Announces Early Adoption Of M

RNS Number : 7417L

Aviva PLC

15 January 2009

 



15 January 2009

AVIVA ANNOUNCES INVESTOR EVENT AND EARLY ADOPTION OF MARKET CONSISTENT EMBEDDED VALUE PRINCIPLES

Aviva plc ('Aviva') will host an investor and analyst event at 10.00am (GMT) on 4 February 2009 at its corporate headquarters in London. 

At the event Andrew Moss, Chief Executive Officer will provide an update on the Group's long-term savings new business sales for the 12 months to 31 December 2008 and the sales outlook for 2009.

Philip Scott, Chief Financial Officer, will present the Market Consistent Embedded Value ('MCEV') principles which Aviva will use as the basis for its supplementary life reporting for its 2008 preliminary results, to be published on 5 March 2009. He will also present the MCEV restatements for the 2007 full year results and 2008 interim results. An abridged analyst pack with the MCEV restatements for the 2007 full year results and 2008 interim results will be published at 7.00am (GMT) on 4 February 2009.

The MCEV principles are an important step forward for life insurers.  In summary, MCEV provides:

• a shareholder's perspective on value, being the present value of future cash flows, adjusted for the risks of those cash flows;

• a market consistent approach to financial risk; and,

• a greater focus on disclosure of cash being generated by the business.

Embedded value remains key to measuring the performance of long-term business, and the new guidance will help improve consistency and comparability of embedded value disclosures across the industry.

The adoption of MCEV will not affect Aviva's statutory results, the regulatory capital position or the dividend paying capacity of the Aviva Group.

-ends-

  Enquiries:

Media

Danielle Anthony, senior group media relations manager          [phone]

James Murgatroyd/Ed Simpkins, Finsbury                                 [phone]

Analysts

Charles Barrows, investor relations director                              [phone]

Jessie Burrows, head of investor relations                                 [phone]

Susie Yeoh, investor relations manager                                     [phone]

Notes to editors:

·           Aviva is the leading provider of life and pension products in Europe with substantial positions in other markets around the world, making it the world’s fifth largest insurance group based on gross worldwide premiums at 31 December 2007.

 

·           Aviva’s principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £49.2 billion at 31 December 2007 and funds under management of £359 billion at 30 June 2008.

 

·           Long-term savings new business sales for the 12 Months to 31 December 2008 under MCEV will be published at 7.00am (GMT) on 4 February 2009. Total and a regional analysis of long-term savings new business sales for the 12 Months to 31 December 2008 under European Embedded Value will also be published.

 

 

·           The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.

 

·           For broadcast-standard video, please visit www.thenewsmarket.com/aviva.

 

END

 

 

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