Investments

With the exception of fixed income securities of Jackson National Life and shares in subsidiary undertakings of the Company and associate undertakings of the Group, investments are shown at market value.

Properties are valued annually by the Group’s qualified surveyors or by professional external valuers, at market value. In accordance with UK SSAP 19 no depreciation is provided on the properties as the directors consider that as these properties are held for investment, to depreciate them would not give a true and fair view. Depreciation is only one of the factors reflected in the valuations and the amount which might otherwise have been shown cannot reasonably be separately identified or quantified.

Consistent with the valuation of liabilities, fixed income securities at Jackson National Life are carried at amortised cost, subject to provisions for permanent diminution in value.

Shares in subsidiary undertakings in the balance sheet of the Company are shown at the lower of cost or estimated realisable value. The Group’s interests in associate undertakings are carried at the Group’s share of net assets. For unlisted securities market value is estimated by the directors.