Long-term savings Europe

Long-term savings Europe

In 2009, our European business, including Delta Lloyd, achieved a robust sales performance despite challenging market conditions across the region. Long term savings sales were 6% up at £18,704 million (2008: £17,716 million), a reduction of 2% on a local currency basis. Life and pensions sales were in line with prior year at £17,188 million (2008: £16,952 million), a 6% decrease on a local currency basis.

As we announced in October 2009, our strategy in Europe is two fold: firstly to make a ‘Quantum Leap’ in the performance of Aviva Europe, creating one market leading pan-European business from 12 federated businesses, and secondly the strategic management of our subsidiary Delta Lloyd, where Aviva now holds a 58% stake having raised €1.1 billion total gross cash proceeds following the IPO in November 2009.