Strengthening... our position as a leading financial services company
Pehr Gyllenhammar
Chairman
Delivering...
improved shareholders’s return
Richard Harvey
Group chief executive
Growing...
our business in new markets
Expanding our businesses in Asia. Our operations in key Asian markets offer us excellent opportunities for growth in the long term.
We have a leading presence in the bancassurance market in Singapore and our recently launched businesses in India and China are gaining customers and developing well.
Long-term savings financial highlights
- Increased long-term savings new business sales, higher at £17.2 billion
- Operating return from our long-term savings businesses rose to £1,611 million
- Continental European businesses account for around half of total life and pension new business sales and over half of life operating return
- Operations in Eastern Europe and Asia offer large potential for growth over the longer term
Forming...
new partnerships
Our first bancassurance agreement in France. Our new agreement with Crédit du Nord gives us exclusive distribution of life products through its 600 branches, and an important presence in a key distribution channel in France.
Long-tem savings operational highlights
- Committed to delivering excellent service to our customers and driving best practice throughout our business
- Good standards of customer service across our life businesses recognised by a number of awards received during 2004
- Strong multi-distribution capability is a fundamental part of offering choice and excellent service to our customers
- Distribution model continues to evolve as our markets develop
Building...
on our areas of expertise
Expanding our property funds into Europe. Morley Fund Management plans to roll out its successful UK property fund management business into continental Europe, with a focus on countries in Southern and Central Europe.
Morley Fund Management was the winner of Property Week’s 2004 property fund manager of the year award.
Fund management highlights
- We are the second-largest UK-based fund manager, among the top five in Ireland and a leading fund manager in the Netherlands
- One of Australia's largest investment platform providers and a significant operation in France
- Retail investment sales up 44% to £1,629 million. Assets under management increased to £273 billion
- Aviva Gestion d'Actifs achieved over 65% of its funds in the top quartile for returns over three years
- Morley Fund Management won Property Week's 2004 property fund manager of the year award
Offering...
our customers new and innovative products
Norwich Union has begun the roll-out of its revolutionary flood map. The new digital map is the largest and most accurate ever undertaken in Britain and is being used to pinpoint the risk of river flooding to individual properties.
We estimate that more than 600,000 properties in flood risk areas could now qualify for insurance due to the information provided by the flood map.
General insurance highlights
- Leading general insurer in the UK and Ireland, the second largest in Canada, a top-five position in the Netherlands and a significant business in France
- Worldwide operating profit significantly higher at £1,329 million
- An excellent COR of 97%, beating our group target
- High standards of customer service – winner of UK awards for best insurer for service and general insurer of the year
