Aviva plc: Adoption of Aviva Market Consistent Embedded Value (MCEV) methodology and impact on results
MCEV notes to the financial statements
2 – Translation of foreign exchange
The group’s principal overseas operations during the period were located within the Eurozone and the United States.
The results and cash flows of these operations have been translated at the average rates for that period and the assets and liabilities have been translated at the period end rates as follows:
| 30 June 2008 |
31 December 2007 |
31 December 2006 |
|
|---|---|---|---|
| Eurozone | |||
| – Average rate (€1 equals) | £0.77 | £0.68 | £0.68 |
| – Period end rate (€1 equals) | £0.79 | £0.73 | £0.67 |
| United States | |||
| – Average rate (US$1 equals) | £0.51 | £0.50 | £0.54 |
| – Period end rate (US$1 equals) | £0.51 | £0.50 | £0.51 |
