Norwich Union International, Aviva's Dublin based offshore business, has reported a 36% increase in sales to €230.6 million for 2003 over 2002 figures.
Norwich Union International, Aviva's Dublin based offshore business, has reported a 36% increase in sales to €230.6 million for 2003 over 2002 figures. These sales include €11.1 million of offshore with-profit business.
With-Profit sales are reinsured into Norwich Union's with-profits funds in the UK and are shown there in the reported sales figures of the Aviva group.
Commenting on the increase, Clive Witter, managing director, Norwich Union International, said: "We received a sustained demand for our Sterling with-profit fund throughout 2003. We're particularly pleased with how the introduction of Euro and Dollar with-profit funds in March contributed to the increase in overall business for the year. We hope to see both of these trends continue, especially in light of our bonus rate improvements announced last week.
In 2004, we plan to build on this growth with the introduction of further product innovations, including the recent launch of our Core Funds Bond. The Core Funds Bond is a response to IFA demand and, for the first time, combines our most popular funds within a single product. A further first for Norwich Union International is that the bond provides a capital redemption option that will allow us to target corporate business more effectively".
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For further information:
Norwich Union International
Mike Gogan
00 353 1 802 8415
Financial Dynamics
Christine Wood
020 7269 7253