\u00a3m
Equity
securities
\u00a3m
Other
investments
(including
derivatives)
\u00a3m
At 1 January
5,899
25,919
7,188
331
1,307
7,003
29,979
8,477
350
1,530
Total net (losses)/gains
recognised in the income
statement 1
(258)
124
116
(50)
13
(1,159)
(6,691)
(2,053)
11
(214)
Purchases
971
2,777
1,531
23
170
434
4,979
2,274
18
190
Issuances
\u2014
189
\u2014
\u2014
\u2014
\u2014
139
\u2014
\u2014
\u2014
Disposals
(369)
(1,786)
(530)
(8)
(634)
(407)
(2,496)
(1,681)
(64)
(233)
Settlements
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Transfers into Level 3
\u2014
\u2014
67
23
62
\u2014
\u2014
666
6
27
Transfers out of Level 3
\u2014
\u2014
(2,343)
\u2014
(55)
\u2014
\u2014
(508)
(1)
(1)
Foreign exchange rate
movements
(11)
(3)
(5)
(6)
(5)
28
9
13
11
8
At 31 December
6,232
27,220
6,024
313
858
5,899
25,919
7,188
331
1,307
1. Total net (losses)/gains recognised in the income statement includes realised gains/(losses) on disposals.
The table below shows movement in the Level 3 liabilities measured at fair value.
2023
2022
Net asset
value
attributable
to unitholders
\u00a3m
Derivative
liabilities
\u00a3m
Borrowings
\u00a3m
Net asset
value
attributable
to unitholders
\u00a3m
Derivative
liabilities
\u00a3m
Borrowings
\u00a3m
At 1 January
(10)
(355)
(1,091)
(10)
(445)
(1,140)
Total net gains/(losses) recognised in the income statement1
10
(53)
66
\u2014
280
(22)
Purchases
\u2014
(10)
\u2014
\u2014
(1)
\u2014
Issuances
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Disposals
\u2014
64
\u2014
\u2014
74
71
Settlements
\u2014
9
84
\u2014
34
\u2014
Transfers into Level 3
\u2014
(16)
\u2014
\u2014
(297)
\u2014
Transfers out of Level 3
\u2014
54
\u2014
\u2014
\u2014
\u2014
Foreign exchange rate movements
\u2014
3
\u2014
\u2014
\u2014
\u2014
At 31 December
\u2014
(304)
(941)
(10)
(355)
(1,091)
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 2023 in respect of Level 3 assets
measured at fair value\u00a0amounted to \u00a355 million (2022: net losses of \u00a310,106 million) with net gains in respect of liabilities
of \u00a323 million (2022: net gains of \u00a3258 million). Net losses of \u00a327 million (2022: net losses of \u00a310,203 million) attributable
to\u00a0assets and net gains of \u00a332 million (2022:\u00a0net\u00a0gains of \u00a3258 million) attributable to liabilities relate to those still held at
31 December\u00a02023.
The principal assets classified as Level 3, and the valuation techniques applied to them, are described below.
(i) Investment property
\u2022 Investment 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. External valuers
in\u00a0the UK comply with the 'Sustainability and ESG in commercial property valuation and strategic advice' professional
standard issued by the Royal Institution of Chartered Surveyors in December 2021. In a valuation context, sustainability
involves the consideration of matters that include environment and climate change, health and wellbeing, and personal
and corporate responsibility that can or do impact the valuation of an asset. This includes the consideration of capital
expenditure required to maintain the utility of the asset due to the longer-term obsolescence and risk.
\u2022 Investment 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 the
portfolio ranges from 20bps to 2620bps (2022: 100bps to 2160bps) 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
20bps to 795bps (2022: 100bps to 810bps).
(ii) Loans
\u2022 Commercial mortgage loans and Primary Healthcare loans held by our IWR business are valued using a Portfolio Credit
Risk Model. This model 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 2023 the liquidity
premium used in the discount rate was 170bps (2022: 110bps). Future capital expenditure costs of 0.9% per annum
(2022: 0.9%) are included in the modelling of the Credit Risk Adjusted Value of the loans to address climate change
actions, including potential climate-related changes. The impact is a reduction in the fair value of the properties
securing the loans.
\u2022 Equity release mortgage loans held by our IWR 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 2023 the illiquidity premium used in the
discount rate was 205bps (2022: 155bps).
\u2022 The equity release mortgages include 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 the 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% (2022: RPI +0.75%) which includes a reduction to the growth rate of 0.75% per
annum (2022: 0.5%) for the potential impact of climate change actions. The modelled growth rates include an
adjustment for the 5-year period 2024-2028 to reflect the market view of short-term growth being lower than long-
term average growth.
\u2022 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 3.0% per annum at 31 December 2023 (2022: 3.1%) 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 0.8% per annum (2022: 0.4%).
\u2022 Infrastructure and Private Finance Initiative (PFI) loans held by our IWR business are valued using a discounted cash
flow model. This adds 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 2023, the illiquidity premium used in the discount rate was 140bps (2022: 115bps) for the PFI loans and
ranged from 25bps to 594bps (2022: 25bps to 210bps) for the infrastructure loans.
(iii) Fixed maturity securities
\u2022 Structured bond-type, non-standard debt products and privately placed notes held by our business in the UK do not
trade in an active market. 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.
\u2022 Other 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 counter party valuations. These prices are considered to be unobservable due to infrequent
market transaction.
\u2022 The unobservable credit and illiquidity spreads used in the discount rate range from 33bps to 499bps
(2022: 25bps to 604bps) with 99% of the modelled assets valued using spreads within the range from 33bps to 419bps
(2022: 25bps to 344bps). Fixed maturity securities held by our UK and Asian businesses 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.
(iv) Equity securities
\u2022 Equity securities which primarily comprise private equity holdings held in the UK are valued by a number of third-party
specialists. These are 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)
\u2022 Other investments are held for index-linked, unit-linked and with-profit funds and are valued based on external
valuation reports received from fund managers. The investments consist of:
\u2013 Unit trusts;
\u2013 Other investment funds including property funds; and
\u2013 Derivatives.
\u2022 Where valuations are at a date other than the balance sheet date, as is the case for some private equity funds,
adjustments are made for items such as subsequent draw-downs and distributions and the fund manager\u2019s carried
interest.
(vi) Liabilities
\u2022 The principal liabilities classified as Level 3 are securitised mortgage loan notes, presented within Borrowings, which are
valued using a similar technique to the related Level 3 securitised mortgage assets. These liabilities are included within
the relevant liability category within the sensitivity table below.
Sensitivities
The valuation of Level 3 assets involves a high degree of judgement and estimation uncertainty due to the reliance of
valuation models on unobservable 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 appropriate, validated against internally-modelled valuations, third-
party models or broker quotes. Where third-party pricing sources are unwilling to provide a sensitivity analysis for their
valuations, the Group undertakes, where feasible, sensitivity analysis on the following basis:
\u2022 For 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.
\u2022 For 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 example, 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:
2023
Restated1
2022
Sensitivities
Sensitivities
Most significant unobservable input
Reasonable
alternative
\u00a3bn
Fair value
\u00a3bn
Positive
impact
\u00a3bn
Negative
impact
\u00a3bn
Fair value
\u00a3bn
Positive
impact
\u00a3bn
Negative
impact
\u00a3bn
Investment property
Equivalent rental yields
+/-5-10%
6.2
0.3
(0.3)
5.9
0.3
(0.3)
Loans
Commercial mortgage loans
and Primary Healthcare
loans
Illiquidity premium
+/-20 bps
9.3
0.1
(0.1)
9.4
0.1
(0.1)
Base property growth rate
+/-100 bps p.a.
\u2014
\u2014
0.1
(0.1)
Equity release mortgage
loans
Base property growth rate
+/-50 bps p.a.
9.8
0.2
(0.2)
9.6
0.2
(0.2)
Current property market values
+/-10%
0.3
(0.3)
0.2
(0.2)
Infrastructure and Private
Finance Initiative (PFI) loans
Illiquidity premium
+/-25 bps2
7.0
0.2
(0.2)
5.3
0.2
(0.2)
Other
Illiquidity premium
+/-25 bps2
1.1
\u2014
\u2014
1.6
\u2014
\u2014
Fixed maturity securities
Structured bond-type and
non-standard debt products
Market spread (credit, liquidity
and other)
+/-25 bps
1.5
0.1
(0.1)
0.4
\u2014
\u2014
Privately placed notes
Credit spreads
+/-25 bps2
4.0
0.1
(0.1)
2.9
0.1
(0.1)
Other fixed maturity
securities
Credit and liquidity spreads
+/-20-25 bps
0.5
\u2014
\u2014
3.9
0.1
(0.1)
Equity securities
Market multiples applied to net
asset values
+/-30bps
0.3
0.1
(0.1)
0.3
0.1
(0.1)
Other investments
Property Funds
Market multiples applied to net
asset values
+/-5-20%
0.2
\u2014
\u2014
0.2
\u2014
\u2014
Other investments (including
derivatives)
Market multiples applied to net
asset values
+/-10-40%3
0.7
0.1
(0.1)
1.1
0.1
(0.1)
Liabilities
Borrowings
Illiquidity premium
+/-50 bps
(0.9)
\u2014
\u2014
(1.1)
\u2014
\u2014
Other liabilities (including
derivatives)
Independent valuation vs
counterparty
N/A
(0.3)
\u2014
\u2014
(0.4)
\u2014
\u2014
Total Level 3 investments
39.4
1.5
(1.5)
39.1
1.5
(1.5)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and IFRS 9, as described in note 1.
2. On discount rate spreads.
3. 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 non-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.
2023
2022
Fair value hierarchy
Fair value
total
\u00a3m
As recognised in
the consolidated
statement of
financial
position line item
\u00a3m
Fair value hierarchy
Fair value
total
\u00a3m
As recognised in
the consolidated
statement of
financial position
line item
\u00a3m
Note
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Liabilities not carried at fair value
Borrowings
47(a)
5,104
\u2014
258
5,362
5,433
5,212
52
144
5,408
5,664
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-828": { "value": "
25 \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:
2023
Restated1
2022
Note
Mandatorily
held at FVTPL
\u00a3m
At amortised
cost
\u00a3m
Total
\u00a3m
Mandatorily
held at FVTPL
\u00a3m
At amortised
cost
\u00a3m
Total
\u00a3m
Loans to banks
1,050
3,815
4,865
1,568
2,913
4,481
Healthcare, infrastructure & PFI other loans
8,766
\u2014
8,766
6,837
\u2014
6,837
UK securitised mortgage loans
26
1,633
\u2014
1,633
1,759
\u2014
1,759
Non-securitised mortgage loans
15,771
\u2014
15,771
15,755
\u2014
15,755
Other loans
\u2014
849
849
\u2014
801
801
Total loans
27,220
4,664
31,884
25,919
3,714
29,633
Less: Loans classified as held for sale
\u2014
(199)
(199)
\u2014
\u2014
\u2014
At 31 December
27,220
4,465
31,685
25,919
3,714
29,633
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and IFRS 9, as described in note 1.
Of the above total loans, \u00a325,595 million (2022: \u00a324,245 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 mortgages. Further details of
the fair value methodology and models utilised are given in note 24(g).
Healthcare, infrastructure and PFI other loans of \u00a38,766 million ( 2022: \u00a36,837 million) are secured against the income from
healthcare and educational premises.
Non-securitised mortgage loans include \u00a38,184 million (2022: \u00a37,784 million) of residential equity release mortgages,
\u00a35,646 million (2022 :\u00a0\u00a35,971 million) of commercial mortgages and \u00a31,940 million ( 2022: \u00a32,000 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 reimbursement 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 above.
Loans at amortised cost
The carrying amount of these loans at both 31 December 2023 and 31 December 2022 was a reasonable approximation for
their fair value.
(b) Analysis of loans carried at amortised cost
2023
Restated1
2022
At amortised
cost
\u00a3m
Impairment
\u00a3m
Carrying
Value
\u00a3m
At amortised
cost
\u00a3m
Impairment
\u00a3m
Carrying
Value
\u00a3m
Loans to banks
3,815
\u2014
3,815
2,913
\u2014
2,913
Other loans
849
\u2014
849
801
\u2014
801
Total loans at amortised cost
4,664
\u2014
4,664
3,714
\u2014
3,714
Less: Loans classified as held for sale
(199)
\u2014
(199)
\u2014
\u2014
\u2014
Total loans at amortised cost
4,465
\u2014
4,465
3,714
\u2014
3,714
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and IFRS 9, as described in note 1.
There are no material impairment provisions on these loans.
(c) Collateral
Loans to banks include cash collateral received under stock lending arrangements (see note 56 for further discussion
regarding these collateral positions). The obligation to repay this collateral is included in payables and other financial
liabilities (see note 48). 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 for the
majority of the loan balances 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-829": { "value": "
27 \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:
\u2022 Debt securities comprising of securitisation vehicles that Aviva does not originate. These investments are comprised of
a\u00a0variety of debt instruments, including asset-backed securities and other structured securities.
\u2022 Investment funds which include: hedge funds, liquidity funds, private equity funds, unit trusts, mutual funds and Private
Finance Initiatives (PFIs).
\u2022 Specialised 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\u00a0offering documentation and are susceptible to market price risk arising from uncertainties about future values
of\u00a0those investment vehicles. The investment 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 2023 , the Group has granted loans to consolidated PLPs for a total of \u00a372 million
(2022 : \u00a382 million). The purpose of these loans is to assist the consolidated PLPs to purchase or construct properties.
The\u00a0Group has also provided support, without having a contractual obligation to do so, to certain consolidated PLPs
via\u00a0letters of support amounting to \u00a328 million (2022: \u00a373 million). The Group has commitments to provide funding to
consolidated structured entities of \u00a3159 million (2022: \u00a3311 million), primarily relating to a commitment to provide
funding\u00a0to 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 26, 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 26 for details of securitised
mortgages and related assets as at 31 December 2023.
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 2023,
the\u00a0Group\u2019s total interest in unconsolidated structured entities was \u00a350,033 million (2022: \u00a342,153 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\u00a0Group does not sponsor any of the unconsolidated structured entities.
A summary of the Group\u2019s interest in unconsolidated structured entities is as follows:
2023
2022
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
3,983
\u2014
3,983
\u2014
\u2014
3,726
\u2014
3,726
Unit trust and other
investment vehicles
\u2014
\u2014
34,159
\u2014
34,159
\u2014
\u2014
29,211
\u2014
29,211
PLPs and property funds
927
159
702
\u2014
1,788
980
40
222
\u2014
1,242
Other
\u2014
\u2014
416
\u2014
416
\u2014
\u2014
17
\u2014
17
Other investments
927
159
35,277
\u2014
36,363
980
40
29,450
\u2014
30,470
Loans2
\u2014
\u2014
\u2014
9,687
9,687
\u2014
\u2014
\u2014
7,957
7,957
Total
927
159
39,260
9,687
50,033
980
40
33,176
7,957
42,153
1. Primarily reported within other debt securities in note 28(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 \u00a350,033 million
(2022: \u00a342,153 million).
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 19 and 20, 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 54(b). In relation
to other guarantees and commitments that the Group provides in the course of its business, please see note 50(f).
Aviva\u2019s interest in unconsolidated structured entities that it also manages at 31 December 2023 is \u00a31,167 million
(2022:\u00a0\u00a31,648 million) and the total funds under management relating to these investments at 31 December 2023 is
\u00a314,209\u00a0million (2022: \u00a317,381 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.
2023
2022
Assets under
management
\u00a3m
Investment
management
fees
\u00a3m
Assets under
management
\u00a3m
Investment
management
fees
\u00a3m
OEICs
387
1
398
1
PLPs
4,258
16
4,165
17
SICAVs
831
3
1,060
4
Specialised investment vehicles
5,476
20
5,623
22
58 \u2013 Organisational structure
The following chart shows a simplified form of the organisational structure of the Group as at 31 December 2023. Aviva
plc is the holding company of the Group.
Parent company
Aviva plc
Subsidiaries
The principal subsidiaries of the Company as at 31 December 2023 are listed below by country of incorporation.
A complete list of the Group\u2019s related undertakings. which comprises of subsidiaries, joint ventures, associates and other
significant holdings is contained within note 59 .
Aviva plc
Aviva - COFCO
Life Insurance Company
Ltd 2
Aviva Group
Holdings Ltd1
General
Accident plc 3
Aviva Life
Holdings UK\u00a0Ltd 1
Aviva Investors
Holdings Ltd 1
Aviva Central
Services UK Ltd1
Aviva
International
Holdings Ltd 1
Aviva
Insurance Ltd 3
Aviva
International
Insurance Ltd 1
Singapore Life
Holdings Pte
Ltd 5 and other
subsidiaries
UK & Ireland Life
subsidiaries
Investment
Management
subsidiaries
Aviva
Employment
Services Ltd1
Aviva Life
Insurance
Company India
Ltd 4
Aviva UK
Digital Ltd 1
UK & Ireland
General
Insurance\u00a0
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 UK Fund Services Limited
Aviva Life & Pensions UK Limited
Aviva Life 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
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 59. Further details of those operations that were most significant in 2023 are
set out in notes 19 and 20 to the financial statements.
China
Aviva-COFCO Life Insurance Company Limited 50%
Singapore
Singapore Life Holdings Pte Limited (24%) (entity held for
sale)
United Kingdom
The Group has interests in several property limited
partnerships. Further details are provided in notes 19, 20
and 27 to the financial statements.
59 \u2013 Related undertakings
We are required to disclose certain information about the Group\u2019s related undertakings which is set out in this note.
The definition of a subsidiary undertaking in accordance with the Companies Act 2006 is different from the definition
under IFRS. As a result, the related undertakings included within the list below may not be the same as the undertakings
consolidated in the Group IFRS financial statements. See accounting policies (D) Consolidation principles for further
detail on principles of consolidation and definition of joint ventures.
This note contains real asset fund entities that are owned by an external unit trust and managed by Aviva Investors. The
Group does not own equity in these entities and therefore a share class and ownership percentage are not disclosed.
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 as at 31 December 2023 are disclosed below.
(a) Direct
The direct related undertakings of the Company as at 31 December 2023 are listed below:
Name of undertaking
Country of
incorporation
Registered address
Share class
% held
Aviva-COFCO Life Insurance
Company Limited
China
12/F & 15/F & 01, 06-09 Unit of 10F of Building No.20,
27/F of Building No.24, Middle East Third Ring Road,
Chaoyang District, Beijing, 100022, China
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
(b) Indirect
The indirect related undertakings of the Company as at 31 December 2023 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
Ordinary
100
OIS Ontario Insurance Service Limited
Common
100
Pilot Insurance Company
Common
100
S&Y Insurance Company
Common
100
Scottish & York Insurance Co. Limited
Common
100
Traders General Insurance Company
Common
100
100 King Street West, Floor 49, Toronto, ON, M5X 2A2, Canada
Aviva Investors Canada Inc.
Common
100
150 King Street West, Suite #2401, P.O. Box 16, Toronto, ON,
M5H 1J9, Canada
Company name
Share Class1
% held
Prolink Insurance Inc.
Common
34
555 Chabanel Ouest, Bureau 900, Montreal, QC H2N 2H8,
Canada
Aviva Agency Services Inc.
Common
100
Suite 1600, 925 W Georgia St, Vancouver, BC, V6C 3L2, Canada
Westmount West Services Inc
Ordinary
20
China
Units 1805-1807, 18th Floor, Block H Office Building, Phoenix
Land Plaza, No. A5 Yard, Shuguangxili, Chaoyang District,
Beijing, China
Aviva-Cofco Yi Li Asset Management
Co\u00a0Limited
Ordinary
50
Czech Republic
5/482, Ve Svahu, Prague 4, 147 00, Czech Republic
AIEREF Renewable Energy s.r.o.
Ordinary
100
Denmark
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
39
47 Rue du Faubourg Saint-Honor\u00e9, 75008, France
CGU Equilibre
FCP
100
Germany
c/o TMF Deutschland AG, Wiesenh\u00fcttenstrasse 11, 60329,
Frankfurt am Main, Germany
Reschop Carr\u00e9 Hattingen GmbH
Ordinary
95
Company name
Share Class1
% held
c/o WSWP Weinert GmbH, Theatinerstr. 31, 80333, Munich,
Germany
FPB Holdings GmbH
Ordinary
100
Kapitalanlagegesellschaft MHB, Ferdinandstrasse 75, Hamburg,
DE-HH, 20095, DE, Germany
Warburg Total Return Global
Unit Trust
21
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
Balanced Commercial Property Trust
Limited
Ordinary
23
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
13-18 City Quay, Dublin 2, Ireland
Atrium Nominees Limited
Ordinary
100
Building 12, Cherrywood Business Park, Loughlinstown, Co
Dublin, D18 W2P5, Ireland
Aviva DB Trustee Company Ireland
Designated Activity Company
Ordinary
100
Aviva DC Trustee Company Ireland
Designated Activity Company
Ordinary
100
Aviva Direct Ireland Limited
Ordinary
100
Aviva Driving School Ireland Limited
Ordinary
100
Aviva Group Services Ireland Limited
Ordinary
100
Aviva Insurance Ireland Designated
Activity Company
Ordinary
100
Aviva Life & Pensions Ireland Designated
Activity Company
Ordinary
100
Aviva Master Trust Ireland Designated
Activity Company
Ordinary
100
Aviva Retail Master Trust Ireland
Designated Activity Company
Ordinary
100
Aviva Undershaft Six Designated Activity
Company
Ordinary
100
Peak Re Designated Activity Company
Ordinary
100
Charlotte House, Charlemont Street, Dublin 2, Ireland
Mercer Diversified Retirement Fund
OEIC
27
MGI UK Equity
OEIC
29
Friends First House, Cherrywood Science & Technology Park,
Loughlinstown, Dublin, Co. Dublin, Ireland
Ashtown Management Company Limited
Ordinary
100
Company name
Share Class1
% held
Georges Court, 54-62 Townsend Street, Dublin, DO2 R156,
Ireland
FPPE Fund Public Limited Company
Ordinary
100
IFSC House, Custom House Quay, International Financial
Services Centre, Dublin, D01 R2P9, Ireland
Aviva Investors Euro Liquidity Fund
Liquidity Fund
89
Aviva Investors Sterling Government
Liquidity Fund
Liquidity Fund
98
Aviva Investors Sterling Liquidity Fund
Liquidity Fund
68
Aviva Investors Sterling Liquidity
Plus\u00a0Fund
Liquidity Fund
83
Aviva Investors Sterling Standard
Liquidity Fund
Liquidity Fund
100
Aviva Investors US Dollar Liquidity Fund
Liquidity Fund
83
International House, 3 Harbourmaster Place, Dublin 1, Ireland
Merrion Managed Fund
Unit Trust
78
Merrion Multi-Asset 30 Fund
Unit Trust
100
Merrion Multi-Asset 50 Fund
Unit Trust
100
Italy
Corse Vercelli, 40 - 20145, Milan, Italy
AICT EUR Infra Swift S.R.L.
Ordinary
100
Piazza della Repubblica 32, Milan, 20124, Italy
Innovo Renewables S.p.A.
Ordinary
50
Via Scarsellini 14, Milan, 20161, Italy\u00a0
Aviva Italia Holding S.p.A
Ordinary
100
Jersey
11\u201315 Seaton Place, St Helier, JE4 0QH, Jersey
1 Liverpool Street Unit Trust
Unit Trust
100
101 Moorgate Unit Trust
Unit Trust
100
22 Grenville Street, St. Helier, JE4 8PX, Jersey
Axa Sun Life Private Equity
Private Equity
Fund
100
Lekker Bolt Unit Trust
Unit Trust
100
Slas Axa Private Equity
Private Equity
Fund
100
26 New Street, St Helier, JE2 3TE, Jersey
Succession Finance Jersey Limited
Ordinary
100
Succession Jersey Limited
Ordinary
100
Succession Newco1 Jersey Limited
Ordinary
100
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
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
50
20 Gracechurch Unit Trust
Unit Trust
25
20 Station Road Unit Trust
Unit Trust
50
30 Station Road Unit Trust
Unit Trust
50
Company name
Share Class1
% held
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
IFC 5, St Helier, JF11ST, Jersey
Aviva Investors REaLM Social Housing
Unit Trust
Unit Trust
86
Cannock Designer Outlet Unit Trust
(Jersey)
Unit Trust
37
Lime Grove House, Green Street, St Helier, JE1 2ST, Jersey
The Southgate Unit Trust
Unit Trust
50
Luxembourg
1c Rue Gabriel Lippmann l-5365, Munsbach, Luxembourg
Patriarch Classic B&W Global Freestyle
FCP
54
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 Limited Partnership
Partnership
100
Aviva Investors Alternative Income
Solutions SCSP
Fund
100
Aviva Investors Asian Equity Income
SICAV
99
Aviva Investors Climate Transition EUR
Infra SARL
Ordinary
100
Aviva Investors Climate Transition EUR
Infrastructure Fund
Fund
100
Aviva Investors Climate Transition EUR
Real Estate Fund
Fund
100
Aviva Investors Climate Transition EUR
Real Estate SARL
Ordinary
100
Company name
Share Class1
% held
Aviva Investors Climate Transition GBP
Infrastructure Fund
Fund
100
Aviva Investors Climate Transition GBP
Real Estate Fund
Fund
100
Aviva Investors Climate Transition
Global Credit
SICAV
100
Aviva Investors Climate Transition
Global Equity
SICAV
100
Aviva Investors Emerging Markets Bond
SICAV
66
Aviva Investors Emerging Markets
Corporate Bond
SICAV
76
Aviva Investors Emerging Markets Local
Currency Bond
SICAV
98
Aviva Investors E-RELI SCSp
Ordinary
100
Aviva Investors Eur Returnplus
SICAV
99
Aviva Investors European Corporate
Bond
SICAV
78
Aviva Investors GBP Returnplus
SICAV
95
Aviva Investors Global Convertibles
Absolute Return
SICAV
96
Aviva Investors Global Emerging
Markets Core
SICAV
100
Aviva Investors Global Emerging
Markets Equity Unconstrained
SICAV
100
Aviva Investors Global Emerging
Markets Index
SICAV
88
Aviva Investors Global Equity Endurance
SICAV
50
Aviva Investors Global High Yield Bond
SICAV
78
Aviva Investors Global Investment Grade
Corporate Bond
SICAV
86
Aviva Investors Global Sovereign Bond
SICAV
90
Aviva Investors Infrastructure Debt
Europe I S.A.
Ordinary
100
Aviva Investors Luxembourg
Ordinary
100
Aviva Investors Multi Strategy Target
Return
SICAV
63
Aviva Investors Multi-Asset Alternative
Income S.A.
Ordinary
100
Aviva Investors Natural Capital
Transition Global Equity
SICAV
79
Aviva Investors Perpetual Acht NL SARL
Ordinary
100
Aviva Investors Social Transition Global
Equity
SICAV
76
Aviva Investors UK Equity Unconstrained
SICAV
93
2, Boulevard Konrad Adenauer, L1115 Luxembourg
Xtrackers II Eurozone Government Bond
15-30 UCITS ETF
SICAV
21
16 Avenue de la Gare, L-1610, Luxembourg
AIEREF Holding 1 S.\u00e0.r.l.
Ordinary
100
AIEREF Holding 2 S.\u00e0.r.l.
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
Company name
Share Class1
% held
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
European Properties Sarl
Ordinary
73
Victor Hugo 1 S.\u00e0 r.l.
Ordinary
100
24-26, Avenue de la Liberte, L-1930 Luxembourg
Greenman Open Fund
SICAV
77
37A Avenue JF Kennedy, L-1855, Luxembourg
Abrdn SICAV II - European Smaller
Companies Fund
SICAV
31
Invesco Funds - Invesco Sustainable
Global Structured Equity Fund
SICAV
59
46a Avenue John F Kennedy, L-1855, Luxembourg
Aviva Investors Polish Retail S.\u00e0 r.l.
Ordinary
100
80, route d'Esch, L-1470, Luxembourg
Allspring (Lux) Worldwide Fund
SICAV
40
562, rue de Neudorf, L-2220, Luxembourg
Nordea 1 - Swedish Bond Fund
SICAV
21
Nordea 1 - Swedish Short-Term Bond
Fund
SICAV
34
c/o Apex Fund Services, 3, rue Gabriel Lippmann, Munsbach,
L-5365, Luxembourg
Aviva Investors Debt Europe I S.A.
Ordinary
100
Mauritius
Les Cascades, Edith Cavell Street, Port Louis, Mauritius
Actis China Investment Company Limited
Ordinary
50
Netherlands
ASR Vermogensbeheer N.V., Archimedeslaan 10, 3584 BA
Utrecht, Netherlands
ASR Separate Account Mortgage Fund
Mutual Fund
22
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
Focus Park Piotrk\u00f3w Trybunalski sp.z
o.o.
Ordinary
100
Focus Mall Zielona Gora
Ordinary
100
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 Warsaw, Mazowieckie, 00-078 Poland
PBC Lodz SP zoo
Unit Trust
100
Singapore
1 Harbourfront Avenue, #14-08 Keppel Bay Tower, 098632,
Singapore
Aviva Asia Management Pte. Ltd.
Ordinary
100
Company name
Share Class1
% held
Aviva Global Services (Management
Services) Private Ltd.
Ordinary
100
1 Raffles Quay, #27-13, South Tower, Singapore, 048583,
Singapore
Aviva Investors Asia Pte. Limited
Ordinary
100
4 Shenton Way, 01 SGX Centre 2, 068807, Singapore
Singapore Life Holdings Pte Ltd.
Ordinary
24
Singapore Life Ltd.
Ordinary
24
Spain
1D, 13 Edificio Am\u00e9rica Av. de Bruselas, 28108, Alcobendas,
Madrid, Spain
E\u00f3lica Almatret S.L.
Ordinary
100
c/o TMF Spain, calle Principe de Vergara 112, Planta 4a, 28002,
Madrid, Spain
Berryway Invest SL
Ordinary
100
Banbury Invest SL
Ordinary
100
Browhead Invest SL
Ordinary
100
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
\u2014
\u2014
1 London Wall Place, London, EC2Y 5AU, United Kingdom
Schroder Dynamic Multi Asset Z Acc.
Unit Trust
27
Schroder QEP US Core Fund
Unit Trust
44
1st Floor, Finlay House, 10-14 West Nile Street, Glasgow, G1 2PP,
United Kingdom
MacKenzie Investment Strategies Ltd.
Ordinary
100
Spence and Spence (Scotland) Limited
Ordinary
100
2nd Floor, 36 Broadway, London, SW1H 0BH, United Kingdom
Fred. Olsen CBH Limited
\u2014
\u2014
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
69
5 Lister Hill, Horsforth, Leeds, LS18 5AZ, United Kingdom
Astute Financial Advisers 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
49
Tenet Group Limited
Ordinary
49
Tenet Limited
Ordinary
49
Tenet Mortgage Solutions
Ordinary
49
Company name
Share Class1
% held
TenetConnect Limited
Ordinary
49
TenetConnect Services Limited
Ordinary
49
TenetLime Limited
Ordinary
49
8 Surrey Street, Norwich, NR1 3NG, United Kingdom
Aviva Central Services UK Limited
Ordinary
100
Aviva Health UK Limited
Ordinary
100
Aviva Insurance UK Limited
Ordinary
100
Aviva UKGI Investments Limited
Ordinary
100
Gresham Insurance Company Limited
Ordinary
100
Healthcare Purchasing Alliance Limited
Ordinary
50
London and Edinburgh Insurance
Company Limited
Ordinary
100
RAC Pension Trustees Limited
Ordinary
100
Solus (London) Limited
Ordinary
100
Synergy Sunrise (Broadlands) Limited
Ordinary
100
9-10 St Andrew Square, Edinburgh, EH2 2AF, United Kingdom
Criterion Tec Holdings Ltd
Ordinary
100
Criterion Tec Ltd
Ordinary
24
12 Throgmorton Avenue, London EC2N 2DL, United Kingdom\u00a0
Blackrock ACS World ESG Insights
Equity\u00a0Fund
OEIC
96
BlackRock Growth Allocation Fund
OEIC
100
BlackRock Market Advantage Fund
Unit Trust
49
BlackRock Retirement Allocation Fund
OEIC
100
15th Floor, 140 London Wall, EC2Y 5DN, United Kingdom
Houghton Regis Management
Company\u00a0Limited
Ordinary
100
17-18 Hardgate, Haddington, EH41 3JS, United Kingdom
Forth Financial Services Limited
Ordinary
50
22 Bishopsgate, London, EC3A 6HX, United Kingdom
AXA Ethical Distribution Fund
OEIC
42
AXA Framlington Global Sustainable
Managed Fund
OEIC
20
25 Cabot Square, Canary Wharf, London E14 4QA, United
Kingdom
MSIF Japanese Equity Fund
SICAV
100
45 Gresham Street, London, EC2V 7BG, United Kingdom
SVS BambuBlack Asia ex-Japan All-Cap
Fund
OEIC
23
50 Stratton Street, London, W1J 8LT, United Kingdom
Lazard Multicap UK Income Fund
OEIC
51
57-59 St James\u2019s Street, London, SW1A 1LD, United Kingdom
Artemis UK Special Situations Fund
Unit Trust
25
180 Great Portland Street, London, W1W 5QZ, United Kingdom
Quantum Property Partnership (General
Partner) Limited
Ordinary
50
Quantum Property Partnership
(Nominee)
Ordinary
50
6600 Cinnabar Court, Daresbury Park, Daresbury, Warrington,
WA4 4GE, United Kingdom
BNet Ultra Ltd
\u2014
\u2014
ITS (Holdco) Limited
\u2014
\u2014
Company name
Share Class1
% held
ITS Hammersmith & Fulham Ltd
\u2014
\u2014
ITS (MidCo) Limited
\u2014
\u2014
ITS Nottingham Ltd
\u2014
\u2014
ITS Technology Group
\u2014
\u2014
ITS Technology Group HoldCo
\u2014
\u2014
ITS Telecom Solutions Ltd
\u2014
\u2014
NextGenAccess Ltd
\u2014
\u2014
Building 1063 Cornforth Drive, Kent Science Park, Sittingbourne,\u00a0
ME9 8PX, United Kingdom
Digital Greenwich Connect Ltd
\u2014
\u2014
Calton Square, 1 Greenside Row, Edinburgh, EH13AN, United
Kingdom
Baillie Gifford Investment Funds II ICVC-
Baillie Gifford UK Equity Core Fund
OEIC
25
Baillie Gifford UK & Balanced Funds
ICVC-Baillie Gifford International Fund
OEIC
28
c/o Anseco Limited, The Green Easter Park, Benyon Road,
Reading, RG7 2PQ , United Kingdom
Homesun 2 Limited
\u2014
\u2014
Homesun 3 Limited
\u2014
\u2014
Homesun 4 Limited
\u2014
\u2014
Homesun 5 Limited
\u2014
\u2014
Homesun Limited
\u2014
\u2014
c/o Harper MacLeod LLP, The Cadoro, 45 Gordon Street,
Glasgow, G1 3PE, United Kingdom
Brockloch Rig Windfarm Limited
\u2014
\u2014
Crystal Rig III Limited
\u2014
\u2014
c/o Innovus Whittington Hall, Whittington Road, Worcester,
WR5 2ZX, United Kingdom
Aviva Investors GR SPV1 Limited
Ordinary
100
Aviva Investors GR SPV3 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 SPV16 Limited
Ordinary
100
Aviva Investors GR SPV17 Limited
Ordinary
100
c/o Interpath Ltd, 10 Fleet Place, London, EC4M 7RB, United
Kingdom
Plan 4 Wealth Limited
Ordinary
100
TMS Financial Solutions Limited
Ordinary
100
Exchange House, Primrose Street, London, EC2A 2HS, United
Kingdom
CT (Lux) Diversified Growth Fund
SICAV
100
Company name
Share Class1
% held
CT (Lux) European Growth & Income
Fund
SICAV
100
CT Global Total Return Bond Fund
OEIC
30
CT North American Equity Fund
OEIC
29
Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH, United
Kingdom
Hoxton Campus LP
Partnership
50
Hoxton General Partner LLP
Partnership
50
Forum 4 Solent Business Park Parkway, Whiteley, Fareham,
PO15 7AD, United Kingdom
1 Liverpool Street GP Limited
Ordinary
50
1 Liverpool Street Limited Partnership
Partnership
30
1 Liverpool Street Nominee 1 Limited
Ordinary
100
1 Liverpool Street Nominee 2 Limited
Ordinary
100
101 Moorgate GP Limited
Ordinary
50
101 Moorgate Limited Partnership
Ordinary
30
101 Moorgate Nominee 1 Limited
Ordinary
100
101 Moorgate Nominee 2 Limited
Ordinary
100
Midlands Regen I GP Limited
Ordinary
100
Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU,
United Kingdom
Defined Returns Limited
Ordinary
100
NDF Administration 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
28
Liontrust Sustainable Future European
Growth Fund
OEIC
46
Liontrust Sustainable Future Global
Growth Fund
OEIC
25
Liontrust Sustainable Future
Managed\u00a0Fund
OEIC
44
Liontrust Sustainable Future Managed
Growth Fund
OEIC
29
Liontrust Sustainable Future UK
Growth\u00a0Fund
OEIC
28
Liontrust UK Ethical Fund
OEIC
61
Nations House, 3rd Floor, 103 Wigmore Street, London, W1U 1QS,
United\u00a0Kingdom
Cannock Consortium Holdings Limited
Ordinary
43
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
Company name
Share Class1
% held
Cannock Designer Outlet Limited
Partnership
Partnership
37
Old Bourchiers Hall New Road, Aldham, Colchester, C06\u00a03QU,
United Kingdom
County Broadband Holdings Limited
\u2014
\u2014
County Broadband Limited
\u2014
\u2014
One Coleman Street, London, EC2R 5AA, United Kingdom
L&G Diversified Fund
Unit Trust
74
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, RG9
1HH, United Kingdom
Invesco Summit Responsible 2 Fund (UK)
OEIC
30
Invesco Summit Responsible 5 Fund (UK)
OEIC
68
Pinesgate West, Lower Bristol Road, Bath, BA2 3DP, United
Kingdom
Truespeed Communications Limited
\u2014
\u2014
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 (FP) LP
Partnership
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
Aviva Investors Private Equity
Programme 2008 Partnership
Partnership
100
Medium Scale Wind No.2 Limited
-
-
Shakespeare House, 42 Newmarket Road, Cambridge, CB5 8EP,
United\u00a0Kingdom
Hillswood Management Limited
Ordinary
24
St Helen\u2019s, 1 Undershaft, London, EC3P 3DQ, United Kingdom
1 Fitzroy Place Limited Partnership
Partnership
50
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
Company name
Share Class1
% held
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 LP
Partnership
50
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
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
\u2014
\u2014
AI Special PFI SPV Limited
Ordinary
100
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 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
Company name
Share Class1
% held
Aviva Investors Cautious Pension Fund
TTF
100
Aviva Investors Climate Transition
Global Equity Fund
OEIC
99
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
98
Aviva Investors CTF Holdco1 Limited
\u2014
\u2014
Aviva Investors CTF Infrastructure
Midco\u00a01\u00a0Limited
\u2014
\u2014
Aviva Investors Developed Asia Pacific
Ex Japan Equity Index Fund
TTF
100
Aviva Investors Developed Euro Ex UK
Equity Index Fund
TTF
100
Aviva Investors Developed Overseas
Gov BD Ex UK Ind Fund
TTF
100
Aviva Investors Developed World Ex UK
Equity Index Fund
TTF
100
Aviva Investors Distribution Life Fund
TTF
100
Aviva Investors EBC GP Limited
Ordinary
100
Aviva Investors EBC Limited Partnership
Partnership
100
Aviva Investors Emerging Market Equity
Core Fund
TTF
47
Aviva Investors Energy Centres
No.1\u00a0GP\u00a0Limited
Ordinary
100
Aviva Investors Energy Centres No.1
Limited Partnership
Partnership
100
Aviva Investors EPF ICVC
Fund
73
Aviva Investors Europe Equity Ex UK
Core Fund
TTF
52
Aviva Investors Europe Equity Ex UK
Fund
TTF
100
Aviva Investors European Property Fund
OEIC
73
Aviva Investors Global Equity Alpha Fund
TTF
100
Aviva Investors Global Equity
Endurance\u00a0Fund
OEIC
99
Aviva Investors Global Equity Fund
TTF
100
Aviva Investors Global Equity
Income\u00a0Fund
OEIC
34
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 Index Linked Gilt Fund
TTF
100
Aviva Investors Index Linked Gilts Over
5 Years Index Fund
TTF
100
Aviva Investors Infrastructure GP
Limited
Ordinary
100
Aviva Investors Infrastructure Income B
Limited
\u2014
\u2014
Company name
Share Class1
% held
Aviva Investors Infrastructure Income C
Limited
\u2014
\u2014
Aviva Investors Infrastructure Income C
No.4E Limited
\u2014
\u2014
Aviva Investors Infrastructure Income C
No.4F Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
Limited Partnership
\u2014
\u2014
Aviva Investors Infrastructure Income M
Limited
\u2014
\u2014
Aviva Investors Infrastructure Income M
No.4C Limited
\u2014
\u2014
Aviva Investors Infrastructure Income M
No.4D Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.1\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.2\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.2B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.3\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.3B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.4A Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.4B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.5\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6a1 Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6B1 Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6c Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6c1 Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.7\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.8\u00a0Limited
\u2014
\u2014
Aviva Investors International Index
Tracking Fund
OEIC
80
Aviva Investors Japan Equity Core Fund
TTF
50
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
71
Aviva Investors Money Market VNAV
Fund
TTF
100
Company name
Share Class1
% held
Aviva Investors Multi-Asset 40 85
Shares Index Fund
TTF
100
Aviva Investors Multi-Asset Core Fund I
OEIC
80
Aviva Investors Multi-Asset Core Fund II
OEIC
77
Aviva Investors Multi-Asset Core Fund
III
OEIC
64
Aviva Investors Multi-Asset Core Fund
IV
OEIC
70
Aviva Investors Multi-asset Plus III Fund
OEIC
46
Aviva Investors Multi-asset Plus IV Fund
OEIC
31
Aviva Investors Multi-asset Plus V Fund
OEIC
32
Aviva Investors Multi-asset Sustainable
Stewardship Fund I
OEIC
100
Aviva Investors Multi-asset Sustainable
Stewardship Fund II
OEIC
100
Aviva Investors Multi-asset Sustainable
Stewardship Fund III
OEIC
100
Aviva Investors Multi-asset Sustainable
Stewardship Fund IV
OEIC
100
Aviva Investors Multi-Manager 20-60%
Shares Fund
OEIC
81
Aviva Investors Multi-Manager 40-85%
Shares Fund
OEIC
79
Aviva Investors Multi-Manager
Flexible\u00a0Fund
OEIC
87
Aviva Investors Multi-Strategy Target
Return Fund
OEIC
84
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
49
Aviva Investors North American Equity
Fund
TTF
100
Aviva Investors North American Equity
Index Fund
TTF
100
Aviva Investors Pacific Equity Ex Japan
Core Fund
TTF
61
Aviva Investors Pacific Ex Japan Equity
Index Fund
TTF
100
Aviva Investors Pensions Limited
Ordinary
100
Aviva Investors PIP Solar PV (General
Partner) Limited
\u2014
\u2014
Aviva Investors PIP Solar PV N0.1
Limited
\u2014
\u2014
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 Property Funds ICVC
Partnership
100
Company name
Share Class1
% held
Aviva Investors Real Estate Active LTAF
Fund
100
Aviva Investors Real Estate Limited
Ordinary
100
Aviva Investors REALM Ground Rent
Limited Partnership
Partnership
86
Aviva Investors REALM Social Housing
Limited Partnership
Partnership
86
Aviva Investors REALTAF Holdco Limited
Ordinary
100
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 Strategic Bond Fund
OEIC
74
Aviva Investors Strategic Global Equity
Fund
TTF
100
Aviva Investors Sustainable Stewardship
Fixed Interest Fund
TTF
95
Aviva Investors Sustainable Stewardship
Fixed International Feeder Acc Fund
OEIC
97
Aviva Investors Sustainable Stewardship
International Equity Fund
TTF
100
Aviva Investors Sustainable Stewardship
International Equity Feeder Acc Fund
OEIC
98
Aviva Investors Sustainable Stewardship
UK Eq Feeder Acc Fund
OEIC
97
Aviva Investors Sustainable Stewardship
UK EqInc Feeder Acc Fund
OEIC
98
Aviva Investors Sustainable Stewardship
UK Equity Fund
TTF
100
Aviva Investors Sustainable Stewardship
UK Equity Income Fund
TTF
96
Aviva Investors US Equity Index Fund
TTF
100
Aviva Investors US Large Cap Equity
Fund
TTF
100
Aviva Investors UK Commercial Real
Estate Senior Debt LP
Partnership
21
Aviva Investors UK Cresd LP Limited
Ordinary
100
Aviva Investors UK Equity Alpha Fund
TTF
95
Aviva Investors UK Equity Core Fund
TTF
66
Aviva Investors UK Equity Dividend Fund
TTF
100
Aviva Investors UK Equity Index Fund
TTF
100
Aviva Investors UK EX Aviva
Investments Trusts 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
82
Company name
Share Class1
% held
Aviva Investors UK Listed Equity Ex
Tabacco 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
Fund
TTF
100
Aviva Investors UK Listed Equity Income
Fund
OEIC
100
Aviva Overseas Holdings Limited
Ordinary
100
Aviva Public Private Finance Limited
Ordinary
100
Aviva RELI 1 GP Limited
Ordinary
100
Aviva RELI 1 LP
Partnership
100
Aviva RELI 1 Nominee Limited
Ordinary
100
Aviva RELI 1 Unit Trust
Unit Trust
100
Aviva Reli GP 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
Axcess 10 Management Company
Limited
Company
Limited by
Guarantee
100
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
Bersey Warehouse Nominee 1 Limited
Ordinary
100
Bersey Warehouse Nominee 2 Limited
Ordinary
100
Biomass UK No.1 LLP
\u2014
\u2014
Biomass UK No.2 Limited
\u2014
\u2014
Biomass UK No. 3 Limited
\u2014
\u2014
Biomass UK No.4 Limited
\u2014
\u2014
Boston Biomass Limited
\u2014
\u2014
Boston Wood Recovery Limited
\u2014
\u2014
Building a Future (Newham Schools)
Limited
Ordinary
100
Cara Renewables Limited
\u2014
\u2014
CCPF No.4 LP
Partnership
100
CGU International Holdings BV
Ordinary
100
Chesterford Park (General Partner)
Limited
Ordinary
50
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
\u2014
\u2014
Digital Garage Nominee 1 Limited
Ordinary
100
Digital Garage Nominee 2 Limited
Ordinary
100
Company name
Share Class1
% held
EES Operations 1 Limited
\u2014
\u2014
Electric Avenue Ltd
\u2014
\u2014
Free Solar (Stage 2) Limited
\u2014
\u2014
Fitzroy Place GP 2 Limited
Ordinary
50
Fitzroy Place Management Co Limited
Ordinary
50
Fitzroy Place Residential Limited
Ordinary
50
GES Solar2 Limited
\u2014
\u2014
GES Solar3 Limited
\u2014
\u2014
Gobafoss General Partner Limited
Ordinary
100
Gobafoss Partnership Nominee
No\u00a01\u00a0Limited
Ordinary
100
Heritage FL Single Family Homes Limited
Ordinary
100
Hooton Bio Power Limited
\u2014
\u2014
Houlton Commercial Management
Company 2 Limited
Company
Limited by
Guarantee
50
Houlton Commercial Management
Company
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 LP
Partnership
20
Igloo Regeneration Partnership
Partnership
50
Igloo Regeneration Property Unit Trust
Unit Trust
50
Irongate House LP
Partnership
50
Irongate House Nominee 1 Limited
Ordinary
50
Irongate House Nominee 2 Limited
Ordinary
50
Jacks Lane Energy Limited
\u2014
\u2014
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
\u2014
\u2014
Medium Scale Wind No.1 Limited
\u2014
\u2014
Middlesex Hospital Site Property Unit
Trust
Unit Trust
50
Minnygap Energy Limited
\u2014
\u2014
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
Company name
Share Class1
% held
Mortimer Street Nominee 3 Limited
Ordinary
50
NCH Solar1 Limited
\u2014
\u2014
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 (Shareholder GP) Limited
Ordinary
100
Norwich Union Public Private Partnership
Fund
Partnership
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
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
\u2014
\u2014
Renewable Clean Energy 3 Limited
\u2014
\u2014
Renewable Clean Energy Limited
\u2014
\u2014
Riley Factory Nominee 1 Limited
Ordinary
100
Riley Factory Nominee 2 Limited
Ordinary
100
Rugby Radio Station (General Partner)
Limited
Ordinary
50
Company name
Share Class1
% held
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 Ipswich OpCo Limited
Ordinary
100
SHR Linmere Limited
Ordinary
100
SHR Swindon Limited
Ordinary
100
SHR Telford Limited
Ordinary
100
SHR Telford OpCo Limited
Ordinary
100
Solar Clean Energy Limited
\u2014
\u2014
Southgate General Partner Limited
Ordinary
50
Southgate LP (Nominee 1) Limited
Ordinary
50
Southgate LP (Nominee 2) Limited
Ordinary
50
Spire Energy Ltd
\u2014
\u2014
Station Road Cambridge LP
Partnership
50
Station Road General Partner LLP
Partnership
100
Station Road GP Limited
Ordinary
100
Stonebridge Cross Management Limited
Company
Limited by
Guarantee
100
SUE Developments LP
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
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 Limited Partnership
Partnership
50
The Square Brighton Limited
Ordinary
100
Turncole Wind Farm Limited
\u2014
\u2014
Tyne Assets (No 2) Limited
Ordinary
100
Tyne Assets Limited
Ordinary
100
Undershaft Limited
Ordinary
100
Welsh Insurance Corporation Limited
Ordinary
100
Company name
Share Class1
% held
Westcountry Solar Solutions Limited
\u2014
\u2014
Woolley Hill Electrical Energy Limited
\u2014
\u2014
WR 11 Solar Limited
\u2014
\u2014
Yorkshire Insurance Company Limited
Ordinary
100
Swan Court Waterman\u2019s Business Park, Kingsbury Crescent,
Staines, TW18 3BA, United Kingdom
Healthcode Limited
Ordinary
20
Tec Marina Terra Nova Way, Penarth, Cardiff, 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 Kingdom
Bankhouse Financial Management
Limited
Ordinary
100
G&E Private Wealth Limited
Ordinary
97
G&E Wealth Management (Holdings) Ltd
Ordinary
100
G&E Wealth Management Limited
Ordinary
97
HKA (F S) Limited
Ordinary
97
HKA Holdings Limited
Ordinary
97
Investors Planning Associates Limited
Ordinary
100
JCF Financial Services Limited
Ordinary
100
KF Consulting
Ordinary
100
Oaklea Wealth Management Limited
Ordinary
97
Pannells Financial Planning Ltd
Ordinary
100
Pannells Holdings Limited
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 2PQ, United
Kingdom
ANESCO Mid Devon Limited
\u2014
\u2014
ANESCO South West Limited
\u2014
\u2014
Free Solar (Stage 1) Limited
\u2014
\u2014
New Energy Residential Solar Limited
\u2014
\u2014
Norton Energy SLS Limited
\u2014
\u2014
TGHC Limited
\u2014
\u2014
Unit 2, Arabesque House, Monks Cross Drive, Huntington, York,
YO32 9GW, United Kingdom
A P Associates Financial Services
Limited
Ordinary
97
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
Company name
Share Class1
% held
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 Investments International L.P.
Partnership
100
Aviva Life Services UK Limited
Ordinary
100
Aviva Management Services UK Limited
Ordinary
100
Aviva Master Trust Trustees UK Limited
Ordinary
100
Aviva Pension Trustees UK Limited
Ordinary
100
Aviva Savings Limited
Ordinary
100
Aviva Trustees UK Limited
Ordinary
100
Aviva UKLAP De-risking Limited
Ordinary
100
Aviva Wealth Holdings UK Limited
Ordinary
100
Aviva Wrap UK Limited
Ordinary
100
Bankhall Support Services Limited
Ordinary
100
CGNU Life Assurance Limited
Ordinary
100
FF Fabric 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 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
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
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
Company name
Share Class1
% held
Sesame Services Limited
Ordinary
100
Suntrust Limited
Ordinary
100
Lancashire and Yorkshire Reversionary
Interest Company 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
Zetland House, 5-25 Scrutton Street Units, E-G 4th Fl, London
EC2A 4HJ, United Kingdom
Acre Platforms Limited
Ordinary
37
United States
251 Little Falls Drive, Wilmington, DE, 19808, United States
AI-RECAP Carry I, LP
Partnership
100
AI-RECAP GP I, LLC
Sole Member
100
UKP Holdings Inc.
Common
100
1209 Orange Street, Wilmington, DE, 19801, United States
AI-RECC I GP, LLC
Sole Member
100
Aviva Investors Americas LLC
Sole Member
100
2222 Grand Avenue, Des Moines, IA, 50312, United States
Aviva Investors North America 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.Definitions
\u2022Fond Common de Placement (\u2018FCP\u2019)
\u2022Soci\u00e9t\u00e9 d \u2018Investment \u00e0 Capital Variable (\u2018SICAV\u2019)
\u2022Tax Transparent Fund ('TTF')
\u2022Open Ended Investment Companies (\u2018OEIC\u2019)
Audit exemptions
The subsidiary undertakings of the Company listed below
are to take advantage of s479A Companies Act 2006
(s479A) audit exemption for the year ended 31 December
2023. Aviva plc will issue a guarantee pursuant to s479A in
relation to the liabilities of the entity:
Company name
Company number
Aviva Insurance Services UK Limited
2180191
Aviva Management Services UK Limited
983330
Aviva Savings Limited
4384512
Aviva Wealth Holdings UK Limited
6861305
FF Fabric Limited
13392040
Friends AELRIS Limited
16807
Lancashire and Yorkshire Reversionary
Interest Company Limited /The
19770
London and Manchester Group Limited
1594941
Suntrust Limited
1460956
Undershaft Limited
4075935
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-830": { "value": "
28 \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 a result of new business written, claims paid and market movements.
(a) Carrying amount
Financial investments comprise:
Note
2023
\u00a3m
2022
\u00a3m
UK government
24,281
19,658
Non-UK government
28(d)
24,722
24,038
Corporate bonds - public utilities
5,563
5,536
Other corporate bonds
46,385
42,245
Other
2,313
2,240
Debt securities
103,264
93,717
Certificates of deposit
10,625
10,059
Fixed maturity securities
113,889
103,776
Public utilities
2,732
5,047
Banks, trusts and insurance companies
19,337
16,215
Industrial, miscellaneous and all other
70,410
64,369
Ordinary shares
92,479
85,631
Non-redeemable preference shares
93
159
Equity securities
92,572
85,790
Unit trusts and other investment vehicles
34,159
29,211
Derivative financial instruments
55
3,992
4,916
Deposits with credit institutions
77
56
Minority holdings in property management undertakings
702
222
Other investments \u2013 long-term
184
114
Other investments \u2013 short-term
256
1
Other investments
39,370
34,520
Total financial investments
245,831
224,086
Financial investments are held mandatorily at fair value through profit or loss (FVTPL) as the investments are managed
and their performance evaluated on a fair value basis to support the Group in managing its capital on a regulatory basis
(Solvency II).
Of the above total, excluding those financial investments with no fixed contractual maturity date, \u00a393,033 million
(2022:\u00a0\u00a388,793 million) is due to be recovered in more than one year after the statement of financial position date.
Other debt securities of \u00a32,313 million (2022: \u00a32,240 million) include residential and commercial mortgage-backed
securities, as well as other structured credit securities.
Financial investments include \u00a33,511 million ( 2022: \u00a33,970 million) in respect of non-cash collateral pledged to third
parties where the economic rights are retained by the Group.
(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:
2023
2022
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
121,436
2,757
(10,304)
113,889
110,029
8,475
(14,728)
103,776
Equity securities
77,769
19,849
(5,046)
92,572
75,981
16,610
(6,801)
85,790
Unit trusts and other investment vehicles
36,601
14,231
(16,673)
34,159
33,737
3,907
(8,433)
29,211
Derivative financial instruments
(90)
5,156
(1,074)
3,992
300
5,258
(642)
4,916
Deposits with credit institutions
77
\u2014
\u2014
77
56
\u2014
\u2014
56
Minority holdings in property
management undertakings
705
57
(60)
702
228
28
(34)
222
Other investments \u2013 long-term
194
21
(31)
184
137
3
(26)
114
Other investments \u2013 short-term
256
\u2014
\u2014
256
1
\u2014
\u2014
1
Other investments
37,743
19,465
(17,838)
39,370
34,459
9,196
(9,135)
34,520
Total financial investments
236,948
42,071
(33,188)
245,831
220,469
34,281
(30,664)
224,086
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 financial investments classified as fair value through profit or loss, recognised in the
income statement in the year, were a net gain of \u00a38,779 million (2022 : \u00a348,683 million net loss). Of this net gain,
\u00a36,606\u00a0million net gain (2022: \u00a343,663 million net loss) related to investments designated as other than trading and
\u00a32,173\u00a0million net gain (2022 : \u00a35,020 million net loss) related to financial investments designated as trading.
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 56 for further discussion regarding collateral positions held by the Group.
(ii) Other arrangements
In carrying on its bulk purchase annuity business, the Group\u2019s IWR 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 2023, \u00a31,570 million
(2022:\u00a0\u00a31,778\u00a0million) 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 policies issued in those countries. Other investments are pledged as security collateral for bank letters
of credit.
(d) Non-UK government fixed maturity securities (gross of non-controlling interests)
The following is a summary of non-UK government debt by issuer, analysed by policyholder, participating and
shareholder funds.
2023
2022
Policyholder
\u00a3m
Participating
\u00a3m
Shareholder
\u00a3m
Total
\u00a3m
Policyholder
\u00a3m
Participating
\u00a3m
Shareholder
\u00a3m
Total
\u00a3m
Belgium
87
117
511
715
79
149
261
489
Czech Republic
75
188
98
361
50
230
1
281
France
384
103
132
619
343
175
395
913
Germany
269
58
154
481
536
330
326
1,192
Ireland
20
89
23
132
17
176
171
364
Italy
381
64
20
465
275
68
14
357
Netherlands
91
28
46
165
81
49
193
323
Poland
85
36
337
458
75
24
94
193
European supranational debt
712
119
1,126
1,957
830
218
1,467
2,515
Other European countries
747
283
580
1,610
467
364
635
1,466
Europe
2,851
1,085
3,027
6,963
2,753
1,783
3,557
8,093
Canada
279
59
2,611
2,949
180
40
3,666
3,886
United States
3,111
619
1,543
5,273
2,536
645
1,084
4,265
North America
3,390
678
4,154
8,222
2,716
685
4,750
8,151
Chile
105
30
393
528
68
24
229
321
China
418
122
24
564
343
140
7
490
India
86
17
699
802
91
\u2014
688
779
Indonesia
220
60
154
434
230
82
5
317
Japan
1,260
285
450
1,995
951
404
275
1,630
Mexico
299
84
16
399
335
118
7
460
South Africa
229
66
13
308
247
88
5
340
South Korea
325
133
108
566
179
211
159
549
United Arab Emirates
12
27
333
372
37
37
134
208
Other supranational debt
440
168
217
825
\u2014
211
53
264
Other
1,640
529
575
2,744
1,312
561
563
2,436
Asia Pacific and other
5,034
1,521
2,982
9,537
3,793
1,876
2,125
7,794
Total Non-UK government fixed
maturity securities
11,275
3,284
10,163
24,722
9,262
4,344
10,432
24,038
Our direct shareholder asset exposure to government (non-UK) fixed maturity securities amounts to \u00a310,163 million
(2022: \u00a310,432 million). The primary exposures, relative to total shareholder (non-UK) government debt exposure, are to
Canadian (26%), US (15%), Indian (7%), Belgian (5%) and Japanese (4%) government fixed maturity securities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-831": { "value": "
29 \u2013 Receivables Receivables
This note analyses our total receivables.
2023
\u00a3m
Restated1
2022
\u00a3m
Amounts owed by contract holders for non-participating investment contracts
122
147
Amounts owed by intermediaries
1,115
1,066
Amounts due from reinsurers for non-participating investment contracts
96
96
Amounts due from brokers for investment sales
601
460
Amounts receivable for collateral pledged
165
266
Amounts due from government, social security and taxes
675
545
Finance lease receivables
153
143
Other receivables
794
757
Total receivables
3,721
3,480
Expected to be recovered in less than one year
3,552
3,294
Expected to be recovered in more than one year
169
186
Total receivables
3,721
3,480
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-832": { "value": "
30 \u2013 Deferred acquisition costs on non-participating investment contracts
(a) Carrying amount and movements in the year
2023
Total
\u00a3m
Restated1
2022
Total
\u00a3m
Carrying amount at 1 January
851
892
Acquisition costs deferred during the year
78
70
Amortisation
(116)
(103)
Impact of assumption changes
(32)
(16)
Foreign exchange rate movements
(3)
8
Other movements2
10
\u2014
Carrying amount at 31 December
788
851
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. Other movements in 2023 relates to an allocation of \u00a310 million to deferred acquisition costs from deferred income liability.
Deferred acquisition costs (DAC) on non-participating investment contracts are generally recoverable in more than one
year. Of the above total, \u00a3767 million (2022 : \u00a3684 million) is expected to be recovered in more than one year after the
statement of financial position date. Where amortisation of the DAC balance depends on projected profits, the amount
expected to be recovered is estimated and actual experience will differ.
DAC for non-participating business decreased overall over 2023 as increases from new business sales were more than
offset by amortisation.
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.
At both 31 December 2023 and 31 December 2022 the DAC balance has been restricted by the value of projected future
profits.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-833": { "value": "
31 \u2013 Pension surpluses, other assets, prepayments and accrued income
(a) Pension surpluses and other assets \u2013 carrying amount
The carrying amount comprises:
Note
2023
'\u00a3m
2022
'\u00a3m
Surpluses in the staff pension schemes
46(a)
817
1,192
Other assets
45
42
Total pension surpluses and other assets
862
1,234
Surpluses in the staff pension schemes and \u00a3nil (2022 : \u00a314\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 \u00a33,392 million (2022:\u00a0\u00a32,822\u00a0million) are all expected to be recovered within one
year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-835": { "value": "
32 \u2013 Ordinary share capital
This note gives details of Aviva plc\u2019s ordinary share capital and shows the movements during the year.
(a) Carrying amount
Details of the Company\u2019s ordinary share capital are as follows:
2023
'\u00a3m
2022
'\u00a3m
The allotted, called up and fully paid share capital of the Company was: 2,739,487,140
(2022: 2,807,964,676) ordinary shares of 3217/19 pence each
901
924
At the Annual General Meeting that took place on 4 May 2023 , the Company was authorised to allot up to a further
maximum nominal amount of:
\u2022 \u00a3614 million of which \u00a3307 million can be in connection with an offer by way of a rights issue
\u2022 \u00a3150 million in relation to any issue of Solvency II compliant capital instruments
(b) Movement in issued share capital
2023
2022
Number of shares
Share
capital
Number of shares
Share
capital
Note
25p
3217/19p
B shares
25p
3217/19p
B shares
each
each
each
\u00a3m
each
each
each
\u00a3m
At 1 January
\u2014
2,807,964,676
\u2014
924
3,766,095,426
\u2014
941
Shares issued under the
Group\u2019s Employee and
Executive Share Option
Schemes
\u2014
4,319,655
\u2014
1
1,214,203
5,599,956
\u2014
2
Shares cancelled through
buyback
32(b)(i)
\u2014
(72,797,191)
\u2014
(24)
(79,987,629)
\u2014
\u2014
(19)
Shares issued under the B
share scheme
32(b)(ii)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
3,687,322,000
3,750
Shares cancelled following B
share scheme redemption
32(b)(ii)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(3,687,322,000)
(3,750)
Share consolidation
32(b)(iii)
\u2014
\u2014
\u2014
(3,687,322,000)
2,802,364,720
\u2014
\u2014
At 31 December
\u2014
2,739,487,140
\u2014
901
\u2014
2,807,964,676
\u2014
924
Ordinary shares in issue in the Company rank pari passu with any new ordinary shares issued in the Company. All the
ordinary shares in issue carry the same right to receive all dividends and other distributions declared, made or paid by the
Company.
(i) Share buyback
On 9 March 2023, Aviva announced a share buyback programme for up to a maximum aggregate consideration of
\u00a3300\u00a0million to commence on 10 March 2023 (the \"Programme\"). On 2 June 2023, Aviva announced that it had successfully
completed the Programme. In total, 72,797,191 shares were purchased with a nominal value of \u00a324 million and were
subsequently cancelled, giving rise to an additional capital redemption reserve of an equivalent amount. The 72,797,191
shares were acquired at an average price of 412 pence per share.
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.
(ii) 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.
(iii) Share consolidation
On 16 May 2022, the Company\u2019s share capital was consolidated whereby 76 new ordinary shares of 3217/19 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.
(c) Subsequent events
On 6 March 2024, Aviva plc approved a share buyback of its ordinary shares for up to a maximum aggregate consideration
of \u00a3300 million which is expected to commence on 8 March 2024. The buyback will reduce IFRS net asset value and
Solvency II own funds by \u00a3300 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-834": { "value": "
32 \u2013 Ordinary share capital
This note gives details of Aviva plc\u2019s ordinary share capital and shows the movements during the year.
(a) Carrying amount
Details of the Company\u2019s ordinary share capital are as follows:
2023
'\u00a3m
2022
'\u00a3m
The allotted, called up and fully paid share capital of the Company was: 2,739,487,140
(2022: 2,807,964,676) ordinary shares of 3217/19 pence each
901
924
At the Annual General Meeting that took place on 4 May 2023 , the Company was authorised to allot up to a further
maximum nominal amount of:
\u2022 \u00a3614 million of which \u00a3307 million can be in connection with an offer by way of a rights issue
\u2022 \u00a3150 million in relation to any issue of Solvency II compliant capital instruments
(b) Movement in issued share capital
2023
2022
Number of shares
Share
capital
Number of shares
Share
capital
Note
25p
3217/19p
B shares
25p
3217/19p
B shares
each
each
each
\u00a3m
each
each
each
\u00a3m
At 1 January
\u2014
2,807,964,676
\u2014
924
3,766,095,426
\u2014
941
Shares issued under the
Group\u2019s Employee and
Executive Share Option
Schemes
\u2014
4,319,655
\u2014
1
1,214,203
5,599,956
\u2014
2
Shares cancelled through
buyback
32(b)(i)
\u2014
(72,797,191)
\u2014
(24)
(79,987,629)
\u2014
\u2014
(19)
Shares issued under the B
share scheme
32(b)(ii)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
3,687,322,000
3,750
Shares cancelled following B
share scheme redemption
32(b)(ii)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(3,687,322,000)
(3,750)
Share consolidation
32(b)(iii)
\u2014
\u2014
\u2014
(3,687,322,000)
2,802,364,720
\u2014
\u2014
At 31 December
\u2014
2,739,487,140
\u2014
901
\u2014
2,807,964,676
\u2014
924
Ordinary shares in issue in the Company rank pari passu with any new ordinary shares issued in the Company. All the
ordinary shares in issue carry the same right to receive all dividends and other distributions declared, made or paid by the
Company.
(i) Share buyback
On 9 March 2023, Aviva announced a share buyback programme for up to a maximum aggregate consideration of
\u00a3300\u00a0million to commence on 10 March 2023 (the \"Programme\"). On 2 June 2023, Aviva announced that it had successfully
completed the Programme. In total, 72,797,191 shares were purchased with a nominal value of \u00a324 million and were
subsequently cancelled, giving rise to an additional capital redemption reserve of an equivalent amount. The 72,797,191
shares were acquired at an average price of 412 pence per share.
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.
(ii) 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.
(iii) Share consolidation
On 16 May 2022, the Company\u2019s share capital was consolidated whereby 76 new ordinary shares of 3217/19 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.
(c) Subsequent events
On 6 March 2024, Aviva plc approved a share buyback of its ordinary shares for up to a maximum aggregate consideration
of \u00a3300 million which is expected to commence on 8 March 2024. The buyback will reduce IFRS net asset value and
Solvency II own funds by \u00a3300 million.
35 \u2013 Preference share capital
The issued and paid up preference share capital of the Company at 31 December was:
2023
2022
\u00a3m
\u00a3m
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
Total preference share capital
200
200
The issued preference shares are non-voting except where their dividends are in arrears, on a winding up or where their
rights are altered.
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 31 December 2023 , the fair value of Aviva plc\u2019s preference share capital was \u00a3261 million ( 2022 : \u00a3247 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-836": { "value": "
33 \u2013 Group\u2019s share plans 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 shares in the Company.
(a) Description of the plans
The Group maintains a number of active share option and award plans and schemes across all markets (the Group\u2019s share
plans). All employees are eligible for share plans and the plans offered are as follows:
Plan
Description
(i) Savings-related options
These are options granted under the tax-advantaged Save As You Earn (SAYE) share option
scheme in the UK and Irish revenue-approved SAYE share option scheme in Ireland. 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. Seven year contracts were offered
prior to 2012. 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 2011 (LTIP), and are
described in section (b) below and in the directors\u2019 remuneration report.
(iii) Aviva annual bonus plan awards
These awards have been made under the Aviva Annual Bonus Plan 2011 (ABP), and are
described in section (b) below and in the directors\u2019 remuneration report.
(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 will 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 can choose to have the deferred element of their bonus deferred into
awards over Aviva shares. The awards vest in three equal tranches on the second, third and
fourth year following the year of grant.
(vi) Various all employee share plans
The Company maintains a number of active stock option and share award voluntary schemes:
a) The global matching share plan
b) Aviva Group employee share ownership scheme
No new Aviva plc ordinary shares will be issued to satisfy awards made under plans (iv), (v), (vi b).
(b) Outstanding options
The following table summarises information about options outstanding at 31 December:
2023
2022
Range of exercise prices
Outstanding
options
number
Weighted
average
remaining
contractual life
years
Weighted
average
exercise price
pence
Outstanding
options
number
Weighted
average
remaining
contractual life
years
Weighted
average
exercise
price
pence
\u00a32.20 \u2013 \u00a33.16
35,089,530
2.65
260.47
32,596,283
2
227.63
\u00a33.17 \u2013 \u00a33.67
9,043,614
2.40
333.38
10,898,433
3
333.46
\u00a33.68 \u2013 \u00a34.19
138,673
0.41
387.16
470,831
1
393.31
(c) Movements in the year
A summary of the status of the option and share plans as at 31 December 2023 and 2022 , and changes during the years
ended on those dates, is shown below.
2023
2022
Options
Weighted
average
exercise
price
Awards
Options
Weighted
average
exercise
price
Awards
number
years
number
number
years
number
Outstanding at 1 January
43,965,547
255.64
40,030,981
47,801,150
251.00
40,303,963
Granted during the year
17,123,614
298.00
17,236,818
6,369,795
336.00
18,158,925
Exercised during the year
(13,599,458)
233.58
(16,024,769)
(6,238,086)
298.73
(11,416,602)
Forfeited during the year
(2,624,572)
301.08
(4,446,240)
(2,801,326)
259.10
(7,015,305)
Cancelled during the year
(299,957)
257.82
\u2014
(713,427)
238.30
\u2014
Expired during the year
(293,357)
305.61
\u2014
(452,559)
308.98
\u2014
Outstanding at 31 December
44,271,817
275.76
36,796,790
43,965,547
255.64
40,030,981
Exercisable at 31 December
6,917,910
222.99
\u2014
2,676,882
278.95
\u2014
(d) Expense charged to the income statement
The total expense recognised for the year arising from equity compensation plans was as follows:
2023
\u00a3m
2022
\u00a3m
Equity-settled expense
(61)
(58)
(e) Fair value of options and awards
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 \u00a30.86 and \u00a33.75 (2022: \u00a30.84 and \u00a33.95) respectively.
(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
2023
2022
Share price
376p
388p
Exercise price
298p
336p
Expected volatility
32.13%
31.76%
Expected life
4.11 years
4.08years
Expected dividend yield
8.47%
6.44%
Risk-free interest rate
4.41%
4.23%
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. 13,599,458 options were exercised during the year ( 2022: 6,238,086).
(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
2023
2022
Share price
393p
404p
Expected volatility1
33%
33%
Expected volatility of comparator companies\u2019 share price1
30%
35%
Correlation between Aviva and comparator competitors\u2019 share price1
55%
51%
Expected life1
3.00 years
3.00years
Expected dividend yield
0.00%
0.00%
Risk-free interest rate1
3.32%
1.49%
1. For awards with market-based performance conditions only
", "dimensions": { "concept": "ifrs-full:DisclosureOfTermsAndConditionsOfSharebasedPaymentArrangementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-837": { "value": "
34 \u2013 Treasury shares
The following table summarises information about treasury shares:
2023
2022
number
\u00a3m
number
\u00a3m
Shares held by employee trusts
21,193,467
87
19,986,626
85
Total treasury shares
21,193,467
87
19,986,626
85
Shares held by employee trusts
Prior to 2021, we primarily issued new shares except where it is necessary to use shares held by an employee share trust.
From 2021, we satisfy awards and options granted under the Group\u2019s share plans primarily through shares purchased in
the market and held by employee share trusts. This note gives details of the shares held in these trusts.
Movements in the carrying value of shares held by employee trusts comprise:
2023
2022
number
\u00a3m
number
\u00a3m
At 1 January
19,986,626
85
12,363,684
51
Acquired in the year
18,905,610
76
23,539,378
101
Distributed in the year
(17,698,769)
(74)
(9,850,409)
(41)
Share consolidation
\u2014
\u2014
(6,066,027)
(26)
At 31 December
21,193,467
87
19,986,626
85
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 directors\u2019 remuneration
report and/or in note 33.
These shares were either purchased in the market or, in 2015, new shares were issued to the trust and are carried at
weighted average cost. At 31 December 2023 , they had an aggregate nominal value of \u00a36,971,535 (2022: \u00a36,575,548) and a
market value of \u00a392,128,001 (2022:\u00a0\u00a388,500,780). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-838": { "value": "
36 \u2013 Tier 1 notes
The carrying amount of Tier 1 notes at 31 December was:
2023
'\u00a3m
2022
'\u00a3m
Tier 1 notes
496
496
On 15 June 2022, Aviva plc issued \u00a3500 million 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 Aviva plc 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 \u00a334 million were made ( 2022: \u00a317 million). On the occurrence of certain conversion
trigger events the notes are convertible into ordinary shares of Aviva plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-839": { "value": "
37 \u2013 Capital reserves and retained earnings
This note analyses the movements in the consolidated capital reserves and retained earnings during the year.
Restated1
2023
2022
Capital reserves
Retained
earnings
Capital reserves
Retained
earnings
Share
premium
Capital
redemption
reserve
Merger
reserve
Share
premium
Capital
redemption
reserve
Merger
reserve
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
1,263
3,855
5,224
(2,328)
1,248
86
8,974
4,792
Profit/(loss) for the year attributable to equity
shareholders
\u2014
\u2014
\u2014
1,085
\u2014
\u2014
\u2014
(1,051)
Remeasurements of pension schemes
46(b)(i)
\u2014
\u2014
\u2014
(495)
\u2014
\u2014
\u2014
(1,542)
Dividends and appropriations
16
\u2014
\u2014
\u2014
(929)
\u2014
\u2014
\u2014
(862)
Shares purchased in buyback
32(b)(i)
\u2014
24
\u2014
(300)
\u2014
19
\u2014
(336)
Capital Reductions
37(b)
(1,253)
(3,855)
\u2014
5,108
\u2014
\u2014
\u2014
\u2014
Return of capital to ordinary shareholders via
B share scheme
32(b)(ii)
\u2014
\u2014
\u2014
\u2014
\u2014
3,750
(3,750)
(3,750)
Net shares issued under equity compensation
plans
7
\u2014
\u2014
(35)
15
\u2014
\u2014
9
Aggregate tax effect
\u2014
\u2014
\u2014
122
\u2014
\u2014
\u2014
412
At 31 December
17
24
5,224
2,228
1,263
3,855
5,224
(2,328)
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
(a) Merger reserve
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 the 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 new shares by the Company, thereby attracting merger relief under the Companies Act 1985 and,
from 1 October 2009, the Companies Act 2006.
(b) Capital Reductions
At a General Meeting of Aviva held on 4 May 2023, Aviva received shareholder approval to a reduction of \u00a31,253 million in
its share premium account and to a reduction of \u00a33,855 million in its capital redemption reserve (the Capital Reductions).
The Capital Reductions received Court approval on 23 May 2023 and were effected on 25 May 2023.
(c) Aviva plc company
Retained earnings of Aviva plc, the Company, were \u00a310,589 million at 31 December 2023 (2022: \u00a35,248 million) (see note H
on the Company Financial statements). The retained earnings of the Company were not impacted by the adoption of
IFRS\u00a017.
38 \u2013 Other\u00a0reserves
This note gives details of the other reserves forming part of the Group\u2019s consolidated equity and shows the movements
during the year net of non-controlling interests:
2023
Restated1
2022
Currency
translation
reserve
Owner
occupied
properties
reserve
Investment
valuation
reserve
Hedging
instruments
reserve
Equity
compensation
reserve
Total Other
reserves
Currency
translation
reserve
Owner
occupied
properties
reserve
Investment
valuation
reserve
Hedging
instruments
reserve
Equity
compensation
reserve
Total Other
reserves
Accounting policy
E
P
T
U
AB
E
P
T
U
AB
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
485
22
(3)
(262)
113
355
314
22
35
(224)
101
248
Share of other
comprehensive
income of joint
ventures and
associates
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(38)
\u2014
\u2014
(38)
Foreign exchange rate
movements
(111)
\u2014
\u2014
28
\u2014
(83)
174
\u2014
\u2014
(47)
\u2014
127
Aggregate tax effect \u2013
shareholders\u2019 tax
4
\u2014
\u2014
(6)
\u2014
(2)
(3)
\u2014
\u2014
9
\u2014
6
Total other
comprehensive income
for the year
(107)
\u2014
\u2014
22
\u2014
(85)
171
\u2014
(38)
(38)
\u2014
95
Reserves credit for
equity compensation
plans
\u2014
\u2014
\u2014
\u2014
61
61
\u2014
\u2014
\u2014
\u2014
58
58
Shares issued under
equity compensation
plans
\u2014
\u2014
\u2014
\u2014
(52)
(52)
\u2014
\u2014
\u2014
\u2014
(46)
(46)
At 31 December
378
22
(3)
(240)
122
279
485
22
(3)
(262)
113
355
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
Foreign exchange rate movements recorded in the consolidated statement of comprehensive income of \u00a3(86) million
(2022 restated: \u00a3119 million) relate to foreign exchange rate movements on the currency translation reserve of
\u00a3(111)\u00a0million ( 2022 restated:\u00a0\u00a3174 million), the hedging instrument reserve of \u00a328 million (2022:\u00a0\u00a3(47) million) and
non-controlling interests (see note 39) of \u00a3(3) million (2022: \u00a3(8) million).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-840": { "value": "
39 \u2013 Non-controlling interests
This note gives details of the Group\u2019s non-controlling interests and shows the movements during the year.
2023
\u00a3m
2022
\u00a3m
At 1 January
310
252
Profit for the year attributable to non-controlling interests
21
21
Foreign exchange rate movements
(3)
(8)
Total comprehensive income attributable to non-controlling interests
18
13
Changes in non-controlling interests in subsidiaries
9
\u2014
Non-controlling interests share of dividends declared in the year
(21)
(21)
Non-controlling interest in acquired subsidiaries
2
66
At 31 December
318
310
Comprising:
Equity shares in subsidiaries
68
60
Preference shares in subsidiaries
250
250
Total non-controlling interests
318
310
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-841": { "value": "
42 \u2013 Financial guarantees and options
This note details the financial guarantees and options inherent in some of our insurance and investment contracts.
For insurance and participating investment contracts, the Group\u2019s objective in estimating future cash flows is to
determine the expected value of a range of scenarios that reflects the full range of possible outcomes. For contracts with
embedded options and guarantees, in particular with-profits business, a stochastic approach based on the average of a
number of scenarios is typically used. Stochastic modelling involves projecting future cash flows under a large number of
possible economic scenarios for market variables such as interest rates and equity returns.
(a) UK non-profit business
The material guarantees and options relating to non-profit business are:
(i) Guaranteed annuity options
The Group\u2019s UK non-profit funds have written contracts which contain guaranteed annuity rate options (GAOs), where
the policyholder has\u00a0the option to take the benefits from a policy in the form of an annuity based on guaranteed
conversion rates. Provision for these guarantees do not materially differ from a provision based on a market-consistent
stochastic model, and amounts to \u00a324 million at 31 December 2023 (2022 restated: \u00a329 million).
(ii) Guaranteed unit price on certain products
Certain pension products linked to long-term life insurance funds provide policyholders with guaranteed benefits at
retirement or death. No additional provision is made for this guarantee as the investment management strategy for these
funds is designed to ensure that the guarantee can be met from the fund, mitigating the impact of large falls in
investment values and interest rates.
(iii) Return of Premium guarantees
German pension products sold in Friends Life between 2006 and 2014 are subject to a return of premium guarantee
whereby the product guarantees to return the maximum of the unit fund value or total premiums paid (before
deductions).\u00a0Provisions for this guarantee are calculated using a market-consistent stochastic model and amount to
\u00a388\u00a0million at 31 December 2023 (2022 restated: \u00a385 million).
(b) UK with-profits business
The material guarantees and options relating to with-profit business are:
(i) Maturity value and death benefit guarantees
Significant conventional and unitised with-profits business have minimum maturity (and in some cases death benefit)
values reflecting the sum assured plus declared annual bonus. For some unitised with-profits life contracts the amount
paid after the fifth policy anniversary is guaranteed to be at least as high as the premium paid increased in line with the
rise in retail price index (RPI) or consumer price index (CPI).
(ii) No market valuation reduction (MVR) guarantees
For unitised business, there are circumstances where a \u2018no MVR\u2019 guarantee is applied, for example on certain policy
anniversaries, guaranteeing that no market value reduction will be applied to reflect the difference between the
accumulated value of units and the market value of the underlying assets.
(iii) Guaranteed annuity options
The Group\u2019s UK with-profits funds have written individual and group pension contracts which contain GAOs, where the
policyholder has the option to take the benefits from a policy in the form of an annuity based on guaranteed conversion
rates. The Group also has exposure to GAOs and similar options on deferred annuities.
Liabilities for the cost of guarantees in respect of GAOs in the UK with-profits funds were \u00a3545 million at
31 December 2023 (2022 restated: \u00a3556 million). With the exception of the with-profits sub-fund supported by the
RIEESA, movements in the GAO liabilities in the with-profits funds are offset by a corresponding movement in the estate
to be distributed between policyholders and shareholders. The (immediate) impact on profit arises from the mismatch
between the remeasurement of the variable fee (using current market consistent financial assumptions) and
remeasurement of the CSM (using locked-in financial assumptions), together with the incremental amortisation of the
change to the CSM. Liabilities for GAOs in the with-profits sub-fund supported by the RIEESA were \u00a344 million at
31 December 2023 (2022\u00a0restated: \u00a341 million).
(iv) Guaranteed minimum pension
The Group\u2019s UK with-profits funds also have certain policies that contain a guaranteed minimum level of pension as part
of the condition of the original transfer from state benefits to the policy.
(v) Guaranteed minimum maturity payments on mortgage endowments
The with-profits funds made promises to certain policyholders in relation to their with-profits mortgage endowments.
Top-up payments will be made on these policies at maturity to meet the mortgage value up to a maximum of the
31\u00a0December 1999 illustrated shortfall.
(c) Ireland
(i) Guaranteed annuity options and guaranteed maturity values
Guarantees and options in Ireland include GAOs, minimum maturity values on conventional with-profits business,
guaranteed minimum bonus rates on unitised with profits business, and a \u2018no MVR\u2019 guarantee that may apply at certain
policy anniversaries. Guarantees and options are measured using stochastic methods, and for some smaller with-profit
funds closed form solutions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-842": { "value": "
43 \u2013 Effect of changes in non-financial assumptions and estimates during the year
This note analyses the impact of changes in estimates and assumptions from 2022 to 2023 , on liabilities for insurance and
investment contracts, and related assets and liabilities, such as reinsurance, deferred acquisition costs and acquired value
of in-force business and does not allow for offsetting movements in the value of backing financial assets.
2023
2022
Assumptions
Change in
Fulfillment
Cash Flows
(FCF)
Change in CSM
Effect on profit
Change in
Fulfillment Cash
Flows (FCF)
Change in CSM
Effect on profit
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Expenses
59
(63)
4
13
(65)
52
Persistency rates
(9)
9
\u2014
11
(6)
(5)
Mortality and morbidity for assurance contracts
18
(18)
\u2014
(65)
105
(40)
Mortality for annuity contracts
(456)
528
(72)
(486)
258
228
Tax and other assumptions
(98)
108
(10)
(26)
14
12
Long-term insurance and participating investment business
(486)
564
(78)
(553)
306
247
Expenses
\u2014
\u2014
\u2014
(18)
\u2014
18
Long-term non-participating investment business
\u2014
\u2014
\u2014
(18)
\u2014
18
Total
(486)
564
(78)
(571)
306
265
The impact of change in mortality and morbidity assumptions for assurance contracts for both 2023 and 2022 relates
mainly to a review of recent experience. In 2022 business also moved onto the latest CMI series tables.
Longevity assumption changes during this year are valued at \u00a3456 million reduction in FCF (valued at opening market
discount rates) and \u00a3528 million increase in CSM (discount rates locked in at the time of business inception), giving a total
loss of \u00a372m. The three largest contributors (in order of\u00a0importance) are
\u2022 introduction of an explicit adjustment for post-pandemic mortality,
\u2022 updates to the mortality improvement model moving onto the latest CMI_2022 model from CMI_2021, to incorporate
revised population data, and
\u2022 improved assumptions for the proportion of BPA customers that are married.
Longevity assumptions changes in 2022 were valued at \u00a3486 million reduction in FCF (valued at opening market discount
rates) and \u00a3258 million increase in CSM (discount rates locked in at the time of business inception), giving a total profit of
\u00a3228 million.
The three largest contributors (in order of\u00a0importance) were:
\u2022 Updates to the rate of mortality improvements for a change to the long-term-rate rate used to taper improvements
at\u00a0the oldest ages from between ages 90 to 115 to between ages 85 to 110
\u2022 Updates to mortality improvements moving onto the latest CMI_2021 model from CMI_2019
\u2022 Updates to base mortality to reflect methodology and process refinements on BPA business.
Tax and other assumptions in 2023 is mainly comprised of changes in provisions for risk adjustment on annuities, where
the movements in FCF and CSM largely offset.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-843": { "value": "
44 \u2013 Tax assets and liabilities
This note analyses the tax assets and liabilities that appear in the statement of financial position and explains the
movements in these balances in the year.
(a) Current tax
Current tax assets recoverable and liabilities payable in more than one year are \u00a385 million and \u00a31 million
( 2022:\u00a0\u00a3116\u00a0million and \u00a310\u00a0million), respectively.
The Group is party to the CFC & Dividend Group Litigation Order, which challenged the tax treatment of dividends
received from non-UK entities before 2009. The Group is attempting to recover claims from HMRC covered by this
judgement. A recoverable balance of \u00a385\u00a0million ( 2022 : \u00a3106 million) is included within current tax assets.
(b) Deferred tax
(i) The balances at 31 December comprise:
2023
Restated1
2022
\u00a3m
\u00a3m
Deferred tax assets
958
1,382
Deferred tax liabilities
(453)
(703)
Net deferred tax asset
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
Deferred tax attributable to policyholder returns included above at 31 December 2023 was an asset of \u00a389 million
( 2022 :\u00a0asset of \u00a3340\u00a0million).
Net deferred tax assets in respect of policyholder investments arose as a result of significant market volatility in 2022.
These positions are expected to reverse as the market recovers. The deferred tax asset relates to UK tax losses which
carry forward indefinitely and is recognised based on probable future taxable investment income and gains within five
years. Assumed investment returns are consistent with actuarial assumptions used in reserving and alternative
assumptions modelled by the Group also show full recovery of the deferred tax asset over this period.
Where shareholder deferred tax assets are not supported by deferred tax liabilities, they are recognised to the extent that
it is probable that future taxable profits will be available against which the tax losses can be utilised. In assessing future
profitability, the directors have relied on board approved business plans and profit forecasts for up to five years and the
Group's history of taxable profits in the relevant jurisdictions.
(ii) The net deferred tax asset/(liability) arises on the following items:
2023
Restated1
2022
\u00a3m
\u00a3m
Long-term business technical provisions and other insurance items
500
362
Deferred acquisition costs
(6)
(30)
Unrealised gains on investments
(245)
(187)
Pensions and other post-retirement obligations
(145)
(250)
Unused losses and tax credits
267
459
Intangibles and additional value of in-force long-term business
(207)
(237)
Provisions and other temporary differences
341
562
Net deferred tax asset
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
(iii) The movement in the net deferred tax asset/(liability) was as follows:
Note
2023
Restated1
2022
\u00a3m
\u00a3m
Net asset/(liability) at 1 January
679
(941)
Acquisition and disposal of subsidiaries
\u2014
(57)
Amounts (charged)/credited to income statement
14(a)
(292)
1,263
Amounts credited to other comprehensive income
14(b)
119
412
Foreign exchange rate movements
(1)
2
Net asset at 31 December
505
679
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17, a correction in respect of historic accounting for with-profits funds and restatement of the Succession Wealth
acquisition balance sheet (see note 1).
The Group has unrecognised gross tax losses (excluding capital losses) and other temporary differences of \u00a3347 million
(2022 restated: \u00a3487 million) to carry forward against future taxable income of the necessary category in the companies
concerned. Of these, trading losses of \u00a344 million (2022: \u00a326 million) will expire within the next eight years. The remaining
losses have no expiry date.
In addition, the Group has unrecognised gross capital losses of \u00a3577 million (2022: \u00a3579 million). These have no expiry
date.
At 31 December 2023, a potential deferred tax liability of \u00a322 million (2022 restated: \u00a314 million) is not recognised on
temporary differences relating to reserves of overseas subsidiaries which are not expected to be distributed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-844": { "value": "
45 \u2013 Pension deficits and other provisions
This note details the non-insurance provisions that the Group holds and shows the movements in these during the year.
(a) Carrying amounts
Note
2023
Restated1
2022
\u00a3m
\u00a3m
Total IAS 19 obligations to main staff pension schemes
46(a)
410
360
Restructuring provisions
44
70
Other provisions
341
294
Total provisions
795
724
1. The 2022 comparative amounts have been restated to reduce other liabilities by \u00a337 million following the remeasurement of the Succession Wealth acquisition balance sheet (see note 1(c)).
Restructuring provisions include lease termination penalties and costs relating to disposed entities. They comprise only
the direct expenditures arising from the restructuring, which are those that are necessarily entailed by the restructuring;
and not associated with the ongoing activities of the entity.
Other provisions are measured based upon our expectation of the value and timing of future economic outflows. Other
provisions include product governance provisions, which are measured based upon the amounts we expect to pay to
policyholders and other costs arising directly from remediation.
(b) Movements on restructuring and other provisions
2023
Restated1
2022
Restructuring
provisions
Other
provisions
Total
Restructuring
provisions
Other
provisions 1
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
70
293
363
119
396
515
Additional provisions
\u2014
174
174
\u2014
131
131
Provisions released during the year
(3)
(66)
(69)
\u2014
(91)
(91)
Charge to income statement
(3)
108
105
\u2014
40
40
Utilised during the year
(23)
(60)
(83)
(49)
(162)
(211)
Acquisition of subsidiaries
\u2014
\u2014
\u2014
\u2014
19
19
Foreign exchange rate movements
\u2014
\u2014
\u2014
\u2014
1
1
At 31 December
44
341
385
70
294
364
1. The 2022 comparative amounts have been restated to reduce other liabilities by \u00a337 million following the remeasurement of the Succession Wealth acquisition balance sheet (see note 1(c)).
Of the total restructuring and other provisions, \u00a388 million ( 2022 restated: \u00a382 million) is expected to be settled more
than one year after the statement of financial position date.
Restructuring provisions include amounts for separation costs and onerous contracts arising as a result of disposal
transactions completed in 2020 and 2021.
", "dimensions": { "concept": "avi:DisclosureOfPensionDeficitsAndOtherProvisionsTextBlock", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-845": { "value": "
47 \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:
Note
2023
2022
\u00a3m
\u00a3m
Core structural borrowings at amortised cost
47(b)
5,174
5,469
Operational borrowings at amortised cost
259
195
Operational borrowings designated at fair value
941
1,091
Operational borrowings
47(c)
1,200
1,286
Total borrowings
6,374
6,755
(b) Core structural borrowings
(i) Carrying amount
The carrying amounts of these borrowings are:
2023
2022
\u00a3m
\u00a3m
6.125% \u00a3700 million subordinated notes 2036
697
697
6.875% \u00a3600 million subordinated notes 2058
595
595
6.125% \u20ac650 million subordinated notes 2043
\u2014
267
3.875% \u20ac700 million subordinated notes 2044
607
619
5.125% \u00a3400 million subordinated notes 2050
397
396
3.375% \u20ac900 million subordinated notes 2045
778
793
4.375% \u00a3400 million subordinated notes 2049
396
396
4.000% \u00a3500 million subordinated notes 2055
494
493
4.000% $CAD450 million subordinated notes 2030
265
274
6.875% \u00a3500 million subordinated notes 2053
493
\u2014
Subordinated debt
4,722
4,530
0.625% \u20ac500 million senior notes 2023
\u2014
278
1.875% \u20ac750 million senior notes 2027
401
409
Senior notes
401
687
Commercial paper
51
252
Total core structural borrowings
5,174
5,469
On 5 July 2023 the Group redeemed its 6.125% \u20ac301 million Dated Tier 2 Reset Notes in full at their optional first call date.
This was the remaining part of the Group's 6.125% \u20ac650 million notes that were partially redeemed on 16 March 2021.
On 27 October 2023 the Group redeemed its 0.625% \u20ac315 million Senior Notes in full at their maturity date. This was the
remaining part of the Group's 0.625% \u20ac500 million notes that were partially redeemed on 16 March 2021.
On 27 November 2023 the Group issued \u00a3500 million of subordinated debt at 6.875%, with final maturity in November
2053 and first call in May 2033.
The outstanding commercial paper balance was reduced to \u00a351 million (2022: \u00a3252 million) during 2023.
All borrowings are stated at amortised cost, with the exception of commercial paper.
(ii) Contractual undiscounted cash flows
The contractual maturity dates of undiscounted cash flows for these borrowings are:
2023
2022
Principal
Interest
Total
Principal
Interest
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within one year
51
245
296
531
229
760
1 to 5 years
402
972
1,374
411
912
1,323
5 to 10 years
267
1,151
1,418
275
1,077
1,352
10 to 15 years
700
1,041
1,741
700
999
1,699
Over 15 years
3,787
2,376
6,163
3,583
2,111
5,694
Total contractual undiscounted cash flows
5,207
5,785
10,992
5,500
5,328
10,828
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.
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.
(c) Operational borrowings
(i) The carrying amounts of these borrowings are:
2023
2022
Note
\u00a3m
\u00a3m
Amounts owed to financial institutions
Loans
259
195
Securitised mortgage loan notes
UK lifetime mortgage business
26(b)
941
1,091
Total operational borrowings
1,200
1,286
Loans owed to financial institutions are stated at amortised cost and loan notes issued in connection with the IWR
lifetime mortgage business are stated at fair value. The Group designates these loan notes at FVTPL to eliminate an
accounting mismatch, as the relevant mortgages and derivatives are managed as a portfolio on a fair value basis.
The Group elects to present the change in fair value attributable to a change in the credit risk of the loan notes in the
income statement and the impacts are presented in note 24.
The fair values of the loan notes 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 24.
The securitised mortgage loan notes are at various fixed, floating and index-linked rates. Further details about these
notes are given in note\u00a026.
(ii) The contractual maturity dates of undiscounted cash flows for these borrowings are:
2023
2022
Principal
Interest
Total
Principal
Interest
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Within one year
331
42
373
260
60
320
1 to 5 years
314
138
452
306
194
500
5 to 10 years
350
133
483
370
197
567
10 to 15 years
125
66
191
145
151
296
Over 15 years
20
19
39
29
43
72
Total contractual undiscounted cash flows
1,140
398
1,538
1,110
645
1,755
The carrying value of the loan notes issued in connection with IWR lifetime mortgages is \u00a3345 million lower
(2022:\u00a0\u00a3331\u00a0million lower) than the anticipated payment at maturity. The payment mirrors the repayment of the lifetime
mortgages and based on the current modelling assumptions.
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\u00a0the 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%
\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 June 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
5 year Benchmark Gilt Rate + 4.70%
$CAD450 million
2 October 2020
2 October 2030
N/A
N/A
\u00a3500 million
27 November 2023
27 November 2053
27 May 2033
5 year Benchmark Gilt Rate + 3.85%
Subordinated notes issued by the Company rank below its senior obligations and ahead of its preference shares and
ordinary share capital.\u00a0The fair value of notes at 31 December 2023 was \u00a34,658\u00a0million (2022:\u00a0\u00a34,314\u00a0million), calculated
with reference to quoted prices.
(ii) Senior notes
All senior notes are at fixed rates and their total fair value at 31 December 2023 was \u00a3395 million (2022: \u00a3646 million).
(iii) Commercial paper
The commercial paper consists of \u00a351 million issued by the Company (2022: \u00a3252 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.
(iv) Loans
Loans owed to financial institutions comprise:
2023
2022
\u00a3m
\u00a3m
Loans to property partnerships
207
143
Other non-recourse loans
52
52
Total non-recourse loans owed to financial institutions
259
195
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 \u00a3207 million (2022: \u00a3143 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 IWR 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 2023 was \u00a352 million (2022: \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 26.
(e) Movements during the year
Movements in borrowings during the year were:
2023
2022
Core
Structural
Operational
Total
Core
Structural
Operational
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January
5,469
1,286
6,755
6,133
1,211
7,344
New borrowings drawn down, excluding commercial paper, net of
expenses
493
71
564
\u2014
122
122
Repayment of borrowings, excluding commercial paper
(531)
(84)
(615)
(1,002)
(204)
(1,206)
Movement in commercial paper1
(189)
\u2014
(189)
189
\u2014
189
Net cash (outflow)/inflow
(227)
(13)
(240)
(813)
(82)
(895)
Borrowings acquired in business combinations2
\u2014
\u2014
\u2014
\u2014
139
139
Foreign exchange rate movements
(72)
(2)
(74)
150
2
152
Fair value movements
\u2014
(74)
(74)
\u2014
16
16
Amortisation of discounts and other non-cash items
4
3
7
(1)
\u2014
(1)
At 31 December
5,174
1,200
6,374
5,469
1,286
6,755
1. Gross issuances of commercial paper were \u00a3377 million (2022 : \u00a3537 million), offset by repayments of \u00a3566 million (2022: \u00a3348 million)
2. Borrowings acquired in business combinations relate to the acquisition of Succession Wealth on 11 August 2022. The borrowings were repaid immediately, with the repayment included in the
\u00a3204\u00a0million repayment of operational borrowings shown above.
All movements in fair value in 2023 and 2022 on securitised mortgage loan notes designated as fair value through profit or
loss were attributable to changes in market conditions.
(f) Undrawn borrowings
The Group has the following undrawn committed central borrowing facilities available to them, which are used to support
the commercial paper programme:
2023
2022
\u00a3m
\u00a3m
Expiring within one year
\u2014
\u2014
Expiring beyond one year
1,700
1,700
Total undrawn borrowings
1,700
1,700
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-846": { "value": "
48 \u2013 Payables and other financial liabilities
This note analyses our payables and other financial liabilities at the end of the year.
2023
Restated1
2022
Note
\u00a3m
\u00a3m
Payables arising out of direct insurance
987
976
Payables arising out of reinsurance operations
56
17
Deposits and advances received from reinsurers
3
3
Bank customer accounts liability
2
2
Bank overdrafts2
53(c)
621
929
Derivative liabilities
55
7,426
9,541
Amounts due to brokers for investment purchases
912
539
Obligations for repayment of cash collateral received
1,435
1,991
Lease\u00a0 liabilities
23
372
386
Other financial liabilities
1,856
1,367
Total payables and other financial liabilities
13,670
15,751
Expected to be settled within one year
7,142
11,771
Expected to be settled in more than one year
6,528
3,980
Total payables and other financial liabilities
13,670
15,751
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
2. Bank overdrafts amount to \u00a3202 million ( 2022: \u00a3250 million) in life business operations and \u00a3419\u00a0 million ( 2022 : \u00a3679 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-847": { "value": "
49 \u2013 Other liabilities
This note analyses our other liabilities at the end of the year.
2023
\u00a3m
2022
\u00a3m
Deferred income
78
68
Accruals
820
816
Interest payable
1,246
877
Other liabilities
1,145
806
Total other liabilities
3,289
2,567
Expected to be settled within one year
3,062
2,311
Expected to be settled in more than one year
227
256
Total other liabilities
3,289
2,567
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-848": { "value": "
50 \u2013 Contingent liabilities and other risk\u00a0factors
This note sets out the main areas of uncertainty over the calculation of our liabilities.
(a) Uncertainty over claims provisions
Note 40 gives details of the estimation techniques used by the Group to determine the non-life business liability for
incurred claims provisions and of the methodology and assumptions used in determining the long-term business
provisions. These approaches are designed to produce a best estimate of the cost of settling liabilities, with a risk
adjustment reflecting the uncertainty associated with these liabilities. The actual cost of settling these liabilities may
differ, for example because experience may be worse than that assumed, or future non-life business claims inflation may
differ from that expected, and hence there is uncertainty in respect of these liabilities.
Business Interruption
There continues to be a significant degree of uncertainty in relation to business interruption claims arising from
COVID-19 and on-going test case litigation. On 17 October 2022, the High Court handed down its judgment on the
preliminary issues trial of Stonegate Pub Co Ltd vs MS Amlin Corp Member Ltd (and others) and related cases. Aviva was
not a party to the cases but is affected by the final outcome of these cases. The High Court ruled in favour of the parties
on different issues, and all parties initially appealed the majority of the preliminary decisions made by Justice Butcher.
Whilst the Greggs and Stonegate actions settled after the appeals on confidential terms the Court of Appeal heard the
remaining Various Eateries v Allianz appeals and on 16 January 2024 handed down judgment dismissing both parties
appeals. As a result the decisions of the High Court by Justice Butcher stand.
In Canada, we are party to a number of litigation proceedings challenging coverage under certain policies; however,
we\u00a0believe we have a strong argument that there is no pandemic coverage under these policies. In the opinion of
management, adequate provisions have been established for such claims based on information available at the reporting
date. The Group purchases reinsurance protection on its property portfolio that includes coverage for business
interruption and is collecting or seeking reinsurance recoveries of business interruption losses that are covered by
reinsurance.
For further information on our general insurance risk management see note 54 (f).
(b) Asbestos, pollution and social environmental hazards
In the course of conducting insurance business, various companies within the Group receive general insurance liability
claims, and become involved in actual or threatened related litigation arising therefrom, including claims in respect of
pollution and other environmental hazards. Amongst these are claims in respect of asbestos production and handling in
the UK, Ireland and Canada. Given the significant delays that are experienced in the notification of these claims, the
potential number of incidents they cover and the uncertainties associated with establishing liability, the ultimate cost
cannot be determined with certainty. However, on the basis of current information having regard to the level of
provisions made for general insurance claims and substantial reinsurance cover now in place, the directors consider that
any additional costs arising are not likely to have a material impact on the financial position of the Group.
(c) Guarantees on long-term savings products
As a normal part of their operating activities, various Group companies have given guarantees and options, including
interest rate guarantees, in respect of certain long-term insurance and investment products. Note 42 gives details of
these guarantees and options. Interest rate guaranteed returns, such as those available on guaranteed annuity options,
are sensitive to interest rates falling below the guaranteed level. The directors continue to believe that the existing
provisions for such guarantees and options are sufficient.
(d) Regulatory compliance
The Group\u2019s insurance and investment business is subject to local regulation in each of the countries in which it operates.
A number of the Group\u2019s UK subsidiaries are dual regulated (directly authorised by both the PRA (for prudential
regulation) and the FCA (for conduct regulation)) while others are solo regulated (regulated solely by the FCA for both
prudential and conduct regulation). Between them, the PRA and FCA have broad powers including the authority to grant,
vary the terms of, or cancel a regulated firm\u2019s authorisation; to investigate marketing and sales practices; and to require
the maintenance of adequate financial resources.
The Group\u2019s regulated businesses have compliance resources to respond to regulatory enquiries in a constructive way,
and take corrective action when warranted. However, all regulated financial services companies face the risk that their
regulator could find that they have failed to comply with applicable regulations or have not undertaken corrective action
as required.
The impact of any such finding (whether in the UK or overseas) could have a negative impact on the Group\u2019s reported
results or on its relations with current and potential customers. Regulatory action against a member of the Group could
result in adverse publicity for, or negative perceptions regarding, the Group, or could have a material adverse effect on
the business of the Group, its results, operations and/or financial condition and divert management\u2019s attention from the
day-to-day management of the business.
(e) Structured settlements
The Group has purchased annuities from licensed Canadian life insurers to provide for fixed and recurring payments to
claimants. As a result of these arrangements, the Group is exposed to credit risk to the extent that any of the life insurers
fail to fulfil their obligations. The Group\u2019s maximum exposure to credit risk for these types of arrangements is
approximately \u00a3537 million as at 31 December 2023 (2022: \u00a3641 million). Credit risk is managed by acquiring annuities
from a diverse portfolio of life insurers with proven financial stability. This risk is reduced to the extent of coverage
provided by Assuris, the Canadian life insurance industry compensation plan. As at 31 December 2023, no\u00a0information has
come to the Group\u2019s attention that would suggest any weakness or failure in life insurers from which it has purchased
annuities and consequently no provision for credit risk is required.
(f) Other
In the course of conducting insurance and investment business, various Group companies receive liability claims, and
become involved in\u00a0actual or threatened related litigation. In the opinion of the directors, adequate provisions have been
established for such claims and no\u00a0material loss will arise in this respect.
In addition, in line with standard business practice, various Group companies have given guarantees, indemnities and
warranties in connection with disposals in recent years of subsidiaries and associates to parties outside the Aviva Group.
In the opinion of the directors, no material unprovisioned loss will arise in respect of these guarantees, indemnities and
warranties.
There are a number of charges registered over the assets of Group companies in favour of other Group companies or
third parties. In\u00a0addition, certain of the Company\u2019s assets are charged in favour of certain of its subsidiaries as security for
intra-Group loans.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-849": { "value": "
51 \u2013 Commitments
This note gives details of our commitments to capital expenditure. See note 23 for further information on lease
commitments.
Contractual commitments for acquisitions or capital expenditures of infrastructure loans, equity funds, investment
property and property and equipment, which have not been recognised in the financial statements, are as follows:
\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 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2023
2022
\u00a3m
\u00a3m
Infrastructure loan advances
104
384
Investment property
191
361
Property and equipment
\u2014
70
Other investment vehicles\u00b9
193
246
Total commitments
488
1,061
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 19 and 20 set out the commitments the Group has to its joint ventures and associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-850": { "value": "
52 \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 made to the regulatory Solvency II own funds:
\u2022 The contribution to the Group\u2019s SCR and own funds of the most material fully ring fenced with-profits funds of
\u00a31,408 million at 31 December 2023 (2022: \u00a31,369 million) and staff pension schemes in surplus of \u00a3397 million at
31 December 2023 (2022: \u00a3394 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;
\u2022 A 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 2023 Solvency II position is based on a formal reset of the
TMTP, in line with the requirement to reset the TMTP at least every two years and hence no adjustment is required. The
31 December 2022 Solvency II position includes a notional reset.
2023
\u00a3m
2022
\u00a3m
Estimated Solvency II regulatory own funds as at 31 December
18,824
18,668
Adjustments for:
Fully ring-fenced with-profits funds
(1,408)
(1,369)
Staff pension schemes in surplus
(397)
(394)
Notional reset of TMTP
\u2014
(437)
Estimated Solvency II shareholder own funds at 31 December
17,019
16,468
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 \u00a30.3 billion of Tier 2
subordinated debt and issued \u00a30.5 billion of of Tier 2 subordinated debt (see note\u00a0 47).
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 2023. All\u00a0regulated subsidiaries complied with their capital requirements throughout the year.
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.
(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.
\u2022 We 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;
\u2022 At the core of our capital framework is financial strength in accordance with risk appetite and efficient deployment of
capital. See note 54 for more information about the Group\u2019s risk management approach;
\u2022 Key elements of our capital framework are as follows:
\u2022 Solvency II shareholder cover ratio working range of 160%-180%
\u2022 Centre liquid assets of at least \u00a31 billion
\u2022 Solvency II debt leverage ratio below 30%
\u2022 To maintain our AA credit rating metrics;
\u2022 After the payment of our regular dividend, surplus capital is available for investment in the business to support growth
and top quartile efficiency objectives, focussed 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;
\u2022 The Group seeks to retain financial flexibility by maintaining strong liquidity, access to a range of capital markets and
significant unutilised committed credit lines; and
\u2022 Our 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-851": { "value": "
53 \u2013 Statement of cash flows
This note gives further detail behind the figures in the statement of cash flows.
(a) The reconciliation of profit/(loss) before tax to the net cash inflow from operating activities is:
2023
'\u00a3m
Restated1
2022
\u00a3m
Profit/(loss) before tax
1,690
(2,239)
Adjustments for:
Share of loss/(profit) of joint ventures and associates
71
(8)
Dividends received from joint ventures and associates
81
47
(Profit)/loss on sale of:
Investment property
10
8
Investments
(3,374)
(1,909)
Fair value (gains)/losses on:
Investment property
301
1,150
Investments
(8,852)
48,667
Borrowings
(74)
16
Depreciation of property and equipment
67
57
Equity compensation plans, equity settled expense
61
58
Impairment and expensing of:
3
(73)
Goodwill on subsidiaries
\u2014
(77)
Financial investments, loans and other assets
3
\u2014
Acquired value of in-force business and intangibles
\u2014
4
Amortisation of:
489
537
Premium/discount on fixed maturity securities
306
328
Premium/discount on borrowings
6
(1)
Premium/discount on non-participating investment contracts
59
68
Acquired value of in-force business and intangibles
118
142
Interest expense on borrowings
335
450
Net finance income on pension schemes
(39)
(42)
Foreign currency exchange gains
(50)
(778)
(Increase)/decrease in reinsurance assets
(424)
1,338
Decrease in deferred acquisition costs
70
49
Increase/(decrease) in insurance liabilities and investment contracts
22,222
(36,754)
Increase in other assets2
(854)
(5,948)
Changes in working capital
21,014
(41,315)
Net purchases of investment property
(1,016)
(434)
Net proceeds on sale of investment property
317
408
Net (purchase)/sales of financial investments
(13,698)
11,493
Net purchases of operating assets
(14,397)
11,467
Total cash generated (used in)/from operating activities
(2,664)
16,093
1. The 2022 comparative results have been restated from those previously published to reflect the differences in measurement of insurance contracts and profit/(loss) before tax following the
adoption of IFRS 17, as described in note 1(a). There is no change in total cash generated from operating activities.
2. In 2022, increase in other assets excludes \u00a360 million 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.
Liabilities arising from financing activities of \u00a37,242 million (2022: \u00a37,637 million) include borrowings (note 47), Tier 1 notes
(Note 36) and lease liabilities (Note 23). Cash flows of \u00a3(302) million (2022: \u00a3(462) million) are presented in the Statement
of Cash Flows. Non-cash changes of \u00a3(93) million (2022: \u00a3144 million) relate primarily to foreign currency exchange gains
of \u00a3(76) million (2022: \u00a3152 million losses) and fair value gains of \u00a3(74) million (2022: \u00a316 million losses). The increase in
liabilities due to the acquisition of a subsidiary was \u00a3nil (2022: \u00a3139 million).
(b) Cash flows in respect of the acquisition of, and additions to, subsidiaries, joint ventures and associates comprised:
2023
'\u00a3m
2022
'\u00a3m
Cash consideration for subsidiaries, joint ventures and associates acquired and additions1
\u2014
(275)
Total cash flow on acquisitions and additions
\u2014
(275)
1. In 2022, 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.
The above figures form part of cash flows from investing activities.
(c) Cash and cash equivalents in the statement of cash flows and statement of financial position comprised:
Note
2023
'\u00a3m
2022
'\u00a3m
Cash at bank and in hand
6,138
5,371
Cash equivalents
11,135
17,134
Cash and cash equivalents per the statement of financial position
17,273
22,505
Bank overdrafts
48
(621)
(929)
Cash and cash equivalents
16,652
21,576
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-852": { "value": "
54 \u2013 Risk management
Risk management is key to the Group's 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.
Risk Environment
Macroeconomic risk has been elevated throughout 2023. The expectation for 2024 is that global growth is expected to
slow. Impacts of interest rate raises have not been fully passed on (e.g. through mortgage refinancing). Analysts continue
to comment on the current increased level of gearing present across industries. Affordability remains a concern because
of the global economic climate, and will continue to impact all customers, including relatively affluent customers.
Customer experience and retention will continue to require close monitoring.
Heightened geo-political tensions continue into 2024, with the likelihood of further global social and economic
fragmentation.
We expect continued and heightened regulatory change in 2024 and beyond. In 2023, the Group\u2019s UK business
implemented the FCA\u2019s Consumer Duty for open products and is implementing it for closed products by July 2024. Across
the industry, we continue to see significant challenges as firms navigate the implementation across existing business,
together with embedding the regulation. The implementation of the FCA\u2019s Consumer Duty has maintained a high-level of
regulatory scrutiny on the fair value of customer outcomes of products provided by the insurance industry.
The Group continues to maintain strong solvency and liquidity positions through a range of scenarios and stress testing.
Our capital and liquidity positions have been tested by recent market conditions and have been shown to be robust and
resilient.
There has been an increased threat of malware and ransomware attacks across the world. In response we have increased
the protection level of anti-malware and cyber incident security controls. We continue to monitor threat intelligence
data and update our controls to maintain protection against new and emerging ransomware variants, including controls
in respect of our suppliers.
The Group remains committed to supporting a low carbon economy that will improve the resilience of our economy,
society and the financial system in line with the 2015 Paris Agreement target on climate change. In March 2021, we set an
ambition to become a Net Zero carbon company by 2040 and we are continuing to act to mitigate and manage the impact
of climate change on our business. We use scenario analysis as an input to our risk assessment processes to test the
resilience of our business strategy and adapt our business to ensure its longevity as an asset manager, asset owner,
insurer and pension provider. For example, we calculate a Climate Value at Risk (VaR) against Intergovernmental Panel on
Climate Change (IPCC) scenarios to assess the climate-related risks and opportunities under different emission
projections and associated temperature pathways. A range of different financial indicators and metrics are used to assess
and monitor the impact of climate change on our investments and insurance liabilities. Examples of these include:
building the possibility of extreme weather events into our general insurance pricing, reinsurance programme design and
monitoring actual weather-related losses versus expected weather losses by business. We originate assets for their
climate credentials. We have defined an Investment in Sustainable assets metric, which is implemented with reference to
external frameworks and is set out in our climate reporting policies in the Aviva plc Climate-related Financial Disclosure
report 2023.
The Group implemented IFRS 17 insurance contracts from 1 January 2023. The adoption of IFRS 17 has significantly
impacted the measurement and presentation of the contracts in scope of the standard. IFRS 17 introduces the concept of
a contractual service margin (CSM) liability that defers future unearned profit on insurance contracts. The recognition of
a CSM for our life businesses has resulted in a material reduction in the reported IFRS net asset value of the Group on
transition to IFRS 17, with a stock of future profits held on the balance sheet as a liability and released over time. The cash
flows and underlying capital generation of our businesses are unaffected by IFRS 17, and the standard has no impact on
our Solvency II performance metrics or the Group financial targets we have announced. Furthermore, we do not expect
IFRS 17 to impact on the dividend policy and dividend guidance.
(a) Risk management framework (RMF)
The Group's Risk management framework is at the heart of every business decision and is key to a robust control
environment and the Group\u2019s sustainable success. The key components of our RMF are: risk appetite; 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. A risk taxonomy is maintained for a consistent approach to risk identification, measurement and
reporting, and to determine application of the Group Risk Appetite Framework and the risks for which a Risk Policy is
required. The taxonomy is arranged in a hierarchy with more granular risk types grouped into the following principal risk
categories: credit and market, liquidity, life insurance, general insurance (including health), operational and strategic risk.
Risks falling within these types may affect a number of outcomes including those relating to solvency, liquidity, profit,
reputation and conduct.
To promote a consistent and rigorous approach to risk management across all businesses we have a set of risk policies
and business standards which set out the risk strategy, appetite, framework, key controls, and minimum requirements for
the Group\u2019s worldwide operations. The business units' chief executive officers make an annual declaration supported by
an opinion from the business units' chief risk officers that the system of governance and internal controls was effective
and fit for purpose for their business throughout the year.
The Group\u2019s Risk Appetite Framework was refreshed during the year, with revised and new risk appetites, preferences
and tolerances considered and approved by the Risk Committee.
A regular top-down key risk identification and assessment process is carried out by the Risk function. This includes the
consideration of emerging risks and is supported by deeper thematic reviews. This process is replicated at the business
unit level. The risk assessment processes are used to generate risk reports which are shared with the relevant risk
committees.
Risk models are an important tool in our measurement of risks and are used to support the monitoring and reporting of
the risk profile and in the consideration of the risk management actions available. We carry out a range of stress (where
one risk factor, such as equity returns, is assumed to vary) and scenario (where combinations of risk factors are assumed
to vary) tests to evaluate their impact on the business and the management actions available to respond to the conditions
envisaged. For those risk types managed through the holding of capital, being our principal risk types except for liquidity
risk, we measure and monitor our risk profile based on the Solvency Capital Requirement (SCR).
Roles and responsibilities for risk management in Aviva are based around the \u2018three lines of defence\u2019 risk governance
model where ownership for risk is taken at all levels in the Group. Line management in the business is accountable for
risk ownership and management, including the implementation and embedding of the RMF. The risk function is
accountable for quantitative and qualitative oversight and challenge of the risk identification, measurement, monitoring,
management and reporting processes and for developing the RMF, as well as providing advisory support to the business
on risk innovation. Internal audit provides an independent assessment of the risk management framework and internal
control processes.
Board oversight of risk and its management across the Group is maintained on a roughly quarterly basis through its
Risk\u00a0Committee. The Board has overall responsibility for determining risk appetite, which is an expression of the risk the
business is willing to take.
Three Group-level management committees (Group Executive Risk Committee, Group Asset Liability Committee and the
Disclosure Committee) exist to assist members of the Aviva Executive Committee in the discharge of their delegated
authorities and their accountabilities within the Aviva Governance Framework and in relation to their defined regulatory
responsibilities.
The RMF of a small number of our joint ventures and strategic equity holdings differs from the Group RMF outlined in this
note. We work with these entities to understand how their risks are managed and to align them, where possible, with the
Group RMF so not to unduly increase the overall risk exposure of the Group.
The types of risks to which the Group is exposed have not changed significantly during the year and remain credit,
market, liquidity, life insurance, general insurance and health, asset management and operational risks. These risks are
described below.
(b) Credit risk
Credit risk is the risk of financial loss as a result of the default or failure of third parties to meet their payment obligations
to the Group, or variations in market values as a result of changes in expectations related to these risks. Credit risk is
taken so that the Group can provide the returns required to satisfy policyholder liabilities and to generate returns for our
shareholders. In general we prefer to take credit risk over equity and property risks, because of the better expected risk-
adjusted return, our credit risk analysis capability and the structural investment advantages conferred to insurers with
long-dated, relatively illiquid liabilities.
Our approach to managing credit risk recognises that there is a risk of adverse financial impact resulting from
fluctuations in credit quality of third parties including default, rating transition and credit spread movements. Our credit
risks arise principally through exposures to debt security investments, structured asset investments, bank deposits,
derivative counterparties, mortgage lending and reinsurance counterparties.
The Group manages its credit risk at business unit and Group level. All business units are required to implement credit
risk management processes (including limits frameworks), operate specific risk management committees and report and
monitor their exposures against detailed pre-established risk criteria. At Group level, we manage and monitor all
exposures across our business units on a consolidated basis and operate a Group limit framework that must be adhered
to by all.
We did not experience a material increase in credit defaults in 2023, with pro-active management of the credit portfolio
in a challenging macroeconomic environment. We continue to monitor closely any deterioration in the credit markets.
Our capital position includes an allowance for the expected potential impacts from downgrades and defaults.
A detailed breakdown of the Group\u2019s current credit exposure by credit quality is shown below.
(i) Financial exposures by credit ratings
Financial assets are graded according to current external credit ratings issued. AAA is the highest possible rating.
Investment grade financial assets are classified within the range of AAA to BBB ratings. Financial assets with ratings
outside this range are classified as sub-investment grade. The following table provides information regarding the
aggregated credit risk exposure of the Group for financial and reinsurance contract assets with external credit ratings.
\u2018Not rated\u2019 assets capture assets not rated by external ratings agencies.
2023
Restated1,2
2022
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
%
%
%
%
%
%
\u00a3m
%
%
%
%
%
%
\u00a3m
Fixed maturity
securities 1
11.7%
39.0%
24.2%
13.4%
4.7%
7.0%
113,889
16.2%
35.1%
23.6%
14.7%
4.6%
5.8%
103,776
Reinsurance contract
assets 2
\u2014%
76.0%
23.1%
\u2014%
\u2014%
0.9%
6,534
\u2014%
75.7%
24.3%
\u2014%
\u2014%
\u2014%
6,308
Reinsurance assets for
non-participating
investment contracts2
\u2014%
50.7%
45.6%
3.7%
\u2014%
\u2014%
4,713
\u2014%
56.4%
37.0%
6.6%
\u2014%
\u2014%
5,290
Other investments
0.8%
0.2%
0.6%
0.2%
\u2014%
98.2%
39,370
\u2014%
\u2014%
0.1%
\u2014%
\u2014%
99.9%
34,520
Loans1, 2
\u2014%
\u2014%
0.2%
0.5%
\u2014%
99.3%
31,685
\u2014%
\u2014%
0.2%
0.4%
\u2014%
99.4%
29,633
Total
196,191
179,527
1. Following a review of credit risk methodology arising from the change to a new assets administration system in the UK, prior year comparatives have been restated to align classification
methodology across the Group. This has resulted in reclassifications of \u00a31,815 million and \u00a32,560 million of AAA and AA rated fixed maturity securities and corresponding changes of \u00a31,706 million,
\u00a31,795 million, \u00a3746 million and \u00a3128 million of A, BBB, less than BBB and not rated assets, along with reclassifications of \u00a32,663 million and \u00a3250 million of AA and A rated loans to the not rated
category. These amendments have not resulted in any change to the valuation of assets or liabilities included in the statement of financial position.
2. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1). As described in note
1(a), reinsurance assets for non-participating investment contracts are presented as separate line items in the table.
The majority of non-rated fixed maturity securities within shareholder assets are private placements and other corporate
bonds held by our UK IWR business, amounting to \u00a34.9 billion ( 2022:\u00a0\u00a33.6\u00a0billion). Of these securities most are allocated
an investment grade internal rating using a methodology largely consistent with that adopted by an external rating
agency.
The Group\u2019s maximum exposure to credit risk of financial assets, without taking collateral or these hedges into account,
is represented by the carrying value of the financial instruments in the statement of financial position. For reinsurance
contract assets the maximum exposure reflects the carrying value less the value of CSM.
These comprise debt securities, reinsurance assets, derivative assets, loans and receivables. The carrying values of these
assets are disclosed in the relevant notes: financial investments (note 28), reinsurance assets (note 40), loans (note 25) and
receivables (note 29). The collateral in place for these credit exposures is disclosed in note 56.
(ii) Other investments
Other investments include: unit trusts and other investment vehicles; derivative financial instruments, representing
positions to mitigate the impact of adverse market movements; and other assets, including deposits with credit
institutions and minority holdings in property management undertakings.
The credit quality of the underlying debt securities within investment vehicles is managed by the safeguards built into the
investment mandates for these funds which determine the funds\u2019 risk profiles. At the Group level, we also monitor the
asset quality of unit trusts and other investment vehicles against Group set limits.
A proportion of the assets underlying these investments are represented by equities and so credit ratings are not
generally applicable. Equity exposures are managed against agreed benchmarks that are set with reference to overall
appetite for market risk.
(iii) Loans
The Group loan portfolio principally comprises:
\u2022 Policy loans which are generally collateralised by a lien or charge over the underlying policy;
\u2022 Loans and advances to banks which primarily relate to loans of cash collateral received in stock lending transactions.
These loans are fully collateralised by other securities;
\u2022 Healthcare, infrastructure and PFI loans secured against healthcare, education, social housing and emergency services
related premises; and
\u2022 Mortgage loans collateralised by property assets.
We use loan to value, interest and debt service cover and diversity and quality of the tenant base metrics to internally
monitor our exposures to mortgage loans. We use credit quality, based on dynamic market measures, and
collateralisation rules to manage our stock lending activities. Policy loans are loans and advances made to policyholders
and are collateralised by the underlying policies.
(iv) Credit concentration risk
The long-term and general insurance and health businesses are generally not individually exposed to significant
concentrations of credit risk due to the regulations applicable in most markets and the Group credit policy and limits
framework, which limit investments in individual assets and asset classes. Credit concentrations are monitored as part of
the regular credit monitoring process and are reported to the Group Asset Liability Committee (ALCO). With the
exception of government bonds, the largest aggregated counterparty exposure within shareholder assets is to the Swiss
Reinsurance Company Limited (including subsidiaries), representing approximately 1.4% of the total shareholder assets.
(v) Reinsurance credit exposures
The Group is exposed to concentrations of risk with individual reinsurers due to the nature of the reinsurance market
and the restricted range of reinsurers that have acceptable credit ratings. The Group operates a policy to manage its
reinsurance counterparty exposures, by limiting the reinsurers that may be used and applying strict limits to each
reinsurer. Reinsurance exposures are aggregated with other exposures to ensure that the overall risk is within appetite.
The Group Capital and Group Risk teams have an active monitoring role with escalation to the Chief Financial Officer
(CFO), Chief Risk Officer (CRO), Group ALCO and the Board Risk Committee as appropriate.
(vi) Securities finance
The Group has significant securities financing operations within the UK and smaller operations in some other businesses.
The risks within this activity are mitigated by collateralisation and minimum counterparty credit quality requirements.
(vii) Derivative credit exposures
The Group is exposed to counterparty credit risk through derivative trades. This risk is generally mitigated through
holding collateral for most trades. Residual exposures are captured within the Group\u2019s credit management framework.
(viii) Unit-linked business
In unit-linked business the policyholder bears the direct market risk and credit risk on investment assets in the unit funds
and the shareholders\u2019 exposure to credit risk is limited to the extent of the income arising from asset management
charges based on the value of assets in the fund.
(ix) Impairment of financial assets
Impairment is calculated using an expected credit loss model for financial assets measured at amortised cost and lease
receivables, with reference to historical experience of losses adjusted for forward-looking information, as discussed in
accounting policy U.
(c) Market risk
Market risk is the risk of adverse financial impact resulting, directly or indirectly from fluctuations in interest rates,
inflation, foreign currency exchange rates, equity and property prices. Market risk arises in business units because of
fluctuations in both the value of liabilities and the value of investments held.
At Group level, it also arises in relation to the overall portfolio of international businesses and in the value of investment
assets owned directly by the shareholders. We actively seek some market risks as part of our investment and product
strategy.
The management of market risk is undertaken at business unit and at Group level. Businesses manage market risks locally
using the Group market risk framework and within local regulatory constraints. The Group Capital team is responsible for
monitoring and managing market risk at Group level and has established criteria for matching assets and liabilities to limit
the impact of mismatches because of market movements.
In addition, where the Group\u2019s long-term savings businesses have written insurance and investment products where
most investment risks are borne by its policyholders, these risks are managed in line with local regulations and marketing
literature, so to satisfy the policyholders\u2019 risk and reward objectives. The Group writes unit-linked business, primarily in
the UK. The shareholders\u2019 exposure to market risk on this business is limited to the extent that income arising from asset
management charges is based on the value of assets in the fund.
In respect of IBOR, significant progress has been made, with a substantive majority of the Group's original exposure
already resolved. The Group's only remaining exposure to GBP LIBOR relates to a small number of currently fixed-rate
public bonds that would revert to LIBOR-referencing floating rates in the event of a non-call by the issuer at the next call
date. We continue to assess the likelihood of this event. The Group's exposure to CDOR relates to a small number of
interest rate swaps whose transition will be planned prior to CDOR\u2019s termination after 28 June 2024.
At 31 December 2023, \u00a353 million of non-derivative financial assets, \u00a310 million of derivative financial assets and \u00a32\u00a0million
of derivative financial liabilities had yet to transition to an alternative risk-free rate.
The most material types of market risk that the Group is exposed to are described below.
(i) Equity price risk
The Group is subject to direct equity price risk arising from changes in the market values of its equity securities portfolio.
Our most material indirect equity price risk exposures are to policyholder unit-linked funds, which are exposed to a fall in
the value of the fund thereby reducing the fees we earn on those funds, and participating contracts, which are exposed to
a fall in the value of the funds thereby increasing our costs for policyholder guarantees. We also have some equity
exposure in shareholder funds through equities held to match inflation-linked liabilities.
We continue to limit our direct equity exposure in line with our risk preferences. At a business unit level, investment
limits and local investment regulations require that business units hold diversified portfolios of assets thereby reducing
exposure to individual equities. The Group does not have material holdings of unquoted equity securities.
Equity risk is also managed using a variety of derivative instruments, including futures and options. Businesses actively
model the performance of equities through the use of risk models, in particular to understand the impact of equity
performance on guarantees, options and bonus rates. An equity hedging strategy remains in place to help control the
Group\u2019s overall direct and indirect exposure to equities.
Sensitivity to changes in equity prices is given in section (h) Risk and capital management, below.
(ii) Property price risk
The Group is subject to property price risk directly because of holdings of investment properties in a variety of locations
worldwide and indirectly through investments in mortgages and mortgage backed securities. Investment in property is
managed at business unit level, and is subject to local regulations on investments, liquidity requirements and the
expectations of policyholders.
As at 31 December 2023, no material derivative contracts had been entered into to mitigate the effects of changes in
property prices. We maintain a conservative loan-to-value on our commercial mortgage portfolio. Exposure to property
risk on equity release mortgages from sustained underperformance in the UK House Price Index (HPI) is mitigated by
capping loan to value on origination at low levels and regularly monitoring the performance of the mortgage portfolio.
Sensitivity to changes in property prices is given in section (h) Risk and capital management, below.
(iii) Interest rate risk
Interest rate risk arises primarily from the Group\u2019s investments in long-term debt and fixed income securities and their
movement relative to the value placed on the insurance liabilities. A number of policyholder product features have an
influence on the Group\u2019s interest rate risk. The major features include guaranteed surrender values, guaranteed annuity
options, and minimum surrender and maturity values. Details of material guarantees and options are given in note 42.
We have limited appetite for interest rate risk as we do not believe it is adequately rewarded. We manage and hedge our
interest rate exposure through setting risk tolerance levels on a Solvency II cover ratio basis. Exposure to interest rate
risk is monitored through several measures that include duration, capital modelling, sensitivity testing and stress and
scenario testing.
Increasing interest rates as a result of the monetary policy response to inflationary pressures will positively impact the
Group\u2019s regulatory capital cover ratio. This could be offset by the negative impact of credit downgrades, counterparty
defaults, claims and maintenance expenses and lapse rates if high inflation persists and the economy stagnates or falls.
Conversely, rising credit spreads will adversely impact IFRS shareholders\u2019 equity, see section (h)(i) Sensitivity test analysis.
The Group typically manages interest rate risk by investing in fixed interest securities which closely match the interest
rate sensitivity of the liabilities where such investments are available. In particular, a key objective is to at least match the
duration of our annuity liabilities with assets of the same duration, and in some cases where appropriate cash flow
matching has been used. These assets include corporate bonds, residential mortgages and commercial mortgages. Should
they default before maturity, it is assumed that the Group can reinvest in assets of a similar risk and return profile, which
is subject to market conditions. Interest rate risk is also managed in some business units using a variety of derivative
instruments, including futures, options, swaps, caps and floors.
Other product lines of the Group, such as protection, are not significantly sensitive to interest rate or market movements.
For unit-linked business, the shareholder margins emerging are typically a mixture of annual management fees and risk/
expense charges. Risk and expense margins are largely unaffected by low interest rates. Annual management fees could
increase if there was a move towards low interest rates which increases the value of unit funds. For the UK annuities
business interest rate exposure is mitigated by closely matching the duration of liabilities with assets of the same
duration.
The UK participating business includes contracts with features such as guaranteed surrender values, guaranteed annuity
options and minimum surrender and maturity values. These liabilities are managed through duration matching of assets
and liabilities and the use of derivatives, including swaptions. As a result, the Group\u2019s exposure to sustained low interest
rates on this portfolio is not material. Details of material guarantees and options are given in note 42.
Profit before tax on General Insurance and Health Insurance business is generally a mixture of insurance, expense and
investment returns. The asset portfolio is invested primarily in fixed income securities. The portfolio investment yield and
average total invested assets in our General Insurance and Health business are set out in the table below.
2023
2022
Portfolio investment yield1
2.74%
2.33%
Average assets \u00a3m
13,319
13,082
1. Before realised and unrealised gains and losses and investment expenses.
The nature of the business means that prices in certain circumstances can be increased to maintain overall profitability.
This is subject to the competitive environment in each market. If there are future falls in interest rates the investment
yield would be expected to decrease in future periods.
Sensitivity to changes in interest rates is given in section (h) Risk and capital management, below.
(iv) Inflation risk
Inflation risk arises primarily from the Group\u2019s exposure to general insurance claims inflation, to inflation linked benefits
within the defined benefit staff pension schemes and within the UK annuity portfolio and to expense inflation. Increases
in long-term inflation expectations are closely linked to long-term interest rates and so are frequently considered with
interest rate risk. Exposure to inflation risk is monitored through capital modelling, sensitivity testing and stress and
scenario testing. The Group typically manages inflation risk through its investment strategy and, in particular, by
investing in inflation linked securities and through a variety of derivative instruments, including inflation linked swaps.
Inflation risk is an ongoing concern in the current macroeconomic environment and we are monitoring the potential
impact on the profits and margins of the Group and our counterparties which could impact their credit quality.
(v) Currency risk
The Group has minimal exposure to currency risk from financial instruments held by business units in currencies other
than their functional currencies, as nearly all such holdings are backing either unit-linked or with-profits contract
liabilities or are hedged. As a result the foreign exchange gains and losses on investments are largely offset by changes in
unit-linked and with-profits liabilities and fair value changes in derivatives attributable to changes in foreign exchange
rates recognised in the income statement.
The Group operates internationally and as a result is exposed to foreign currency exchange risk arising from fluctuations
in exchange rates of various currencies. Approximately 26% of the Group\u2019s Insurance Revenue from continuing
operations arises in currencies other than sterling.
The Group\u2019s net assets are denominated in a variety of currencies, of which the largest are sterling, euro and Canadian
dollars ($CAD). The Group does not hedge foreign currency revenues as these are substantially retained locally to support
the growth of the Group\u2019s business and meet local regulatory and market requirements. However, the Group does use
foreign currency forward contracts to hedge planned dividends from its subsidiaries, and specifically its currency risk
exposure from the anticipated sale proceeds of Aviva Singapore (see note 55(a)(ii)).
Business units aim to maintain sufficient assets in local currency to meet local currency liabilities, however movements
may impact the value of the Group\u2019s consolidated shareholders\u2019 equity which is expressed in sterling. This aspect of
foreign exchange risk is monitored and managed centrally, against pre-determined limits. These exposures are managed
by aligning the deployment of regulatory capital by currency with the Group\u2019s regulatory capital requirements by
currency. Currency borrowings and derivatives are used to manage exposures within the limits that have been set.
Except where the Group has applied net investment hedge accounting (see note 55(a)(i)), foreign exchange gains and
losses on foreign currency borrowings are recognised in the income statement, whereas foreign exchange gains and
losses arising on consolidation from the translation of assets and liabilities of foreign subsidiaries are recognised in other
comprehensive income.
At 31 December, the Group\u2019s net assets by currency was:
2023
Restated1
2022
\u00a3m
\u00a3m
Sterling
9,821
10,759
Euro
324
286
$CAD
565
5
Other
(1,110)
(836)
Total
9,600
10,214
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
A 10% change in sterling to euro/$CAD period-end foreign exchange rates would have had the following impact on net
assets and a 10% change in sterling to euro/$CAD average foreign exchange rates applied to translate foreign currency
profits would have had the following impact on profit before tax, including resulting gains and losses on foreign exchange
hedges.
2023
Restated1
2022
Impact on
net assets
Impact on
profit before
tax
Impact on net
assets
Impact on
profit before
tax
\u00a3m
\u00a3m
\u00a3m
\u00a3m
10% increase in sterling/euro
(32)
22
(29)
17
10% decrease in sterling/euro
32
(26)
29
(21)
10% increase in sterling/$CAD
(57)
(39)
(1)
(20)
10% decrease in sterling/$CAD
57
48
1
24
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1).
The balance sheet changes arise from retranslation of business unit statements of financial position from their functional
currencies into sterling, with above movements being taken through the currency translation reserve. These balance
sheet movements in exchange rates therefore have no impact on profit. Net asset and profit before tax figures are stated
after taking account of the effect of currency hedging activities.
(vi) Derivatives risk
Derivatives are used by a number of the business units. Derivatives are primarily used for efficient investment
management, risk hedging purposes, or to structure specific retail savings products. Activity is overseen by the Group
Capital and Group Risk teams, which monitor exposure levels and approve large or complex transactions.
The Group applies strict requirements to the administration and valuation processes it uses, and has a control framework
that is consistent with market and industry practice for the activity that is undertaken.
(vii) Correlation risk
The Group recognises that lapse behaviour and potential increases in consumer expectations are sensitive to and
interdependent with market movements and interest rates. These interdependencies are taken into consideration in the
internal capital model and in scenario analysis.
(d) Liquidity risk
Liquidity risk is the risk of not being able to make payments as they become due because there are insufficient assets in
cash form. The relatively illiquid nature of insurance liabilities is a potential source of additional investment return by
allowing us to invest in higher yielding, and less liquid assets such as commercial mortgages and infrastructure loans.
The\u00a0Group seeks to maintain sufficient financial resources to meet its obligations as they fall due through the application
of a Group liquidity risk policy and business standard and through the development of its liquidity risk management plan.
At Group and business unit level, there is a liquidity risk appetite which requires that sufficient liquid resources be
maintained to cover net outflows in a stress scenario. In addition to the existing liquid resources and expected inflows,
the Group maintains significant undrawn committed borrowing facilities (\u00a31,700 million) from a range of leading
international banks to further mitigate this risk.
In the Group we use derivative contracts to manage interest rate, inflation and foreign-exchange risks. While interest
rates have oscillated over 2023, we have not experienced the sharp and rapid rise in interest rates seen at the end of the
third quarter of 2022. Following the experience in 2022, the liquidity buffers were strengthened and we have sufficient
liquidity to withstand a similar liquidity squeeze.
Maturity analysis
The following tables show the maturities of our insurance and investment contract liabilities, and of the financial assets
held to meet them. A maturity analysis of the contractual amounts payable for borrowings and derivative liabilities is
given in notes 47 and 55(b)(ii), respectively. Contractual obligations under leases and capital commitments are given in
note 23 and note 51.
(i) Analysis of maturity of insurance and investment contract liabilities
For insurance and participating investment contract liabilities, including reinsurance contract liabilities, the following
table shows the estimates of the present value of future cash flows at 31 December 2023 and 2022 analysed by estimated
timing.
For non-participating investment contracts, almost all may be surrendered or transferred on demand. The earliest
contractual maturity date is therefore 2023 statement of financial position date, for a surrender amount approximately
equal to the current statement of financial position liability.
However, we expect surrenders, transfers and maturities to occur over many years, and therefore the table below reflects
the expected cash flows for these contracts, rather than their contractual maturity date.
2023
Within 1 year
One to Two
years
Two to Three
years
Three to Four
years
Four to Five
Years
Five to 15
years
Over 15 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
3,751
2,302
2,230
2,226
2,252
20,623
26,009
59,393
Participating
3,650
2,087
1,998
1,923
2,006
15,612
11,163
38,439
Non-life
4,803
2,748
1,747
1,206
828
2,048
469
13,849
Insurance contract and participating
investment contract liabilities
12,204
7,137
5,975
5,355
5,086
38,283
37,641
111,681
Non-participating investment contract liabilities
1,543
1,259
2,908
4,109
4,833
52,385
91,551
158,588
Total contract liabilities
13,747
8,396
8,883
9,464
9,919
90,668
129,192
270,269
Restated1 2022
Within 1 year
One to Two
years
Two to Three
years
Three to Four
years
Four to Five
Years
Five to 15
years
Over 15
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
3,677
2,458
2,383
2,328
2,324
21,247
21,849
56,266
Participating
3,539
2,151
2,136
2,036
1,945
16,953
11,200
39,960
Non-life
5,137
2,329
1,489
1,034
687
1,607
410
12,693
Insurance contract and participating
investment contract liabilities
12,353
6,938
6,008
5,398
4,956
39,807
33,459
108,919
Non-participating investment contract liabilities
1,401
1,053
2,559
3,622
4,275
46,859
81,419
141,188
Total contract liabilities
13,754
7,991
8,567
9,020
9,231
86,666
114,878
250,107
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The amounts from insurance and investment contract liabilities that are payable on demand are set out below.
2023
2022
Amount
payable on
demand
Carrying
value
Amount
payable on
demand
Carrying
value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contracts - Life risk
11,378
11,324
9,559
9,549
Insurance contracts - Participating
38,246
38,131
39,213
39,626
Non-participating investment contract liabilities
158,514
158,588
140,952
141,188
208,138
208,043
189,724
190,363
(ii) Analysis of maturity of financial assets
The following table provides an analysis, by maturity date of the principal, of the carrying value of financial assets which
are available to fund the repayment of liabilities as they crystallise.
2023
Restated1
2022
On demand
or within 1
year
One to five
years
Over five
years
No
fixed
term
Total
On demand
or within 1
year
One to five
years
Over five
years
No
fixed
term
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fixed maturity securities
23,667
32,154
58,067
\u2014
113,888
18,961
33,075
51,740
\u2014
103,776
Equity securities
\u2014
\u2014
\u2014
92,572
92,572
\u2014
\u2014
\u2014
85,790
85,790
Other investments
36,076
429
2,383
482
39,370
30,894
582
2,863
181
34,520
Loans1
6,270
5,205
20,390
19
31,884
5,388
4,634
19,611
\u2014
29,633
Cash and cash equivalents
17,273
\u2014
\u2014
\u2014
17,273
22,505
\u2014
\u2014
\u2014
22,505
Total financial assets
83,286
37,788
80,840
93,073
294,987
77,748
38,291
74,214
85,971
276,224
1. The 2022 comparative results have been restated following the adoption of IFRS 17 (see note 1). Policy loans in scope of IFRS 17 totalling \u00a314 million have been reallocated from loans to insurance
contract and participating investment contract liabilities.
The assets above are analysed in accordance with the earliest possible redemption date of the instrument at the initiation
of the Group. Where an instrument is transferable back to the issuer on demand, such as most unit trusts or similar types
of investment vehicle, it is included in the \u2018On demand or within 1 year\u2019 column. Debt securities with no fixed contractual
maturity date are generally callable at the option of the issuer at the date the coupon rate is reset under the contractual
terms of the instrument. The terms for resetting the coupon are such that we expect the securities to be redeemed at this
date, as it would be uneconomic for the issuer not to do so, and for liquidity management purposes we manage these
securities on this basis. The first repricing and call date is normally ten years or more after the date of issuance. Most of
the Group\u2019s investments in equity securities and fixed maturity securities are market traded and therefore, if required,
can be liquidated for cash at short notice.
(e) Life insurance risk
Life insurance risk in the Group arises through its exposure to mortality, morbidity and longevity risk and exposure to
worse than anticipated operating experience on factors such as persistency levels, exercising of policyholder options and
management and administration expenses.
The Group chooses to take measured amounts of life insurance risk provided that the relevant business has the
appropriate core skills to assess and price the risk and adequate returns are available. The Group\u2019s underwriting strategy
and appetite is communicated via specific policy statements, related business standards and guidelines. Life insurance
risk is managed primarily at business unit level with oversight at the Group level.
The Group's life insurance risk continues to be dominated by exposure from our UK business. Longevity risk remains the
most significant life insurance risk due to the Group\u2019s annuity portfolio. We are also exposed to longevity risk through the
Aviva Staff Pension Scheme, to which our economic exposure has been reduced since 2014 by entering into a longevity
swap covering the majority of pensioner in-payment scheme liabilities in force at the time. We purchase reinsurance for
some of the longevity risk relating to our annuity business and this also includes the bulk annuity buy-in transactions
with the Aviva Staff Pension Scheme that have been carried out since 2019, including two tranches in 2023.
We have reinsurance in place across all our businesses to reduce our net exposure to potential losses. In the UK we have
extensive quota share reinsurance in place on Individual Life Protection business and for UK Group Life Protection we
use surplus reinsurance for very large individual claims.
More generally, life insurance risks are believed to provide a significant diversification against other risks in the portfolio.
Life insurance risks are modelled within the internal capital model and are subject to sensitivity and stress and scenario
testing. COVID-19 has continued to present uncertainty, but overall we expect limited future impact to our business. The
potential impacts of climate change also present uncertainty regarding future insurance risk experience, and these are
considered when setting assumptions for future experience.
Recent persistency experience has been generally resilient to cost-of-living pressures and has not shown significant
deterioration in the short term. There remains some uncertainty about the potential for this to continue, which is being
monitored closely. External factors that may impact future persistency experience include prolonged high inflation and
interest rates, increased stock-market volatility and changes in legislation.
The assumption setting and management of life insurance risks is governed by the Group-wide business standards
covering underwriting, pricing, product design and management, in-force management, claims handling and reinsurance.
The individual life insurance risks are managed as follows:
\u2022 Mortality and morbidity risks are managed through comprehensive medical underwriting, input and advice from
medical experts, as well as frequent monitoring and analysis of company experience. Reinsurance treaties are in place to
provide further mitigation.
\u2022 Longevity risk is managed through monitoring and analysis of the Group\u2019s experience, as well as considering the latest
external industry data and emerging trends. While individual businesses are responsible for reserving and pricing for
annuity business, the Group monitors the exposure to this risk and any associated capital implications. The Group has
used reinsurance solutions to reduce the risks from longevity and continually monitors and evaluates emerging market
solutions to mitigate this risk further.
\u2022 Persistency risk is managed at a business unit level through frequent monitoring of company experience and
benchmarking against local market information. Generally, persistency risk arises from customers lapsing their policies
earlier than has been assumed. Lapses and their associated financial impact are reduced through appropriate design of
products to meet current and, where possible, future customer needs. Businesses also implement specific initiatives to
improve the retention of policies which may otherwise lapse.
\u2022 Expense risk is primarily managed by the business units through robust cost controls and efficiency targets, together
with frequent monitoring of expense levels.
Embedded derivatives
The Group is exposed to the risk of changes in policyholder behaviour due to the exercise of options, guarantees and
other product features embedded in its long-term savings products. These product features offer policyholders varying
degrees of guaranteed benefits at maturity or on early surrender, along with options to convert their benefits into
different products on pre-agreed terms. The extent of the impact of these embedded derivatives differs considerably
between business units and exposes Aviva to changes in policyholder behaviour in the exercise of options as well as
market risk.
Examples of each type of embedded derivative affecting the Group are:
\u2022 Options: call, put, surrender and maturity options, guaranteed annuity options, options to cease premium payment,
options for withdrawals free of market value adjustment, annuity options and guaranteed insurability options.
\u2022 Guarantees: embedded floor (guaranteed return), maturity guarantee, guaranteed death benefit, guaranteed minimum
rate of annuity payment and the 'no negative equity' associated with the Equity Release business; and
\u2022 Other: indexed interest or principal payments, maturity value, loyalty bonus.
The impact of these is reflected in the capital model and managed as part of the asset liability framework. Further
disclosure on financial guarantees and options embedded in contracts and their inclusion in insurance and investment
contract liabilities is provided in note 42.
(f) General insurance risk and health risk
The Group writes a balanced portfolio of general insurance risk (including personal motor, household, commercial motor,
property and liability), as well as global exposure to corporate specialty risks. This risk is taken on, in line with our
underwriting and pricing expertise, to provide an appropriate level of return for an acceptable level of risk. Underwriting
discipline and a robust governance process is at the core of the Group\u2019s underwriting strategy.
The Group\u2019s Health Insurance business (including private health insurance, critical illness cover, income protection and
personal accident insurance, as well as a range of corporate healthcare products) exposes the Group to morbidity risk
(the proportion of our customers falling sick) and medical expense inflation.
Provisions made for insurance liabilities are inherently uncertain. Due to this uncertainty, general and health insurance
reserves are regularly reviewed by qualified and experienced actuaries at the business unit and Group level in accordance
with the Group\u2019s reserving framework. These and other key risks, including the occurrence of unexpected claims from a
single source or cause and inadequate reinsurance protection/risk transfer, are subject to an overarching risk
management framework and various mechanisms to govern and control our risks and exposures.
We recognise that the severity and frequency of weather-related events has the potential to adversely impact provisions
for insurance liabilities and our earnings, with the result that there is some seasonality in our results from period to
period. Large catastrophic (CAT) losses arising as a result of these events are explicitly considered in our economic capital
modelling to ensure we are resilient to such CAT scenarios, and this modelling considers the impact of climate change on
the frequency and severity of potential future events. The impact of actual weather-related losses compared to the
expected losses based on the long-term average was 2% worse (2022: 12% worse) for UK & Ireland General Insurance and
17% worse (2022: 35% worse) for Canada General Insurance.
More broadly, the materiality and time horizon over which climate-related risks and opportunities affect our business
depend on the specific insurance products, geographies and investments being considered. Notwithstanding that the
impact on general insurance liabilities is mitigated by the short-term nature of the business, the ability to re-price
annually, and by the Company\u2019s reinsurance programmes, the physical effects of climate change will most likely result in
more risks and perils becoming either uninsurable or unaffordable over the longer term and the need for more urgent
action increases.
Furthermore, as an insurer, the Company is able to influence customer behaviour through the coverage of products and
services provided and continues to develop climate-conscious products and services to incentivise climate-positive
behaviours.
There continues to be a significant degree of uncertainty in relation to business interruption claims arising from
COVID-19 and on-going test case litigation. On 17 October 2022, the High Court handed down its judgment on the
preliminary issues trial of Stonegate Pub Co Ltd vs MS Amlin Corp Member Ltd (and others) and related cases. Aviva was
not a party to the cases but is affected by the final outcome of these cases. The High Court ruled in favour of the parties
on different issues, and all parties initially appealed the majority of the preliminary decisions made by Justice Butcher.
Whilst the Greggs and Stonegate actions settled after the appeals on confidential terms the Court of Appeal heard the
remaining Various Eateries v Allianz appeals and on 16 January 2024 handed down judgment dismissing both parties
appeals. As a result the decisions of the High Court by Justice Butcher stand.
In Canada, we are party to a number of litigation proceedings, including class actions that challenge coverage under our
commercial property policies; however, we believe we have a strong argument that there is no pandemic coverage under
these policies.
The Group purchases reinsurance protection on its property portfolio that includes coverage for business interruption
and is collecting or seeking reinsurance recoveries of business interruption losses that are covered by reinsurance. The
Group's general insurance business does not have material underwriting exposure to Israel, Palestine, Russia or Ukraine,
and does not conduct operations in the affected regions.
The conflicts in Ukraine and Palestine and ongoing disruption to global supply chains have the potential to lead to
heightened claims inflation in 2024 and may increase the uncertainty associated with the cost of settling general
insurance claims. While the impacts of heightened claims inflation can be mitigated via new business pricing actions, our
ability to price for inflation is dependent on market, competitor and customer behaviour. The time lag between premium
earning and claims emergence means that some adverse impact on profitability could be expected.
Reinsurance strategy
Significant reinsurance purchases are reviewed annually at both business unit and Group level to verify that the levels of
protection being bought reflect any developments in exposure and the risk appetite of the Group. The basis of these
purchases is underpinned by analysis of capital, earnings and capital volatility, cash flow and liquidity and the Group\u2019s
franchise value.
Detailed actuarial analysis is used to calculate the Group\u2019s extreme risk profile and then design cost and capital efficient
reinsurance programmes to mitigate these risks to within agreed appetites. For businesses writing general insurance we
analyse the natural catastrophe exposure using various probabilistic catastrophe models which are benchmarked against
external catastrophe models widely used by the rest of the (re)insurance industry.
The Group cedes much of its worldwide catastrophe risk to third-party reinsurers. The Group purchases a Group-wide
catastrophe reinsurance programme to protect against its peak catastrophe losses in excess of a 1 in 250 year return
period (1 in 500 year return period in Canada). The total Group potential retained loss from its most concentrated
catastrophe exposure peril (Northern Europe Windstorm) is approximately \u00a3200 million on a per occurrence basis. The
Group purchases a number of general insurance business line specific reinsurance programmes with various retention
levels to protect both capital and earnings, and has reinsured 100% of its latent exposures to its historic UK employers\u2019
liability and public liability business written prior to 31 December 2000.
(g) Operational risk (including conduct risk)
Operational risk is the risk of direct or indirect loss, arising from inadequate or failed internal processes, people and
systems, or external events including changes in the regulatory environment. We have limited appetite for operational
risk and aim to reduce these risks as far as is commercially sensible.
The Group continues to operate, validate and enhance its key operational controls and purchase insurance to minimise
losses arising from inadequate or ineffective internal processes, people and systems or from external events. The Group
maintains constructive relationships with its regulators around the world and responds appropriately to developments in
relation to key regulatory changes. The Operational Risk Appetite framework enables management and the Board to
assess the overall quality of the operational risk environment relative to risk appetite and where a Business Unit (or the
Group) are outside of appetite, require clear and robust plans to be put in place in order to return to appetite. As part of
our continual improvements of our risk management approach to keep pace with the business, increasing regulatory
expectations, and the macroeconomic and geo-political environment, we continue to implement risk and control
improvements throughout the organisation and across all three lines of defence. Those improvements continue to
strengthen and enhance our risk management capabilities and enable us to operate a stronger control environment,
improve understanding and accountabilities of risks, reduce the complexity of how the business thinks about and
manages risks and create greater collaboration across the first and second lines of defence to provide higher quality
advice and challenge.
We continue to implement measures to improve and embed the Group's operational resilience in response to new PRA
and FCA operational resilience regulations (including outsourcing and critical third-party risk management) which will
come into effect on 31 March 2025. This includes a programme of resilience and crisis response testing to ensure
customer harm is minimised and the continued financial safety and soundness of Aviva\u2019s business. Operational resilience
disciplines and assessments have been used in response to global events, including: changes to the geo-political
environment, financial market instability and the continuity of winter power supplies.
We rely on several outsourcing providers for critical business processes, customer servicing, investment operations and
IT support. To manage the risk of failure of a critical outsourcing provider, businesses are required to identify business
critical outsourced functions (internal and external) and for each to have exit and termination plans, and business
continuity and disaster recovery plans in place in the event of supplier failure, which are reviewed annually. We also carry
out supplier financial stability reviews at least annually.\u00a0
Increasing geo-political tensions more generally have heightened the risk of cyber security attacks on the Group or its
suppliers, with the potential to cause business service interruption and/or data or intellectual property theft. In response
Aviva continues to actively monitor the threat environment and enhance its IT infrastructure and cyber controls to
identify, detect and prevent attacks. Aviva\u2019s cyber defences are regularly tested using our own \u2018ethical hacking\u2019 team and
we have engaged our suppliers to put in place all reasonable measures so that services to Aviva and our customers are
protected.
Action is in hand to strengthen the control framework for the current risks Generative Artificial Intelligence presents as
well as exploit the opportunities for process efficiency, better pricing and underwriting, product personalisation and
improved customer service.
The Group actively monitors social and other media in order to manage misinformation about our business, products,
colleagues and customers should we be targeted by a hostile actor, taking corrective media action if necessary.
We are exposed to the risk that litigation, employee misconduct, operational failures, the outcome of regulatory
investigations, media speculation and negative publicity, disclosure of confidential client information, inadequate
services, whether or not founded, as well as wider geo-political and economic external events or trends, could impact our
brands or reputation. Any of our brands or our reputation could also be affected if products or services recommended by
us (or any of our intermediaries) do not perform as expected (whether or not the expectations are founded) or customers\u2019
expectations of the product change.
The UK Prime Minister has indicated that a general election is going to take place in the second half of 2024, most likely in
the autumn. There will be heightened sensitivity around policy and associated risks during this period as a high profile
company.
We have designed our products and business processes so that we treat our customers fairly and we make use of various
metrics to assess our own performance, including customer advocacy, retention and complaints. Failure to treat our
customers fairly is counter to our purpose, values and culture and could result in regulatory action and penalties, as well
as impact our brands and/or reputation.
The FCA Consumer Duty (\"the Duty\") requires firms to \u2018act to deliver good customer outcomes\u2019 by managing the risks
posed to those good outcomes; these are our customer conduct risks. Achieving the expectations of the Duty aligns with
our strategic priority of becoming the go-to customer brand for Insurance, Wealth and Retirement. To meet the July 2023
implementation deadline, we enhanced our Group-wide conduct risk policy to strengthen the definition and scope to
reflect the Duty. We refreshed the conduct risk appetite and sharpened guidance around good customer outcomes and
foreseeable harm. Senior Manager role profiles and their statements of responsibility have been refreshed and we revised
strategy agendas to enhance the focus on customer outcomes and reviewed coverage of customer outcomes in
monitoring. We have updated our policies and business standards (including those relating to people and reward)
where\u00a0needed.
The Group is directly exposed to the risks associated with operating an asset management business through its
ownership of Aviva Investors. The underlying risk profile of our asset management risk is derived from investment
performance, specialist investment professionals and leadership, product development capabilities, fund liquidity, margin,
client retention, regulatory developments, fiduciary and contractual responsibilities. Funds invested in illiquid assets such
as commercial property are particularly exposed to liquidity risk. The risk profile is regularly monitored.
A client relationship team is in place to manage client retention risk, while all new asset management products undergo a
review and approval process at each stage of the product development process, including approvals from legal,
compliance and risk functions. Investment performance against client objectives relative to agreed benchmarks is
monitored as part of our investment performance and risk management process, and subject to further independent
oversight and challenge by a specialist risk team, reporting directly to the Aviva Investors\u2019 Chief Risk Officer.
(h) Risk and capital management
(i) Sensitivity test analysis
The Group uses a number of sensitivity tests to understand the volatility of earnings, the volatility of its capital
requirements, and to manage its capital more efficiently. Sensitivities to economic and operating experience are regularly
produced on the Group\u2019s key financial performance metrics to inform the Group\u2019s decision making and planning
processes, and as part of the framework for identifying and quantifying the risks to which each of its business units, and
the Group as a whole, are exposed.
(ii) Life insurance and investment contracts
The nature of long-term business is such that a number of assumptions are made in compiling these financial statements.
Assumptions are made about investment returns, expenses, mortality rates and persistency in connection with the in-
force policies for each business unit. Assumptions are best estimates based on historic and expected experience of the
business. A number of the key assumptions for the Group\u2019s central scenario are disclosed elsewhere in these statements.
(iii) General insurance and health business
General insurance and health claim liabilities are estimated by using standard actuarial claims projection techniques.
These methods extrapolate the claims development for each accident year based on the observed development of
earlier\u00a0years. In most cases, no explicit assumptions are made as projections are based on assumptions implicit in
the\u00a0historic claims.
(iv) Sensitivity test results
Illustrative results of sensitivity testing for long-term business, general insurance and health business and the fund
management and non-insurance business are set out below. For each sensitivity test the impact of a reasonably possible
change in a single factor is shown, with other assumptions left unchanged. See below for further details on the limitations
of the sensitivity analysis. The sensitivity of the net IAS 19 surplus to discount rates is provided in note 46 (b)(iii).
Sensitivity factor
Description of sensitivity factor applied
Market risk variables
Interest rate and investment return
The impact of a change in market interest rates by a 1% increase or decrease. The test allows
consistently for similar changes to investment returns and movements in the market value of
backing fixed interest securities.
Credit spreads
The impact of a 0.5% increase or decrease in credit spreads over risk-free interest rates on
corporate bonds and other non-sovereign credit assets, also allowing for the consequential
impact on liability valuations. Commercial mortgages and equity release mortgages are included
in this sensitivity.
Equity market values
The impact of a 10% increase or decrease in equity market values.
Property market values
The impact of a 10% increase or decrease in property market values.
Underwriting risk variables
Expenses
The impact of an increase in maintenance expenses by 10%.
Lapses/surrenders
The impact of an increase in lapse or surrender rates by 10%.
Assurance mortality/morbidity
The impact of an increase in mortality/morbidity rates for assurance contracts by 2%.
Annuitant mortality
The impact of a reduction in mortality rates for annuity contracts by 2%.
Gross loss ratios
The impact of an increase in gross loss ratios for general insurance and health business by 5%.
Market risk variables
For business where the change in market risk variables could impact on profit, the following table presents how a possible
shift in those variables might impact insurance and investment contract balances, the corresponding investment assets,
profit before tax and shareholders' equity after tax, all net of reinsurance. For business (including with-profits funds and
unit-linked contracts) where changes in the market risk variables result in movements that offset to nil, having no overall
impact on profit or shareholders' equity, the offsetting movements in the insurance and investment contract balances
and investment assets are excluded from this sensitivity analysis. Impacts on the Group's pension schemes are also
excluded:
2023
2022
Net insurance/
investment contracts
balances
Investment
assets
profit or
loss
Total profit
before tax
Shareholder\u2019s
equity after
tax
Net insurance
/investment contracts
balances
Investment
assets
profit or
loss
Total profit
before tax
Shareholder\u2019s
equity after
tax
CSM
Profit or
loss
CSM
Profit or
loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
100 bps increase in interest rate
\u2014
4,844
(5,964)
(1,120)
(843)
\u2014
4,847
(6,014)
(1,167)
(931)
100 bps decrease in interest rate
\u2014
(5,734)
7,056
1,322
996
\u2014
(5,779)
7,136
1,357
1,084
50 bps increase in corporate bond
spread
8
1,438
(2,151)
(713)
(533)
8
1,407
(1,976)
(569)
(463)
50 bps decrease in corporate bond
spread
(9)
(1,808)
2,579
771
573
(10)
(1,810)
2,414
604
492
10% increase in market value of
equity
(39)
(380)
194
(186)
(135)
(34)
(377)
191
(186)
(148)
10% decrease in market value of
equity
39
378
(188)
190
142
36
388
(185)
203
162
10% increase in value of property
(17)
(82)
102
20
16
(20)
(104)
128
24
20
10% decrease in value of property
18
82
(102)
(20)
(16)
21
105
(128)
(23)
(19)
Underwriting risk variables
The following table presents information on how reasonably possible changes in assumptions made by the Group with
regard to underwriting risk variables impact insurance and reinsurance contract balances, profit before tax and
shareholders\u2019 equity after tax. The affected underlying insurance contracts and related reinsurance contracts are
measured under IFRS 17 and the impacts on fulfilment cash flows (FCF) and on the CSM are shown separately as these
components are not fully symmetrically impacted by possible changes in assumptions.
Insurance contracts balances
Reinsurance contracts balances
Total profit
before tax
Shareholder\u2019s
equity after
tax
2023
FCF
CSM
Profit or loss
FCF
CSM
Profit or loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life insurance business
10% increase in expenses
(243)
273
30
3
(6)
(3)
27
21
10% increase in lapse rates
(16)
(13)
(29)
(38)
56
18
(11)
(8)
2% increase in assurance mortality
(212)
243
31
138
(164)
(26)
5
4
2% decrease in annuitant mortality
(357)
461
104
169
(258)
(89)
15
11
General insurance and health business
10% increase in expenses
(126)
\u2014
(126)
\u2014
\u2014
\u2014
(126)
(53)
5% increase in gross loss ratios
(300)
\u2014
(300)
14
\u2014
14
(286)
(217)
Insurance contracts balances
Reinsurance contracts balances
Total profit
before tax
Shareholder\u2019s
equity after
tax
FCF
CSM
Profit or loss
FCF
CSM
Profit or loss
2022
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life insurance business
10% increase in expenses
(233)
263
30
3
(6)
(3)
27
21
10% increase in lapse rates
(12)
(8)
(20)
(43)
61
18
(2)
(2)
2% increase in assurance mortality
(179)
201
22
123
(140)
(17)
5
4
2% decrease in annuitant mortality
(347)
440
93
142
(214)
(72)
21
16
General insurance and health business
10% increase in expenses
(129)
\u2014
(129)
\u2014
\u2014
\u2014
(129)
(53)
5% increase in gross loss ratios
(291)
\u2014
(291)
20
\u2014
20
(271)
(213)
For general insurance and health, the impact of the expense sensitivity on profit also includes the increase in ongoing
administration expenses, in addition to the increase in the claims handling expense provision.
Limitations of sensitivity analysis
The tables above demonstrate the effect of an instantaneous change in a key assumption while other assumptions remain
unchanged. In reality, changes may occur over a period of time and there is a correlation between the assumptions and
other factors. It should also be noted that these sensitivities are non-linear, and larger or smaller impacts should not be
interpolated or extrapolated from these results.
The sensitivity analysis does not take into consideration that the Group\u2019s assets and liabilities are actively managed.
Additionally, the financial position of the Group may vary at the time that any actual market movement occurs. For
example, the Group\u2019s financial risk management strategy aims to manage the exposure to market fluctuations.
As investment markets move past various trigger levels, management actions could include selling investments, changing
investment portfolio allocations and taking other protective action.
Other limitations in the above sensitivity analysis include the use of hypothetical market movements to demonstrate
potential risks that only represent the Group\u2019s view of possible near-term market changes that cannot be predicted with
any certainty and the assumption that all parameters move in an identical fashion.
Specific examples:
a. The sensitivity analysis assumes a parallel shift in interest rates at all terms. These results should not be used to
calculate the impact of non-parallel yield movements.
b. The sensitivity analysis assumes equivalent assumption changes across all markets i.e. UK and non-UK yield curves
move by the same amounts, equity markets across the world rise or fall identically
Additionally, the movements observed by assets held by Aviva will not be identical to market indices so caution is required
when applying the sensitivities to observed index movements.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-853": { "value": "
(b) Credit risk
Credit risk is the risk of financial loss as a result of the default or failure of third parties to meet their payment obligations
to the Group, or variations in market values as a result of changes in expectations related to these risks. Credit risk is
taken so that the Group can provide the returns required to satisfy policyholder liabilities and to generate returns for our
shareholders. In general we prefer to take credit risk over equity and property risks, because of the better expected risk-
adjusted return, our credit risk analysis capability and the structural investment advantages conferred to insurers with
long-dated, relatively illiquid liabilities.
Our approach to managing credit risk recognises that there is a risk of adverse financial impact resulting from
fluctuations in credit quality of third parties including default, rating transition and credit spread movements. Our credit
risks arise principally through exposures to debt security investments, structured asset investments, bank deposits,
derivative counterparties, mortgage lending and reinsurance counterparties.
The Group manages its credit risk at business unit and Group level. All business units are required to implement credit
risk management processes (including limits frameworks), operate specific risk management committees and report and
monitor their exposures against detailed pre-established risk criteria. At Group level, we manage and monitor all
exposures across our business units on a consolidated basis and operate a Group limit framework that must be adhered
to by all.
We did not experience a material increase in credit defaults in 2023, with pro-active management of the credit portfolio
in a challenging macroeconomic environment. We continue to monitor closely any deterioration in the credit markets.
Our capital position includes an allowance for the expected potential impacts from downgrades and defaults.
A detailed breakdown of the Group\u2019s current credit exposure by credit quality is shown below.
(i) Financial exposures by credit ratings
Financial assets are graded according to current external credit ratings issued. AAA is the highest possible rating.
Investment grade financial assets are classified within the range of AAA to BBB ratings. Financial assets with ratings
outside this range are classified as sub-investment grade. The following table provides information regarding the
aggregated credit risk exposure of the Group for financial and reinsurance contract assets with external credit ratings.
\u2018Not rated\u2019 assets capture assets not rated by external ratings agencies.
2023
Restated1,2
2022
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
AAA
AA
A
BBB
Below
BBB
Not
rated
Maximum
exposure
%
%
%
%
%
%
\u00a3m
%
%
%
%
%
%
\u00a3m
Fixed maturity
securities 1
11.7%
39.0%
24.2%
13.4%
4.7%
7.0%
113,889
16.2%
35.1%
23.6%
14.7%
4.6%
5.8%
103,776
Reinsurance contract
assets 2
\u2014%
76.0%
23.1%
\u2014%
\u2014%
0.9%
6,534
\u2014%
75.7%
24.3%
\u2014%
\u2014%
\u2014%
6,308
Reinsurance assets for
non-participating
investment contracts2
\u2014%
50.7%
45.6%
3.7%
\u2014%
\u2014%
4,713
\u2014%
56.4%
37.0%
6.6%
\u2014%
\u2014%
5,290
Other investments
0.8%
0.2%
0.6%
0.2%
\u2014%
98.2%
39,370
\u2014%
\u2014%
0.1%
\u2014%
\u2014%
99.9%
34,520
Loans1, 2
\u2014%
\u2014%
0.2%
0.5%
\u2014%
99.3%
31,685
\u2014%
\u2014%
0.2%
0.4%
\u2014%
99.4%
29,633
Total
196,191
179,527
1. Following a review of credit risk methodology arising from the change to a new assets administration system in the UK, prior year comparatives have been restated to align classification
methodology across the Group. This has resulted in reclassifications of \u00a31,815 million and \u00a32,560 million of AAA and AA rated fixed maturity securities and corresponding changes of \u00a31,706 million,
\u00a31,795 million, \u00a3746 million and \u00a3128 million of A, BBB, less than BBB and not rated assets, along with reclassifications of \u00a32,663 million and \u00a3250 million of AA and A rated loans to the not rated
category. These amendments have not resulted in any change to the valuation of assets or liabilities included in the statement of financial position.
2. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1). As described in note
1(a), reinsurance assets for non-participating investment contracts are presented as separate line items in the table.
The majority of non-rated fixed maturity securities within shareholder assets are private placements and other corporate
bonds held by our UK IWR business, amounting to \u00a34.9 billion ( 2022:\u00a0\u00a33.6\u00a0billion). Of these securities most are allocated
an investment grade internal rating using a methodology largely consistent with that adopted by an external rating
agency.
The Group\u2019s maximum exposure to credit risk of financial assets, without taking collateral or these hedges into account,
is represented by the carrying value of the financial instruments in the statement of financial position. For reinsurance
contract assets the maximum exposure reflects the carrying value less the value of CSM.
These comprise debt securities, reinsurance assets, derivative assets, loans and receivables. The carrying values of these
assets are disclosed in the relevant notes: financial investments (note 28), reinsurance assets (note 40), loans (note 25) and
receivables (note 29). The collateral in place for these credit exposures is disclosed in note 56.
(ii) Other investments
Other investments include: unit trusts and other investment vehicles; derivative financial instruments, representing
positions to mitigate the impact of adverse market movements; and other assets, including deposits with credit
institutions and minority holdings in property management undertakings.
The credit quality of the underlying debt securities within investment vehicles is managed by the safeguards built into the
investment mandates for these funds which determine the funds\u2019 risk profiles. At the Group level, we also monitor the
asset quality of unit trusts and other investment vehicles against Group set limits.
A proportion of the assets underlying these investments are represented by equities and so credit ratings are not
generally applicable. Equity exposures are managed against agreed benchmarks that are set with reference to overall
appetite for market risk.
(iii) Loans
The Group loan portfolio principally comprises:
\u2022 Policy loans which are generally collateralised by a lien or charge over the underlying policy;
\u2022 Loans and advances to banks which primarily relate to loans of cash collateral received in stock lending transactions.
These loans are fully collateralised by other securities;
\u2022 Healthcare, infrastructure and PFI loans secured against healthcare, education, social housing and emergency services
related premises; and
\u2022 Mortgage loans collateralised by property assets.
We use loan to value, interest and debt service cover and diversity and quality of the tenant base metrics to internally
monitor our exposures to mortgage loans. We use credit quality, based on dynamic market measures, and
collateralisation rules to manage our stock lending activities. Policy loans are loans and advances made to policyholders
and are collateralised by the underlying policies.
(iv) Credit concentration risk
The long-term and general insurance and health businesses are generally not individually exposed to significant
concentrations of credit risk due to the regulations applicable in most markets and the Group credit policy and limits
framework, which limit investments in individual assets and asset classes. Credit concentrations are monitored as part of
the regular credit monitoring process and are reported to the Group Asset Liability Committee (ALCO). With the
exception of government bonds, the largest aggregated counterparty exposure within shareholder assets is to the Swiss
Reinsurance Company Limited (including subsidiaries), representing approximately 1.4% of the total shareholder assets.
(v) Reinsurance credit exposures
The Group is exposed to concentrations of risk with individual reinsurers due to the nature of the reinsurance market
and the restricted range of reinsurers that have acceptable credit ratings. The Group operates a policy to manage its
reinsurance counterparty exposures, by limiting the reinsurers that may be used and applying strict limits to each
reinsurer. Reinsurance exposures are aggregated with other exposures to ensure that the overall risk is within appetite.
The Group Capital and Group Risk teams have an active monitoring role with escalation to the Chief Financial Officer
(CFO), Chief Risk Officer (CRO), Group ALCO and the Board Risk Committee as appropriate.
(vi) Securities finance
The Group has significant securities financing operations within the UK and smaller operations in some other businesses.
The risks within this activity are mitigated by collateralisation and minimum counterparty credit quality requirements.
(vii) Derivative credit exposures
The Group is exposed to counterparty credit risk through derivative trades. This risk is generally mitigated through
holding collateral for most trades. Residual exposures are captured within the Group\u2019s credit management framework.
(viii) Unit-linked business
In unit-linked business the policyholder bears the direct market risk and credit risk on investment assets in the unit funds
and the shareholders\u2019 exposure to credit risk is limited to the extent of the income arising from asset management
charges based on the value of assets in the fund.
(ix) Impairment of financial assets
Impairment is calculated using an expected credit loss model for financial assets measured at amortised cost and lease
receivables, with reference to historical experience of losses adjusted for forward-looking information, as discussed in
accounting policy U.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-854": { "value": "
(c) Market risk
Market risk is the risk of adverse financial impact resulting, directly or indirectly from fluctuations in interest rates,
inflation, foreign currency exchange rates, equity and property prices. Market risk arises in business units because of
fluctuations in both the value of liabilities and the value of investments held.
At Group level, it also arises in relation to the overall portfolio of international businesses and in the value of investment
assets owned directly by the shareholders. We actively seek some market risks as part of our investment and product
strategy.
The management of market risk is undertaken at business unit and at Group level. Businesses manage market risks locally
using the Group market risk framework and within local regulatory constraints. The Group Capital team is responsible for
monitoring and managing market risk at Group level and has established criteria for matching assets and liabilities to limit
the impact of mismatches because of market movements.
In addition, where the Group\u2019s long-term savings businesses have written insurance and investment products where
most investment risks are borne by its policyholders, these risks are managed in line with local regulations and marketing
literature, so to satisfy the policyholders\u2019 risk and reward objectives. The Group writes unit-linked business, primarily in
the UK. The shareholders\u2019 exposure to market risk on this business is limited to the extent that income arising from asset
management charges is based on the value of assets in the fund.
In respect of IBOR, significant progress has been made, with a substantive majority of the Group's original exposure
already resolved. The Group's only remaining exposure to GBP LIBOR relates to a small number of currently fixed-rate
public bonds that would revert to LIBOR-referencing floating rates in the event of a non-call by the issuer at the next call
date. We continue to assess the likelihood of this event. The Group's exposure to CDOR relates to a small number of
interest rate swaps whose transition will be planned prior to CDOR\u2019s termination after 28 June 2024.
At 31 December 2023, \u00a353 million of non-derivative financial assets, \u00a310 million of derivative financial assets and \u00a32\u00a0million
of derivative financial liabilities had yet to transition to an alternative risk-free rate.
The most material types of market risk that the Group is exposed to are described below.
(i) Equity price risk
The Group is subject to direct equity price risk arising from changes in the market values of its equity securities portfolio.
Our most material indirect equity price risk exposures are to policyholder unit-linked funds, which are exposed to a fall in
the value of the fund thereby reducing the fees we earn on those funds, and participating contracts, which are exposed to
a fall in the value of the funds thereby increasing our costs for policyholder guarantees. We also have some equity
exposure in shareholder funds through equities held to match inflation-linked liabilities.
We continue to limit our direct equity exposure in line with our risk preferences. At a business unit level, investment
limits and local investment regulations require that business units hold diversified portfolios of assets thereby reducing
exposure to individual equities. The Group does not have material holdings of unquoted equity securities.
Equity risk is also managed using a variety of derivative instruments, including futures and options. Businesses actively
model the performance of equities through the use of risk models, in particular to understand the impact of equity
performance on guarantees, options and bonus rates. An equity hedging strategy remains in place to help control the
Group\u2019s overall direct and indirect exposure to equities.
Sensitivity to changes in equity prices is given in section (h) Risk and capital management, below.
(ii) Property price risk
The Group is subject to property price risk directly because of holdings of investment properties in a variety of locations
worldwide and indirectly through investments in mortgages and mortgage backed securities. Investment in property is
managed at business unit level, and is subject to local regulations on investments, liquidity requirements and the
expectations of policyholders.
As at 31 December 2023, no material derivative contracts had been entered into to mitigate the effects of changes in
property prices. We maintain a conservative loan-to-value on our commercial mortgage portfolio. Exposure to property
risk on equity release mortgages from sustained underperformance in the UK House Price Index (HPI) is mitigated by
capping loan to value on origination at low levels and regularly monitoring the performance of the mortgage portfolio.
Sensitivity to changes in property prices is given in section (h) Risk and capital management, below.
(iii) Interest rate risk
Interest rate risk arises primarily from the Group\u2019s investments in long-term debt and fixed income securities and their
movement relative to the value placed on the insurance liabilities. A number of policyholder product features have an
influence on the Group\u2019s interest rate risk. The major features include guaranteed surrender values, guaranteed annuity
options, and minimum surrender and maturity values. Details of material guarantees and options are given in note 42.
We have limited appetite for interest rate risk as we do not believe it is adequately rewarded. We manage and hedge our
interest rate exposure through setting risk tolerance levels on a Solvency II cover ratio basis. Exposure to interest rate
risk is monitored through several measures that include duration, capital modelling, sensitivity testing and stress and
scenario testing.
Increasing interest rates as a result of the monetary policy response to inflationary pressures will positively impact the
Group\u2019s regulatory capital cover ratio. This could be offset by the negative impact of credit downgrades, counterparty
defaults, claims and maintenance expenses and lapse rates if high inflation persists and the economy stagnates or falls.
Conversely, rising credit spreads will adversely impact IFRS shareholders\u2019 equity, see section (h)(i) Sensitivity test analysis.
The Group typically manages interest rate risk by investing in fixed interest securities which closely match the interest
rate sensitivity of the liabilities where such investments are available. In particular, a key objective is to at least match the
duration of our annuity liabilities with assets of the same duration, and in some cases where appropriate cash flow
matching has been used. These assets include corporate bonds, residential mortgages and commercial mortgages. Should
they default before maturity, it is assumed that the Group can reinvest in assets of a similar risk and return profile, which
is subject to market conditions. Interest rate risk is also managed in some business units using a variety of derivative
instruments, including futures, options, swaps, caps and floors.
Other product lines of the Group, such as protection, are not significantly sensitive to interest rate or market movements.
For unit-linked business, the shareholder margins emerging are typically a mixture of annual management fees and risk/
expense charges. Risk and expense margins are largely unaffected by low interest rates. Annual management fees could
increase if there was a move towards low interest rates which increases the value of unit funds. For the UK annuities
business interest rate exposure is mitigated by closely matching the duration of liabilities with assets of the same
duration.
The UK participating business includes contracts with features such as guaranteed surrender values, guaranteed annuity
options and minimum surrender and maturity values. These liabilities are managed through duration matching of assets
and liabilities and the use of derivatives, including swaptions. As a result, the Group\u2019s exposure to sustained low interest
rates on this portfolio is not material. Details of material guarantees and options are given in note 42.
Profit before tax on General Insurance and Health Insurance business is generally a mixture of insurance, expense and
investment returns. The asset portfolio is invested primarily in fixed income securities. The portfolio investment yield and
average total invested assets in our General Insurance and Health business are set out in the table below.
2023
2022
Portfolio investment yield1
2.74%
2.33%
Average assets \u00a3m
13,319
13,082
1. Before realised and unrealised gains and losses and investment expenses.
The nature of the business means that prices in certain circumstances can be increased to maintain overall profitability.
This is subject to the competitive environment in each market. If there are future falls in interest rates the investment
yield would be expected to decrease in future periods.
Sensitivity to changes in interest rates is given in section (h) Risk and capital management, below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-855": { "value": "
(d) Liquidity risk
Liquidity risk is the risk of not being able to make payments as they become due because there are insufficient assets in
cash form. The relatively illiquid nature of insurance liabilities is a potential source of additional investment return by
allowing us to invest in higher yielding, and less liquid assets such as commercial mortgages and infrastructure loans.
The\u00a0Group seeks to maintain sufficient financial resources to meet its obligations as they fall due through the application
of a Group liquidity risk policy and business standard and through the development of its liquidity risk management plan.
At Group and business unit level, there is a liquidity risk appetite which requires that sufficient liquid resources be
maintained to cover net outflows in a stress scenario. In addition to the existing liquid resources and expected inflows,
the Group maintains significant undrawn committed borrowing facilities (\u00a31,700 million) from a range of leading
international banks to further mitigate this risk.
In the Group we use derivative contracts to manage interest rate, inflation and foreign-exchange risks. While interest
rates have oscillated over 2023, we have not experienced the sharp and rapid rise in interest rates seen at the end of the
third quarter of 2022. Following the experience in 2022, the liquidity buffers were strengthened and we have sufficient
liquidity to withstand a similar liquidity squeeze.
Maturity analysis
The following tables show the maturities of our insurance and investment contract liabilities, and of the financial assets
held to meet them. A maturity analysis of the contractual amounts payable for borrowings and derivative liabilities is
given in notes 47 and 55(b)(ii), respectively. Contractual obligations under leases and capital commitments are given in
note 23 and note 51.
(i) Analysis of maturity of insurance and investment contract liabilities
For insurance and participating investment contract liabilities, including reinsurance contract liabilities, the following
table shows the estimates of the present value of future cash flows at 31 December 2023 and 2022 analysed by estimated
timing.
For non-participating investment contracts, almost all may be surrendered or transferred on demand. The earliest
contractual maturity date is therefore 2023 statement of financial position date, for a surrender amount approximately
equal to the current statement of financial position liability.
However, we expect surrenders, transfers and maturities to occur over many years, and therefore the table below reflects
the expected cash flows for these contracts, rather than their contractual maturity date.
2023
Within 1 year
One to Two
years
Two to Three
years
Three to Four
years
Four to Five
Years
Five to 15
years
Over 15 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
3,751
2,302
2,230
2,226
2,252
20,623
26,009
59,393
Participating
3,650
2,087
1,998
1,923
2,006
15,612
11,163
38,439
Non-life
4,803
2,748
1,747
1,206
828
2,048
469
13,849
Insurance contract and participating
investment contract liabilities
12,204
7,137
5,975
5,355
5,086
38,283
37,641
111,681
Non-participating investment contract liabilities
1,543
1,259
2,908
4,109
4,833
52,385
91,551
158,588
Total contract liabilities
13,747
8,396
8,883
9,464
9,919
90,668
129,192
270,269
Restated1 2022
Within 1 year
One to Two
years
Two to Three
years
Three to Four
years
Four to Five
Years
Five to 15
years
Over 15
years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Life risk
3,677
2,458
2,383
2,328
2,324
21,247
21,849
56,266
Participating
3,539
2,151
2,136
2,036
1,945
16,953
11,200
39,960
Non-life
5,137
2,329
1,489
1,034
687
1,607
410
12,693
Insurance contract and participating
investment contract liabilities
12,353
6,938
6,008
5,398
4,956
39,807
33,459
108,919
Non-participating investment contract liabilities
1,401
1,053
2,559
3,622
4,275
46,859
81,419
141,188
Total contract liabilities
13,754
7,991
8,567
9,020
9,231
86,666
114,878
250,107
1. The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).
The amounts from insurance and investment contract liabilities that are payable on demand are set out below.
2023
2022
Amount
payable on
demand
Carrying
value
Amount
payable on
demand
Carrying
value
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Insurance contracts - Life risk
11,378
11,324
9,559
9,549
Insurance contracts - Participating
38,246
38,131
39,213
39,626
Non-participating investment contract liabilities
158,514
158,588
140,952
141,188
208,138
208,043
189,724
190,363
(ii) Analysis of maturity of financial assets
The following table provides an analysis, by maturity date of the principal, of the carrying value of financial assets which
are available to fund the repayment of liabilities as they crystallise.
2023
Restated1
2022
On demand
or within 1
year
One to five
years
Over five
years
No
fixed
term
Total
On demand
or within 1
year
One to five
years
Over five
years
No
fixed
term
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Fixed maturity securities
23,667
32,154
58,067
\u2014
113,888
18,961
33,075
51,740
\u2014
103,776
Equity securities
\u2014
\u2014
\u2014
92,572
92,572
\u2014
\u2014
\u2014
85,790
85,790
Other investments
36,076
429
2,383
482
39,370
30,894
582
2,863
181
34,520
Loans1
6,270
5,205
20,390
19
31,884
5,388
4,634
19,611
\u2014
29,633
Cash and cash equivalents
17,273
\u2014
\u2014
\u2014
17,273
22,505
\u2014
\u2014
\u2014
22,505
Total financial assets
83,286
37,788
80,840
93,073
294,987
77,748
38,291
74,214
85,971
276,224
1. The 2022 comparative results have been restated following the adoption of IFRS 17 (see note 1). Policy loans in scope of IFRS 17 totalling \u00a314 million have been reallocated from loans to insurance
contract and participating investment contract liabilities.
The assets above are analysed in accordance with the earliest possible redemption date of the instrument at the initiation
of the Group. Where an instrument is transferable back to the issuer on demand, such as most unit trusts or similar types
of investment vehicle, it is included in the \u2018On demand or within 1 year\u2019 column. Debt securities with no fixed contractual
maturity date are generally callable at the option of the issuer at the date the coupon rate is reset under the contractual
terms of the instrument. The terms for resetting the coupon are such that we expect the securities to be redeemed at this
date, as it would be uneconomic for the issuer not to do so, and for liquidity management purposes we manage these
securities on this basis. The first repricing and call date is normally ten years or more after the date of issuance. Most of
the Group\u2019s investments in equity securities and fixed maturity securities are market traded and therefore, if required,
can be liquidated for cash at short notice.
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55 \u2013 Derivative financial instruments and\u00a0hedging
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 56 for further information on collateral and net credit risk of derivative instruments.
(a) Instruments qualifying for hedge accounting
The Group adopted IFRS 9 from 1 January 2023 and it has formally assessed and documented the hedge effectiveness for
financial instruments designated as hedge instruments in accordance with IFRS 9. For the 2022 comparatives, the Group
applied the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting.
(i) 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 currency components of its net investments in foreign subsidiaries.
The matching currency denomination of the assets and liabilities of the subsidiaries and the loan liabilities in the Group
leads to an economic relationship, where a change in the value of the asset as a result of changes in the foreign exchange
rate will be offset directly by an opposite change in the value of the liability. The maturity analysis of the liabilities is
presented in note 47. The Group\u2019s net investments are designated into a hedge relationship in Canada such that the value
hedged matches exactly the nominal amounts of the hedging instrument being used. The Group has applied a hedge ratio
of\u00a01:1 ( 2022: 1:1) for the net investment hedge in Canada. The Group applied a hedge ratio of 0.54:1 (2022: 1:1) to the net
investment hedge for Ireland. During 2023, \u20ac900 million subordinated notes were designated into the net investment
hedge\u00a0to replace the \u20ac500 million senior notes that matured in the year. The hedge ratio has reduced as a result.
At inception, the nature of the economic relationship is such that the net investment hedge is expected to be highly
effective, however, ineffectiveness or discontinuation of the hedging relationship may arise should a disposal of a foreign
subsidiary included in the net investment hedge occur during the period.
Other risks except for currency risk associated with the Group's net investments in its foreign subsidiaries are not
covered by these hedging arrangements.
(ii) Cash flow hedges
The Group applies cash flow hedging to a highly probable forecast transaction. The currency component of the
derivatives used to hedge currency risk from the expected $SGD 1.4 billion sales proceeds of Aviva Singapore
(2022: no cash flow hedging) is designated in cash flow hedge. The currency derivatives convert the $SGD proceeds to
Sterling at predetermined rate at maturity, and there is an economic relationship between the hedged item and the
hedging instrument due to the matching currency.
The Group has established a hedge ratio of 1:1 since the notional of the currency derivatives match the expected proceeds
from the disposal. No ineffectiveness is expected from the cash flow hedge. The forward element of the currency
derivatives of \u00a30.7 million, representing the time value of money, is excluded from the hedge relationship and deferred in
the hedge instruments reserve until disposal.
(iii) Financial impacts of hedge accounting
The following hedging instruments for the net investment hedges and cash flow hedge are included within borrowings
and financial investments respectively in the statement of financial position.
2023
2022
Carrying
amount
Change as a
result of
foreign
currency
movement
Carrying
amount
Change as a
result of
foreign
currency
movement
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net investment hedges
0.625% \u20ac500 million senior notes 20231
47
\u2014
\u2014
278
12
1.875% \u20ac750 million senior notes 20272
47
401
(6)
409
17
3.375% \u20ac900 million subordinated notes 20453
47
378
(6)
\u2014
\u2014
4.000% C$450 million subordinated notes 2030
47
265
(6)
274
9
1,044
(18)
961
38
Cash flow hedge
SGD1,444 million currency derivatives4
(4)
(4)
\u2014
\u2014
Total hedging instruments
1,040
(22)
961
38
1. Of the \u20ac500 million senior notes, a nominal amount of \u20ac315 million was designated in a net investment hedge in 2022.
2. Of the \u20ac750 million senior notes, a nominal amount of \u20ac464 million has been placed in a net investment hedge.
3. Of the \u20ac900 million subordinated notes, a nominal amount of \u20ac436 million has been placed in a net investment hedge.
4. The maturity date of the currency derivatives is 27 March 2024, with an average forward of 1.66. The change as a result of foreign currency movement includes \u00a30.7 million for the forward element
of the currency derivatives.
The following hedged items were placed in a net investment hedges and cash flow hedge as at the year end:
2023
2022
Carrying
amount
Cumulative
foreign
currency
movement
Change as a
result of
foreign
currency
movement
Carrying
amount
Cumulative
foreign
currency
movement
Change as a
result of
foreign
currency
movement
Currency
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net investment hedges
Ireland
EUR
779
(237)
12
687
(249)
(29)
Canada
CAD
265
(7)
6
274
(13)
(9)
1,044
(244)
18
961
(262)
(38)
Cash flow hedge
SGD
(4)
4
4
\u2014
\u2014
\u2014
Total hedged items
1,040
(240)
22
961
(262)
(38)
The effects of hedge accounting on the Group's financial performance can be summarised as follows:
2023
2022
Currency
Translation
gain/(loss)
recognised in
currency
translation
reserve
Change in
value of
hedging
instrument
recognised in
OCI
Hedge
ineffectiveness
recognised in
profit or loss
Amount
reclassified
from hedging
instrument\u00a0
reserve to
profit or loss
Translation
gain/(loss)
recognised in
currency
translation
reserve
Change in
value of
hedging
instrument
recognised in
OCI
Hedge
ineffectivenes
s
recognised in
profit or loss
Amount
reclassified
from hedging
instrument
reserve to
profit or loss
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net investment hedges
Ireland
EUR
(12)
12
\u2014
\u2014
29
(29)
\u2014
\u2014
Canada
CAD
(6)
6
\u2014
\u2014
9
(9)
\u2014
\u2014
(18)
18
\u2014
\u2014
38
(38)
\u2014
\u2014
Cash flow hedge
SGD
(4)
4
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total hedged items
(22)
22
\u2014
\u2014
38
(38)
\u2014
\u2014
(b) Derivatives
Except for the currency derivatives described in note 55(a), the Group did not apply hedge accounting to derivatives at
31\u00a0December 2023 or 2022.
(i) The Group\u2019s derivatives at 31 December were as follows:
2023
2022
Contract/
notional
amount
Fair value
asset
Fair value
liability
Contract/
notional
amount
Fair value
asset
Fair value
liability
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
OTC Forwards
53,262
465
(341)
44,705
1,027
(561)
OTC Interest rate and currency swaps
11,894
369
(694)
11,316
200
(1,223)
Foreign exchange contracts
65,156
834
(1,035)
56,021
1,227
(1,784)
OTC Forwards
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
OTC Swaps
50,647
2,129
(4,618)
53,758
2,483
(6,053)
OTC Options
142
\u2014
\u2014
150
1
\u2014
OTC Swaptions
\u2014
\u2014
\u2014
842
41
(8)
Exchange traded Futures
9,643
219
(40)
8,829
89
(141)
Interest rate contracts
60,432
2,348
(4,658)
63,579
2,614
(6,202)
OTC Options
2,222
82
(39)
6,707
162
(90)
Exchange traded Futures
9,708
150
(68)
11,527
180
(55)
Exchange traded Options
1,391
137
(10)
1,469
158
(6)
Equity/Index contracts
13,321
369
(117)
19,703
500
(151)
Credit contracts
1,158
39
(29)
5,418
30
(74)
Other
16,405
402
(1,587)
14,770
545
(1,330)
Total derivatives
156,472
3,992
(7,426)
159,491
4,916
(9,541)
Fair value assets of \u00a33,992 million (2022: \u00a34,916 million) are recognised as \u2018Derivative financial instruments\u2019 in note 28(a),
while fair value liabilities of \u00a37,426 million (2022: \u00a39,541 million) are recognised as \u2018Derivative liabilities\u2019 in note 48.
The Group\u2019s derivative risk management policies are outlined in note 54.
(ii) The contractual undiscounted cash flows in relation to derivative liabilities have the following maturities:
2023
2022
Within one
year
One to two
years
Two to
three years
Three to
four years
Four to five
years
After five
years
Within one
year
One to two
years
Two to
three years
Three to
four years
Four to five
years
After five
years
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative liabilities
1,046
631
597
569
567
5,721
1,973
965
747
693
658
8,009
(c) Collateral
Certain derivative contracts, primarily interest rate and currency swaps, involve the receipt or pledging of cash and non-
cash collateral. The amounts of cash collateral receivable or repayable are included in notes 29 and 48 respectively.
Collateral received and pledged by the Group is detailed in note 56.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-857": { "value": "
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 56 for further information on collateral and net credit risk of derivative instruments.
(a) Instruments qualifying for hedge accounting
The Group adopted IFRS 9 from 1 January 2023 and it has formally assessed and documented the hedge effectiveness for
financial instruments designated as hedge instruments in accordance with IFRS 9. For the 2022 comparatives, the Group
applied the requirements of IAS 39 Financial Instruments: Recognition and Measurement for hedge accounting.
(i) 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 currency components of its net investments in foreign subsidiaries.
The matching currency denomination of the assets and liabilities of the subsidiaries and the loan liabilities in the Group
leads to an economic relationship, where a change in the value of the asset as a result of changes in the foreign exchange
rate will be offset directly by an opposite change in the value of the liability. The maturity analysis of the liabilities is
presented in note 47. The Group\u2019s net investments are designated into a hedge relationship in Canada such that the value
hedged matches exactly the nominal amounts of the hedging instrument being used. The Group has applied a hedge ratio
of\u00a01:1 ( 2022: 1:1) for the net investment hedge in Canada. The Group applied a hedge ratio of 0.54:1 (2022: 1:1) to the net
investment hedge for Ireland. During 2023, \u20ac900 million subordinated notes were designated into the net investment
hedge\u00a0to replace the \u20ac500 million senior notes that matured in the year. The hedge ratio has reduced as a result.
At inception, the nature of the economic relationship is such that the net investment hedge is expected to be highly
effective, however, ineffectiveness or discontinuation of the hedging relationship may arise should a disposal of a foreign
subsidiary included in the net investment hedge occur during the period.
Other risks except for currency risk associated with the Group's net investments in its foreign subsidiaries are not
covered by these hedging arrangements.
(ii) Cash flow hedges
The Group applies cash flow hedging to a highly probable forecast transaction. The currency component of the
derivatives used to hedge currency risk from the expected $SGD 1.4 billion sales proceeds of Aviva Singapore
(2022: no cash flow hedging) is designated in cash flow hedge. The currency derivatives convert the $SGD proceeds to
Sterling at predetermined rate at maturity, and there is an economic relationship between the hedged item and the
hedging instrument due to the matching currency.
The Group has established a hedge ratio of 1:1 since the notional of the currency derivatives match the expected proceeds
from the disposal. No ineffectiveness is expected from the cash flow hedge. The forward element of the currency
derivatives of \u00a30.7 million, representing the time value of money, is excluded from the hedge relationship and deferred in
the hedge instruments reserve until disposal.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-860": { "value": "
56 \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 55.
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 Loans to banks in note 25. 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 Payables and other financial liabilities in note 48.
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 following tables.
2023
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,618
\u2014
2,618
(1,505)
(173)
(82)
858
Loans to banks and repurchase arrangements
4,850
\u2014
4,850
\u2014
(300)
(4,550)
\u2014
Total financial assets
7,468
\u2014
7,468
(1,505)
(473)
(4,632)
858
Derivative financial liabilities
(5,428)
\u2014
(5,428)
2,078
68
2,477
(805)
Other financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
(5,428)
\u2014
(5,428)
2,078
68
2,477
(805)
2022
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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
Derivative financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Other financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Derivative assets are recognised as Derivative financial instruments in note 28(a), while fair value liabilities are recognised
as Derivative liabilities in note 48. \u00a31,374 million (2022: \u00a31,512 million) of derivative assets and \u00a31,998 million
(2022 : \u00a33,137 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 \u00a34,865 million
(2022:\u00a0\u00a34,481 million) are recognised within Loans to banks in note 25.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within
Obligations for repayment of cash collateral received in note 48.
(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 to 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 Loans to banks disclosed in note 25, was \u00a36,827 million
(2022:\u00a0\u00a34,877 million), all of which other than \u00a3245 million ( 2022: \u00a3322 million) is related to securities lending
arrangements. Collateral of \u00a31,050 million (2022: \u00a31,568 million) has been received related to balances recognised within
Loans to banks in note 25. \u00a377 million (2022: \u00a356 million) included within cash and cash equivalents has been pledged as
collateral in respect of the Group\u2019s UK pension schemes. Under the agreements, cash is only transferred to the pension
schemes to fund bulk annuity buy-in transactions with Aviva Life & Pensions UK Limited or in the event of the Group
defaulting on its pension obligations. The value of collateral that was actually sold or repledged in the absence of default
was \u00a3nil (2022: \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-859": { "value": "
56 \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 55.
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 Loans to banks in note 25. 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 Payables and other financial liabilities in note 48.
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 following tables.
2023
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,618
\u2014
2,618
(1,505)
(173)
(82)
858
Loans to banks and repurchase arrangements
4,850
\u2014
4,850
\u2014
(300)
(4,550)
\u2014
Total financial assets
7,468
\u2014
7,468
(1,505)
(473)
(4,632)
858
Derivative financial liabilities
(5,428)
\u2014
(5,428)
2,078
68
2,477
(805)
Other financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
(5,428)
\u2014
(5,428)
2,078
68
2,477
(805)
2022
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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
Derivative financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Other financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Derivative assets are recognised as Derivative financial instruments in note 28(a), while fair value liabilities are recognised
as Derivative liabilities in note 48. \u00a31,374 million (2022: \u00a31,512 million) of derivative assets and \u00a31,998 million
(2022 : \u00a33,137 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 \u00a34,865 million
(2022:\u00a0\u00a34,481 million) are recognised within Loans to banks in note 25.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within
Obligations for repayment of cash collateral received in note 48.
(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 to 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 Loans to banks disclosed in note 25, was \u00a36,827 million
(2022:\u00a0\u00a34,877 million), all of which other than \u00a3245 million ( 2022: \u00a3322 million) is related to securities lending
arrangements. Collateral of \u00a31,050 million (2022: \u00a31,568 million) has been received related to balances recognised within
Loans to banks in note 25. \u00a377 million (2022: \u00a356 million) included within cash and cash equivalents has been pledged as
collateral in respect of the Group\u2019s UK pension schemes. Under the agreements, cash is only transferred to the pension
schemes to fund bulk annuity buy-in transactions with Aviva Life & Pensions UK Limited or in the event of the Group
defaulting on its pension obligations. The value of collateral that was actually sold or repledged in the absence of default
was \u00a3nil (2022: \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-858": { "value": "
56 \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 55.
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 Loans to banks in note 25. 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 Payables and other financial liabilities in note 48.
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 following tables.
2023
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Derivative financial assets
2,618
\u2014
2,618
(1,505)
(173)
(82)
858
Loans to banks and repurchase arrangements
4,850
\u2014
4,850
\u2014
(300)
(4,550)
\u2014
Total financial assets
7,468
\u2014
7,468
(1,505)
(473)
(4,632)
858
Derivative financial liabilities
(5,428)
\u2014
(5,428)
2,078
68
2,477
(805)
Other financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
(5,428)
\u2014
(5,428)
2,078
68
2,477
(805)
2022
Offset under IAS 32
Amounts under a master netting agreement
but not offset under IAS 32
Amounts subject to enforceable netting arrangements
Gross
amounts
Amounts
offset
Net amounts
reported in the
statement of
financial
position
Financial
instruments
Cash collateral
Securities
collateral
received/
pledged
Net amount
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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
Derivative financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Other financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total financial liabilities
(6,404)
\u2014
(6,404)
2,281
72
3,358
(693)
Derivative assets are recognised as Derivative financial instruments in note 28(a), while fair value liabilities are recognised
as Derivative liabilities in note 48. \u00a31,374 million (2022: \u00a31,512 million) of derivative assets and \u00a31,998 million
(2022 : \u00a33,137 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 \u00a34,865 million
(2022:\u00a0\u00a34,481 million) are recognised within Loans to banks in note 25.
Other financial liabilities presented above represent liabilities related to repurchase arrangements recognised within
Obligations for repayment of cash collateral received in note 48.
(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 to 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 Loans to banks disclosed in note 25, was \u00a36,827 million
(2022:\u00a0\u00a34,877 million), all of which other than \u00a3245 million ( 2022: \u00a3322 million) is related to securities lending
arrangements. Collateral of \u00a31,050 million (2022: \u00a31,568 million) has been received related to balances recognised within
Loans to banks in note 25. \u00a377 million (2022: \u00a356 million) included within cash and cash equivalents has been pledged as
collateral in respect of the Group\u2019s UK pension schemes. Under the agreements, cash is only transferred to the pension
schemes to fund bulk annuity buy-in transactions with Aviva Life & Pensions UK Limited or in the event of the Group
defaulting on its pension obligations. The value of collateral that was actually sold or repledged in the absence of default
was \u00a3nil (2022: \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-861": { "value": "
57 \u2013 Related party transactions
This note gives details of the transactions between Group companies and related parties which comprises 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.
(a) Services provided to, and by related parties
2023
2022
Income
earned
in the year
Expenses
incurred in
the year
Payable at
year end
Receivable
at
year end
Income
earned
in the year
Expenses
incurred in
the year
Payable at
year end
Receivable
at
year end
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Associates
59
\u2014
\u2014
3
39
\u2014
\u2014
9
Joint ventures
56
\u2014
\u2014
137
34
\u2014
\u2014
135
Employee pension schemes
15
\u2014
\u2014
4
10
\u2014
\u2014
5
Total services
130
\u2014
\u2014
144
83
\u2014
\u2014
149
Transactions with joint ventures in the UK relate to the property management undertakings, the most material of which
are listed in note 19(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
2023, 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 46(i). As at
31 December 2023, the Friends Provident Pension Scheme (FPPS), acquired in 2015 as part of the acquisition of the
Friends Life business, held an insurance policy of \u00a3431 million (2022: \u00a3432 million) issued by a group company, which
eliminates on consolidation. In 2022, Aviva Group Holdings Limited provided a short term loan of \u00a388\u00a0million to FPPS.
During the year to 31 December 2023 the remaining balance was settled.
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.
During the year, the Aviva Staff Pension Scheme (ASPS) completed two (2022: two) bulk annuity buy-in transactions with
Aviva Life & Pensions UK Limited (AVLAP), a group company. Total premiums of \u00a3482 million (2022: \u00a31,324 million) were
paid by the scheme to AVLAP, with AVLAP recognising best estimate liabilities of \u00a3427 million
(2022 restated: \u00a31,130 million). After allowing for initial expenses, risk adjustment and CSM, no profit or loss was
recognised on initial recognition (2022 restated: \u00a3nil).
The ASPS recognised total plan assets of \u00a3368 million (2022 : \u00a3891 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 2023, AVLAP recognised cumulative best estimate liabilities of \u00a33,535 million (2022 restated:\u00a0\u00a33,155 million)
in relation to buy-in transactions with the ASPS which have been included within the Group's insurance contract
liabilities, and the ASPS held a transferable plan asset of \u00a33,448 million (2022: \u00a32,875 million) which does not eliminate on
consolidation. The AVLAP 2022 liabilities comparative results have been restated from those previously published
following the adoption of IFRS 17, as described in note 1.
(b) 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:
2023
2022
\u00a3m
\u00a3m
Salary and other short-term benefits1
9.7
12.8
Post-employment benefits
0.6
0.9
Equity compensation plans1
11.8
14.4
Total key management compensation
22.1
28.1
1. The cash component of 2022 bonus has been reallocated to salary and other short-term benefits from equity compensation plans
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 reduced as at 31 December 2022. Information concerning individual directors\u2019 emoluments, interests and
transactions is given in the Directors\u2019 Remuneration Report.
58 \u2013 Organisational structure
The following chart shows a simplified form of the organisational structure of the Group as at 31 December 2023. Aviva
plc is the holding company of the Group.
Parent company
Aviva plc
Subsidiaries
The principal subsidiaries of the Company as at 31 December 2023 are listed below by country of incorporation.
A complete list of the Group\u2019s related undertakings. which comprises of subsidiaries, joint ventures, associates and other
significant holdings is contained within note 59 .
Aviva plc
Aviva - COFCO
Life Insurance Company
Ltd 2
Aviva Group
Holdings Ltd1
General
Accident plc 3
Aviva Life
Holdings UK\u00a0Ltd 1
Aviva Investors
Holdings Ltd 1
Aviva Central
Services UK Ltd1
Aviva
International
Holdings Ltd 1
Aviva
Insurance Ltd 3
Aviva
International
Insurance Ltd 1
Singapore Life
Holdings Pte
Ltd 5 and other
subsidiaries
UK & Ireland Life
subsidiaries
Investment
Management
subsidiaries
Aviva
Employment
Services Ltd1
Aviva Life
Insurance
Company India
Ltd 4
Aviva UK
Digital Ltd 1
UK & Ireland
General
Insurance\u00a0
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 UK Fund Services Limited
Aviva Life & Pensions UK Limited
Aviva Life 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
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 59. Further details of those operations that were most significant in 2023 are
set out in notes 19 and 20 to the financial statements.
China
Aviva-COFCO Life Insurance Company Limited 50%
Singapore
Singapore Life Holdings Pte Limited (24%) (entity held for
sale)
United Kingdom
The Group has interests in several property limited
partnerships. Further details are provided in notes 19, 20
and 27 to the financial statements.
59 \u2013 Related undertakings
We are required to disclose certain information about the Group\u2019s related undertakings which is set out in this note.
The definition of a subsidiary undertaking in accordance with the Companies Act 2006 is different from the definition
under IFRS. As a result, the related undertakings included within the list below may not be the same as the undertakings
consolidated in the Group IFRS financial statements. See accounting policies (D) Consolidation principles for further
detail on principles of consolidation and definition of joint ventures.
This note contains real asset fund entities that are owned by an external unit trust and managed by Aviva Investors. The
Group does not own equity in these entities and therefore a share class and ownership percentage are not disclosed.
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 as at 31 December 2023 are disclosed below.
(a) Direct
The direct related undertakings of the Company as at 31 December 2023 are listed below:
Name of undertaking
Country of
incorporation
Registered address
Share class
% held
Aviva-COFCO Life Insurance
Company Limited
China
12/F & 15/F & 01, 06-09 Unit of 10F of Building No.20,
27/F of Building No.24, Middle East Third Ring Road,
Chaoyang District, Beijing, 100022, China
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
(b) Indirect
The indirect related undertakings of the Company as at 31 December 2023 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
Ordinary
100
OIS Ontario Insurance Service Limited
Common
100
Pilot Insurance Company
Common
100
S&Y Insurance Company
Common
100
Scottish & York Insurance Co. Limited
Common
100
Traders General Insurance Company
Common
100
100 King Street West, Floor 49, Toronto, ON, M5X 2A2, Canada
Aviva Investors Canada Inc.
Common
100
150 King Street West, Suite #2401, P.O. Box 16, Toronto, ON,
M5H 1J9, Canada
Company name
Share Class1
% held
Prolink Insurance Inc.
Common
34
555 Chabanel Ouest, Bureau 900, Montreal, QC H2N 2H8,
Canada
Aviva Agency Services Inc.
Common
100
Suite 1600, 925 W Georgia St, Vancouver, BC, V6C 3L2, Canada
Westmount West Services Inc
Ordinary
20
China
Units 1805-1807, 18th Floor, Block H Office Building, Phoenix
Land Plaza, No. A5 Yard, Shuguangxili, Chaoyang District,
Beijing, China
Aviva-Cofco Yi Li Asset Management
Co\u00a0Limited
Ordinary
50
Czech Republic
5/482, Ve Svahu, Prague 4, 147 00, Czech Republic
AIEREF Renewable Energy s.r.o.
Ordinary
100
Denmark
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
39
47 Rue du Faubourg Saint-Honor\u00e9, 75008, France
CGU Equilibre
FCP
100
Germany
c/o TMF Deutschland AG, Wiesenh\u00fcttenstrasse 11, 60329,
Frankfurt am Main, Germany
Reschop Carr\u00e9 Hattingen GmbH
Ordinary
95
Company name
Share Class1
% held
c/o WSWP Weinert GmbH, Theatinerstr. 31, 80333, Munich,
Germany
FPB Holdings GmbH
Ordinary
100
Kapitalanlagegesellschaft MHB, Ferdinandstrasse 75, Hamburg,
DE-HH, 20095, DE, Germany
Warburg Total Return Global
Unit Trust
21
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
Balanced Commercial Property Trust
Limited
Ordinary
23
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
13-18 City Quay, Dublin 2, Ireland
Atrium Nominees Limited
Ordinary
100
Building 12, Cherrywood Business Park, Loughlinstown, Co
Dublin, D18 W2P5, Ireland
Aviva DB Trustee Company Ireland
Designated Activity Company
Ordinary
100
Aviva DC Trustee Company Ireland
Designated Activity Company
Ordinary
100
Aviva Direct Ireland Limited
Ordinary
100
Aviva Driving School Ireland Limited
Ordinary
100
Aviva Group Services Ireland Limited
Ordinary
100
Aviva Insurance Ireland Designated
Activity Company
Ordinary
100
Aviva Life & Pensions Ireland Designated
Activity Company
Ordinary
100
Aviva Master Trust Ireland Designated
Activity Company
Ordinary
100
Aviva Retail Master Trust Ireland
Designated Activity Company
Ordinary
100
Aviva Undershaft Six Designated Activity
Company
Ordinary
100
Peak Re Designated Activity Company
Ordinary
100
Charlotte House, Charlemont Street, Dublin 2, Ireland
Mercer Diversified Retirement Fund
OEIC
27
MGI UK Equity
OEIC
29
Friends First House, Cherrywood Science & Technology Park,
Loughlinstown, Dublin, Co. Dublin, Ireland
Ashtown Management Company Limited
Ordinary
100
Company name
Share Class1
% held
Georges Court, 54-62 Townsend Street, Dublin, DO2 R156,
Ireland
FPPE Fund Public Limited Company
Ordinary
100
IFSC House, Custom House Quay, International Financial
Services Centre, Dublin, D01 R2P9, Ireland
Aviva Investors Euro Liquidity Fund
Liquidity Fund
89
Aviva Investors Sterling Government
Liquidity Fund
Liquidity Fund
98
Aviva Investors Sterling Liquidity Fund
Liquidity Fund
68
Aviva Investors Sterling Liquidity
Plus\u00a0Fund
Liquidity Fund
83
Aviva Investors Sterling Standard
Liquidity Fund
Liquidity Fund
100
Aviva Investors US Dollar Liquidity Fund
Liquidity Fund
83
International House, 3 Harbourmaster Place, Dublin 1, Ireland
Merrion Managed Fund
Unit Trust
78
Merrion Multi-Asset 30 Fund
Unit Trust
100
Merrion Multi-Asset 50 Fund
Unit Trust
100
Italy
Corse Vercelli, 40 - 20145, Milan, Italy
AICT EUR Infra Swift S.R.L.
Ordinary
100
Piazza della Repubblica 32, Milan, 20124, Italy
Innovo Renewables S.p.A.
Ordinary
50
Via Scarsellini 14, Milan, 20161, Italy\u00a0
Aviva Italia Holding S.p.A
Ordinary
100
Jersey
11\u201315 Seaton Place, St Helier, JE4 0QH, Jersey
1 Liverpool Street Unit Trust
Unit Trust
100
101 Moorgate Unit Trust
Unit Trust
100
22 Grenville Street, St. Helier, JE4 8PX, Jersey
Axa Sun Life Private Equity
Private Equity
Fund
100
Lekker Bolt Unit Trust
Unit Trust
100
Slas Axa Private Equity
Private Equity
Fund
100
26 New Street, St Helier, JE2 3TE, Jersey
Succession Finance Jersey Limited
Ordinary
100
Succession Jersey Limited
Ordinary
100
Succession Newco1 Jersey Limited
Ordinary
100
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
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
50
20 Gracechurch Unit Trust
Unit Trust
25
20 Station Road Unit Trust
Unit Trust
50
30 Station Road Unit Trust
Unit Trust
50
Company name
Share Class1
% held
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
IFC 5, St Helier, JF11ST, Jersey
Aviva Investors REaLM Social Housing
Unit Trust
Unit Trust
86
Cannock Designer Outlet Unit Trust
(Jersey)
Unit Trust
37
Lime Grove House, Green Street, St Helier, JE1 2ST, Jersey
The Southgate Unit Trust
Unit Trust
50
Luxembourg
1c Rue Gabriel Lippmann l-5365, Munsbach, Luxembourg
Patriarch Classic B&W Global Freestyle
FCP
54
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 Limited Partnership
Partnership
100
Aviva Investors Alternative Income
Solutions SCSP
Fund
100
Aviva Investors Asian Equity Income
SICAV
99
Aviva Investors Climate Transition EUR
Infra SARL
Ordinary
100
Aviva Investors Climate Transition EUR
Infrastructure Fund
Fund
100
Aviva Investors Climate Transition EUR
Real Estate Fund
Fund
100
Aviva Investors Climate Transition EUR
Real Estate SARL
Ordinary
100
Company name
Share Class1
% held
Aviva Investors Climate Transition GBP
Infrastructure Fund
Fund
100
Aviva Investors Climate Transition GBP
Real Estate Fund
Fund
100
Aviva Investors Climate Transition
Global Credit
SICAV
100
Aviva Investors Climate Transition
Global Equity
SICAV
100
Aviva Investors Emerging Markets Bond
SICAV
66
Aviva Investors Emerging Markets
Corporate Bond
SICAV
76
Aviva Investors Emerging Markets Local
Currency Bond
SICAV
98
Aviva Investors E-RELI SCSp
Ordinary
100
Aviva Investors Eur Returnplus
SICAV
99
Aviva Investors European Corporate
Bond
SICAV
78
Aviva Investors GBP Returnplus
SICAV
95
Aviva Investors Global Convertibles
Absolute Return
SICAV
96
Aviva Investors Global Emerging
Markets Core
SICAV
100
Aviva Investors Global Emerging
Markets Equity Unconstrained
SICAV
100
Aviva Investors Global Emerging
Markets Index
SICAV
88
Aviva Investors Global Equity Endurance
SICAV
50
Aviva Investors Global High Yield Bond
SICAV
78
Aviva Investors Global Investment Grade
Corporate Bond
SICAV
86
Aviva Investors Global Sovereign Bond
SICAV
90
Aviva Investors Infrastructure Debt
Europe I S.A.
Ordinary
100
Aviva Investors Luxembourg
Ordinary
100
Aviva Investors Multi Strategy Target
Return
SICAV
63
Aviva Investors Multi-Asset Alternative
Income S.A.
Ordinary
100
Aviva Investors Natural Capital
Transition Global Equity
SICAV
79
Aviva Investors Perpetual Acht NL SARL
Ordinary
100
Aviva Investors Social Transition Global
Equity
SICAV
76
Aviva Investors UK Equity Unconstrained
SICAV
93
2, Boulevard Konrad Adenauer, L1115 Luxembourg
Xtrackers II Eurozone Government Bond
15-30 UCITS ETF
SICAV
21
16 Avenue de la Gare, L-1610, Luxembourg
AIEREF Holding 1 S.\u00e0.r.l.
Ordinary
100
AIEREF Holding 2 S.\u00e0.r.l.
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
Company name
Share Class1
% held
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
European Properties Sarl
Ordinary
73
Victor Hugo 1 S.\u00e0 r.l.
Ordinary
100
24-26, Avenue de la Liberte, L-1930 Luxembourg
Greenman Open Fund
SICAV
77
37A Avenue JF Kennedy, L-1855, Luxembourg
Abrdn SICAV II - European Smaller
Companies Fund
SICAV
31
Invesco Funds - Invesco Sustainable
Global Structured Equity Fund
SICAV
59
46a Avenue John F Kennedy, L-1855, Luxembourg
Aviva Investors Polish Retail S.\u00e0 r.l.
Ordinary
100
80, route d'Esch, L-1470, Luxembourg
Allspring (Lux) Worldwide Fund
SICAV
40
562, rue de Neudorf, L-2220, Luxembourg
Nordea 1 - Swedish Bond Fund
SICAV
21
Nordea 1 - Swedish Short-Term Bond
Fund
SICAV
34
c/o Apex Fund Services, 3, rue Gabriel Lippmann, Munsbach,
L-5365, Luxembourg
Aviva Investors Debt Europe I S.A.
Ordinary
100
Mauritius
Les Cascades, Edith Cavell Street, Port Louis, Mauritius
Actis China Investment Company Limited
Ordinary
50
Netherlands
ASR Vermogensbeheer N.V., Archimedeslaan 10, 3584 BA
Utrecht, Netherlands
ASR Separate Account Mortgage Fund
Mutual Fund
22
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
Focus Park Piotrk\u00f3w Trybunalski sp.z
o.o.
Ordinary
100
Focus Mall Zielona Gora
Ordinary
100
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 Warsaw, Mazowieckie, 00-078 Poland
PBC Lodz SP zoo
Unit Trust
100
Singapore
1 Harbourfront Avenue, #14-08 Keppel Bay Tower, 098632,
Singapore
Aviva Asia Management Pte. Ltd.
Ordinary
100
Company name
Share Class1
% held
Aviva Global Services (Management
Services) Private Ltd.
Ordinary
100
1 Raffles Quay, #27-13, South Tower, Singapore, 048583,
Singapore
Aviva Investors Asia Pte. Limited
Ordinary
100
4 Shenton Way, 01 SGX Centre 2, 068807, Singapore
Singapore Life Holdings Pte Ltd.
Ordinary
24
Singapore Life Ltd.
Ordinary
24
Spain
1D, 13 Edificio Am\u00e9rica Av. de Bruselas, 28108, Alcobendas,
Madrid, Spain
E\u00f3lica Almatret S.L.
Ordinary
100
c/o TMF Spain, calle Principe de Vergara 112, Planta 4a, 28002,
Madrid, Spain
Berryway Invest SL
Ordinary
100
Banbury Invest SL
Ordinary
100
Browhead Invest SL
Ordinary
100
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
\u2014
\u2014
1 London Wall Place, London, EC2Y 5AU, United Kingdom
Schroder Dynamic Multi Asset Z Acc.
Unit Trust
27
Schroder QEP US Core Fund
Unit Trust
44
1st Floor, Finlay House, 10-14 West Nile Street, Glasgow, G1 2PP,
United Kingdom
MacKenzie Investment Strategies Ltd.
Ordinary
100
Spence and Spence (Scotland) Limited
Ordinary
100
2nd Floor, 36 Broadway, London, SW1H 0BH, United Kingdom
Fred. Olsen CBH Limited
\u2014
\u2014
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
69
5 Lister Hill, Horsforth, Leeds, LS18 5AZ, United Kingdom
Astute Financial Advisers 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
49
Tenet Group Limited
Ordinary
49
Tenet Limited
Ordinary
49
Tenet Mortgage Solutions
Ordinary
49
Company name
Share Class1
% held
TenetConnect Limited
Ordinary
49
TenetConnect Services Limited
Ordinary
49
TenetLime Limited
Ordinary
49
8 Surrey Street, Norwich, NR1 3NG, United Kingdom
Aviva Central Services UK Limited
Ordinary
100
Aviva Health UK Limited
Ordinary
100
Aviva Insurance UK Limited
Ordinary
100
Aviva UKGI Investments Limited
Ordinary
100
Gresham Insurance Company Limited
Ordinary
100
Healthcare Purchasing Alliance Limited
Ordinary
50
London and Edinburgh Insurance
Company Limited
Ordinary
100
RAC Pension Trustees Limited
Ordinary
100
Solus (London) Limited
Ordinary
100
Synergy Sunrise (Broadlands) Limited
Ordinary
100
9-10 St Andrew Square, Edinburgh, EH2 2AF, United Kingdom
Criterion Tec Holdings Ltd
Ordinary
100
Criterion Tec Ltd
Ordinary
24
12 Throgmorton Avenue, London EC2N 2DL, United Kingdom\u00a0
Blackrock ACS World ESG Insights
Equity\u00a0Fund
OEIC
96
BlackRock Growth Allocation Fund
OEIC
100
BlackRock Market Advantage Fund
Unit Trust
49
BlackRock Retirement Allocation Fund
OEIC
100
15th Floor, 140 London Wall, EC2Y 5DN, United Kingdom
Houghton Regis Management
Company\u00a0Limited
Ordinary
100
17-18 Hardgate, Haddington, EH41 3JS, United Kingdom
Forth Financial Services Limited
Ordinary
50
22 Bishopsgate, London, EC3A 6HX, United Kingdom
AXA Ethical Distribution Fund
OEIC
42
AXA Framlington Global Sustainable
Managed Fund
OEIC
20
25 Cabot Square, Canary Wharf, London E14 4QA, United
Kingdom
MSIF Japanese Equity Fund
SICAV
100
45 Gresham Street, London, EC2V 7BG, United Kingdom
SVS BambuBlack Asia ex-Japan All-Cap
Fund
OEIC
23
50 Stratton Street, London, W1J 8LT, United Kingdom
Lazard Multicap UK Income Fund
OEIC
51
57-59 St James\u2019s Street, London, SW1A 1LD, United Kingdom
Artemis UK Special Situations Fund
Unit Trust
25
180 Great Portland Street, London, W1W 5QZ, United Kingdom
Quantum Property Partnership (General
Partner) Limited
Ordinary
50
Quantum Property Partnership
(Nominee)
Ordinary
50
6600 Cinnabar Court, Daresbury Park, Daresbury, Warrington,
WA4 4GE, United Kingdom
BNet Ultra Ltd
\u2014
\u2014
ITS (Holdco) Limited
\u2014
\u2014
Company name
Share Class1
% held
ITS Hammersmith & Fulham Ltd
\u2014
\u2014
ITS (MidCo) Limited
\u2014
\u2014
ITS Nottingham Ltd
\u2014
\u2014
ITS Technology Group
\u2014
\u2014
ITS Technology Group HoldCo
\u2014
\u2014
ITS Telecom Solutions Ltd
\u2014
\u2014
NextGenAccess Ltd
\u2014
\u2014
Building 1063 Cornforth Drive, Kent Science Park, Sittingbourne,\u00a0
ME9 8PX, United Kingdom
Digital Greenwich Connect Ltd
\u2014
\u2014
Calton Square, 1 Greenside Row, Edinburgh, EH13AN, United
Kingdom
Baillie Gifford Investment Funds II ICVC-
Baillie Gifford UK Equity Core Fund
OEIC
25
Baillie Gifford UK & Balanced Funds
ICVC-Baillie Gifford International Fund
OEIC
28
c/o Anseco Limited, The Green Easter Park, Benyon Road,
Reading, RG7 2PQ , United Kingdom
Homesun 2 Limited
\u2014
\u2014
Homesun 3 Limited
\u2014
\u2014
Homesun 4 Limited
\u2014
\u2014
Homesun 5 Limited
\u2014
\u2014
Homesun Limited
\u2014
\u2014
c/o Harper MacLeod LLP, The Cadoro, 45 Gordon Street,
Glasgow, G1 3PE, United Kingdom
Brockloch Rig Windfarm Limited
\u2014
\u2014
Crystal Rig III Limited
\u2014
\u2014
c/o Innovus Whittington Hall, Whittington Road, Worcester,
WR5 2ZX, United Kingdom
Aviva Investors GR SPV1 Limited
Ordinary
100
Aviva Investors GR SPV3 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 SPV16 Limited
Ordinary
100
Aviva Investors GR SPV17 Limited
Ordinary
100
c/o Interpath Ltd, 10 Fleet Place, London, EC4M 7RB, United
Kingdom
Plan 4 Wealth Limited
Ordinary
100
TMS Financial Solutions Limited
Ordinary
100
Exchange House, Primrose Street, London, EC2A 2HS, United
Kingdom
CT (Lux) Diversified Growth Fund
SICAV
100
Company name
Share Class1
% held
CT (Lux) European Growth & Income
Fund
SICAV
100
CT Global Total Return Bond Fund
OEIC
30
CT North American Equity Fund
OEIC
29
Exchange Tower, 19 Canning Street, Edinburgh, EH3 8EH, United
Kingdom
Hoxton Campus LP
Partnership
50
Hoxton General Partner LLP
Partnership
50
Forum 4 Solent Business Park Parkway, Whiteley, Fareham,
PO15 7AD, United Kingdom
1 Liverpool Street GP Limited
Ordinary
50
1 Liverpool Street Limited Partnership
Partnership
30
1 Liverpool Street Nominee 1 Limited
Ordinary
100
1 Liverpool Street Nominee 2 Limited
Ordinary
100
101 Moorgate GP Limited
Ordinary
50
101 Moorgate Limited Partnership
Ordinary
30
101 Moorgate Nominee 1 Limited
Ordinary
100
101 Moorgate Nominee 2 Limited
Ordinary
100
Midlands Regen I GP Limited
Ordinary
100
Grant Thornton UK LLP, 30 Finsbury Square, London, EC2P 2YU,
United Kingdom
Defined Returns Limited
Ordinary
100
NDF Administration 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
28
Liontrust Sustainable Future European
Growth Fund
OEIC
46
Liontrust Sustainable Future Global
Growth Fund
OEIC
25
Liontrust Sustainable Future
Managed\u00a0Fund
OEIC
44
Liontrust Sustainable Future Managed
Growth Fund
OEIC
29
Liontrust Sustainable Future UK
Growth\u00a0Fund
OEIC
28
Liontrust UK Ethical Fund
OEIC
61
Nations House, 3rd Floor, 103 Wigmore Street, London, W1U 1QS,
United\u00a0Kingdom
Cannock Consortium Holdings Limited
Ordinary
43
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
Company name
Share Class1
% held
Cannock Designer Outlet Limited
Partnership
Partnership
37
Old Bourchiers Hall New Road, Aldham, Colchester, C06\u00a03QU,
United Kingdom
County Broadband Holdings Limited
\u2014
\u2014
County Broadband Limited
\u2014
\u2014
One Coleman Street, London, EC2R 5AA, United Kingdom
L&G Diversified Fund
Unit Trust
74
Perpetual Park, Perpetual Park Drive, Henley-on-Thames, RG9
1HH, United Kingdom
Invesco Summit Responsible 2 Fund (UK)
OEIC
30
Invesco Summit Responsible 5 Fund (UK)
OEIC
68
Pinesgate West, Lower Bristol Road, Bath, BA2 3DP, United
Kingdom
Truespeed Communications Limited
\u2014
\u2014
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 (FP) LP
Partnership
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
Aviva Investors Private Equity
Programme 2008 Partnership
Partnership
100
Medium Scale Wind No.2 Limited
-
-
Shakespeare House, 42 Newmarket Road, Cambridge, CB5 8EP,
United\u00a0Kingdom
Hillswood Management Limited
Ordinary
24
St Helen\u2019s, 1 Undershaft, London, EC3P 3DQ, United Kingdom
1 Fitzroy Place Limited Partnership
Partnership
50
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
Company name
Share Class1
% held
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 LP
Partnership
50
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
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
\u2014
\u2014
AI Special PFI SPV Limited
Ordinary
100
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 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
Company name
Share Class1
% held
Aviva Investors Cautious Pension Fund
TTF
100
Aviva Investors Climate Transition
Global Equity Fund
OEIC
99
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
98
Aviva Investors CTF Holdco1 Limited
\u2014
\u2014
Aviva Investors CTF Infrastructure
Midco\u00a01\u00a0Limited
\u2014
\u2014
Aviva Investors Developed Asia Pacific
Ex Japan Equity Index Fund
TTF
100
Aviva Investors Developed Euro Ex UK
Equity Index Fund
TTF
100
Aviva Investors Developed Overseas
Gov BD Ex UK Ind Fund
TTF
100
Aviva Investors Developed World Ex UK
Equity Index Fund
TTF
100
Aviva Investors Distribution Life Fund
TTF
100
Aviva Investors EBC GP Limited
Ordinary
100
Aviva Investors EBC Limited Partnership
Partnership
100
Aviva Investors Emerging Market Equity
Core Fund
TTF
47
Aviva Investors Energy Centres
No.1\u00a0GP\u00a0Limited
Ordinary
100
Aviva Investors Energy Centres No.1
Limited Partnership
Partnership
100
Aviva Investors EPF ICVC
Fund
73
Aviva Investors Europe Equity Ex UK
Core Fund
TTF
52
Aviva Investors Europe Equity Ex UK
Fund
TTF
100
Aviva Investors European Property Fund
OEIC
73
Aviva Investors Global Equity Alpha Fund
TTF
100
Aviva Investors Global Equity
Endurance\u00a0Fund
OEIC
99
Aviva Investors Global Equity Fund
TTF
100
Aviva Investors Global Equity
Income\u00a0Fund
OEIC
34
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 Index Linked Gilt Fund
TTF
100
Aviva Investors Index Linked Gilts Over
5 Years Index Fund
TTF
100
Aviva Investors Infrastructure GP
Limited
Ordinary
100
Aviva Investors Infrastructure Income B
Limited
\u2014
\u2014
Company name
Share Class1
% held
Aviva Investors Infrastructure Income C
Limited
\u2014
\u2014
Aviva Investors Infrastructure Income C
No.4E Limited
\u2014
\u2014
Aviva Investors Infrastructure Income C
No.4F Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
Limited Partnership
\u2014
\u2014
Aviva Investors Infrastructure Income M
Limited
\u2014
\u2014
Aviva Investors Infrastructure Income M
No.4C Limited
\u2014
\u2014
Aviva Investors Infrastructure Income M
No.4D Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.1\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.2\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.2B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.3\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.3B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.4A Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.4B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.5\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6a1 Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6B Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6B1 Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6c Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.6c1 Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.7\u00a0Limited
\u2014
\u2014
Aviva Investors Infrastructure Income
No.8\u00a0Limited
\u2014
\u2014
Aviva Investors International Index
Tracking Fund
OEIC
80
Aviva Investors Japan Equity Core Fund
TTF
50
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
71
Aviva Investors Money Market VNAV
Fund
TTF
100
Company name
Share Class1
% held
Aviva Investors Multi-Asset 40 85
Shares Index Fund
TTF
100
Aviva Investors Multi-Asset Core Fund I
OEIC
80
Aviva Investors Multi-Asset Core Fund II
OEIC
77
Aviva Investors Multi-Asset Core Fund
III
OEIC
64
Aviva Investors Multi-Asset Core Fund
IV
OEIC
70
Aviva Investors Multi-asset Plus III Fund
OEIC
46
Aviva Investors Multi-asset Plus IV Fund
OEIC
31
Aviva Investors Multi-asset Plus V Fund
OEIC
32
Aviva Investors Multi-asset Sustainable
Stewardship Fund I
OEIC
100
Aviva Investors Multi-asset Sustainable
Stewardship Fund II
OEIC
100
Aviva Investors Multi-asset Sustainable
Stewardship Fund III
OEIC
100
Aviva Investors Multi-asset Sustainable
Stewardship Fund IV
OEIC
100
Aviva Investors Multi-Manager 20-60%
Shares Fund
OEIC
81
Aviva Investors Multi-Manager 40-85%
Shares Fund
OEIC
79
Aviva Investors Multi-Manager
Flexible\u00a0Fund
OEIC
87
Aviva Investors Multi-Strategy Target
Return Fund
OEIC
84
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
49
Aviva Investors North American Equity
Fund
TTF
100
Aviva Investors North American Equity
Index Fund
TTF
100
Aviva Investors Pacific Equity Ex Japan
Core Fund
TTF
61
Aviva Investors Pacific Ex Japan Equity
Index Fund
TTF
100
Aviva Investors Pensions Limited
Ordinary
100
Aviva Investors PIP Solar PV (General
Partner) Limited
\u2014
\u2014
Aviva Investors PIP Solar PV N0.1
Limited
\u2014
\u2014
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 Property Funds ICVC
Partnership
100
Company name
Share Class1
% held
Aviva Investors Real Estate Active LTAF
Fund
100
Aviva Investors Real Estate Limited
Ordinary
100
Aviva Investors REALM Ground Rent
Limited Partnership
Partnership
86
Aviva Investors REALM Social Housing
Limited Partnership
Partnership
86
Aviva Investors REALTAF Holdco Limited
Ordinary
100
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 Strategic Bond Fund
OEIC
74
Aviva Investors Strategic Global Equity
Fund
TTF
100
Aviva Investors Sustainable Stewardship
Fixed Interest Fund
TTF
95
Aviva Investors Sustainable Stewardship
Fixed International Feeder Acc Fund
OEIC
97
Aviva Investors Sustainable Stewardship
International Equity Fund
TTF
100
Aviva Investors Sustainable Stewardship
International Equity Feeder Acc Fund
OEIC
98
Aviva Investors Sustainable Stewardship
UK Eq Feeder Acc Fund
OEIC
97
Aviva Investors Sustainable Stewardship
UK EqInc Feeder Acc Fund
OEIC
98
Aviva Investors Sustainable Stewardship
UK Equity Fund
TTF
100
Aviva Investors Sustainable Stewardship
UK Equity Income Fund
TTF
96
Aviva Investors US Equity Index Fund
TTF
100
Aviva Investors US Large Cap Equity
Fund
TTF
100
Aviva Investors UK Commercial Real
Estate Senior Debt LP
Partnership
21
Aviva Investors UK Cresd LP Limited
Ordinary
100
Aviva Investors UK Equity Alpha Fund
TTF
95
Aviva Investors UK Equity Core Fund
TTF
66
Aviva Investors UK Equity Dividend Fund
TTF
100
Aviva Investors UK Equity Index Fund
TTF
100
Aviva Investors UK EX Aviva
Investments Trusts 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
82
Company name
Share Class1
% held
Aviva Investors UK Listed Equity Ex
Tabacco 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
Fund
TTF
100
Aviva Investors UK Listed Equity Income
Fund
OEIC
100
Aviva Overseas Holdings Limited
Ordinary
100
Aviva Public Private Finance Limited
Ordinary
100
Aviva RELI 1 GP Limited
Ordinary
100
Aviva RELI 1 LP
Partnership
100
Aviva RELI 1 Nominee Limited
Ordinary
100
Aviva RELI 1 Unit Trust
Unit Trust
100
Aviva Reli GP 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
Axcess 10 Management Company
Limited
Company
Limited by
Guarantee
100
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
Bersey Warehouse Nominee 1 Limited
Ordinary
100
Bersey Warehouse Nominee 2 Limited
Ordinary
100
Biomass UK No.1 LLP
\u2014
\u2014
Biomass UK No.2 Limited
\u2014
\u2014
Biomass UK No. 3 Limited
\u2014
\u2014
Biomass UK No.4 Limited
\u2014
\u2014
Boston Biomass Limited
\u2014
\u2014
Boston Wood Recovery Limited
\u2014
\u2014
Building a Future (Newham Schools)
Limited
Ordinary
100
Cara Renewables Limited
\u2014
\u2014
CCPF No.4 LP
Partnership
100
CGU International Holdings BV
Ordinary
100
Chesterford Park (General Partner)
Limited
Ordinary
50
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
\u2014
\u2014
Digital Garage Nominee 1 Limited
Ordinary
100
Digital Garage Nominee 2 Limited
Ordinary
100
Company name
Share Class1
% held
EES Operations 1 Limited
\u2014
\u2014
Electric Avenue Ltd
\u2014
\u2014
Free Solar (Stage 2) Limited
\u2014
\u2014
Fitzroy Place GP 2 Limited
Ordinary
50
Fitzroy Place Management Co Limited
Ordinary
50
Fitzroy Place Residential Limited
Ordinary
50
GES Solar2 Limited
\u2014
\u2014
GES Solar3 Limited
\u2014
\u2014
Gobafoss General Partner Limited
Ordinary
100
Gobafoss Partnership Nominee
No\u00a01\u00a0Limited
Ordinary
100
Heritage FL Single Family Homes Limited
Ordinary
100
Hooton Bio Power Limited
\u2014
\u2014
Houlton Commercial Management
Company 2 Limited
Company
Limited by
Guarantee
50
Houlton Commercial Management
Company
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 LP
Partnership
20
Igloo Regeneration Partnership
Partnership
50
Igloo Regeneration Property Unit Trust
Unit Trust
50
Irongate House LP
Partnership
50
Irongate House Nominee 1 Limited
Ordinary
50
Irongate House Nominee 2 Limited
Ordinary
50
Jacks Lane Energy Limited
\u2014
\u2014
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
\u2014
\u2014
Medium Scale Wind No.1 Limited
\u2014
\u2014
Middlesex Hospital Site Property Unit
Trust
Unit Trust
50
Minnygap Energy Limited
\u2014
\u2014
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
Company name
Share Class1
% held
Mortimer Street Nominee 3 Limited
Ordinary
50
NCH Solar1 Limited
\u2014
\u2014
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 (Shareholder GP) Limited
Ordinary
100
Norwich Union Public Private Partnership
Fund
Partnership
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
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
\u2014
\u2014
Renewable Clean Energy 3 Limited
\u2014
\u2014
Renewable Clean Energy Limited
\u2014
\u2014
Riley Factory Nominee 1 Limited
Ordinary
100
Riley Factory Nominee 2 Limited
Ordinary
100
Rugby Radio Station (General Partner)
Limited
Ordinary
50
Company name
Share Class1
% held
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 Ipswich OpCo Limited
Ordinary
100
SHR Linmere Limited
Ordinary
100
SHR Swindon Limited
Ordinary
100
SHR Telford Limited
Ordinary
100
SHR Telford OpCo Limited
Ordinary
100
Solar Clean Energy Limited
\u2014
\u2014
Southgate General Partner Limited
Ordinary
50
Southgate LP (Nominee 1) Limited
Ordinary
50
Southgate LP (Nominee 2) Limited
Ordinary
50
Spire Energy Ltd
\u2014
\u2014
Station Road Cambridge LP
Partnership
50
Station Road General Partner LLP
Partnership
100
Station Road GP Limited
Ordinary
100
Stonebridge Cross Management Limited
Company
Limited by
Guarantee
100
SUE Developments LP
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
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 Limited Partnership
Partnership
50
The Square Brighton Limited
Ordinary
100
Turncole Wind Farm Limited
\u2014
\u2014
Tyne Assets (No 2) Limited
Ordinary
100
Tyne Assets Limited
Ordinary
100
Undershaft Limited
Ordinary
100
Welsh Insurance Corporation Limited
Ordinary
100
Company name
Share Class1
% held
Westcountry Solar Solutions Limited
\u2014
\u2014
Woolley Hill Electrical Energy Limited
\u2014
\u2014
WR 11 Solar Limited
\u2014
\u2014
Yorkshire Insurance Company Limited
Ordinary
100
Swan Court Waterman\u2019s Business Park, Kingsbury Crescent,
Staines, TW18 3BA, United Kingdom
Healthcode Limited
Ordinary
20
Tec Marina Terra Nova Way, Penarth, Cardiff, 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 Kingdom
Bankhouse Financial Management
Limited
Ordinary
100
G&E Private Wealth Limited
Ordinary
97
G&E Wealth Management (Holdings) Ltd
Ordinary
100
G&E Wealth Management Limited
Ordinary
97
HKA (F S) Limited
Ordinary
97
HKA Holdings Limited
Ordinary
97
Investors Planning Associates Limited
Ordinary
100
JCF Financial Services Limited
Ordinary
100
KF Consulting
Ordinary
100
Oaklea Wealth Management Limited
Ordinary
97
Pannells Financial Planning Ltd
Ordinary
100
Pannells Holdings Limited
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 2PQ, United
Kingdom
ANESCO Mid Devon Limited
\u2014
\u2014
ANESCO South West Limited
\u2014
\u2014
Free Solar (Stage 1) Limited
\u2014
\u2014
New Energy Residential Solar Limited
\u2014
\u2014
Norton Energy SLS Limited
\u2014
\u2014
TGHC Limited
\u2014
\u2014
Unit 2, Arabesque House, Monks Cross Drive, Huntington, York,
YO32 9GW, United Kingdom
A P Associates Financial Services
Limited
Ordinary
97
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
Company name
Share Class1
% held
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 Investments International L.P.
Partnership
100
Aviva Life Services UK Limited
Ordinary
100
Aviva Management Services UK Limited
Ordinary
100
Aviva Master Trust Trustees UK Limited
Ordinary
100
Aviva Pension Trustees UK Limited
Ordinary
100
Aviva Savings Limited
Ordinary
100
Aviva Trustees UK Limited
Ordinary
100
Aviva UKLAP De-risking Limited
Ordinary
100
Aviva Wealth Holdings UK Limited
Ordinary
100
Aviva Wrap UK Limited
Ordinary
100
Bankhall Support Services Limited
Ordinary
100
CGNU Life Assurance Limited
Ordinary
100
FF Fabric 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 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
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
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
Company name
Share Class1
% held
Sesame Services Limited
Ordinary
100
Suntrust Limited
Ordinary
100
Lancashire and Yorkshire Reversionary
Interest Company 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
Zetland House, 5-25 Scrutton Street Units, E-G 4th Fl, London
EC2A 4HJ, United Kingdom
Acre Platforms Limited
Ordinary
37
United States
251 Little Falls Drive, Wilmington, DE, 19808, United States
AI-RECAP Carry I, LP
Partnership
100
AI-RECAP GP I, LLC
Sole Member
100
UKP Holdings Inc.
Common
100
1209 Orange Street, Wilmington, DE, 19801, United States
AI-RECC I GP, LLC
Sole Member
100
Aviva Investors Americas LLC
Sole Member
100
2222 Grand Avenue, Des Moines, IA, 50312, United States
Aviva Investors North America 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.Definitions
\u2022Fond Common de Placement (\u2018FCP\u2019)
\u2022Soci\u00e9t\u00e9 d \u2018Investment \u00e0 Capital Variable (\u2018SICAV\u2019)
\u2022Tax Transparent Fund ('TTF')
\u2022Open Ended Investment Companies (\u2018OEIC\u2019)
Audit exemptions
The subsidiary undertakings of the Company listed below
are to take advantage of s479A Companies Act 2006
(s479A) audit exemption for the year ended 31 December
2023. Aviva plc will issue a guarantee pursuant to s479A in
relation to the liabilities of the entity:
Company name
Company number
Aviva Insurance Services UK Limited
2180191
Aviva Management Services UK Limited
983330
Aviva Savings Limited
4384512
Aviva Wealth Holdings UK Limited
6861305
FF Fabric Limited
13392040
Friends AELRIS Limited
16807
Lancashire and Yorkshire Reversionary
Interest Company Limited /The
19770
London and Manchester Group Limited
1594941
Suntrust Limited
1460956
Undershaft Limited
4075935
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-862": { "value": "
60 \u2013 Subsequent events
For details of subsequent events relating to:
\u2022 acquisitions and disposals, see note 3(a) and 3(b).
\u2022 share buybacks see note 32(c).
There are no other material subsequent events to report.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-866": { "value": "80 Fenchurch Street, London, EC3M 4AE", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:YF0Y5B0IB8SM0ZFG9G81", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fn-7": { "value": "Cash flows from operating activities include interest received of \u00a35,560\u00a0million ( 2022: \u00a3 4,335\u00a0million ) and dividends received of \u00a33,999 million ( 2022: \u00a34,347 million ). Cash flows from operating
activities in 2022 include disinvestment from financial investments ahead of the return of capital to ordinary shareholders in 2022 . This activity is reflected as an increase in cash generated from
operating activities in 2022 .
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-7", "language": "en" } }, "fn-6": { "value": "The 2022 comparative amounts have been restated from those previously published (see note 1). ", "dimensions": { "concept": "xbrl:note", "noteId": "fn-6", "language": "en" } }, "fn-5": { "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": "fn-5", "language": "en" } }, "fn-8": { "value": "Repayment of borrowings includes the redemption of \u00a3 531 million (2022: \u00a31,002 million) subordinated debt and senior notes.", "dimensions": { "concept": "xbrl:note", "noteId": "fn-8", "language": "en" } }, "fn-9": { "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).", "dimensions": { "concept": "xbrl:note", "noteId": "fn-9", "language": "en" } }, "fn-1": { "value": "The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1). ", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-3": { "value": "Capital reserves consist of share premium of \u00a3 17 million, a capital redemption reserve of \u00a324 million and a merger reserve of \u00a35,224 million", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } }, "fn-4": { "value": "The 2022 comparative amounts have been restated following the adoption of IFRS 17 and for a correction in respect of historic accounting for with-profits funds (see note 1).", "dimensions": { "concept": "xbrl:note", "noteId": "fn-4", "language": "en" } }, "fn-2": { "value": "The 2022 comparative amounts have been restated following the adoption of IFRS 17 (see note 1). ", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } } } }