Preliminary results year ended 31 December 2008
05 March 2009
M18 – Segmental analysis of life and related business embedded value
| Net worth | ||||
|---|---|---|---|---|
| 2008 | Free surplus £m |
Required capital1 £m |
VIF £m |
Total Embedded value £m |
| United Kingdom | 1,357 | 1,477 | 2,053 | 4,887 |
| France2 | (92) | 1,567 | 1,044 | 2,519 |
| Ireland | 135 | 252 | 603 | 990 |
| Italy | 261 | 235 | 149 | 645 |
| Netherlands (including Belgium and Germany) | (333) | 2,284 | 159 | 2,110 |
| Poland | 115 | 134 | 979 | 1,228 |
| Spain | 143 | 225 | 287 | 655 |
| Other Europe | 43 | 34 | 159 | 236 |
| Europe | 272 | 4,731 | 3,380 | 8,383 |
| North America3 | (362) | 1,528 | (1,102) | 64 |
| Asia | 72 | 159 | 193 | 424 |
| Australia | 9 | 253 | 69 | 331 |
| Asia Pacific | 81 | 412 | 262 | 755 |
| Total | 1,348 | 8,148 | 4,593 | 14,089 |
- Required capital is shown net of implicit items permitted by local regulators to cover minimum solvency margins.
- France, Netherlands and Aviva USA have a positive surplus on a statutory basis.
- Aviva USA’s holding company debt amounting to £1,128 million at 31 December 2008 has been included within non-covered business.
| Net worth | ||||
|---|---|---|---|---|
| Restated 2007 |
Free surplus £m | Required capital1 £m |
VIF £m |
Total Embedded value £m |
| United Kingdom | 1,255 | 1,389 | 4,267 | 6,911 |
| France | 28 | 1,280 | 1,228 | 2,536 |
| Ireland | 159 | 201 | 465 | 825 |
| Italy | 208 | 156 | 125 | 489 |
| Netherlands (including Belgium and Germany) | 1,247 | 1,713 | 856 | 3,816 |
| Poland | 111 | 116 | 816 | 1,043 |
| Spain | 61 | 175 | 334 | 570 |
| Other Europe | 32 | 24 | 122 | 178 |
| Europe | 1,846 | 3,665 | 3,946 | 9,457 |
| North America2 | (70) | 946 | 330 | 1,206 |
| Asia | 124 | 53 | 190 | 367 |
| Australia | 49 | 187 | 71 | 307 |
| Asia Pacific | 173 | 240 | 261 | 674 |
| Total | 3,204 | 6,240 | 8,804 | 18,248 |
- Required capital is shown net of implicit items permitted by local regulators to cover minimum solvency margins.
- Aviva USA’s holding company debt amounting to £349 million at 31 December 2007 has been included within non-covered business.
The shareholders’ net worth is the market value of the shareholders’ funds and the shareholders’ interest in the surplus held in the non-profit component of the long-term business funds, determined on a statutory solvency basis and adjusted to add back any non-admissible assets. This is split between required capital, net of implicit items, and free surplus.
