Aviva 2007 Annual Report Download - page 270
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Sensitivity analysis continued
Sensitivities will also vary according to the current economic assumptions, mainly due to the impact of changes to both the
intrinsic cost and time value of options and guarantees. Options and guarantees are the main reason for the asymmetry
of the sensitivities where the guarantee impacts to different extents under the different scenarios. This can be seen in the
sensitivity of a 1% movement in the interest rate for the Netherlands, where there is a significant amount of business with
investment return guarantees.
Sensitivities to a 1% movement in the equity/property return will only impact the value of the in-force covered business,
whereas a 10% movement in equity/property values may impact both the net worth and the value of in-force, depending
on the allocation of assets.
1% increase 1% decrease 1% increase 1% decrease
New business contribution As reported discount in discount in interest in interest
before required capital (gross of tax) on page 255 rates rates rates rates
31 December 2007 £m £m £m £m £m
United Kingdom 360 (53) 64 (17) 21
France 169 (15) 17 (2) –
Ireland 30 (5) 6 (3) 4
Italy 82 (4) 4 – (3)
Netherlands (including Belgium and Germany) 93 (27) 33 7 (21)
Poland 35 (4) 4 (1) 1
Spain 189 (12) 14 (5) 5
Other Europe –––1(1)
Europe 598 (67) 78 (3) (15)
North America 154 (11) 11 (15) 5
Asia Pacific 62 (6) 7 6 (7)
Total 1,174 (137) 160 (29) 4
1% increase 1% decrease
in equity/ in equity/
New business contribution As reported property property
before required capital (gross of tax) on page 255 returns returns
31 December 2007 £m £m £m
United Kingdom 360 31 (31)
France 169 8 (6)
Ireland 30 3 (3)
Italy 82 1 (1)
Netherlands (including Belgium and Germany) 93 45 (45)
Poland 35 1 (1)
Spain 189 2 (2)
Other Europe ––(1)
Europe 598 60 (59)
North America 154 7 (7)
Asia Pacific 62 4 (3)
Total 1,174 102 (100)
Aviva plc
Annual Report and
Accounts 2007
266
Financial
statements
Alternative method of reporting long-term business profits continued