PracticeAuditInsurer restates results under EEV principles

Insurer restates results under EEV principles

Aviva, the UK's biggest insurer, has announced plans to restate its full-year 2003 and interim 2004 results to help give investors a clearer picture of the group's life insurance business - a move that will reduce the embedded value of its life insurance business for both periods by 5%.

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The company’s group chief executive Richard Harvey and FD Andrew Moss said that the changeover, in accordance with European embedded value accounting principles, would have no impact on group operating profits or new life business contributions. Aviva’s group annual results, to be unveiled on 9 March, will also be published under EEV principles, it said.

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