Aviva, the UK’s largest insurance group and the fifth largest in the world in terms of gross premiums, has recorded a profit of €190 million in Spain in 2009, representing an increase of 13% with respect to the results of the previous financial year.
- Turnover increases to €2.484 billion
- Over €1.8 billion worth of premiums written and contributions to pension plans grew by 3% to €657 million
- Managed resources increase by 3% to over €13.7 billion
- Aviva has reached a figure of two million clients.
Aviva, the UK’s largest insurance group and the fifth largest in the world in terms of gross premiums, has recorded a profit of €190 million in Spain in 2009, representing an increase of 13% with respect to the results of the previous financial year. Turnover was €2.484 billion, of which €1.827 billion corresponds to premiums written and €657 million to contributions to pension plans. The sum total of managed funds was €13.72 billion, 3% higher than in 2008.
David Angulo, the European bancassurance director and executive chairman of Aviva Spain, said: “In a scenario like the current one, we have not only increased our managed resources but we have also made a very significant qualitative jump to make Aviva a more profitable and competitive company. This also highlights the importance of Spain’s contribution to the European business, with over 21% in life insurance operating profit (IFRS).”
Angulo adds: “Our strategy, which is focused on creating value for our partners, clients and shareholders, has been a success. The key to this has been working closely and in tune with our partners.”
For Ignacio Izquierdo, CEO of Aviva Spain, said: “2009 has been a very important year in preparing us for the future. With the creation of Aviva Servicios Compartidos, we have undertaken a pioneering transformation process in the sector. Aviva Servicios Compartidos is our centre of excellence that will ensure that we remain the leading group in terms of market efficiency and innovation.”
Main figures for Aviva in Spain
| (Figures in millions of euros) | 2009 | 2008 | % diff. |
| Premiums written | 1827 | 1869 | -2% |
| Pension contributions | 657 | 635 | 3% |
| Total business | 2484 | 2504 | -1% |
| Managed funds | 13,720 | 13,114 | 3% |
| Pre-tax profit | 190 | 168 | 13% |
| After-tax profits | 133 | 119 | 12% |
| Assets above the minimum solvency margin | 183% | 134% | 37% |
Leader in the bancassurance sector
Aviva has reached a turnover of €2.228 billion in the bancassurance sector in Spain. The group, which is the market leader in Spain in this area, distributes its insurance through joint ventures established with Bancaja (Aseval), Unicaja (Unicorp Vida), Caja Granada (Caja Granada Vida), Caixa Galicia (CXG Aviva), Caja España (Caja España Vida) and Cajamurcia (Cajamurcia Vida). Each company’s contribution to the turnover has remained on a similar level to that of the previous financial year.
Izquierdo said: “The companies that make up the group offer great equilibrium and demonstrate that Aviva’s results in Spain are the fruit of the tremendous work being carried out by our partners.”
Aviva Vida y Pensiones. A business in full transformation
The new management team for the retail business is in charge of carrying out a profound transformation of a strategic business for the group. We are increasing our presence in the mediation channel by enhancing and opening offices in various regions, including Andalusia, Galicia, Castilla La Mancha and the Canary Islands. All of this effort has begun to bear fruit, resulting in a significant increase in managed resources of 6.5% in current market conditions.
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For further details, please contact:
Rosa Mar Mayoral
Telephone: 629 571 746
E-mail: rmayoral@ulled.com
Laura Villuendas
Telephone: 912 971 817
E-mail: laura.villuendas@aviva.es
Notes to editors:
Aviva is one of the leading European insurance groups in the life insurance and pensions market.
In Spain, Aviva is one of the market leaders in the life insurance and pensions sector. It markets its products through professional brokers (Aviva Vida y Pensiones) and strategic alliances (50% holdings and managed by Aviva) with some of the main Spanish savings banks (Bancaja, Caixa Galicia, Unicaja, Caja España, Caja Granada and Cajamurcia). www.aviva.es