Preliminary results year ended 31 December 2008
05 March 2009
M12 – Reconciliation of IFRS total equity to MCEV net worth
| 2008 £m |
Restated 2007 £m |
|
|---|---|---|
| Net assets on a statutory IFRS net basis | 14,446 | 15,931 |
| Less: general business and other net assets on a statutory IFRS net basis | 2,135 | (1,292) |
| Life and related businesses net assets on a statutory IFRS net basis | 16,581 | 14,639 |
| Goodwill and other intangibles | (2,947) | (2,359) |
| Acquired value of in-force business | (2,490) | (1,790) |
| Adjustment for share of JVs & associates | (472) | (380) |
| Adjustment for assets to regulatory value net of tax | 1,474 | 335 |
| Adjustment for DAC & DIR net of tax | (2,680) | (1,740) |
| Adjustment for differences in technical provisions | 1,265 | 737 |
| Other accounting and tax differences | 78 | 938 |
| MCEV net worth | 10,809 | 10,380 |
| MCEV value of in-force | 5,580 | 9,716 |
| MCEV1 | 16,389 | 20,096 |
- Comprises embedded value of £14,089 million (2007: £18,248 million) and minority interest in long-term business assets of £2,300 million (2007: £1,848 million).
