London — On behalf of the European Insurance CFO Forum, Denis Duverne, CFO of the AXA Group and current chairman of the CFO Forum, presented the CFO Forum market-consistent embedded value (MCEV) principles at a launch event in London. Philip Scott, CFO of Aviva plc, supported Duverne and Hans Wagner, life chief risk officer of AXA group and chairman of the CFO Forum MCEV Working Group. The CFO Forum is a discussion group formed and attended by CFOs of European insurance companies (Aegon, Allianz, Aviva plc, AXA, BNP Paribas, CNP, Fortis, Generali, Hannover Re, IF P&C, ING, Legal & General, Mapfre, Munich Re, Old Mutual, Prudential, Scottish Widows, Standard Life, Swiss Re, Zurich FS). Its aim is to discuss issues relating to financial reporting developments for their businesses and how they can create greater transparency for investors. The CFO Forum was created in 2002.
The launch of the CFO Forum European Embedded Value (EEV) Principles in May 2004, together with additional guidance on disclosures in October 2005, addressed the treatment of guarantees and options and provided the insurance industry with improved sensitivities and disclosures within their financial statements. The CFO Forum publishes a new set of MCEVs, which the CFO Forum believes will bring additional consistency and improved disclosure.
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