Aviva France group disposed of its holdings in Société Foncière Lyonnaise to Inmobiliara Colonia SA on 9 June 2004.
Aviva France group disposed of its holdings in Société Foncičre Lyonnaise to Inmobiliara Colonia SA on 9 June 2004.
The figures presented incorporate 5 months of SFL results.
- Premium income net of reinsurance was €2,560.3m (2003: €2,224m), an increase of 15%.
- On an achieved profit basis, operating profit grew by 23% to €195m against €158.6m in 2003. On a modified statutory accounting basis, the pre-tax operating profit was €149.7m against €137.5m in 2003.
Life Assurance: Return to Unit Linked Policies
- New life business up by 22% to €1,779.9m (2003: €1,453.3m)
Production has been maintained by the development of unit-linked products, up by 160% compared with the first half of 2003, while euro funds were stable at +3%. AFER (French Savings and Retirement Association) has grown by 35% to €1205.1m (€895.1m in 2003) thereby revealing the return of confidence among AFER members after the renewal of the agreements between Aviva and the Association.
These figures as a whole are the result of the efforts of our sales teams to provide Aviva clients with information and advice and confirm the change in the attitude of savers toward unit linked products.
Liability Insurance: COR** maintained at 100%
- Premium income net of reinsurance rose to €564.7m (2003: €549.4m), an increase of 3%
- Combined ratio of indemnity insurance activity excluding health was 100.2%
The results reflect the efforts of the Aviva France indemnity insurance team who have improved control of the technical results of the portfolio, evidenced by maintaining a COR of 100%.
Gross premiums grew by 7%, maintained by favourable tax changes, while new business was up and lapses down, a result of the commercial energy of the Agents Généraux Aviva network. The increase in reinsurance cover has resulted in growth in net premiums to 3%.
Aviva Asset Management
- Assets under management on 30 June 2004: €51bn (€49bn on 31/12/03)
At a special event last February, Aviva Asset Management was awarded the Tribune/Standard & Poor's Gold Trophy for the best wide-range fund manager over one, three and five years.
**COR: combined operating ratio
Notes to editors
- Aviva is the largest insurance company in the United Kingdom, one of the leading life assurance companies in Europe and occupies strong positions in other markets throughout the world. On the basis of gross insurance premiums, Aviva is the world’s fifth largest insurers.
- Aviva carries on three main businesses – life assurance and long-term savings, asset management and indemnity insurance. Its annual premiums are almost Ł30bn and, on 31 December 2003, assets under management amounted to Ł240bn.
- Société Foncičre Lyonnaise (SFL): On 9 June 2004, the Aviva France group disposed of its 31.4% holding in SFL to Inmobiliara Colonial SA for €427m.
Press releases are available at the web sites www.aviva.com and www.aviva.fr
Press contacts:
Hervé Poreaux
tel: 01 55 50 85 92
hervé Poreaux@aviva.fr
Sophie Le Blévec
tel: 01 55 50 57 86
sophie_leblevec@aviva.fr