Norwich Union Life, Aviva plc’s UK life business, is holding a seminar today for investors and analysts commencing at 10.30am UK time.
Norwich Union Life, Aviva plc’s UK life business, is holding a seminar today for investors and analysts commencing at 10.30am UK time.
The seminar will be hosted by Gary Withers, chief executive of Norwich Union Life and his management team.
The key points from the seminar are:
The UK long-term savings market is forecast to grow by around 8% compound from the end of 2004 to the end of 2007, but with the growth accelerating in 2006 and 2007.
Norwich Union Life is well placed to grow both sales and value in this period with an emphasis in the near-term on extracting a higher return from the business.
- Value
- Targeting an increase in internal rate of return (IRR) on new business to 15% by 2007 (1H04: 12%)
- Estimated gross annualised cost savings of Ł130 million by 2007 (from 2003 cost base) from re-modelling the business including previously announced offshoring and outsourcing plans.
- Market share
- Scope to increase market share to 15-20% (1H04: 12%) in the medium term, but the focus will be profitable growth on our terms.
- Brand
- Highest awareness and most trusted in the UK life sector.
- Products
- Top three position in all major product categories.
- Distribution
- Strongest distribution network in the UK life sector
- Over 14% market share in the IFA sector
- Exclusive bancassurance relationship with The Royal Bank of Scotland Group and 19 building societies
- Retail relationship with Tesco
- Very well placed for new distribution models.
-ends-
The presentation slides will be available at /index.asp?PageID=46&year=&filter=business from 10.30am UK time on Friday 8 October 2004.
A recording of the seminar will be available at /index.asp?PageID=46&year=&filter=business from midday Monday 11 October 2004.
Enquiries:
Analysts / Investors:
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
Notes to editors:
- Aviva is one of the leading providers of life and pensions to Europe with substantial positions in other markets around the world, making it the world’s fifth-largest insurance group based on gross world-wide premiums
- Aviva’s principal business activities are long-term savings, fund management and general insurance, with world-wide premium income and retail investment sales from continuing operations of Ł30 billion and assets under management of more than Ł240 billion
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.