Aviva plc First Quarter 2005
Richard Harvey, group chief executive, commented:
"Our long-term savings business is prospering. We are delivering good growth while maintaining our focus on shareholder and customer value.
"Europe is Aviva's primary market and is delivering healthy margins in many markets including the UK, France and Spain. Sales are growing faster in continental Europe than the UK due to our developing distribution arrangements, in particular, in France and the Netherlands, and stronger market growth as a result of improving investor sentiment.
"We are growing in Asia where we are investing for long-term returns in this fast-developing region. Our combination of attractive savings products and strong local partners will be a powerful catalyst for growth."
- Total worldwide long-term new business sales1 including investment sales up 17%2 to £6,134 million (2004: £5,188 million)
- Worldwide life and pension sales up 17% to £5,659 million (2004: £4,795 million)
- Worldwide life and pension new business contribution up 18% at £197 million (2004: Ł166 million), with new business margin at 3.5% (full year 2004: 3.4%)
- Continental European sales up 31% to £3,270 million (2004: £2,486 million), now 58% of life and pension new business sales
- Worldwide bancassurance sales up 35% to £1,544 million (2004: £1,151 million)
1 All references to sales in this announcement refer to the present value of new business premiums unless otherwise stated. Present value of new business premiums (PVNBP) is the present value of new regular premiums plus 100% of single premiums, calculated using assumptions consistent with those used to determine new business contribution.
2 All growth rates quoted are at constant rates of exchange.
Enquiries:
Analysts/Investors:
Philip Scott, group executive director +44 (0)20 7662 2264
Gary Withers, chief executive, Norwich Union Life +44 (0) 1904 452827
Investor relations +44 (0)20 7662 8302