Aviva UK Life
Current position
- A leading UK Life company, with 11.3% market share at FY 2008
- Broad Product reach, top three position in key markets
- Continue to develop our service proposition with the aim of it becoming a key differentiator
- Worked with policyholder advocate to restructure the Inherited Estate Reattribution offer
- Uniting under global brand — rebranded to Aviva from the beginning of June 2009
Performance FY 2008
- Life and pensions sales, up 1% to £11,858m, with growth maintained for 3rd consecutive year
- New business contribution at £204m (2007: £278m)
- New business margin at 1.7% (2007: 2.4%)
- Strong performance from the RBSG joint venture with life & pension sales up 3% and long-term savings sales up 1%
- Life MCEV operating return up 7% to £883m as the focus on the control of persistency and costs was maintained
- IFRS life operating profit 4% higher at £751m including benefit of special distribution and expense savings
Distribution
- Strong multi-distribution capability through:
- Bancassurance joint venture with the Royal Bank of Scotland Group
- Strong Partnerships eg CIS, Post Office
- Leading provider to IFAs eg Bankhall, Sesame, Tenet and SimplyBiz
- Growing corporate channel — 17% of total new business in 2008 (2007: 8%)
- Migrate Collective Investment administration platform to IFDS to further simplify our business, increase efficiency and create an easier business for ourselves and our customers.
Strategy
- Grow in line with the market, and provide returns to meet customer and shareholder expectations
- Disciplined financial management and capital optimisation
- Innovative development of new products and propositions
- Build on our broader distribution reach through the corporate channel
- Continue to simplify our business operating model
- Deliver a zero expense overrun in 2009
- Continued focus on customer retention to maximise value