Aviva France’s operating profit on an EEV basis totals €468M (2003: €381M), up 23%; according to the MSB (UK generally accepted accounting principles), the trading result stands at €323M (2003: €295M), an increase of 9%.
With the exception of operating income calculated in line with UK standards, the unaudited figures presented below are expressed in accordance with French accounting standards.
Aviva France
Aviva France’s operating profit on an EEV1 basis totals €468M (2003: €381M), up 23%; according to the MSB2 (UK generally accepted accounting principles), the trading result stands at €323M (2003: €295M), an increase of 9%.
Gross consolidated turnover, at €5.3 billion, rises 23% (€4.4 billion in 2003).
1 figures based on the EEV (European Embedded Value)
2 figures according to the MSB (Modified Statutory Basis)
Life insurance: outperforming the market
New life and savings business are up 29% to €3,702M (2003: €2,874M), in a market that has seen an overall rise of 13%. These figures include the new Antarius business, from the partnership with Crédit du Nord which began on 1 October 2004, and is worth 160 million euros.
Excellent performance of unit-linked products, up 92% across the Aviva network, highlighting the appeal of these products to our customers.
Excluding AFER, new savings business stands at €1,296M, including Antarius which accounts for €160M, and has risen by 23%, thanks to the efficiency and expertise of our sales networks.
Sales of regular premium products have improved substantially: +24% in 2004. This includes PERP (popular retirement savings plan) revenue of €11M and 3,600 contracts sold. At 1,600 euros, the average premium of the PERPs bought is four times higher than the average market premium, in line with our strategy.
AFER production, at €2,345M (+33% compared with 2003), has been extremely buoyant with a remarkable performance of +207% in the unit-linked market.
The mathematical reserves for the life branch are €50 billion (€43 billion at 31 December 2003), showing a rise of 17%. The surplus capitalisation and dividend reserves stand at €515M and €358M respectively (against €462M and €306M at the end of 2003).
Asset management: sustained excellence
In 2004, Aviva Gestion d’Actifs maintained its excellent financial management performance, which has been rewarded with a number of prizes (Victoires from la Tribune, the Gold and Silver Laurels from Investir Magazine, Trophies from Revenu, etc.).
Aviva Gestion d’Actifs managed €60M at 31 December 2004 (€49M at 31 December 2003). Over five years, at 31 December 2004, 84% of the funds managed were ranked in the 1st and 2nd quartiles.
Non-life insurance: a solid performance
The combined ratio in the non-life branch is 101%.
The gross turnover of the non-life branch stands at €1.05 billion (€1.00 billion in 2003), revealing growth of 5%. 2004 was marked by both the continued growth of the commercial network, with the recruitment of 80 general agents, and the implementation of the "Agent Portal", a new workspace integrating customer relationship management, which is now accessible to 843 Aviva agents.
Press contacts:
Hervé Poreaux - tel: 01 76 62 85 92 - herve_poreaux@aviva.fr
Sophie Le Blévec - tel: 01 76 62 57 86 - sophie_leblevec@aviva.fr
Notes to editors:
- Aviva is one of Europe’s leading providers of life insurance and pensions with strong positions in other markets around the world. Aviva is the world’s fifth-largest insurance group based on gross premiums at 31.12.04.
- Aviva operates in three main areas: life insurance and long-term savings, asset management and non-life insurance. Its annual premium income totals almost Ł33 billion and its managed assets stood at more than Ł273 billion on 31.12.04.
- Press releases are available on the www.aviva.com and www.aviva.fr websites.
- On Monday 7 March 2005, Aviva France moved to a new address: 80 avenue de l’Europe 92270 Bois-Colombes – tel: +33 (0)1 76 62 5000