Netherlands (including Belgium and Luxembourg)
Delta Lloyd, a top-five life and pensions business in the Netherlands, achieved strong growth across all major product lines during the year, with a 32% increase in total life and pension sales to £1,279 million (2003: £989 million). Within this total, sales through the joint venture with ABN AMRO grew by 7% to £238 million (2003: £227 million), with a 33% increase in sales on an APE basis to £65 million (2003: £50 million).
Total pension and annuity sales increased by 28% to £716 million (2003: £569 million), including 30% growth in group pensions to £441 million (2003: £344 million). Delta Lloyd continues to target group pensions business and sales through the intermediary business were particularly strong in the fourth quarter. Sales tend to be variable quarter on quarter due to the size and timing of contracts, with a particular focus on the end of the year. Growth in annuity sales has been steady over 2004, as market pricing disciplines have improved.
Total life product sales rose by 37% to £563 million (2003: £420 million), with improved sales of single premium savings policies in Belgium and through the direct operations in the Netherlands. Bond and saving products sold through ABN AMRO continue to be successful, particularly regular premium sales. Unit-linked products continue to be attractive to investors as equity markets stabilise. Investment sales were £196 million (2003: £204 million).
