Aviva 2006 Annual Report Download - page 234
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Aviva plc
Annual Report and Accounts 2006 230Financial statements continued
Alternative method of reporting long-term business profits continued
EEV basis – new business contribution after the effect of required capital, tax and minority interest
Present value of new
Annual premium equivalent business premiums1New business contribution2New business margin3
2006 2005 2006 2005 2006 2005 2006 2005
£m £m £m £m £m £m % %
Analysed betw een:
–Bancassurance channels 553 387 4,465 3,238 121 93 2.7% 2.9%
–Other distribution channels 2,252 1,997 17,607 15,815 255 248 1.4% 1.6%
Total 2,805 2,384 22,072 19,053 376 341 1.7% 1.8%
1. Stated after deducting minority interests.
2. Contribution stated after deducting the effect of required capital, tax and minority interests.
3. New business margin represents the ratio of new business contribution after deducting the effect of required capital, tax and minority interests to PVNBP after deducting
the minority interests, expressed as a percentage.
Experience variances
Experience variances include the impact of the difference between expense, demographic and persistency assumptions, and actual
experience incurred in the year. Also included are variances arising from tax, where such variances are due to management action.
2006 2005
£m £m
France 71 32
Netherlands (including Belgium, Germany and Luxembourg) (9) 2
Rest of Europe 29 13
Continental Europe 91 47
United States (11) 3
Other 10 6
Rest of the World (1) 9
International 90 56
United Kingdom (140) (95)
Total (50) (39)
Germany has been reclassified from Other Europe to the Netherlands, Lithuania has been reclassified from Other Europe to Poland and Norw ich Union’s Dublin-based
offshore life and savings business has been reclassified from Other Europe to the United Kingdom.
Operating assumption changes
Changes in operating assumptions are made when the assumed future levels of expenses, mortality or other operating assumptions are
expected to change permanently.
2006 2005
£m £m
France 11 14
Netherlands (including Belgium, Germany and Luxembourg) 56 55
Rest of Europe (83) 2
Continental Europe (16) 71
United States (9) (10)
Other 912
Rest of the World –2
International (16) 73
United Kingdom 60 (56)
Total 44 17
Germany has been reclassified from Other Europe to the Netherlands, Lithuania has been reclassified from Other Europe to Poland and Norwich Union’s Dublin-based
offshore life and savings business has been reclassified from Other Europe to the United Kingdom.
Further disclosures on experience variances and operating assumption changes on an EEV basis are provided on pages 233 and 234.