Aviva plc: Worldwide long-term savings new business – 12 months to 31 December 2006
Italy:
Aviva Italy achieved strong underlying growth in 2006 with total new business sales, up 22% to £2,768 million (2005: £2,294 million, including one-off single premium direct sales of £123 million). Aviva Italy substantially outperformed the Italian market which declined by 9%1.
Aviva Italy’s joint venture with the UniCredit Group continues to be one of the most successful bancassurers in Italy and total sales have increased by 79% to £1,381 million (2005: £778 million) benefiting from access to additional branches in the UniCredit Group network and an increase in the proportion of regular premium business.
Sales through Banche Popolari Unite were higher at £682 million (2005: £648 million), driven by a focus on regular premium business that included the introduction of new products and marketing campaigns.
Sales through the Banca Popolare Italiana Group network were £554 million (2005: £530 million), boosted by successful marketing campaigns that took place in the final quarter of the year.
Sales through Banca delle Marche were lower at £78 million (2005: £178 million, including one-off single premium direct sales of £43 million), following a reduction in sales of regular premium products.
Aviva Italy is well placed for future growth and it will continue to develop its bancassurance relationships. However, as in previous years, quarterly sales will continue to vary due to the timing of marketing campaigns with banking partners and new product launches.
- Based on new business premiums for the eleven months to the end of November 2006.
