New life, savings and pension business up 12% to €1,656 million (2005: €1,479 million).
- New life business: +12%
- Unit-linked product component: +23%
These results are based on the PVNBP, or “present value of new business premiums”, calculated according to the EEV (European embedded value) principles applied by the CFO Forum.
- New life, savings and pension business up 12% to €1,656 million (2005: €1,479 million). In the first three months of the year, the market as a whole has grown by 29%, with the main beneficiaries being combined banking and insurance providers (39% compared with 11% for traditional insurance companies) following the change in the taxation laws applicable to home ownership savings plans.
- Healthy rise in sales for Aviva – excluding Crédit du Nord – of 11%, in line with the average for traditional insurers. New Crédit du Nord business is up 18%.
- Specialising in life insurance and unit-linked products, Aviva records a 23% increase in its sales of accumulation units for a sum of €732 million (2005: €596 million), representing 46% of its total sales of savings products. Sales of AFER unit-linked products have risen by 53% to €241 million (2005: €158 million).
- Once again, the growth in sales of accumulation units reflects Aviva’s strategy, which is firmly centred on unit-linked products. Since the end of 2005, Aviva has encouraged customers to convert their euro-denominated contracts into unit-linked contracts, as authorised by the Fourgous amendment, within the framework of its “Good Advice” mechanism.
- The gross contribution of new business to the embedded value has increased by 28%, currently standing at €66 million (2005: €52 million). The margin is 4.0% (3.5% in 2005).
-ends-
Media contacts:
Sophie Le Blévec
E-mail: sophie_leblevec@aviva.fr
Telephone: +33 (0) 1 76 62 57 86
Laurent Gibert
E-mail: laurent_gibert@aviva.fr
Telephone: +33 (0) 1 76 62 73 00
Notes to editors:
- Aviva is one of Europe’s leading providers of life insurance and pensions with strong positions in other markets around the world. In terms of gross premiums, Aviva is the world’s sixth-largest insurance group.
- Aviva operates in three main areas: life insurance and long-term savings, asset management and non-life insurance. It has annual premium income of almost Ł35 billion and its managed assets stood at more than Ł317 billion on 31 December 2005.
- The financial press releases for Q1 and Q3 only concern new life, savings and pensions business.
- Press releases are available on the www.aviva.com and www.aviva.fr websites.