The firm claims it will be the first European life insurer to implement the EEV prin-ciples fully. The move will have no material effect on profits or dividend-paying capacity but will increase disclosure levels of its capital requirements, the cost of options and guarantees and key economic and operating assumption sensitivities. Group finance director Andrew Moss says the restated embedded value incl-udes a deduction of 132m last June for the cost of funding the life element of its pension fund deficit. The overall impact on the embedded value is a reduction of less than 5 per cent at each of the group’s quarterly reporting dates, he stresses. Moss says: “There is no change to the reporting basis for our statutory results, the regulatory capital position or our dividend paying capacity.” “As the EEV principles are adopted across the European insurance sector there will be greater transparency and comparability for investors.” Lord Sharman of Redlynch has been appointed as an independent non-executive director of ABN Amro. He was chairman of KPMG International until he retired in 1999 and is currently chairman of Aegis Group and deputy chairman of Group 4 Securicor and a member of the supervisory board of ABN Amro.