Aviva France’s operating profit in accordance with British accounting standards and life figures with an intrinsic value amounted to €449 million (€442 million in 2001); on a statutory basis it rose to €315 million (€342 million).
Financial results hold up very well
All figures for both 2001 and 2002, are shown without CGU Courtage and Royal Saint George Bank.
Except for life figures with an intrinsic value and operating results to British accounting standards, the un-audited figures below are given in accordance with French accounting standards.
Aviva France
Aviva France’s operating profit in accordance with British accounting standards and life figures with an intrinsic value amounted to €449 million (€442 million in 2001); on a statutory basis it rose to €315 million (€342 million). The consolidated total turnover of €4.5 billion fell slightly (€4.6 billion in 2001).
Life business area
The operating profit of the Life business area, based on intrinsic values, amounted to €363 million (€358 million in 2001), an increase of 1 %. The total net profit amounted to €150 million (€180 million in 2001).
The gross turnover reached €3.4 billion (€3.7 billion in 2001), a fall of 6% in a difficult market. Important partnership agreements have been signed with Crédit du Nord and Médéric and will take effect in 2004 and 2003 respectively.
The Life business area’s actuarial provisions amounted to €39.8 billion (€39.0 billion on 31 December 2001), an increase of 2%.
Asset management
Aviva Asset Management managed €44 billion on 31 December 2002 (€42 billion on 31 December 2001) and is in the top 10 of France’s asset management companies. The performance of its UCITS put it in the top rank: on one year, on 31 December 2002, 54% of UCITS fell within the top quartile and 89% of the funds were ranked in the 1st and 2nd quartiles. On 3 years, 94% of UCITS fell within the top 2 quartiles.
Casualty and property business area
The combined ratio of the casualty and property business area improved to 102% (104% in 2001), an excellent level, particularly bearing in mind the difficult climate. The operating profit (British accounting standards) increased significantly to €90 million (€79 million in 2001).
The net profit of the casualty and property business area amounted to €23 million, the profit of €117 million in 2001 having benefited from substantial exceptional capital gains. The business area’s turnover reached €1,037 million (€983 million in 2001), a reflection of the increases made in rates.
| Key figures for Aviva France business areas: | ||||
| 2002 | 2001 | change 2002/2001 | ||
| Life business area | Total net profit: | €150 million | €180 million | |
| Gross turnover: | €3.4 billion | €3.7 billion | - 6% | |
| Aviva Asset Management | Net profit: | €9.8 million | €11.3 million | |
| Assets managed: | €44 billion | €42 billion | + 5% | |
| Casualty and property business area | Total net profit: | €23 million | €117 million | |
| Gross turnover: | €1.04 billion | €0.98 billion | + 6% | |
Aviva France has reported very high levels of profit in difficult circumstances characterised in particular by highly unfavourable financial markets. 2002, the year in which the Aviva brand was launched, saw the successful outcome of the group’s strategic repositioning marked by the disposal of CGU Courtage and the conclusion of important partnership agreements in Life.
Bernard Pottier, Chairman of the Board of Aviva France, stated: ‘The strategic repositioning, successfully completed in 2002, and the extremely important partnerships that we have entered into give Aviva the biggest life insurance distribution network in France. The group is in a strong position to meet the challenges of tomorrow with new blood in the management team that will be taking up the reigns at Aviva France from the end of April 2003’.
Press contacts:
Hervé Poreaux - Tel : 01 55 50 85 92 - herve_poreaux@aviva.fr
Sophie Le Blévec - Tel : 01 55 50 57 86 - sophie_leblevec@aviva.fr