Group MCEV analysis of earnings
Group MCEV analysis of earnings
| 2009 |
Covered business1 £m A |
Non-covered but related to life business2 £m B |
Total life business3 £m A+B |
Non-covered relating to non-life £m C |
Total non-covered business £m B+C |
Total £m A+B+C |
|---|---|---|---|---|---|---|
| Opening group MCEV | 14,212 | 2,639 | 16,851 | (2,499) | 140 | 14,352 |
| Opening adjustments | — | — | — | — | — | — |
| Adjusted opening group MCEV | 14,212 | 2,639 | 16,851 | (2,499) | 140 | 14,352 |
| Operating MCEV earnings | 2,178 | — | 2,178 | 15 | 15 | 2,193 |
| Non-operating MCEV earnings | 1,215 | (99) | 1,116 | (496) | (595) | 620 |
| Total MCEV earnings | 3,393 | (99) | 3,294 | (481) | (580) | 2,813 |
| Other movements in IFRS net equity | — | (266) | (266) | (839) | (1,105) | (1,105) |
| Capital and dividend flows | (250) | — | (250) | (283) | (283) | (533) |
| Foreign exchange variances | (743) | (218) | (961) | 224 | 6 | (737) |
| Acquired/divested businesses | (1,611) | (1) | (1,612) | 1,047 | 1,046 | (565) |
| Closing group MCEV | 15,001 | 2,055 | 17,056 | (2,831) | (776) | 14,225 |
| Preference share capital and direct capital instruments | (1,190) | |||||
| Equity attributable to ordinary shareholders of Aviva plc on an MCEV basis | 13,035 | |||||
1. Covered business represents the business that the MCEV calculations cover, as detailed in the Basis of preparation note. The embedded value is presented net of minority interests and tax.
2. Non-covered but related to life business represents the adjustments to the MCEV, including goodwill, to calculate the long-term business net assets on an MCEV basis. An analysis of net assets on an MCEV basis gross of minority interests is provided on page 102.
3. Net assets for the total life businesses on an MCEV basis presented net of minority interests.
| Restated 2008 |
Covered business1 £m A |
Non-covered but related to life business2 £m B |
Total life business3 £m A+B |
Non-covered relating to non-life £m C |
Total non-covered business £m B+C |
Total £m A+B+C |
|---|---|---|---|---|---|---|
| Opening group MCEV | 18,389 | 2,059 | 20,448 | 977 | 3,036 | 21,425 |
| Opening adjustments | — | — | — | — | — | — |
| Adjusted opening group MCEV | 18,389 | 2,059 | 20,448 | 977 | 3,036 | 21,425 |
| Operating MCEV earnings | 1,760 | — | 1,760 | 509 | 509 | 2,269 |
| Non-operating MCEV earnings | (8,678) | (53) | (8,731) | (1,203) | (1,256) | (9,934) |
| Total MCEV earnings | (6,918) | (53) | (6,971) | (694) | (747) | (7,665) |
| Other movements in IFRS net equity | — | (28) | (28) | (994) | (1,022) | (1,022) |
| Capital and dividend flows | (63) | — | (63) | (712) | (712) | (775) |
| Foreign exchange variances | 2,717 | 567 | 3,284 | (895) | (328) | 2,389 |
| Acquired/divested businesses | 87 | 94 | 181 | (181) | (87) | — |
| Closing group MCEV | 14,212 | 2,639 | 16,851 | (2,499) | 140 | 14,352 |
| Preference share capital and direct capital instruments | (1,190) | |||||
| Equity attributable to ordinary shareholders of Aviva plc on an MCEV basis | 13,162 | |||||
1. Covered business represents the business that the MCEV calculations cover, as detailed in the Basis of preparation note. The embedded value is presented net of minority interests and tax.
2. Non-covered but related to life business represents the adjustments to the MCEV, including goodwill, to calculate the long-term business net assets on an MCEV basis. An analysis of net assets on an MCEV basis gross of minority interests is provided on page 102.
3. Net assets for the total life businesses on an MCEV basis presented net of minority interests.
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