On 6th March, Norwich Union International (NUIL), CGNU's Dublin-based offshore life and investment business, celebrates its first birthday, following a successful 12 months, with over £105million reported in single premium sales to 31 December 2000.
On 6th March, Norwich Union International (NUIL), CGNU's Dublin-based offshore life and investment business, celebrates its first birthday, following a successful 12 months, with over Ł105million reported in single premium sales to 31 December 2000.
NUIL was launched on 6th March 2000, with the aim of providing premier tax-efficient international investment products and services to high net worth individuals. The recent merger of NU and CGU, creating the larger CGNU Group, has strengthened the company and has opened additional distribution opportunities - in the last year NUIL has launched in Italy, selling to Italian nationals through banks and SIMs and to UK expatriates in Spain who are non Spanish tax residents.
Jon Herbert, Chief Executive of Norwich Union International Limited commented: "We have had a successful first year, but we're not resting on our laurels. We have very ambitious plans for the future, the focus being to develop the business in four key geographical areas, UK, Italy, Spain and Ireland. "
NUIL's key aims for the coming year are:
- Developing NUIL's product range - with the launch of 20 new funds in the UK on 6th March.
- Grow and develop our presence in Italy by extending our product line with the launch of two new products and adding 13 new funds to the current fund range, and developing NUIL's white-labelling capability.
- Expand our activity in Spain by increasing our geographical spread - we have begun to widen the focus from the non Spanish tax resident expatriate community to the Spanish tax resident national market. In addition we have just launched a new investment vehicle for a Gibraltar based pension scheme in conjunction with the long-established IFA Savignon.
- From 6th March, all NUIL's external funds will be progressively made available through Hibernian, CGNU's insurance arm in Ireland.
Jon Herbert continued: "The Offshore market is still relatively young but has developed at a fast pace over the last 10 years. Offshore is no longer a niche market and as the industry grows, and with the financial strength of CGNU post merger and the equity of a household brand name, NUIL are in a strong position to capitalise on the demand and grow our share of this market over the next 1-3 years."
All product and fund information is available at www.nuinternational.com. The website also offers online switching and valuation services for both IFAs and clients. NUIL believes that the internet is integral to its service proposition and is totally committed to continually developing its online capability. Based in the IFSC, Dublin, the company now employs 82 people.
Ends
Contact for Information:
Olive Fogarty, Norwich Union International
00353 (1) 8028415
Andrew Waterworth/ Rebecca Ellis-Owen,
Financial Dynamics - 020 7269 7112/127