Worldwide long-term savings new business Year to 31 December 2003

Published: 20 Jan 2004

Worldwide long-term savings new business Year to 31 December 2003

Richard Harvey, Group Chief Executive, commented:
“In 2003, we increased market share in many of our key markets, despite difficult trading conditions. Continental European life and pension sales were up 6% on an APE basis, with particularly strong performances in Italy, the Netherlands and also
life and pension sales were up 6% on an APE basis, with particularly strong performances in Italy, the Netherlands and also Spain, where our bancassurance strategy has enabled us to become the leading life business. Spain, where our bancassurance strategy has enabled us to become the leading life business.
“In the UK, Norwich Union reclaimed the number one position, growing our market share to over 12% in the third quarter. Our competitive position continues to improve in our largest market.
“Aviva’s growth prospects remain strong, particularly given Europe’s ageing populations and widespread pensions reform. We are well-positioned to benefit from this market expansion and a market upturn, capturing growth through our extensive distribution networks.
“The prospects for growth in 2004 are encouraging, with evidence that investors are regaining confidence as equity markets recover.” 
  • Worldwide life and pensions sales on an APE* basis of £2,377 million (2002: £2,373 million)
  • Total worldwide sales, including investment products, of £14.4 billion (2002: £14.6 billion)
  • Worldwide total bancassurance sales up 27% to £563 million on an APE basis
  • Final quarter of 2003 strongest sales of the year
  • Aviva well-positioned to capitalise on market upturn

* 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
James Matthews, Head of Investor Relations +44 (0)20 7662 2137

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 

NEWSWIRES: There will be a conference call today for wire services at 7:45am (UK time) on +44 (0)20 7784 1018. This conference call will be hosted by Philip Scott, Group Executive Director and Gary Withers, Chief Executive Norwich Union Life.

ANALYSTS: There will be a conference call today for analysts and investors at 9:30am (UK time) on +44 (0)20 7784 1018. This conference call will be hosted by Philip Scott, Group Executive Director and Gary Withers, Chief Executive Norwich Union Life.

Replay will be available for two weeks until 3 February 2004. The dial in number for replay is +44 (0)20 7784 1024 and the pass code is 541059#.

Download the full announcement PDF (555KB)

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