Change in Group equity value

for the year ended 31 December 2010
 
R million
2010
2009
Earnings from covered business(1)
5 057
4 421
Earnings from other Group operations
4 100
3 802
Operations valued based on ratio of price to assets under management
1 136
1 381
Assumption changes
137
177
Change in assets under management
622
807
Earnings for the year and changes in capital requirements
564
732
Foreign currency translation differences and other
(187)
(335)
Operations valued based on discounted cash flows
782
43
Expected return
301
306
Operating experience variances and other
34
(32)
Assumption changes
521
(174)
Foreign currency translation differences
(74)
(57)
Operations valued at net asset value – earnings for the year
56
143
Listed operations – investment return
2 126
2 235
Earnings from discretionary and other capital
165
(774)
Investment return
400
(334)
Intangible assets less value of in-force (VIF) acquired
(20)
(87)
Treasury shares and other
(153)
(244)
Change in adjustments to net worth
(62)
(109)
     
Group Equity Value earnings
9 322
7 449
Dividends paid
(2 112)
(1 978)
Shares cancelled
(1 234)
(615)
Cost of treasury shares acquired
372
930
Sanlam share buy back
(887)
Transfer to shares cancelled
1 234
615
Share incentive scheme and other
25
315
Change in accounting policy
(11)
Group Equity Value at beginning of the year
51 024
45 238
Group Equity Value at end of the year
57 361
51 024
(1)Refer to embedded value of covered business.