Aviva plc: Worldwide long-term savings new business – 12 months to 31 December 2006
Aviva International
Italy:
Aviva Italy sales increased by 13% to £935 million (2006: £845 million) with UniCredit Group, Banche Popolari Unite and Banca delle Marche all having undertaken marketing initiatives in the quarter. This growth outperformed the Italian market, where total sales1 declined by 3% in the first two months of 2007.
Sales through the UniCredit Group were 12% higher at £581 million (2006: £528 million), benefiting from successful marketing campaigns. Banche Popolari Unite achieved sales growth of 37% to £264 million (2006: £196 million) boosted by successful marketing campaigns and strong sales of regular premium creditor protection insurance business. Sales through the Banca Popolare Italiana Group network were £60 million (2006: £100 million), reflecting delayed marketing campaigns, which were affected by the merger between BPI and BPVN. Sales through Banca delle Marche were significantly higher at £21 million (2006: £14 million) as a result of successful marketing campaigns.
New business contribution increased to £26 million (2006: £21 million), reflecting the strong growth in sales and an increased margin of 2.8% (2006: 2.5%) due to a higher proportion of regular premium sales.
Long-term growth potential remains strong and Aviva Italy continues to develop its bancassurance partnerships. The timing of marketing campaigns and new product launches will vary throughout the year with some resulting volatility in sales levels each quarter.
- Market sales growth is calculated using the volume measure, single plus annualised regular premiums.
