Aviva Australia today announced record sales results for 2007 across its protection business and Navigator platform with a 49% increase in total sales to A$5.2 billion from A$3.5 billion in 2006.
Aviva Australia today announced record sales results for 2007 across its protection business and Navigator platform with a 49% increase in total sales to A$5.2 billion from A$3.5 billion in 2006.
Aviva Australia's rapid growth in life insurance continued with individual protection sales up 35% on 2006, bringing total protection sales to $68.32 million - a third year of above market growth.
Aviva's Navigator platform continued to provide strong results, with new business increasing 53% to a record A$4.8 billion from A$3.1 billion in 2006. Sales in 2007 were boosted by A$550 million arising from the ‘better super' changes prior to 30 June. Underlying sales lifted 35% to A$4.2 billion.
Aviva's total assets under management and administration in Australia exceeded A$27 billion as at 31 December 2007.
Aviva plc worldwide sales increased by 25% to A$91.8billion (£38.6 billion) with exceptionally strong growth of 60% to A$9.7billion (£4.1billion) in the Asia Pacific region driven primarily by strong Navigator sales across the region.
Allan Griffiths, chief executive officer, Aviva Australia said that in Australia, Aviva's distribution strategy continues to drive growth with great results from Aviva's four strategic distribution investments.
"Our strategy in 2008 continues to concentrate on relationships, service and product. We will focus on leading the market with our customer focused Riskfirst and n-link technologies and outstanding tax optimisation capabilities."
Commenting on the impact of market volatility on Aviva Australia, Mr Griffiths believes the underlying market correction and subprime debt issues will continue to evolve during the year.
"Aviva Australia enters 2008 in a strong position, confident of continued growth despite current market volatility. During turbulent times there is always a flight to quality as investors and financial advisers seek high quality partners. We believe 2008 will present many opportunities for continued growth for Aviva."
Aviva plc 2007 full year new business results are available at www.aviva.com.
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Note to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
- Aviva is one of the leading providers of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales* of £41.5 billion at 31 December 2006 and assets under management of £377 billion at 30 June 2007.
- The information in this document reflects Aviva Australia Holdings Limited (ABN 38 095 045 784) and its related entities understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. Applications to invest in a financial product issued by Aviva, or any of its related entities, must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.
* Based on life and pensions PVNBP, total investment sales and general insurance and health net written premiums including share of associates' premiums.