Aviva 2007 Annual Report Download - page 263
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Segmental analysis of life and related businesses embedded value
Value of in-force
Net worth covered business Total
Present Cost of
Required Free value of required Embedded
capital1surplus in-force capital value
2007 £m £m £m £m £m
United Kingdom 1,307 1,338 4,816 (355) 7,106
France 1,510 74 1,416 (340) 2,660
Ireland 267 213 564 (45) 999
Italy 305 464 299 (61) 1,007
Netherlands (including Belgium and Germany) 1,456 1,557 1,605 (442) 4,176
Poland 129 128 726 (41) 942
Spain 316 87 714 (69) 1,048
Other Europe 24 33 110 (11) 156
Europe 4,007 2,556 5,434 (1,009) 10,988
North America2776 46 918 (152) 1,588
Asia Pacific 241 187 281 (72) 637
Total 6,331 4,127 11,449 (1,588) 20,319
1. Required capital is shown net of implicit items permitted by local regulators to cover minimum solvency margins.
2. AmerUs holding company debt amounting to £349 million at 31 December 2007 (2006: £362 million) has been included within other operations.
Value of in-force
Net worth covered business Total
Present Cost of
Required Free value of required Embedded
capital1surplus in-force capital value
2006 £m £m £m £m £m
United Kingdom 1,334 641 5,103 (442) 6,636
France 1,143 250 1,142 (244) 2,291
Ireland 254 143 535 (40) 892
Italy 320 329 206 (63) 792
Netherlands (including Belgium and Germany) 1,067 1,701 1,461 (362) 3,867
Poland 105 107 540 (33) 719
Spain 273 37 606 (59) 857
Other Europe 18 25 75 (12) 106
Europe 3,180 2,592 4,565 (813) 9,524
North America 618 211 794 (145) 1,478
Asia Pacific 182 125 204 (51) 460
Total 5,314 3,569 10,666 (1,451) 18,098
1. Required capital is shown net of implicit items permitted by local regulators to cover minimum solvency margins.
The shareholders’ net worth is 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. Required capital, net of implicit items, is included within the net worth.
The value of in-force covered business includes “cost of required capital” – the effect of holding shareholders’ capital to
support the level of required capital and allowing for projected future releases.
Aviva plc
Annual Report and
Accounts 2007
259
Financial
statements