Aviva plc: Adoption of Aviva Market Consistent Embedded Value (MCEV) methodology and impact on results
New business premiums and analysis of PVNBP
| Reviewed 30 June 2008 | |||||
|---|---|---|---|---|---|
| Regular premiums £m |
Weighted average capitalisation factor | Present value of regular premiums £m |
Single premiums £m |
Present value of new business premiums (PVNBP) £m |
|
| United Kingdom | |||||
| - Individual pensions | 218 | 4.4 | 970 | 1,068 | 2,038 |
| - Group pensions | 40 | 4.2 | 170 | 202 | 372 |
| - Annuities | - | - | - | 1,286 | 1,286 |
| - Bonds | - | - | - | 1,628 | 1,628 |
| - Protection | 80 | 6.8 | 545 | 61 | 606 |
| - Equity release | - | - | - | 80 | 80 |
| United Kingdom Total | 338 | 5.0 | 1,685 | 4,325 | 6,010 |
| Europe | |||||
| France | |||||
| - Eurofunds | 13 | 6.4 | 83 | 1,291 | 1,374 |
| - Unit-linked funds | 23 | 6.6 | 152 | 435 | 587 |
| - Protection business | 14 | 7.1 | 99 | 2 | 101 |
| 50 | 6.7 | 334 | 1,728 | 2,062 | |
| Ireland | |||||
| - Life and savings | 19 | 5.5 | 105 | 201 | 306 |
| - Pensions | 46 | 4.6 | 210 | 183 | 393 |
| 65 | 4.8 | 315 | 384 | 699 | |
| Italy | |||||
| - Life and pensions | 58 | 6.0 | 346 | 959 | 1,305 |
| 58 | 6.0 | 346 | 959 | 1,305 | |
| Netherlands (including Belgium and Germany) | |||||
| - Life | 34 | 8.1 | 275 | 255 | 530 |
| - Pensions | 45 | 9.2 | 416 | 1,139 | 1,555 |
| 79 | 8.8 | 691 | 1,394 | 2,085 | |
| Poland | |||||
| - Life and savings | 23 | 6.5 | 149 | 323 | 472 |
| - Pensions | 26 | 15.3 | 398 | 81 | 479 |
| 49 | 11.2 | 547 | 404 | 951 | |
| Spain | |||||
| - Life and savings | 61 | 5.7 | 350 | 541 | 891 |
| - Pensions | 36 | 6.3 | 227 | 194 | 421 |
| 97 | 5.9 | 577 | 735 | 1,312 | |
| Other Europe | |||||
| - Life and pensions | 64 | 9.3 | 598 | 69 | 667 |
| 64 | 9.3 | 598 | 69 | 667 | |
| Europe Total | 462 | 7.4 | 3,408 | 5,673 | 9,081 |
| North America | |||||
| - Life | 30 | 8.7 | 261 | 12 | 273 |
| - Annuities | - | - | - | 1,579 | 1,579 |
| - Funding agreements | - | - | - | 375 | 375 |
| North America Total | 30 | 8.7 | 261 | 1,966 | 2,227 |
| Asia Pacific | |||||
| Asia | |||||
| - Life and pensions | 69 | 6.3 | 434 | 250 | 684 |
| 69 | 6.3 | 434 | 250 | 684 | |
| Australia | |||||
| - Life and pensions | 32 | 3.5 | 111 | 101 | 212 |
| 32 | 3.5 | 111 | 101 | 212 | |
| Asia Pacific Total | 101 | 5.4 | 545 | 351 | 896 |
| Total | 931 | 6.3 | 5,899 | 12,315 | 18,214 |
| Audited 12 months 2007 | |||||
|---|---|---|---|---|---|
| Regular premiums £m |
Weighted average capitalisation factor | Present value of regular premiums £m |
Single premiums £m |
Present value of new business premiums (PVNBP) £m |
|
| United Kingdom | |||||
| - Individual pensions | 389 | 4.3 | 1,653 | 1,717 | 3,370 |
| - Group pensions | 83 | 2.1 | 171 | 615 | 786 |
| - Annuities | - | - | - | 1,965 | 1,965 |
| - Bonds | - | - | - | 4,192 | 4,192 |
| - Protection | 131 | 7.9 | 1,028 | 213 | 1,241 |
| - Equity release | - | - | - | 243 | 243 |
| United Kingdom Total | 603 | 4.7 | 2,852 | 8,945 | 11,797 |
| Europe | |||||
| France | |||||
| - Eurofunds | 17 | 7.0 | 119 | 1,930 | 2,049 |
| - Unit-linked funds | 53 | 6.8 | 361 | 1,225 | 1,586 |
| - Protection business | 20 | 7.6 | 152 | 3 | 155 |
| 90 | 7.0 | 632 | 3,158 | 3,790 | |
| Ireland | |||||
| - Life and savings | 40 | 5.1 | 203 | 627 | 830 |
| - Pensions | 99 | 4.2 | 412 | 538 | 950 |
| 139 | 4.4 | 615 | 1,165 | 1,780 | |
| Italy | |||||
| - Life and pensions | 107 | 5.7 | 608 | 2,367 | 2,975 |
| 107 | 5.7 | 608 | 2,367 | 2,975 | |
| Netherlands (including Belgium and Germany) | |||||
| - Life | 68 | 8.0 | 544 | 434 | 978 |
| - Pensions | 92 | 9.1 | 834 | 1,321 | 2,155 |
| 160 | 8.6 | 1,378 | 1,755 | 3,133 | |
| Poland | |||||
| - Life and savings | 28 | 6.3 | 177 | 264 | 441 |
| - Pensions | 35 | 15.1 | 530 | 149 | 679 |
| 63 | 11.2 | 707 | 413 | 1,120 | |
| Spain | |||||
| - Life and savings | 80 | 5.7 | 457 | 1,192 | 1,649 |
| - Pensions | 34 | 6.2 | 215 | 569 | 784 |
| 114 | 5.9 | 672 | 1,761 | 2,433 | |
| Other Europe | |||||
| - Life and pensions | 73 | 4.4 | 318 | 135 | 453 |
| 73 | 4.4 | 318 | 135 | 453 | |
| Europe Total | 746 | 6.6 | 4,930 | 10,754 | 15,684 |
| North America | |||||
| - Life | 70 | 8.2 | 575 | 42 | 617 |
| - Annuities | 1 | 4.0 | 4 | 2,596 | 2,600 |
| - Funding agreements | - | - | - | 429 | 429 |
| North America Total | 71 | 8.2 | 579 | 3,067 | 3,646 |
| Asia Pacific | |||||
| Asia | |||||
| - Life and pensions | 114 | 6.0 | 683 | 458 | 1,141 |
| 114 | 6.0 | 683 | 458 | 1,141 | |
| Australia | |||||
| - Life and pensions | 54 | 3.5 | 191 | 263 | 454 |
| 54 | 3.5 | 191 | 263 | 454 | |
| Asia Pacific Total | 168 | 5.2 | 874 | 721 | 1,595 |
| Total | 1,588 | 5.8 | 9,235 | 23,487 | 32,722 |
