Aviva plc First Quarter 2002
Richard Harvey, Group Chief Executive, commented:
"The Group achieved a 13% increase in worldwide life and pensions business, following the strong growth delivered in 2001. We have strengthened our leadership position in the UK with a 15% increase in life and pensions sales. Margins in the UK reflect expected changes in the product mix, while in Continental Europe the margin remains strong.
"Our bancassurance expertise is delivering strong sales in key markets around the world, with total sales up 90% to £540 million. Sales through our joint venture with The Royal Bank of Scotland Group increased by 157% to £216 million. These results demonstrate continued momentum as we build on the strong foundations laid in 2001. In Continental Europe we continue to demonstrate good growth in important long-term savings markets and are capitalising on our developing bancassurance partnerships in Spain and Italy."
- Worldwide long-term new business sales up 10% to £629 million on an APE* basis
- Worldwide life and pension sales of £598 million,
up 13% on an APE* basis
- Worldwide regular premium life and pension sales up
32% to £296 million - UK life and pension sales up 15% on an APE* basis to £339 million
- Continental Europe life and pensions sales, up 6% at £220 million on an APE* basis
- Strong growth in total worldwide bancassurance sales, up 90% at £540 million
- Worldwide new business contribution at £137 million, with new business margin of 22.9% reflecting changes in product mix
*Annual premium equivalent (APE) is the industry standard measure of new regular premiums and 10% of single premiums
All growth rates are quoted at constant rates of exchange
Enquiries:
Analysts/Investors:
Philip Scott, Group Executive Director UK Life +44(0)20 7662 2264
James Matthews, Head of Investor Relations +44(0)20 7662 2137
Media:
Hayley Stimpson, Director of External Affairs +44(0)20 7662 7544
art Blackmore, Financial Dynamics +44(0)20 7269 7241
There will be a conference call today for wire services at 7:45am on +44(0)20 8240 8245. This conference call will be hosted by Philip Scott, Group Executive Director UK Life and Tony Wyand, Group Executive Director Continental Europe.
There will be a conference call today for analysts and investors at 9:30am (UK time) on +44(0)20 8240 8240. This conference call will be hosted by Philip Scott, Group Executive Director UK Life and Tony Wyand, Group Executive Director Continental Europe.
Replay will be available for 2 weeks until 9 May. The dial in number for replay is +44(0)20 8288 4459 and the pass code is 616722.