Aviva 2002 Annual Report Download - page 109

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Segmental analysis of embedded value of life business
Net worth at 31 December* Valuation of in-force at 31 December** Embedded value at 31 December
2002 2001 2002 2001 2002 2001
£m £m £m £m £m £m
United Kingdom 1,845 2,032 3,167 3,998 5,012 6,030
Europe (excluding UK)
France 833 836 388 407 1,221 1,243
Ireland 218 191 254 276 472 467
Italy 250 163 99 115 349 278
Netherlands (including Belgium and Luxembourg) 859 1,032 947 834 1,806 1,866
Poland 129 119 223 252 352 371
Spain 149 107 201 202 350 309
Other 128 58 48 49 176 107
International 294 289 116 103 410 392
4,705 4,827 5,443 6,236 10,148 11,063
*The shareholders’ net worth comprises the market value of the shareholders’ funds and the shareholders’ interest in the surplus held in the non-profit component of the
long-term business funds determined on a statutory solvency basis and adjusted to add back any non-admissible assets.
**The net worth includes £2,600 million (2001: £2,200 million) in respect of minimum statutory solvency margin requirements that are supported by shareholders’ capital.
The effect of holding the minimum statutory solvency margin and allowing for projected future releases was £750 million (2001: £700 million).
Minority interest in life achieved profit
Shareholders’ Minority
interest interest Group Group
2002 2002 2002 2001
£m £m £m £m
New business contribution before effect of solvency margin 509 69 578 591
Effect of solvency margin (108) (18) (126) (112)
New business contribution including effect of solvency margin 401 51 452 479
Life achieved operating profit before tax and exceptional items 1,434 90 1,524 1,665
Total life achieved (loss)/profit before tax (1,371) 14 (1,357) 22
Attributed tax 401 (4) 397 (12)
Total life achieved (loss)/profit after tax (970) 10 (960) 10
Closing life embedded value 9,738 410 10,148 11,063
95 Aviva plc
Annual report + accounts 2002