News
Aviva plc: Worldwide long-term savings new business nine months to 30 September 2004
29 October, 2004
- Worldwide long-term savings new business sales up 13% to £11,961 million (2003: £10,760 million), with 11% growth in UK and 17% growth in our Continental European businesses
- Worldwide life and pension sales on an APE basis up 7% to £1,847 million (2003: £1,745 million)
- Worldwide new business contribution up 13% at £487 million (2003: £437 million), with new business margin of 26.4% (2003: 25.0%)
- Total bancassurance sales up 11% to £2,839 million (2003: £2,617 million)
- Worldwide investment sales up 31% to £1,126 million (2003: £871 million)
- Annual premium equivalent (APE) is the UK industry's standard measure of new regular premiums and 10% of single premiums.
- All growth rates quoted are at constant rates of exchange.
Richard Harvey, group chief executive, commented:
“Once again we have delivered good sales growth and improved new business profitability. We will continue this rigorous focus on profitable growth across our businesses.
“There have been strong performances in the UK, France and the Netherlands, while in Italy and Spain underlying sales are up despite less favourable market conditions.
“We have a unique bancassurance capability. Sales from this channel were up 11% with a particularly good performance from our agreement with ABN AMRO in the Netherlands. Our new joint venture with Crédit du Nord in France also started earlier this month.
“We’ve taken further steps this quarter towards our long-term ambition to be a significant player in the Asia life market with two new offices opened in China and a new bancassurance relationship with Punjab and Sind Bank in India.”
| Financial highlights | 9 months to 30 September 2004 | 9 months to 30 September 2003 | Local currency growth |
|---|---|---|---|
| Total life and pension new business sales | £10,835 m | £9,889 m | 11% |
| Total investment sales | £1,126 m | £871 m | 31% |
| Worldwide long-term savings new business sales | £11,961 m | £10,760 m | 13% |
| Life and pensions new business sales on an APE basis | £1,847 m | £1,745 m | 7% |
| Investment sales on an APE basis | £129 m | £98 m | 33% |
| Worldwide long-term savings new business sales on an APE basis | £1,976 m | £1,843 m | 9% |
| New business contribution – life and pensions business | £487 m | £437 m | 13% |
| New business margin before cost of capital | 26.4% | 25.0% |
Enquiries:
Analysts/Investors:
Philip Scott, group executive director
+44 (0)20 7662 2264
Steve Riley, investor relations director
+44 (0)20 7662 8115
Media:
Hayley Stimpson, director of external affairs
+44 (0)20 7662 7544
Sue Winston, head of group media relations
+44 (0)20 7662 8221
Robert Bailhache, Financial Dynamics
+44 (0)20 7269 7200
There will be a conference call today for wire services at 7:45am (UK time) on +44 (0)20 7019 9509. This conference call will be hosted by Philip Scott, group executive director.
There will be a conference call today for analysts and investors at 9:30am (UK time) on +44 (0)20 7984 7582. This conference call will be hosted by Philip Scott, group executive director.
Replay will be available for two weeks until 12 November. The dial in number for replay is +44 (0)20 7984 7578 and the pass code is 891117.
