International - Asian businesses
We are encouraged by the progress made by our Asian businesses during 2004, with a number of further steps being taken to achieve our longer-term ambitions for expansion in a region where demand for long-term savings products is increasing steadily.
Singapore: Total sales through Aviva Singapore were £30 million (2003: £25 million) on an APE basis. This includes total single premium sales of £110 million (2003: £50 million), which benefited from a successful limited single premium product offer, launched during the third quarter. Aviva has a 55% market share of bancassurance regular premium new business and is the market leader in the developing broker market and employee benefits and healthcare business. The focus continues to be on higher margin regular premium business. Whilst not included in the new business figures, total Navigator sales include £9 million (2003: £5 million) of sales through Navigator Asia in Singapore.
Hong Kong: In addition to our successful partnership with DBS in Singapore, total sales through our partnership with DBS in Hong Kong continued to increase strongly to £16 million (2003: £2 million).
India: Sales on an APE basis from our joint-venture life business with Dabur Group were £14 million, ranking us eighth in this market. Our attributable 26% share of new business APE sales amounts to £3 million (2003: £2 million). Sales are through our bancassurance partnerships including Canara Bank, India’s second largest bank, and our 2,650 strong direct sales force. Bancassurance distribution has been strengthened in the quarter through the new partnership with the Punjab and Sind Bank.
China: Following the launch of our joint-venture life business, Aviva COFCO, in Guangzhou in 2003, total sales have continued to grow rising to £4 million (2003: £2 million). Our attributable 50% share of new business sales was £2 million (2003: £1 million). Operations commenced in Beijing and Chengdu, the provincial capital of Sichuan, in September, bringing to three the number of city licenses held by Aviva COFCO.
