New life, savings and pensions business totalled €5,347 million at 31 December 2007 (2006: €5,222 million), up 2%, despite a 4% drop in personal life insurance premiums in France at the end of 2007 due to a "wait-and-see" approach of savers in election periods, changes in the tax system and the turmoil in the financial markets.
New life, savings and pensions business totalled €5,347 million at 31 December 2007 (2006: €5,222 million), up 2%, despite a 4% drop in personal life insurance premiums in France at the end of 2007(1) due to a "wait-and-see" approach of savers in election periods, changes in the tax system (TEPA) and the turmoil in the financial markets.
Aviva has achieved this growth thanks to its "Good advice" approach, supporting its clients in the long term, product innovations and targeted advertising campaigns, as well as the energetic efforts of its networks and partners, particularly AFER, the largest savers' association in France:
- AFER: +8% at €2,627 million at 31 December 2007 (2006: €2,428 million)
- Antarius: -8% at €1,136 million at 31 December 2007 (2006: €1,232 million), in line with the bancassurance market segment
- Aviva (excluding AFER and Crédit du Nord): +1% at €1,584 million at 31 December 2007 (2006: €1,562 million)
Aviva confirms its position as a specialist in unit-linked products, which accounted for 43% of total sales at 31 December 2007 (2006: 46%), compared with a rate of 27% for the market as a whole.
Consistently high standard of management in the long term receiving four awards from Le Revenu and one each from Lipper and Citywire. Aviva Gestion d'Actifs had assets worth €74.2 billion under management at 31 December 2007 (2006: €72.9 billion).
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* These results are based on PVNBP (Present Value of New Business Premiums): according to the principles of EEV (European Embedded Value) applied by the CFO Forum.
(1) These figures include the recording as turnover of Fourgous transfers by some market players. Aviva has not recorded Fourgous transfers in its new business.
Press contacts:
Estelle Joubert
Telephone: 01 76 62 57 86
E-mail : estelle_joubert@aviva.fr
Laurent Gibert
Telephone: 01 76 62 73 00
E-mail : laurent_gibert@aviva.fr
Notes to editors:
About Aviva
Aviva is one of Europe's leading providers of life insurance and pensions with strong positions in other markets around the world, particularly in the US. 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 2006, Aviva had a turnover of €61.9 billion and assets under management of €543 billion. In France, with more than 150 years' experience, Aviva is one of the top 10 players in the insurance market. Aviva is supported by a substantial sales network: 875 general agents, 1,800 branch staff, 400 life insurance advisers, more than 1,000 brokers, and its partners (Union Financière 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 3,200 employees. Specialising in unit-linked products, Aviva is well-known for the performance of its long-term funds and its strong commitment to its customers through its Good advice approach. At 31 December 2006, Aviva France recorded consolidated sales of €6.4 billion and a consolidated operating profit of €689 million (based on the embedded value calculated in line with the EEV/IFRS standards) and had assets worth €72.9 billion under management.