Worldwide long-term savings new business, three months to 31 March 2003

Published: 23 Apr 2003

Aviva plc First Quarter 2003

Richard Harvey, Group Chief Executive, commented:
“This is a resilient performance despite ongoing turmoil in international equity markets. The development of our distribution capability across Europe and our broad product range have offset the contraction in demand forequity-linked savings products.  We expect challenging market conditions will persist for the remainder of thisyear however we are confident that our business model can deliver some resilience through these tough times.
“We are taking action to protect profitability through cost control and re-pricing actions and this will remain a
focus throughout 2003.” 
  • Worldwide long-term new business sales of £3.8 billion (2002: £3.6 billion)
  • Worldwide life and pensions sales of £601 million (2002: £598 million) on an APE* basis
  • A resilient result in challenging markets demonstrating the benefits of diverse distribution and broad product range
  • Worldwide total bancassurance sales up 60% at £919 million (2002: £540 million)
  • Continental European life and pensions sales up 23% on an APE* basis and now represent 51% of worldwide life and pensions new business sales
  • Worldwide new business contribution at £142 million (2002: £137 million), with new business margin of 23.6% (full year 2002: 24.4%)

* 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

Enquiries:

Analysts/Investors:
Philip Scott, Group Executive Director +44 (0)20 7662 2264
Steve Riley, Investor Relations Director +44 (0)20 7662 8115

Media:
Hayley Stimpson, Director of External Affairs +44 (0)20 7662 7544
Sue Winston, Head of Group Media Relations 44 (0)20 7662 8221
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 0183. This conference call will be hosted by Philip Scott, Group Executive Director.

There will be a conference call today for analysts and investors at 9:30am (UK time) on +44 (0)20 7162 0179. This conference call will be hosted by Philip Scott, Group Executive Director.

Replay will be available for two weeks until 8 May. The dial in number for replay is +44 (0)20 8288 4459 and the pass code is 459112.

Download the full announcement PDF (155KB)

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