Worldwide long-term savings new business, year to 31 December 2002
- Worldwide long-term new business sales of £14.6 billion (2001: £15.0 billion)
- Worldwide life and pensions sales up 2% on an APE* basis to £2,373 million
- Investment sales continue to be held back by difficult market conditions and investor caution
- Worldwide total bancassurance sales up 50% at £3,030 million (2001: £2,009 million)
- Continental European life and pensions sales up 5% on an APE* basis and now represent 43% of worldwide life and pensions new business sales
- Annual premium equivalent (APE) is the UK industry's standard measure of new regular premiums and 10% of single premiums.
All growth rates quoted are at constant rates of exchange.
Richard Harvey, Group Chief Executive, commented:
“As the largest life and pensions provider to Europe, we have delivered a solid performance over the past twelve months, despite the challenging conditions which have affected the savings industry as a whole. We expect these difficult market conditions to continue this year and some markets may contract further in the short term. Our geographical spread, broad product range, financial strength and growth from new distribution arrangements will provide some resilience.
“Spain and Italy were strong performers in 2002 and our recent initiatives in Asia are starting to come on-line. The long-term growth dynamics for our business remain very good, as evidenced by governments across Europe addressing savings and pension reform.”
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
Alex Child-Villiers, Financial Dynamics +44(0)20 7269 7107
There will be a conference call today for wire services at 7:45am on +44 (0)20 7162 0125. 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 7162 0125. 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 4 February. The dial in number for replay is +44 (0)20 8288 4459 and the pass code is 885382.