Zurich Financial Services has stated that its embedded value, revised for the adoption of the European Embedded Value (EEV) Principles, is $11.68 billion.
The revised figure is a 1.7% reduction on the previously quoted result of $11.88 million. However, life new business profit after tax increased by 22% from $333 million to $406 million.
The EEV Principles provide a framework to improve comparability and transparency in life insurance embedded value reporting across Europe. Zurich intends to use this system going forward.
Paul van de Geijn, CEO of Zurich Global Life said: These improved value and profitability measures provide better tools with which to manage our businesses. I am confident that, in concert with the process and efficiency transformation carried out since 2003, these tools will allow us to asses our results more accurately with the aim of maintaining our target levels of new business profitability while sustaining annual double digit growth in new business volume over our three year planning cycle.