Market Consistent Embedded Value (MCEV) - Swiss Life - Online ...
Market Consistent Embedded Value (MCEV) - Swiss Life - Online ...
Market Consistent Embedded Value (MCEV) - Swiss Life - Online ...
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48 <strong>Market</strong> <strong>Consistent</strong> <strong>Embedded</strong> <strong>Value</strong><strong>Value</strong> of New Business by <strong>Market</strong> UnitCHF million200Switzerland France Germany InsuranceOtherTotal2091601208040301184434121544812320102009PVNBPNew businessmargin (% PVNBP)3 8193 3964 838 4 652 1 707 1 587 4 242 4 755 14 607 14 3900.8 0.3 1.7 0.9 2.4 1.3 1.3 1.0 1.4 0.9VALUE OF NEW BUSINESS BY MARKET UNIT – PREMIUMS AND MARGINS FOR THE YEAR 2010Amounts in CHF millionSwitzerland France Germany Insurance Other TotalVALUE OF NEW BUSINESS 30 84 41 54 209New business strain 1 – 41 –66 –9 –7 –124<strong>Value</strong> of new business before new business strain 71 150 50 61 333Annual premiums 189 382 129 6 706Single premiums 1 164 2 099 333 4 202 7 798PRESENT VALUE OF NEW BUSINESS PREMIUMS (PVNBP) 3 819 4 838 1 707 4 242 14 607Average annual premium multiplier 14.0 7.2 10.7 6.7 9.6New business annual premium equivalent (APE) 306 592 163 426 1 486NEW BUSINESS MARGIN (% PVNBP) 0.8% 1.7% 2.4% 1.3% 1.4%New business margin (% APE) 9.8% 14.2% 25.0% 12.7% 14.0%1 New business strain represents the effect on the net asset value from writing new business.VALUE OF NEW BUSINESS BY MARKET UNIT – PREMIUMS AND MARGINS FOR THE YEAR 2009Amounts in CHF millionSwitzerland France Germany Insurance Other TotalVALUE OF NEW BUSINESS 11 43 21 48 123New business strain 1 –55 –54 –9 –15 –133<strong>Value</strong> of new business before new business strain 65 96 30 63 255Annual premiums 161 360 154 3 678Single premiums 1 352 1 867 193 4 734 8 146PRESENT VALUE OF NEW BUSINESS PREMIUMS (PVNBP) 3 396 4 652 1 587 4 755 14 390Average annual premium multiplier 12.7 7.7 9.1 6.2 9.2New business annual premium equivalent (APE) 296 547 173 477 1 493NEW BUSINESS MARGIN (% PVNBP) 0.3% 0.9% 1.3% 1.0% 0.9%New business margin (% APE) 3.6% 7.8% 12.2% 10.1% 8.2%1 New business strain represents the effect on the net asset value from writing new business.