Other international businesses
Australia: Total life and pension sales on an APE basis were higher at £61 million (2003: £58 million) which includes growth from Aviva's corporate pension product. Sales of investment products in the region have improved as a result of more positive investor sentiment towards equity markets, with unit trusts sales of £243 million (2003: £98 million). While not included in the new business figures, sales of Navigator increased to £648 million (2003: £617 million), also benefiting from improvements in product offerings and a more competitive fee structure.
United States: Total life and pension sales have benefited from a strong fourth quarter, ending the year at £359 million (2003: £538 million). Sales levels, compared to the prior year, reflect the reduction in fixed annuity sales due to the low interest rate environment, during which Aviva continues to maintain pricing disciplines and revise product terms as appropriate.
