Australia: Navigator enjoys super growth

Navigator today announced that it has cracked the ˝ billion dollar mark for corporate super funds under administration.

Shaun Williams, general manager – group business development, said that as at 30 September 2003, funds under administration totalled $500.9 million. Net cashflows were $34.5 million for the quarter and $144.3 million for the year to 30 September.

"Navigator’s corporate superannuation growth is the result of a very targeted distribution strategy and by delivering on enhanced services and flexibility for investors," he said.

"Navigator has been constantly improving its corporate superannuation services and reaching this benchmark reflects the growing recognition of our expertise," Mr Williams said.

The ˝ billion dollar achievement correlates with the positive trends for Navigator contained in the DEXX&R Employer Superannuation Market Share Report for the 12 months to end June 2003.

This report shows that Navigator continued to experience strong net inflows, with corporate superannuation market share increasing from 3.4% to 4.2% over the twelve months, improving Navigator’s industry ranking from 8^th to 7^th (this consolidates last calendar year’s outstanding growth which saw Navigator’s corporate super ranking rise from 22^nd to 8^th). Total assets under administration increased by 25% over the same period, improving Navigator’s industry ranking from 22^nd to 20^th.

Navigator Super Solutions is a comprehensive superannuation plan, enabling advisers to provide greater flexibility and choice to their clients in the selection of superannuation investments. A strength of Navigator Super Solutions is complete on-line access to product and account information via www.navigator.com.au.

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For further information, please contact:
Bernadette Collins, Public Affairs Manager, Aviva
Telephone: (03) 9829 8818

Notes to editors:

• Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners, the Australian funds management arm of Aviva plc, is a sister company. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia.

• Globally, Aviva Australia is part of Aviva plc, the world’s seventh largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.

• Aviva is the world’s seventh-largest insurance group and the biggest in the UK. It is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$68.32 billion, and more than A$488 billion of assets under management (as at 1 July 2003). The group has more than 59,000 employees and 25 million customers worldwide.

• The information in this document reflects Aviva Life Australia Limited's /Navigator Australia Limited's ('Navigator')/NULIS Nominees (Australia) Limited's ('NULIS') understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information is not, nor is it intended to be, comprehensive or a substitute for professional advice on specific circumstances. The securities advice or information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person. Before making an investment decision on the basis of the advice above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the advice is appropriate in the light of their particular investment needs, objectives and financial circumstances.

• Applications to invest in a financial product issued by Aviva Life Australia Limited/Navigator/NULIS or any of its related entities must be made by completing the application form attached to the applicable Product Disclosure Statement ("PDS"). A PDS is available from Aviva or your financial adviser. Investors should consider the PDS before making an investment decision or deciding to continue to hold a product.