Poland
Aviva's Polish operations reported a pleasing performance with life and pension sales up 46% to £91 million (2003: £64 million). Mutual fund sales were lower at £77 million (2003: £110 million), reflecting investor caution following the strong stock market performance which benefited 2003 and more attractive returns on bank deposits following interest rate rises in the second half of the year.
Life sales increased to £55 million (2003: £41 million), reflecting increased demand for single premium investment products. Pension sales were higher at £36 million (2003: £23 million), benefiting from sales through the State Agency to members of the workforce without a chosen pensions provider.
CU Polska remains the market leader in individual life and private pensions with a 14.4% share of the life market measured by total premium income in the nine months of 2004, and a 28% share of the private pensions market measured by total assets under management.
