Written premiums grew by 70% to reach € 1,071 million, compared to the figure of € 631 million achieved in the same period of 2002
- Written premiums grew by 70% to reach € 1,071 million, compared to the figure of € 631 million achieved in the same period of 2002
In Q1 2003, following substantial growth in written premiums, Aviva in Spain captured the top position in the life business ranking. In June 2003 Aviva maintained the number one spot in ranking by premium volume.
Aviva doubled its new business sales figures (premiums and pension plan contributions) compared to 2002, both in single and regular premiums.
For Gerardo Aróstegui, executive chairman of Aviva in Spain, “these results are the fruit of the roll out and performance of our bancassurance business, based on the distribution agreements we have in place with our bank partners.”
Premiums written by Aviva in Spain can be broken down by company as follows:
| WRITTEN PREMIUMS | jun-03 | jun-02 | Increase |
| | |||
| ASEVAL | 667 | 414 | 61% |
| UNICORP | 94 | 39 | 141% |
| BIAGALICIA | 61 | 11 | 455% |
| CEV | 170 | 78 | 118% |
| | |||
| TOTAL BANCASSURANCE | 992 | 542 | 83% |
| | |||
| AVIVA VIDA Y PENSIONES | 79 | 89 | -11% |
| | |||
| TOTAL | 1,071 | 631 | 70% |
| | |||
* Data in Euro millions
Aseval, Unicorp and Caja Espańa Vida show high growth levels in savings business (each with levels higher than 250%), while Bia Galicia performs powerfully in pension plan contributions new business.
General Vida started to market risk products in May 2003 and they will fill out their range of lines throughout the year with savings and pensions products.
The June 2003 before tax result achieved by Aviva in Spain was of € 34 million is some 62% higher than the result at this same date in 2002.
These results re-affirm Aviva’s strategy to become a leading player in the Spanish life and pensions market, distributing through bancassurance (strategic partnerships with several of the most important Spanish savings banks–Bancaja, Unicaja, Caixa Galicia, Caja Espańa and Caja General de Granada) and professional intermediaries (Aviva Vida y Pensiones).
- Aviva is the number one insurer in Europe in the life and pensions market
- Aviva in Spain is a leader in the life and pensions sector, marketing its products through a network of professional intermediaries (Aviva Vida y Pensiones) and strategic partnerships (Aviva holding 50% and management control) with several of the most important Spanish savings banks (Bancaja, Caixa Galicia, Unicaja, Caja Espańa and Caja General de Granada)