Aviva, the parent company of Commercial Union Poland, has consolidated its strong capital position in spite of the crisis on the financial markets. Aviva has not taken advantage of any government assistance, something which a lot of other financial institutions have had to resort to.
Aviva, the parent company of Commercial Union Poland, has consolidated its strong capital position in spite of the crisis on the financial markets. Aviva has not taken advantage of any government assistance, something which a lot of other financial institutions have had to resort to.
Aviva's strong position is confirmed by information published today on the company's capital position. The equity surplus above Aviva's solvency margin is a key figure showing the financial liquidity of the insurance firm. As of the end of 2008, this surplus stood at £2 billion (10.4 billion zlotys). In recent months Aviva has also increased the safety of its existing shares portfolio faced with the fall in prices on the stock market, which has had a positive effect on the level of equity.
"This is very important news for over 3 million Commercial Union customers in Poland as it confirms the stable financial position of the entire group," said Maciej Jankowski, president of the CU Poland group
Aviva is the fourth largest insurance group in the world, operating in 30 countries in Europe, Asia and North America. The structure of the group's activity (focus on insurance and geographical diversification) and its conservative approach to risk management means that Aviva is significantly more resistant to the effects of the present crisis on the financial markets than a lot of other financial institutions.
Aviva has also announced new results for its life and pensions insurance sales and sales of its investment products for 2008. The new sales figures, calculated in accordance with the universally accepted PVNBP* method, stood at £40.3 billion which is an excellent result given the difficult market conditions.
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* PVNBP (present value of new business premiums) - or, to put it more simply, the present value of regular contributions from new sales of life and pensions insurance plus 100% of one-off payments received, as calculated by an actuary.
Information:
Bohdan Białorucki
Telephone: (22) 557 43 41
E-mail: public_relations@cu.com.pl
Grzegorz Mathea
Telephone: (22) 557 43 70
E-mail: grzegorz_mathea@cu.com.pl
Notes to editors:
Commercial Union Poland Group is part of the international Aviva group - the world's fourth largest insurance, savings and investments group, and the largest in the United Kingdom by revenues. Worldwide, the Aviva Group operates in 30 countries and serves 45 million customers, generating annual revenues of £50 billion, and manages assets valued at over £360 billion. For further information see: www.aviva.com/