Norwich Union is to bring its highly successful Navigator concept to Europe. Richard Harvey, Norwich Union’s group chief executive said: "One of Norwich Union’s three strategic priorities is growth in attractive overseas long-term savings markets. Navigator is hugely successful in Australia and it makes good business sense to bring the concept to investors in Europe."
Norwich Union is to bring its highly successful Navigator concept to Europe.
Richard Harvey, Norwich Union’s group chief executive said: "One of Norwich Union’s three strategic priorities is growth in attractive overseas long-term savings markets. Navigator is hugely successful in Australia and it makes good business sense to bring the concept to investors in Europe."
Norwich Union’s Navigator operation is the second largest master trust in the Australian market place, with 43 per cent growth in the 12 month period to 30 September and over A$4.3 billion under administration. Sold through intermediaries, Navigator combines portfolio management with financial planning software and fund research.
From a head office in Dublin’s International Financial Services Centre, Norwich Union International Limited will sell a range of single-premium products. The Italian market is the first to be targeted from January, with sales to UK residents and expatriates in Spain beginning in March.
A range of products and services has been developed, capable of being sold through a wide variety of distribution methods and to many different markets. The range will initially comprise single premium investment products, offering a selection of funds managed by Norwich Union Investment Management and other leading international fund managers. This will be the first time that Norwich Union has included external fund management expertise in a retail investment product for the European market.
Norwich Union will use the internet to provide a range of services to clients and distributors, including product literature, daily unit prices, fund performance, investment valuations and policy administration.
Richard Harvey added: "International products are becoming more widely accepted and understood by UK IFAs and investors. They provide the opportunity to use tax efficient investment vehicles combined with a range of international trust services.
"We are initially targeting the Italian market place because it has one of the highest savings rates in the world, is the fifth largest life insurance market in the EU and is increasingly looking for alternative long-term investment opportunities. It is a buoyant, rapidly expanding market, ripe for sophisticated savings and investment products."