Aviva plc Third Quarter 2002
- Worldwide long-term new business sales of £10.6 billion (2001: £10.4 billion)
- Worldwide total bancassurance sales up 83% at £1,973 million
- Worldwide life and pensions sales up 7% on an APE* basis
- UK life and pensions sales up 4% on an APE* basis
- Continental European life and pensions sales up 9% on an APE* basis and now represent 38% of worldwide life and pensions new business
- Worldwide new business contribution at £416 million, with new business margin of 23.8%
*Annual premium equivalent (APE) is the UK industry’s standard measure of new regular premiums and 10% of single premiums.
All growth rates are quoted at constant rates of exchange.
Richard Harvey, Group Chief Executive, commented:
“These are solid sales in generally tough markets. Our financial strength, broad product range and growing distribution continue to give us competitive advantage. Our bancassurance operations in the UK, Italy and Spain have performed particularly well.
“As the largest life and pensions provider to Europe, we are strongly positioned to benefit from the increased need for private provision as savings markets recover. Our outlook for long-term savings markets for the rest of the year remains cautious as we expect consumer confidence to continue to be affected by economic conditions and turbulent equity markets.”
Enquiries:
Analysts/Investors:
Philip Scott, Group Executive Director UK Life +44(0)20 7662 2264
Tony Wyand, Group Executive Director Continental Europe +44(0)20 7662 2285
Steve Riley, Investor Relations Director +44(0)20 7662 8115
Media:
Hayley Stimpson, Director of External Affairs +44(0)20 7662 7544
Chris Hughes, Financial Dynamics 44(0)20 7269 7200
There will be a conference call today for wire services at 7:45am on +44(0)20 8240 8243. 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 8243. 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 two weeks until 7 November. The dial in number for replay is +44(0)20 8288 4459 and the pass code is 430122.