Aviva plc: Adoption of Aviva Market Consistent Embedded Value (MCEV) methodology and impact on results
H – Impact of MCEV methodology for life and related businesses
MCEV notes to the financial statements
11 – Summary of minority interest in life and related businesses' MCEV results
| Reviewed 6 months 2008 | France £m |
Ireland £m |
Italy £m |
Netherlands £m |
Poland £m |
Spain £m |
Europe £m |
Asia Pacific £m |
Total £m |
Share- holders’ interest £m |
Group £m |
|---|---|---|---|---|---|---|---|---|---|---|---|
| New business contribution, net of tax | 7 | 1 | 12 | 3 | 3 | 48 | 74 | – | 74 | 179 | 253 |
| Life MCEV operating earnings after tax | 14 | 9 | 35 | 10 | 12 | 61 | 141 | – | 141 | 774 | 915 |
| Life MCEV earnings after tax | (7) | (6) | 27 | (18) | 8 | 22 | 26 | – | 26 | (2,062) | (2,036) |
| Closing covered businesses' embedded value | 243 | 279 | 620 | 159 | 169 | 520 | 1,990 | 12 | 2,002 | 16,577 | 18,579 |
| Audited Full year 2007 | France £m |
Ireland £m |
Italy £m |
Netherlands £m |
Poland £m |
Spain £m |
Europe £m |
Asia Pacific £m |
Total £m |
Share- holders’ interest £m |
Group £m |
|---|---|---|---|---|---|---|---|---|---|---|---|
| New business contribution, net of tax | 14 | 6 | 27 | 3 | 5 | 70 | 125 | 1 | 126 | 504 | 630 |
| Life MCEV operating earnings after tax | 32 | 19 | 46 | 19 | 18 | 88 | 222 | 1 | 223 | 1,567 | 1,790 |
| Life MCEV earnings after tax | 24 | 15 | 65 | 13 | 22 | 57 | 196 | 3 | 199 | 1,619 | 1,818 |
| Closing covered businesses' embedded value | 235 | 266 | 551 | 158 | 154 | 472 | 1,836 | 12 | 1,848 | 18,248 | 20,096 |
There are no minority interests in the United Kingdom or North America.
