Other Europe
Sales for Other Europe businesses increased by 59% to £224 million (2004: £139 million). This includes total sales in Germany of £115 million (2004: £78 million), which benefited from a late influx of endowment product sales immediately ahead of the change in tax law at the start of 2005, with some residual benefit following through into the first quarter.
In Turkey, where we are a top-five insurance provider, total new business sales increased to £39 million (2004: £28 million), continuing to reflect good levels of regular premium sales in the personal pensions market. In Portugal, total new business sales increased to £13 million (2004: £10 million) benefiting from improved performance from the partnership with the banking group BNC and increased demand for savings products.
Sales through Norwich Union’s Dublin-based offshore life and savings business were £43 million (2004: £17 million). Sales of Luxembourg UCITS increased to £110 million (2004: £27 million) as a result of improved investor sentiment and further development of the broker relationships and distribution channels. This includes £80 million (2004: £28 million) of sales through the Italian representative office, set up at the end of 2003.
