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| "We have strong prospects for future growth and improving profitability" |
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Outlook
UK regulatory changes surrounding business conduct will be finalised within the next 12 months. This will end a period of uncertainty for customers and providers alike, and will allow the industry to look forward with greater confidence.
We are undertaking new initiatives to improve cost efficiency. The impact of our actions to date has not yet been fully realised and we expect to see more benefit coming through to the profit line in 2005.
We continue to place profitable business ahead of volume growth. Our dedicated sales force, strong relationships with independent advisers and our bancassurance partnerships give us excellent prospects for both long-term growth and improved profitability. The focus of our general insurance business on personal and small commercial lines means we are less exposed to volatility in the market. We are confident of achieving our COR target of 100% across the group for each of the next three years to 2006.
Our business mix, geographical diversity and distribution capability make Aviva the European life assurer best placed to capture an upturn in sales as confidence returns to consumer savings markets. |
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