Aviva MCEV condensed financial statements
B7 – Segmental analysis of life and related business embedded value
| Net worth | ||||
|---|---|---|---|---|
| 30 June 2009 | Free surplus £m |
Required capital1 £m |
VIF £m |
Total Embedded value £m |
| United Kingdom | 1,401 | 1,546 | 2,090 | 5,037 |
| France | (195) | 1,449 | 1,106 | 2,360 |
| Ireland | 125 | 218 | 486 | 829 |
| Italy | 231 | 230 | 148 | 609 |
| Netherlands (including Belgium and Germany) | 679 | 1,580 | 66 | 2,325 |
| Poland | 138 | 109 | 617 | 864 |
| Spain | 120 | 203 | 305 | 628 |
| Other Europe | 42 | 25 | 151 | 218 |
| Europe | 1,140 | 3,814 | 2,879 | 7,833 |
| North America | (455) | 1,376 | (358) | 563 |
| Asia | 105 | 156 | 216 | 477 |
| Australia | 26 | 258 | 69 | 353 |
| Asia Pacific | 131 | 414 | 285 | 830 |
| Total | 2,217 | 7,150 | 4,896 | 14,263 |
- Required capital is shown net of implicit items permitted by local regulators to cover minimum solvency margins.
- France and USA have a positive surplus on a statutory basis.
- Aviva USA’s holding company debt amounting to £819 million at 30 June 2009 has been included within non-covered business.
| Net worth | ||||
|---|---|---|---|---|
| Restated 30 June 2008 |
Free surplus £m |
Required capital1 £m |
VIF £m |
Total Embedded value £m |
| United Kingdom | 931 | 1,395 | 3,450 | 5,776 |
| France2 | (58) | 1,260 | 1,149 | 2,351 |
| Ireland | 156 | 205 | 502 | 863 |
| Italy | 217 | 227 | 157 | 601 |
| Netherlands (including Belgium and Germany) | 516 | 1,936 | 1,004 | 3,456 |
| Poland | 69 | 134 | 933 | 1,136 |
| Spain | 83 | 191 | 379 | 653 |
| Other Europe | 35 | 26 | 150 | 211 |
| Europe | 1,018 | 3,979 | 4,274 | 9,271 |
| North America3 | (305) | 1,039 | 240 | 974 |
| Asia | 110 | 66 | 228 | 404 |
| Australia | 17 | 215 | 72 | 304 |
| Asia Pacific | 127 | 281 | 300 | 708 |
| Total | 1,771 | 6,694 | 8,264 | 16,729 |
- Required capital is shown net of implicit items permitted by local regulators to cover minimum solvency margins.
- France and USA have a positive surplus on a statutory basis.
- Aviva USA’s holding company debt amounting to £356 million at 30 June 2008 has been included within non-covered business.
| Restated 31 December 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 | 1,092 | 2,567 |
| Ireland | 135 | 252 | 603 | 990 |
| Italy | 261 | 235 | 149 | 645 |
| Netherlands (including Belgium and Germany)2 | (333) | 2,284 | 511 | 2,462 |
| Poland | 115 | 134 | 979 | 1,228 |
| Spain | 143 | 225 | 354 | 722 |
| Other Europe | 43 | 34 | 159 | 236 |
| Europe | 272 | 4,731 | 3,847 | 8,850 |
| North America2,3 | (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 | 5,060 | 14,556 |
- 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.
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.
