Embedded value of covered business

at 31 December 2010
 
R million Note  
2010
2009
Sanlam Personal Finance
   
21 488
19 884
Adjusted net worth
   
8 144
8 098
Net value of in-force covered business
   
13 344
11 786
Value of in-force covered business    
15 273
13 645
Cost of capital    
(1 695)
(1 694)
Minority shareholders’ interest    
(234)
(165)
Sanlam Developing Markets
   
3 952
3 479
Adjusted net worth
   
1 104
1 363
Net value of in-force covered business
   
2 848
2 116
Value of in-force covered business    
3 475
2 786
Cost of capital    
(267)
(307)
Minority shareholders’ interest    
(360)
(363)
Sanlam UK
   
638
665
Adjusted net worth
   
212
217
Net value of in-force covered business
   
426
448
Value of in-force covered business    
455
480
Cost of capital    
(29)
(32)
Minority shareholders’ interest    
Sanlam Employee Benefits
   
4 967
4 960
Adjusted net worth
   
4 573
4 569
Net value of in-force covered business
   
394
391
Value of in-force covered business    
1 286
1 300
Cost of capital    
(892)
(909)
Minority shareholders’ interest    
 
Embedded value of covered business
   
31 045
28 988
Adjusted net worth (1)    
14 033
14 247
Net value of in-force covered business 1  
17 012
14 741
Embedded value of covered business
   
31 045
28 988
(1) Excludes subordinated debt funding of Sanlam Life.