Worldwide long-term savings new business, Year to 31 December 2001
22 January, 2002
- Full year worldwide long-term new business sales up 10% to £15 billion
- Full year worldwide APE* up 12% to £2.5 billion and fourth quarter APE* up 23% to £741 million
- Record quarter for worldwide long-term new business sales up 21% at £4.5 billion
- Full year UK life and pension sales up 10% at £7.3 billion (on an APE* basis up 30% to £1.3 billion)
- Continental European life and pension sales up 39% to £5.5 billion, representing 41% of total life and pension sales
* Annual premium equivalent (APE) is total of new regular premiums and 10% of single premiums
All growth rates are quoted at constant rates of exchange
Richard Harvey, Group Chief Executive, commented:
"In 2001, our first full year as a merged company, we achieved record long-term new business sales up 10% to £15 billion. This growth, and particularly the excellent growth we achieved in the fourth quarter, is pleasing given challenging market conditions. From strong market positions, our businesses have outperformed their local markets in 2001.
"As the market leader in the UK, we achieved record long-term new business sales of £8.1 billion. These excellent results demonstrate the strength of the Norwich Union brand and our UK life business.
"Our Continental European businesses achieved full year life and pension sales of £5.5 billion (2000: £4.0 billion) with sales in the fourth quarter of £1.8 billion (2000: £1.2 billion). Our businesses in France, Ireland and the Netherlands saw continued organic growth reflecting the strength of their broad product offerings. In Spain and Italy our bancassurance partnerships produced strong new business sales of £1.7 billion (2000: £0.4 billion) driving total sales to £1.9 billion in 2001. We are well placed to continue this momentum into 2002.
"The initiatives we have taken worldwide to develop our business and build a multi-distribution capability position us for further progress in 2002."
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
Alex Child-Villiers, Financial Dynamics +44(0)20 7269 7107
There will be a conference call today for wire services at 7.45 am on +44(0)20 8781 0577 and for analysts and investors at 9.30am (UK time) on +44(0)20 8781 0576. Both conference calls will be hosted by Philip Scott, Group Executive Director. Replay will be available for 1 week until 29 January. The dial in number for replay is +44(0)20 8288 4459 and the pass code is 645332.
