Analysis of return on embedded value (ROEV) Dec Dec 2012 2013 Annualised Rm Rm ROEV Expected return – unwind of RDR 1 006 1 138 6.8% Operating experience variances 504 378 2.2% Embedded value from new business 340 378 2.2% Investment return on adjusted net worth 507 583 3.5% Investment variances 989 1 178 7.1% Non-covered (excl basis changes) (38) 44 0.2% Total (excl assumption changes) 3 308 3 699 22.0% Operating assumption changes (398) (68) (0.3)% Economic assumption changes 185 (213) (1.3)% Total return on embedded value 3 095 3 418 20.4%