Aviva 2006 Annual Report Download - page 233

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Aviva plc
Annual Report and Accounts 2006 229
New business contribution continued
New business contribution before the effect of required capital includes minority interests in 2006 of £175 million (2005: £156 million).
This comprises minority interests in France of £24 million (2005: £19 million),Ireland £3 million (2005: £nil),Italy £41 million (2005:
£35 million),Netherlands £9 million (2005: £10 million),Poland £4 million (2005: £2 million),Spain £93 million (2005: £89 million),
Other Europe nil (2005: £1 million) and Asia £1 million (2005: nil).
New business New business
Present value of new contribution after the margin after the
business premiums effect of required capital effect of required capital1
2006 2005 2006 2005 2006 2005
£m £m £m £m % %
Life and pensions
France 3,552 3,530 110 91 3.1% 2.6%
Ireland 1,273 665 913 0.7% 2.0%
Italy 2,768 2,294 50 36 1.8% 1.6%
Netherlands (including Belgium,
Germany and Luxembourg) 2,346 2,739 25 58 1.1% 2.1%
Poland 534 320 25 14 4.7% 4.4%
Spain 2,059 2,013 168 155 8.2% 7.7%
Other Europe 308 240 (6) (4) (1.9)% (1.7)%
Continental Europe 12,840 11,801 381 363 3.0% 3.1%
Asia 685 396 22 16 3.2% 4.0%
Australia 297 337 993.0% 2.7%
United States 884 527 870.9% 1.3%
Rest of the World 1,866 1,260 39 32 2.1% 2.5%
International 14,706 13,061 420 395 2.9% 3.0%
United Kingdom 11,146 9,185 263 217 2.4% 2.4%
Total (after the effect of required capital) 25,852 22,246 683 612 2.6% 2.8%
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.
1. New business margin represents the ratio of new business contribution after deducting the effect of required capital to PVNBP, expressed as a percentage.
New business contribution after the effect of required capital includes minority interests in 2006 of £142 million (2005: £120 million).
This comprises minority interests in France of £15 million (2005: £10 million),Ireland £1 million (2005: £nil),Italy £29 million (2005:
£21 million),Netherlands £7 million (2005: £7 million),Poland £3 million (2005: £2 million),Spain £86 million (2005: £79 million),
Other Europe nil (2005: £1 million) and Asia £1 million (2005: nil).
EEV basis – new business contribution beforethe effect of required capital, tax and minority interest
Present value of new
Annual premium equivalent business premiums New business contribution1New business margin2
2006 2005 2006 2005 2006 2005 2006 2005
£m £m £m £m £m £m % %
Analysed betw een:
–Bancassurance channels 942 710 7,737 6,075 369 311 4.8% 5.1%
–Other distribution channels 2,316 2,035 18,115 16,171 523 497 2.9% 3.1%
Total 3,258 2,745 25,852 22,246 892 808 3.5% 3.6%
1. Stated before the effect of required capital.
2. New business margin represents the ratio of new business contribution before the effect of required capital to PVNBP, expressed as a percentage.