Capital, cash and profits

2 JJuly
l 2010
Disclaimer
Cautionary statements:

This should be read in conjunction with the documents filed by Aviva plc (the “Company” or “Aviva”) with the United States Securities and
Exchange Commission (“SEC”). This announcement contains, and we may make verbal statements containing, “forward-looking
statements” with respect to certain of Aviva’s plans and current goals and expectations relating to future financial condition, performance,
results, strategic initiatives and objectives. Statements containing the words “believes”,“intends”, “expects”, “plans”, “will,” “seeks”, “aims”,
“may”, “could”, “outlook”, “estimates” and “anticipates”, and words of similar meaning, are forward-looking. By their nature, all forward-
looking statements involve risk and uncertainty. Accordingly, there are or will be important factors that could cause actual results to differ
materiallyy from those indicated in these statements. Aviva believes factors that could cause actual results to differ materiallyy from those
indicated in forward-looking statements in the presentation include, but are not limited to: the impact of difficult conditions in the global
capital markets and the economy generally; the impact of new government initiatives related to the financial crisis; defaults and
impairments in our bond, mortgage and structured credit portfolios; changes in general economic conditions, including foreign currency
exchange rates, interest rates and other factors that could affect our profitability; the impact of volatility in the equity, capital and credit
markets on our profitability and ability to access capital and credit; risks associated with arrangements with third parties
parties, including joint
ventures; inability of reinsurers to meet obligations or unavailability of reinsurance coverage; a decline in our ratings with Standard &
Poor’s, Moody’s, Fitch and A.M. Best; increased competition in the U.K. and in other countries where we have significant operations;
changes to our brands and reputation; changes in assumptions in pricing and reserving for insurance business (particularly with regard to
mortality and morbidity trends, lapse rates and policy renewal rates), longevity and endowments; a cyclical downturn of the insurance
industry; changes in local political, regulatory and economic conditions, business risks and challenges which may impact demand for our
products, our investment portfolio and credit quality of counterparties; the impact of actual experience differing from estimates on
amortisation of deferred acquisition costs and acquired value of in-force business; the impact of recognising an impairment of our goodwill
or intangibles with indefinite lives; changes in valuation methodologies, estimates and assumptions used in the valuation of investment
securities; the effect of various legal
g p proceedingsg and regulatory
g y investigations;
g the impact
p of operational
p risks; the loss of keyy personnel;
p
the impact of catastrophic events on our results; changes in government regulations or tax laws in jurisdictions where we conduct
business; funding risks associated with our pension schemes; the effect of undisclosed liabilities, integration issues and other risks
associated with our acquisitions; and the timing impact and other uncertainties relating to acquisitions and disposals and relating to other
future acquisitions, combinations or disposals within relevant industries. For a more detailed description of these risks, uncertainties and
other factors,
factors please see Item 3, 3 “Risk
Risk Factors”
Factors , and Item 5,
5 “Operating
Operating and Financial Review and Prospects”
Prospects in Aviva’s
Aviva s Annual Report
Form 20-F as filed with the SEC on 30 March 2010. Aviva undertakes no obligation to update the forward looking statements in this
announcement or any other forward-looking statements we may make. Forward-looking statements in this presentation are current only as
of the date on which such statements are made.
2
Capital, cash and profits

A d
Andrew M
Moss
Group Chief Executive

3
Capital, cash and profits

Our challenge
• to simplify and clarify how we make money and our cash
generating ability

Three core themes to the presentation

• key
y drivers of IFRS p
profits demonstrate the resilience of Aviva’s
results even in tough economic conditions
• capital generation is significant, resilient and will grow
• disciplined allocation of capital will fund profitable growth

4
Capital, cash and profits

P t i k Regan
Patrick R
Chief Financial Officer

5
Capital, cash and profits

We aim to explain

• How we make money

• What drives our IFRS result

• How this converts to capital

• How capital is turned into cash

• How
H we use th
the cash
h

Overview Capital EV IFRS 6

Capital, cash and profits

1 Overview
1.

2. Capital generation and utilisation

• S
Source and
d resilience
ili off Lif
Life, GI & N
Non-life
lif capital
it l
• Disciplined capital investment to generate profitable
new business
• Converting capital to dividends

3 Embedded value
3. al e reporting

4. IFRS profit drivers

• Life profit drivers
• GI & Fund Management profit drivers
• Li ki expenses tto th
Linking the profit
fit d
driver
i analysis
l i
Overview Capital EV IFRS 7
A diversified portfolio – with resilient profits

£2.0bn Sustainable
2009 IFRS operating
p gpprofit IFRS operating
p gpprofit
£b
£bn
Asia Pac
100%
N.Am 2.3
2.2
GI & 2.0
80% Non-life 2

Europe
u ope
60%

40% Life 1

UK
20%

0% 0
by region by business 2007 2008 2009

Overview Capital EV IFRS 8

A diversified portfolio – and a strong return on capital

£2.0bn Sustainable
2009 IFRS operating
p gpprofit IFRS return on capital
p
%
Asia Pac 14
100% 13
N.Am 12
12
GI & 11
80% Non-life
10
Europe
u ope
60% 8

6
40% Life

4
UK
20%
2

0% 0
by region by business 2007 2008 2009

Note: IFRS return on capital based on operating profit post-tax and MI Overview Capital EV IFRS 9
Key elements of profits, capital and cash

IFRS

Capital generated

Internal dividends

Central liquidity

External dividends

Overview Capital EV IFRS 10

Defining capital generation at Aviva

IFRS operating return IFRS operating profit

Free surplus capital on
on Non-Life ‒ capital resource
Life existing business
businesses after tax requirement (CRR)
‒ DAC
£1.9bn £0.6bn
‒ tax and minority interest
= Capital generated

Gross operating £1bn capital generated

capital generation

£2.5bn

£(0.5)bn £(0.6)bn £(1.5)bn

Corporate
p centre
Investment in
and debt Dividend
new business
interest costs

Operating profits use an assumed long term investment return

Note: 2009 numbers net of tax and minorities Overview Capital EV IFRS 11
Reconciliation of IFRS to net capital generation

2009
£bn Total
IFRS operating profit before corporate costs
2.8
and interest

Less tax and minorities (0.9)

Net increase in required capital (0.4)

DAC
C and other ( )
(0.5)

Operational capital after investment in

1.0
new business

Overview Capital EV IFRS 12

Defining capital generation at Aviva

IFRS operating return IFRS operating profit

Free surplus capital on
on Non-Life ‒ capital resource
Life existing business
businesses after tax requirement (CRR)
‒ DAC
£1.9bn £0.6bn
‒ tax and minority interest
= Capital generated

Gross operating £1bn capital generated

capital generation
IFRS operating profit drivers
£2.5bn 1. Underwriting margin & COR
2. Investment margin
3. Expenses

£(0.5)bn £(0.6)bn £(1.5)bn

IFRS total profits

Corporate
p centre Investment variance
Investment in
and debt Dividend
new business
interest costs

Operating profits use an assumed long term investment return

Note: 2009 numbers net of tax and minorities Overview Capital EV IFRS 13
Analysis of capital generation and utilisation

IFRS operating return

Free surplus capital on
on Non-Life
Life existing business
businesses after tax

New business metrics

Capital maturity profile Gross operating 1. IRR
Undiscounted capital flows capital generation 2. Payback
3 Value of new business
3.

Corporate
p centre
Investment in
and debt Dividend
new business
interest costs

Operating profits use an assumed long term investment return

Overview Capital EV IFRS 14

Key elements of profits, capital and cash

IFRS

Capital generated

Internal dividends

Central liquidity

External dividends

Overview Capital EV IFRS 15

Converting capital to cash

Dividends
paid in year
p y 2005 2006 2007 2008 2009

UK 9 9 9 9 8
(Reattribution)

France 9 9 9 9 9
Ireland 9 9 9 9 9
Italy
y 8 9 9 9 9
Poland 9 9 9 9 9
Spain 9 9 9 9 9
Canada 9 9 9 9 9
Delta Lloyd
y 9 9 9 9 8
(IPO)

Total (£m) 950 1,200 1,100 900 700

Over 2005-9 the regions paid an average yearly dividend of £1bn to Centre

Overview Capital EV IFRS 16

Central liquidity

2009
£bn
40
4.0
1.5 (0.5)
3.5 0.2 (0.6)

3.0
(0.5)
2.5
2.2
07
0.7
2.0

1.5 1.4

1.0

0.5

0.0
Opening Dividend DL IPO and Inherited Debt raised Interest and Dividends Closing
centre from regions disposals estate central costs net of scrip centre
liquidity payment liquidity

Overview Capital EV IFRS 17

Capital generation & utilisation

18
Focused on generation
and disciplined allocation of capital

Capital generation
((net of tax and minorities)) A diversified range
g of life
£bn and GI businesses with
2.5bn 1.5bn 53 million customers
2.5 • Generating material and
Non- predictable capital flows
life
£0.6bn • With an effective franchise
2.0 to profitably attract and
generate further capital
Life
1.5 £1.9bn
1.3bn
Key levers for growth:
1 0bn
1.0bn • Increasing in-force
in force capital
1.0 generation
• Increasing GI profits
• More efficient capital
p
05
0.5
investment

0.0
Operating
O ti IInvestment
t t 2009 underlying
d l i 2010 expected
t d
capital in new capital underlying
generated business generated capital
Overview Capital EV IFRS 19
Strong historic life capital generation

2009
£bn
£bn

2.2 UK 0.4
2.0 Europe 07
0.7
2 1.9
North America 0.2

Asia Pacific 0.1

Delta Lloyd 0.3

1 US capital for y
year 1 onlyy 0.3

Underlying generation 2.0

Other ((0.1))

0 Total 1.9
2007 2008 2009

Capital
Overview
generation
EV IFRS 20
Resilience and improvement of capital generation

• Continuing focus on cost savings,

savings £500 million target
achieved one year early
Managing expenses
• Consultation around closure of UK final salary pension
scheme

• UK targeting pension, with profits and endowments

customers
Keeping our customers
• Pan-European retention centre of excellence established
in France

• Reduced shareholder equity exposure

Maintaining a strong • A
Assett andd liability
li bilit dduration
ti matching
t hi lilimits
it iimpactt off
balance sheet interest rate changes
• Limited losses on debt and mortgage book

Capital
Overview
generation
EV IFRS 21
Strong future life capital generation

Expected, undiscounted
real world cash flows • c. £
£8 billion undiscounted real world
£bn
cash flows to emerge over next 5 years
35 £33bn from existing book

30 • £33 billion to emerge over the life of

the book
25
• 2010 cash flows expected to be in line
20 with the £1.9
£1 9 billion generated in 2009

• Actual free surplus will be boosted by:

15
• new business written over
10 th period
the i d
£8bn
• Actions to improve value of the
5 existing book

0
First Total
5 yrs

Future presentation to provide breakdown of 1-5 year profile

Capital
Overview
generation
EV IFRS 22
 Opportunity to grow non-life capital generation

£bn
2009 Underwriting g expertise
p
12
1.2
1.1 £bn • Ongoing GI pricing action
across all regions contributes
to 98% COR target
1 UK GI 0.4
• Focus on p pricing
g and
risk selection
0.8 Europe GI 0.1
0.7 0.7 Operational improvements
• UK GI turning the corner into
0.6 profitable g
p growth
06
0.6 DL GI 01
0.1
• European market penetration
North America • Continuing improvement in
0.4 0.1
GI Canadian profitability
• Continuing focus on cost
0.2 Other non-life (0.1) savings, £350 million savings
achieved in the UK
since 2007
0 Total 0.6
Aviva Investors
2006 2007 2008 2009 • Continuing drive for
external FUM
COR 94% 100% 98% 99%

Capital
Overview
generation
EV IFRS 23
Capital generation enables sustained and
growing dividend payments

Gross operating Resilient and predictable with

capital generated plans for growth

Interest
Stable – average 6% interest on
and corporate
hybrid debt
centre costs

Rebased and sustainable with

Dividend
plans for growth

Net available for

investment in Disciplined capital investment
new business

Capital
Overview
generation
EV IFRS 24
Disciplined investment in new business

Unlevered IRR of AT LEAST 12% based on full capital allocation

Payback period less than 10 years

I
Improving
i ttrend
d off new business
b i value
l per £1 capital
it l iinvested
t d

Capital
Overview
allocation
EV IFRS 25
2009 actual performance

Capital
2009 Sales invested in Payback
£bn PVNBP life IRR period

UK 8.9 0.2 14% 8 years

y

Europe 13.5 0.5 13% 7 years

N th America
North A i 45
4.5 03
0.3 7% 14 years

Asia Pacific 1.4 0.1 8% 20 years

Delta Lloyd 3.7 0.2 6% 33 years

US Capital for
- 0.2
yr 1 only
y y

Total 32.0 1.5

Capital
Overview
allocation
EV IFRS 26
Actions taken for improvement

• Reattribution of the inherited estate provides access to additional

UK £650 off capital
£650m it l ffor new b
business
i over nextt 5 years
• UK life product mix shift towards annuity and term assurance sales

Europe • Targeting shift towards unit linked business in Europe

• Pricing actions on annuity business

North America
• AXXX reinsurance deal in the USA

• Growing businesses with aim to establish scale

Asia Pacific • Asia Pacific exit from capital intensive products in Hong Kong,
Malaysia
y and Taiwan

• Partial IPO of Delta Lloyd

Delta Lloyd
• Delta Lloyd ceased writing new business in Germany

Capital
Overview
allocation
EV IFRS 27
Returns in line with assumptions

Operating variances and

assumption changes
£m

2005* (22)

2006*
2006 (6)

2007 (135)

2008 (84)

2009 239

Total (8)

Capital
* 2005-6 on an EEV basis Overview
allocation
EV IFRS 28
Embedded Value reporting

29
Embedded Value reporting –
introducing additional ‘Real World’ EV reporting

MCEV:
• is
i a useful
f l ttooll ffor risk
i k managementt
• underpins Solvency II

‘Real World’ EV:

• is a better measure of value
• is comparable with other UK insurance companies

Overview Capital EV IFRS 30

IFRS profit drivers

31
 Summary life profit drivers

£ million 2009 2008

Life 1,887 1,694 Key:
Driver
GI 960 1 198
1,198
Fund Management 133 123 Variance
Pre-tax 2009 2008
Other, non insurance (214) (198)
to 2008
operating profit
Central costs and debt (744) (520)
1 887
1,887 1 694
1,694 11%
Operating profit 2,022 2,297

Income DAC/AVIF Expenses

amortisation and other
4,424 4,109 8% (237) 69 n/a (2,300) (2,484) 7%

New business margin Investment return Acquisition expenses Admin expenses

792 784 1% 2,949 2,758 7% (950) (1,159) 18% (1,350) (1,325) (2)%

Underwriting margin

683 567 20%

Note: There is a positive FX contribution of £100m included in the Life
2009 IFRS operating profit result
Overview Capital EV
IFRS 32
Diversified range of life profits contributes to resilience

£m
2008 2009
1500

1000

500
Acquisition Admin DAC, AVIF
expenses expenses & Other
0
New Underwriting Unit Participating Spread Expected
bus ess
business margin
ag linked
ed business
bus ess margin
ag return
etu
margin margin

-500

-1000

-1500

Life
Overview Capital EV
IFRS 33
New business margin

Key:
Driver
Variance
2009 2008
to 2008

Lower APE reflects a disciplined

New business margin approach to writing new business
across the group in difficult
792 784 1%
market conditions

APE 3 745
3,745 4 277
4,277 (12)%
Improved new business margin on
Margin 21% 18% 3ppt APE due to pricing actions
particularly in UK, US and Asia
New business margin reflects
premiums less initial capital
reserves

Life
Overview Capital EV
IFRS 34
Underwriting margins

Key:
Driver
Underwriting margin
Variance
2009 2008
683 567 20% to 2008

Underwriting margin improvement

Expenses 263 135 95% reflects:
Mortality & • DL expense savings
381 382 -
longevity
• stable risk portfolios
Persistency 39 50 (21)% • good mortality profits

Mortality and persistency margins

reflect conservative reserving for unit
linked, risk and spread business

Expense margin represents unwind

of annual expense allowance on risk
business and assumption changes

Life
Overview Capital EV
IFRS 35
 Investment return

Investment return

Participating Expected return on

Unit linked margin Spread margin
business shareholder assets

The return we are Our share of the The return we are The return we make
making on unit bonus to making on our on shareholder net
linked business policyholders on annuity and non- assets
with profit and other linked investment
participating business
business

Life
Overview Capital EV
IFRS 36
 Investment return

Key:
Driver
Investment return
Variance
2,949 2,758 7% 2009 2008
to 2008

Unit linked margin Participating business Spread margin Expected return on

shareholder assets
1,021 963 6% 573 643 (11)% 863 657 31% 492 495 (1)%

AMC Bonus Spread (1.0)

115 109 6 49 58 (9) 126 112 14 Equity 7.3% 8.3%
(bps) (bps) (bps) ppt
Average Average Average (1.0)
88.4 1% reserves 117.1 111.0 6% Property 5.8% 6.8%
reserves 89.1 reserves 68.4 58.6 17% ppt
(£bn) (£bn) (£bn)
(0.3)
Bonds 4 7% 5.0%
4.7% 5 0%
ppt
Annual management Lower regular and Increase due to pricing
charge increase special UK with-profits action in the US
reflecting business mix bonus Reserves increase due
in UK and Europe Reserves increased to g
growth in annuity
y
mainly due to AFER business in UK and US
in France
Life
Overview Capital EV
IFRS 37
Expenses

Key:
Driver
Variance
2009 2008
to 2008

Acquisition expenses Admin expenses

(950) (1,159) 18% (1,350) (1,325) (2)%

APE 3,745 4,277 (12)% Existing expense

49 51 2
ratio
ti (bps)
(b )
Acquisition
expense 25% 27% 2 ppt Average reserves
274.6 258.0 (6)%
ratio (£bn)

Acquisition expenses including Expenses and renewal

commission incurred in writing commissions incurred on
new business less deferred managing the existing book
costs

Life
Overview Capital EV
IFRS 38
 Linking expenses to the profit driver analysis

Analysis of Operational £m 2009 2008 Var.

Cost Base (by Region)
Life acq
acquisition
isition and
6,000 admin expenses per 2,300 2,484 (7)%
5,750 13%* reduction in 2009 profit drivers
121 387 Excluding commissions
382 ((282)) ((323)) 13%
5,500
DAC and other items
115
133
Life operational
2,018 2,161 (7)%
5,144 expenses
209

5 000
5,000
119
GI & Health expenses 1 628
1,628 1 909
1,909 (15)%
388

FM expenses 373 351 6%

4,500
Other non-life expenses 737 947 (22)%

Operational expenses 4,756 5,368 (11)%

4,000
Restructuring,
08

on

09
yd

388 382 2%
DL

nc.
nd

nd
&A
g,

g,
UK
Restructuring

Restructuring
FY0

FY0
Inflatio

Delta Lloy
Europe ex D
integration an

integration an
brand FY08 8

brand FY09 9
FX & M&

Group))
Other (in

integration and brand

Total expense base 5,144 5,750 (11)%

£500m cost reduction target exceeded one year ahead of schedule

IFRS
Note: After adjusting for FX and M&A Overview Capital EV
Expenses 39
GI & Health profit drivers

Pre-tax operating profit Key:

Driver
960 1,198 (20)% Variance
2009 2008
to 2008

Health underwriting Expected investment

GI Underwriting result
result return
74 165 (55)% 30 16 87% 875 1,025 (15)%

Net written
8,492 9,248 (8)% Average
g ((0.8))
premiums 4 6% 5.4%
4.6% 5 4%
rate ppt
Claims (4.1)
66.7% 62.6% Average
ratio ppt
assets 19.1 18.9 1%
Commission 2.3 £bn
19.7% 22.0%
ratio
ti pptt
0.8
Expense ratio 12.6% 13.4%
ppt
((1.0))
COR 99% 98%
ppt

Note: Operating profit includes £(19)m resulting from Non-life

unwind of discount (2008: £(8)m) Overview Capital EV
IFRS 40
Improved underlying General Insurance
combined operating ratio

Group COR Expense ratio

• UK: Cost savings target of
3.2% 99.1% £350 million achieved
98.1% (3.9%)
98% • p
27 operational sites reduced to 9
• Europe: Further cost savings to
0.4%
96% 1.3% come through Quantum Leap

94%
Claims ratio

92% • Rate increases across the group

• UK: enhanced risk selection
90%
• Europe: pan-European
pan European
claims programme
88%
Reserves
2008 Underlying
improvement
Weather Creditor 2009
• North America: improvements to
motor pricing model

Non-life
Overview Capital EV
IFRS 41
Fund management profit drivers – Aviva Investors

Key:
Driver
£m 2009 2008
Aviva investors 115 114 Variance
2009 2008
to 2008
Other 18 9 Pre-tax operating profit
Fund 115 114 1%
133 123
Management

Total income Operating expenses

409 388 5% 294 274 (7)%

Average
fees 17.7 16.4 1.3
Cost/income ratio
((bps)
p )
72% 71% (1)%
Average
assets 231 237 (3)%
£bn

Non-life
Overview Capital EV
IFRS 42
Conclusion

Confidence in capital generation

• Strong and sustainable life profits and cash flows

• Combined with GI profits currently at cyclical low

A growing franchise with disciplined capital investment

43
Capital, cash and profits

Q&A

44
Appendix

45
Inherited estate reattribution
Operational Capital
Gross capital generation
• Assets and the return
earned on those assets is
h ld iin required
held i d capital
it l
• No benefit to gross capital
generation until restrictions
lifted in c. 6 y
years’ time
Capital invested in
new business
• Access to £650 million held
in required capital over
5 year period
• Therefore less free surplus
is used so capital invested
in new business will reduce
• Benefit of c. £100m in 2010
IFRS
Operating profit
• Earn expected return on:
• Assets backing
g estate
c. £45m pa;
• Assets backing non-profit
business held in NWPSF
to extent not offset by
movement in liabilities;
• Assets backing
guarantees to extent
not hedged
h d d
• Also recognise financial
unwind of guarantee costs
Non-operating profit
• Impact of investment
variances on above
MCEV
Operating profit
• New business margins and
IRRs are not impacted
• Earn expected return on:
• Assets backing estate
c. £30m pa;
• Assets backing non-profit
business held in NWPSF
to extent not offset by
movement in liabilities;
• Assets backing
guarantees to extent
not hedged
• Also recognise financial
unwind of guarantee costs
Non-operating profit
• Impact of investment
variances on above
46
 Life IFRS profit drivers – income

Income U/L Spread Protection Par Unallocated

New business margin 9 9 9 9 New business cash flows (excluding acquisition expenses) based on actual volumes 
p y
Premiums less initial reserves. Includes expected investment return to end of year
Excludes variances in operating experience or assumptions 
Underwriting margin
Expenses 9 Protection ‐ Allowance in valuation basis for expenses 

Mortality 9 9 9 Protection ‐ Allowance in valuation basis for mortality less actual claims & benefits
UL ‐ Charges made to policyholders less actual claims & benefits
Expected change in liability for any guarantees or options subject to mortality risk

Persistency 9 9 9 All ‐ Actual reserves released less  surrender benefits paid

AMC 9 Ann al management charges on nit linked b siness (based on e pected in estment ret rns)
Annual management charges on unit linked business (based on expected investment returns) 
Excludes risk charges and costs
Expected change in liability for any guarantees or options that depend on investment return 

Participating business 9 UK/Ireland‐ shareholders' share of actual bonus declared
Continental participating shareholders' share
Continental participating shareholders share
US ‐ closed block profits

Spread margin 9 9 Spread ‐ Expected investment return less unwind of liability/amounts credited to policyholders 
Excludes risk charges and costs
Protection ‐ Expected investment return less valuation discount rate applied to opening liability
Expected change in liability for any guarantees or option that depend on investment return 

Expected return 9 Return on assets covering solvency margin and additional surplus
Based on longer term rates of return applied to expected average funds under management
updated for fund flows and out flows

47
 Life IFRS profit drivers – expenses

Expenses U/L Spread Protection Par Unallocated

Acquisition expenses 9 9 9 9 New business acquisition commission and expenses less deferred costs

Admin expenses 9 9 9 9 9 Maintenance expenses and renewal commission on existing business

DAC/AVIF amortisation  9 9 9 9 Amortisation of DAC, AVIF and impact of regulatory changes, reserving methodology changes 
and other or other one‐off items

IFRS life operating profit
p gp

Investment variances  9 9 9 9 9 AMCs based on actual investment return less AMCs based on expected returns
and economic  Spread based on actual investment return less spread based on expected returns
assumption changes Variance in current actual and assumed future investment return less expected investment return

Total IFRS life profit

48
2009 IFRS result

Income statement 2009 2008

Operating profit 2,022 2,297
Investment return variances and assumption changes on long term business
UK provisions for credit default - (550)
Unit-linked provisions in DL and France - (260)
Spain: Write back/(write-off) of UDS 160 (220)
Other (235) (601)
Total (75) (1 631)
(1,631)
Short term fluctuations and assumption changes on non-long term business 152 (913)
Impairment and amortisation of goodwill and intangibles (206) (183)
Profit on disposal of subsidiaries and associates 153 7
Integration / restructuring costs (286) (326)
Exceptional items 45 (551)
Profit / Loss before tax 1,805 (1,300)
Tax (490) 415
Profit / Loss for the year 1,315 (885)

49