Aviva 2013 Annual Report Download - page 231
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Strategic report Governance IFRS Financial statements Other information
Aviva plc
Annual report and accounts 2013
229
Notes to the consolidated financial statements continued
58 – Risk management continued
Long-term business
Sensitivities as at 31 December 2013
2013 Impact on profit before tax (£m)
Interest
rates
+1%
Interest
rates
–1%
Credit
spreads
+0.5%
Equity/
property
+10%
Equity/
property
–10%
Expenses
+10%
Assurance
mortality
+5%
Annuitant
mortality
–5%
Insurance participating (45) — (60) (10) (20) (30) (5) (40)
Insurance non-participating (145) 140 (415) (5) 10 (80) (60) (450)
Investment participating (10) 5 (5) 5 (5) (10) — —
Investment non-participating (20) 20 (5) 5 (5) (15) — —
Assets backing life shareholders' funds (35) 55 (25) 40 (45) — — —
Total (255) 220 (510) 35 (65) (135) (65) (490)
2013 Impact on shareholders' equit
y
before tax (£m)
Interest
rates
+1%
Interest
rates
–1%
Credit
spreads
+0.5%
Equity/
property
+10%
Equity/
property
–10%
Expenses
+10%
Assurance
mortality
+5%
Annuitant
mortality
–5%
Insurance participating (45) — (60) (10) (20) (30) (5) (40)
Insurance non-participating (145) 140 (415) (5) 10 (80) (60) (450)
Investment participating (10) 5 (5) 5 (5) (10) — —
Investment non-participating (20) 20 (5) 5 (5) (15) — —
Assets backing life shareholders' funds (75) 100 (35) 45 (45) — — —
Total (295) 265 (520) 40 (65) (135) (65) (490)
Sensitivities as at 31 December 2012
2012 Impact on profit before ta
x
(£m)
Interest
rates
+1%
Interest
rates
–1%
Credit
spreads
+0.5%
Equity
/
property
+10%
Equity
/
property
–10%
Expenses
+10%
Assurance
mortality
+5%
Annuitant
mortality
–5%
Insurance participating (45) (15) (110) 60 (95) (25) (5) (50)
Insurance non-participating (160) 130 (430) — — (75) (45) (470)
Investment participating (55) 45 — 5 (10) (10) — —
Investment non-participating (40) 35 (5) 10 (15) (20) — —
Assets backing life shareholders' funds 10 (15) (40) 45 (45) — — —
Total excluding Delta Lloyd and United States (290) 180 (585) 120 (165) (130) (50) (520)
United States 880 (640) 495 — — — — —
Total excluding Delta Lloyd 590 (460) (90) 120 (165) (130) (50) (520)
2012 Impact on shareholders' equity before ta
x
(£m)
Interest
rates
+1%
Interest
rates
–1%
Credit
spreads
+0.5%
Equity
/
property
+10%
Equity
/
property
–10%
Expenses
+10%
Assurance
mortality
+5%
Annuitant
mortality
–5%
Insurance participating (45) (15) (110) 60 (95) (25) (5) (50)
Insurance non-participating (165) 125 (430) — — (75) (45) (470)
Investment participating (55) 45 — 5 (10) (10) — —
Investment non-participating (45) 40 — 10 (15) (20) — —
Assets backing life shareholders' funds (5) — (45) 50 (50) — — —
Total excluding Delta Lloyd and United States (315) 195 (585) 125 (170) (130) (50) (520)
United States — — — — — — — —
Total excluding Delta Lloyd (315) 195 (585) 125 (170) (130) (50) (520)
Changes in sensitivities between 2013 and 2012 reflect movements in market interest rates, portfolio growth, changes to asset
mix and the relative durations of assets and liabilities and asset liability management actions.
The sensitivities to economic movements relate mainly to business in the UK. In general, a fall in market interest rates has a
beneficial impact on non-participating business, due to the increase in market value of fixed interest securities and the relative
durations of assets and liabilities; similarly a rise in interest rates has a negative impact. The mortality sensitivities also relate
primarily to the UK.