Ireland

Current position

Largest composite insurer in Ireland
Combined Hibernian/Ark business ranks third in life and pensions market with 17% market share, and first in GI with 20% market share
Integration with AIB complete with all sales now on single new business platform
Life: broad product range with new funds launched in 2008 including the Safe Haven Fund
GI: Sales of motor insurance launched via AIB’s website
Acquisition of 70% of VIVAS completed, giving access to healthcare market

Sales (PVNBP basis) down 27% to £1.3bn due to reduced demand for unit-linked products, as customers deterred by volatile equity markets
Life MCEV operating profit down 8% to £78m (2007: £85m)
Decrease in IFRS life operating profit to £61m (2007: £73m) reflecting costs for migration to new IT systems
GI COR of 103% (2007: 80%) due to increased claims frequency and a number of large claims
Health contributed £5m IFRS operating profit and £19m NWP
The number of lives insured by Health has increased by 30% since acquisition

Rebrand Hibernian to Aviva over the next two years
Increase operational efficiencies and reduce costs
Life: capture market opportunities through our strong broker network and bancassurance
Optimise our sales volumes consistent with our focus on prudent capital management and seeking the greatest returns on capital
Health: grow the health business to triple membership
GI: continue to develop our internet presence to ensure our distribution remains a competitive advantage