106 LV= Annual Report 2012
Notes to the financial statements continued
31 December 2012
Other assets and liabilities
This section describes the other assets and liabilities arising from the life insurance business within the Society and the life
insurance and general insurance businesses within the Group.
30. Insurance receivables
Group Society
2012 2011 2012 2011
£m £m £m £m
Due from policyholders 148.1 135.1 1.0 3.8
Due from agents, brokers and intermediaries 67.5 74.8 - -
Due from reinsurers 11.7 6.6 11.6 6.4
227.3 216.5 12.6 10.2
Insurance receivables are all due within one year for both the Group and the Society.
The carrying amounts disclosed above reasonably approximate fair value at the Statement of Financial Position date.
31. Prepayments and accrued income
Group Society
2012 2011 2012 2011
£m £m £m £m
Accrued dividends 4.0 3.5 1.5 1.1
Accrued interest 82.3 45.2 52.7 38.6
Other prepayments and accrued income 20.3 12.6 10.1 8.4
106.6 61.3 64.3 48.1
Prepayment and accrued income balances are all due within one year for both the Group and the Society.
32. Insurance payables
Group Society
2012 2011 2012 2011
£m £m £m £m
Due to policyholders 33.2 30.1 25.5 30.1
Due to brokers and intermediaries 0.4 0.8 0.4 0.8
Due to reinsurers 11.1 10.7 0.3 0.7
44.7 41.6 26.2 31.6
The carrying amounts disclosed above reasonably approximate fair value at the Statement of Financial Position date.
33. Trade and other payables
Accounting for trade and other payables
Trade and other payables are recognised as they fall due. They are measured initially at fair value and subsequently at amortised cost.
Group Society
2012 2011 2012 2011
£m £m £m £m
Trade payables 15.8 11.2 15.4 10.5
Amounts owed to group undertakings - - 37.1 37.7
Other taxes and social security costs 31.3 32.2 9.4 10.1
Other creditors 49.8 59.5 15.8 21.7
Deferred rental income 3.3 3.3 2.6 2.2
Finance lease liabilities 5.0 5.1 - -
Accruals and deferred income 88.5 94.3 55.9 65.2
193.7 205.6 136.2 147.4
The carrying amounts disclosed above reasonably approximate fair value at the Statement of Financial Position date.