New life, savings and pensions business totalled €5,222 million at 31 December 2006 (2005: €5,155 million), up 1%.
- Position as a specialist in unit-linked products confirmed
These results are based on the PVNBP (present value of new business premiums), the current value according to the EEV (European embedded value) principles applied by the CFO Forum.
- New life, savings and pensions business totalled €5,222 million at 31 December 2006 (2005: €5,155 million), up 1%. Sales from the partnership with Crédit du Nord stood at €1,232 million at 31 December 2006 (2005: €1,063 million). Figures for Aviva France do not include Fourgous conversions. (1)
Aviva France confirms its position as a specialist in unit-linked products in line with its strategic direction.
- Aviva continues with the conversion of euro-denominated contracts into unit-linked contracts (Fourgous amendment), a process that was commenced in December 2005 within the framework of its “Good Advice” approach. Leading the market in the implementation of Fourgous transfers thanks to AFER, Aviva had performed more than 80,000 conversions by 31 December 2006, worth €6.1 billion; 33% of that amount was reinvested in unit-linked products. Aviva France has therefore generated approximately 30% of the Fourgous transfers completed in 2006, mainly through AFER.
- Sales of unit-linked products had risen 10% to €2,287 million at 31 December 2006 against €2,078 million at 31 December 2005.
- Unit-linked products accounted for 46% of total sales at 31 December 2006 (2005: 42%), compared with a rate of 29% for the market as a whole, reflecting the professionalism of the Aviva networks. This figure comprises:
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- 73% of sales of savings products, excluding AFER and Crédit du Nord, at 31 December 2006 (2005: 71%). These sales totalled €1,562 million at 31 December 2006 (2005: €1,631 million).
- 29% of total AFER sales at 31 December 2006, against 22% at 31 December 2005 – a 32% increase.
- Aviva Gestion d’Actifs had assets worth €73 billion under management at 31 December 2006. In the course of 2006, Aviva Gestion d’Actifs was awarded a number of prizes for its long-term management, including:
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- The Corbeille Long Term prize in the Mieux Vivre Votre Argent (Make Your Money Work for You) category, rewarding the best industry-wide management over five years.
- Five gold trophies awarded by the French financial magazine Le Revenue, including the trophy for the best overall range over ten years of any institution.
- Lipper fund awards: best specialist promoting company over three years.
Thanks to its diversified distribution capacity, an effective partnership with Crédit du Nord, the unrivalled position of the AFER product, the desire for growth that it shares with the AFER association, its recognised expertise in asset management and the excellent work of its networks in line with the Good Advice approach, Aviva France is well positioned to continue growing in 2007, in spite of the expected slowdown in the market.
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(1) 18% growth in the individual life insurance market in 2006, bolstered by housing savings scheme transfers (impact estimated at 9%) and the recording as turnover of Fourgous transfers by some market players (impact estimated at 4%).
Press contacts:
Estelle Joubert
Telephone: +33 (0)1 7662 5786
E-mail: estelle_joubert@aviva.fr
Laurent Gibert
Telephone: +33 (0)1 7662 7088
E-mail: laurent_gibert@aviva.fr
Notes to editors:
About Aviva plc
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 fifth-largest insurance group. Aviva operates in three main areas: life insurance and long-term savings, asset management and non-life insurance. At 31 December 2005, Aviva had annual premium income* of Ł36 billion and assets under management of Ł322 billion. Press releases are available on the www.aviva.com and www.aviva.fr websites.
*based on PVNBP
About Aviva France
In France, Aviva is one of the top 10 players in the insurance market. Aviva is supported by a substantial sales network: 900 general agents, 1,800 branch staff, 500 life insurance advisers, more than 1,000 brokers, and its partners (Union Financičre de France and Médéric). Aviva France also has major partners such as AFER, the largest savings association in France, and Crédit du Nord. Aviva has 3,275 employees in France. At 31 December 2005, Aviva France recorded consolidated sales of €6.3 billion and a consolidated operating profit of €523 million (based on the embedded value calculated in line with the EEV/IFRS standards).