Investor Presentaiton
Life Assurance Embedded Value Recovery Supported by Investments
EV records recovery achieving an annualized growth of 6.6 Percent
Britam
With you every step of the way
16,129
1,021
107
664
(389)
1,157
636
(2,127)
17,199
1
2
3
4
LO
Total EV
-Dec-20
Expected
Return
Value of New Operating Operating Economic Economic
business Experience Assumption Experience Assumption
Variance Change Variance Change
Exceptional
items
Total EV
- Dec-21
1
■ Positive EV earnings from expected releases in margins in
the reserves.
3
■ Actual operating experience worse than anticipated mainly
the impact of lapses.
2
■ Positive value of new business from profitable business
written.
4
■Improvement in investment experience.
50
Exceptional items result from opening adjustments to reserves and PVFP to account for a change in tax application on annuity
benefit payments; change in inflation risk premium from 4% to 1.5% to reflect experience; and a change in the PVFP yield curve
from yield to maturity curve to a derived spot curve. One-off costs were also incorporated.
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