Title: Long-term savings Title: Fund Management Title: General insurance
Our credentials
Our strategy is to grow this business aggressively and profitably by building strong positions in our chosen markets. Aviva is one of the leading life and pensions providers to Europe. We are the largest company in the UK long-term savings and Spanish life markets. We are among the top five in the Netherlands, Ireland, Poland, Turkey and Singapore, among the top 10 in France, Italy, Belgium, Romania and Australia, and have significant operations in the United States and Germany. We have also established businesses with great long-term potential in India and China.		 Our credentials
We continue to develop our presence as a leading international fund manager, with worldwide assets under management of around £240 billion. We are the second-largest UK-based fund manager, among the top five in Ireland and the Netherlands, and a top-five master trust in Australia through Navigator. We also have a significant business in France. This in-house expertise aims to generate superior investment performance for shareholders, policyholders and institutional clients, and supports our long-term savings businesses by investing funds on their behalf.		 Our credentials
Rigorous cost control, disciplined underwriting and excellent customer service are at the core of our general insurance business. We aim to deliver high-quality earnings from market-leading positions in personal insurance and selected commercial lines. Our sustained profitability gives us a solid platform to provide high-quality service, strengthen relationships with our customers and broaden our range of propositions. Aviva is the leading general insurer in the UK and Ireland, the second-largest in Canada, and among the top five in the Netherlands and Singapore. We also have a significant business in France and an extensive insurance network in Asia.
Performance Performance Performance
Long-term savings £1,555 million operating profit before tax from continuing operations, including life achieved profit Fund management £10 million operating profit before tax from continuing operations, including life achieved profit General insurance £911 million operating profit before tax from continuing operations, including life achieved profit
Operating profit before tax from continuing operations, including life achieved profit Operating profit before tax from continuing operations, including life achieved profit Operating profit before tax from continuing operations, including life achieved profit
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Geographical analysis of net premium and investment sales from continuing operations Geographical analysis of net premium and investment sales from continuing operations Geographical analysis of net premium and investment sales from continuing operations
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Five-year trend for performance Five-year trend for performance Five-year trend for performance
Developments in 2003 Developments in 2003 Developments in 2003
• Strengthened our market position in many countries, becoming the largest life insurer in Spain after considerable growth in just a few years. • Greater efficiencies achieved within Morley Fund Management through increased centralisation of our international equity fund management expertise. • Third consecutive year of improvements as we achieved a combined operating ratio from continuing operations of 100%.
• Life and pension new business sales were
£13.3 billion, including a 3% increase in continental European sales to
£6.6 billion, mostly driven through bancassurance.		 • Ground-breaking investment administration service being set up by Morley with JPMorgan Investor Services. • Continued investment in the development of innovative, tailored propositions such as digital flood mapping, Pay As You DriveTM and Norwich Union Rescue vehicle breakdown service.
• Bancassurance joint venture with ABN AMRO in the Netherlands became operational, contributing £227 million to total sales. • Excellent investment performance in France again earned a large number of awards from the financial press. • Shared service initiatives helped keep costs down and improved claims handling and standards of customer service across the group.
• Joint ventures in India and China both made good progress in their first full year of operation, in markets with huge long-term growth potential. • Healthy fund performances, strong demand and third-party distribution arrangements contributed to increased assets under management of £34 billion in the Netherlands. • Aviva Canada launched its first corporate partnership with supermarket chain Loblaws, under the highly regarded President’s Choice brand.
• Substantial improvement in customer service in the UK reflected in a three-star rating at the Financial Services Awards and other industry accolades. • Navigator added new funds to enhance the range of investment choices available to financial advisors and their clients in Australia. • Call and claims processing centre in India became operational, delivering cost and service benefits to our UK business and other operations.
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Business overview