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392 NEDBANK GROUP Limited INTEGRATED REPORT 2010Major subsidiary companiesas at 31 december 2010Nedbank Group LimitedNedbank Limited100%Foreign subsidiariesBoE InvestmentHoldings Limited 100%Nedgroup InvestmentHoldings 101 Limited100%Local subsidiariesImperial Bank LimitedNedEurope LimitedPeoples Mortgage LimitedNedcor Investments LimitedNedgroup Investment 102LimitedDepfin Investments (Pty)LimitedBoE Holdings LimitedMN Holdings LimitedNedbank (Malawi) Limited97,1%MBCA Bank Limited70,9%Nedbank Namibia LimitedNedNamibia Holdings LimitedBoE Private Client InvestmentHoldings LimitedNedgroup Wealth ManagementLimitedBoE Life LimitedNedgroup Life AssuranceCompany LimitedNedgroup Securities(Pty) LimitedNBG Capital ManagementLimitedNIB Blue Capital Investments(Pty) LimitedBoE (Pty) LimitedBoE Management LimitedNedgroup InternationalHoldingsFairbairn Private Bank LimitedFairbairn Trust CompanyLimited (Guernsey)Tando AGForeign NedbanksubsidiariesAlliance Investments LimitedTrusts and SecuritiesentitiesOther InsuranceentitiesSyfrets Securities LimitedNedbank (Lesotho) LimitedNedbank (Swaziland) Limited60,5%Nedcor Trade Services LimitedSyfrets Securities Nominees(Pty) Limited99%Nedgroup CollectiveInvestments LimitedNedinvest LimitedNedgroup Insurance CompanyLimitedNedcor Group InsuranceCompany LimitedNedcor (SA) InsuranceCompany LimitedDr Holsboer Benefit FundAll subsidiaries are wholly owned, unless stated otherwise.
393Reports andcertificationsConsolidatedannual financialstatementsShareholdermeeting mattersDefinitions andabbreviationsInstrumentcodesContactdetailsEMBEDDED-VALUE REPORT OF NEDGROUP LIFEasSURANCE COMPANY LIMITEDSCOPE OF THE EMBEDDED-VALUE REPORTThis report deals with the embedded value of Nedgroup Life Assurance Company Limited and the value of new business written during the financial year.EMBEDDED VALUEThe embedded value (EV) and value of new business of the covered business at 31 December are:Adjusted net worth 279 205Required capital 173 113Free surplus 106 92Value of in-force business 752 590Present value of future profits 808 635Frictional costs (37) (27)Cost of non-hedgeable risk (19) (18)Total EV 1 031 795Value of new business 295 187New business sales* 770 562APE* margin (%) 38,3 33,3PVNBP** 1 943 1 600PVNBP margin** (%) 15,2 11,7Analysis of EV earnings:EV at the beginning of the year 795Total EV earnings 390Operating EV earnings 364Value of new business 295Expected return 46Experience variances 32Non-economic assumption changes (9)Economic variances 16Return on adjusted net worth 10Adjustment: dividends paid (154)EV at the end of the year 1 031Return on EV (%) 45,8* Annualised premium equivalent.** Present value of new-business premiums.Nedgroup Life experienced strong sales growth during 2010, particularly in the credit life and single-premium lines of business, with APE growth of37,0% during the year. The return on EV of 45,8% is driven by strong 2010 sales. Nedgroup Life paid dividends totalling R312 million during 2010.2010Rm2009Rm2010Rm
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262 NEDBANK GROUP Limited INTEGRATE
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