Norwich Union has reported strong sales of bonds and collective investments to Q3 2006.
- Collective sales up 96%. Bond sales rise 36%
Norwich Union has reported strong sales of bonds and collective investments to Q3 2006.
Sales of collective investments were substantially improved with sales to date increasing by 96% to Ł1,673 million – almost double those achieved in the same period last year (2005: Ł855 million).
Bond sales for the first nine months of 2006 were strong and rose by 36% to Ł2,532 million (2005: Ł1,860 million). The introduction of a market-leading inflation protected guarantee has also resulted in a 54% growth in with-profit bond sales to Ł552 million (see notes to editors). Unit linked bond sales rose 29% to Ł1,808 million.
Neil Davies, director of marketing investments at Norwich Union, said: “Norwich Union’s investments team has been working hard to improve the range of investment products we offer to customers and distributors – and that hard work is paying off.
“We have built on the strengths of Morley, launched new funds and recruited top-quality people to the team in York and across other areas of Norwich Union. I’m particularly pleased with the growth in sales in our collective investment business, which underlines the success of Norwich Union’s strategy of widening its collective investment range and strengthening its consumer offering.
“Also, of particular note, is the success we are having in marketing our with-profit proposition highlighting the importance of this type of investment as part of a portfolio, together with the attractive guarantee we are offering. We have also made further significant improvements to the Portfolio life bond and investors can now choose from a range of nearly 140 funds.”
In the past 18 months Norwich Union has:
- Launched the Norwich UK Special Situations fund, managed by Schroders
- Added 61 funds to Portfolio Life bond
- Launched the Norwich UK Growth and Value fund, managed by JPMorgan Asset Management
- Added unique Inflation Protected Guarantee to with-profits bonds
- Launched four manager of managers funds, managed by Aon Asset Management
- Added three fund of funds, managed by IMS, to its Isa range.
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Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617 Out of hours 07800 699526
Notes to editors:
About inflation protected guarantee
The with-profits inflation protected guarantee - launched on 30 January 2006 - protects customers’ original investments and tracks the Retail Price Index (RPI). The guarantee means that investors who keep all their money invested for at least five years will either benefit from the growth in the with-profit fund or get back at least what they paid in – plus inflation.
About Norwich Union
Norwich Union is the UK’s largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union is the UK’s largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union’s news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.