In accordance with UK accounting standards,1, Aviva France's operating profit stands at €295m (€287m in 2002); at €4.4bn, the total consolidated turnover is up 5% (€4.2bn in 2002 2).
Apart from the operating results which are expressed in accordance with UK standards, the unaudited figures below are expressed in accordance with French standards.
Aviva France
In accordance with UK accounting standards,1, Aviva France's operating profit stands at €295m (€287m in 2002); at €4.4bn, the total consolidated turnover is up 5% (€4.2bn in 2002 2).
1 – life figures as per the "MSB - modified statutory basis".
2 - 2002 pro forma: after CGU Courtage and Group Insurance portfolio transfers.
Life
New life business, excluding AFER, has risen 13%, in particular thanks to the range of products offered (French individual life insurance market: + 8%).
AFER sales, up 2% for the year, have not fully benefited from the favourable market conditions. Activity did, however, pick up quite considerably towards the end of the year (up 25% in the month of December), following the implementation of a new agreement between Aviva and the AFER association.
The mathematical reserve for the life insurance branch increased to €42.7bn (€39.8bn on 31 December 2002), a rise of 7%. The reserves for capitalisation and profit participation stand at €464m and €347m, respectively (against €425m and €268m at the end of 2002).
Asset management
Aviva Gestion d'Actifs kept up its excellent financial management in 2003, receiving numerous awards for the performance of its funds.
On 31 December 2003, Aviva Gestion d’Actifs was managing assets worth €49bn (€44bn on 31 December 2002). Over three years, on 31 December 2003, 94% of the funds managed ranked in the 1st and 2nd quartiles.
Non-life
The combined ratio for general insurance is 102%, despite a particularly unfavourable climate at the end of the year.
The gross non-life turnover stands at €1bn, representing organic growth of 5%. 2003 was also marked by renewed development of the distribution network, with agent recruitment being stepped up.
For the third consecutive year, in 2003, Aviva France achieved excellent results based on UK accounting standards. In accordance with French standards, the group’s financial soundness is illustrated by strengthening of the capitalisation and profit participation reserves, the absence of a provision for collectibility risk and the modest size of its provision for depreciation.
Bruno Rostain, chairman of Aviva France’s executive board, said: "The Group has a very sound financial base and is in a good position to profit from the new momentum generated by the partnership with AFER and the upcoming partnership with Crédit du Nord, set for the 4th quarter of 2004. Aviva France will also benefit from steps taken to improve its operating and commercial efficiency."
Press Contacts:
Hervé Poreaux - tel: +33 1 55 50 85 92 - herve_poreaux@aviva.fr
Sophie Le Blévec - tel: +33 1 55 50 57 86 - sophie_leblevec@aviva.fr
Notes to editors:
- In Europe, Aviva is one of the leading life insurance companies with strong positions in various markets around the world. Aviva is the world’s 7th largest insurance company in terms of gross insurance premiums.
- Aviva operates in three main areas: life insurance and long-term savings, asset management and non-life insurance. Its annual premiums total almost Ł30 billion and its managed assets stood at more than Ł240 billion on 31 December 2003.
- Press releases are available on the www.aviva.com and www.aviva.fr websites