Italy
Current position
- Sixth position in the market with a strong bancassurance presence
- Market leading expense ratio through efficient central bancassurance platform
- Growing agent and independent financial advisor network
- Acquisition of UBI Assicurazioni Vita SpA completed in June 2008
FY 2008 Performance
- PVNBP sales down 22% to £2.3bn reflecting difficult market conditions and timing of marketing campaigns
- New business margin of 3.0% (2007: 2.6%) reflecting a focus on the more profitable credit protection business
- Life MCEV operating return of £131m (2007: £138m)
- IFRS operating profit of £48m (2007: £78m)
- Strong growth in GI NWP reflecting new bancassurance agreement with Banco Popolare
Distribution
- Distribution agreement with Banco Popolare completed
- Strong contribution of UBI Vita since acquisition
2008 PVNBP
Strategy
- Optimise our sales volumes consistent with our focus on prudent capital management and seeking the greatest returns on capital
- Expand bancassurance relationships
- Strengthen relationships and increase penetration with existing partners
- Continue to develop agent and independent financial advisor network
