10 Deferred acquisition costs
Changes in deferred acquisition costs
| Investment contracts | Life insurance | Non-life insurance | Total | |||||
|---|---|---|---|---|---|---|---|---|
| 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | 2007 | 2006 | |
| Opening balance | 83 | 71 | 9,645 | 9,043 | 435 | 490 | 10,163 | 9,604 |
| Capitalised | 31 | 25 | 2,766 | 2,544 | 257 | 259 | 3,054 | 2,828 |
| Amortisation | –12 | –11 | –1,266 | –1,178 | –274 | –255 | –1,552 | –1,444 |
| Unlocking | –28 | –11 | –28 | –11 | ||||
| Effect of unrealised revaluations in equity | 43 | 43 | 43 | 43 | ||||
| Changes in the composition of the group | –5 | –5 | ||||||
| Exchange rate differences | –1 | –2 | –938 | –812 | 10 | –43 | –929 | –857 |
| Disposal of portfolios | –39 | 16 | –15 | –16 | –54 | |||
| Closing balance | 101 | 83 | 10,183 | 9,645 | 408 | 435 | 10,692 | 10,163 |
For flexible life insurance contracts the growth rate assumption used for calculating the amortisation of the deferred acquisition costs for 2007 is 6.6% gross and 5.6% net of investment management fees (2006: 7.6% gross and 6.1% net of investment management fees).