Table of Contents
Understanding the share price moves ...................................3
Share prices and CDS reflected market estimates of the risk    4
Discounting future profits .......................................................5
Valuation in current markets — why not EV based ...............7
Capital preservation more valuable than long term upside..8
Risk and solvency of firms will return into focus..................8
How we have adjusted tangible NAV......................................9
Hybrid debt investments — they don’t call ..........................13
The hybrid debt capital trap ..................................................16
What credit provisions have been made by UK insurers....20
Solvency buffers.....................................................................21
The Turner Review .................................................................24
Aviva........................................................................................25
Legal & General ......................................................................35
Prudential................................................................................39