Aviva, the parent company of Commercial Union Poland, is maintaining a strong capital position during the crisis on the financial markets. Aviva does not intend to take advantage of government support, something which a lot of other financial institutions have had to resort to.
Aviva, the parent company of Commercial Union Poland, is maintaining a strong capital position during the crisis on the financial markets. Aviva does not intend to take advantage of government support, something which a lot of other financial institutions have had to resort to.
Aviva is the fifth largest insurance group in the world, operating in 30 countries in Europe, Asia and North America. The structure of the group's activity (focus on insurance, geographical diversification) and the conservative approach to risk management means that Aviva is significantly more resistant to the effects of the present crisis on the financial markets than a lot of other financial institutions.
This is confirmed by information published today on the group's capital position. The surplus of own funds above Aviva's solvency margin is a key figure showing the financial liquidity of the insurance firm. As of 24 October 2008, this surplus stood at £1.3 billion. Aviva has liquid assets worth £1.6 billion and has unused credit lines of up to £2.2 billion. In recent times the safety of the existing shares portfolio has also increased faced with the fall in prices on the stock market, which has had a positive effect on the level of equity.
"Aviva is a strong company. We adopt a prudent and active approach to risk management which means that we have good quality shares, resulting in greater security for our customers and shareholders. We do not need to raise additional capital, be it in the form of issuing new shares or taking advantage of government assistance," says Andrew Moss, president of the Aviva group.
New life and pensions insurance sales for the Aviva group rose by 12 percent (in pounds) worldwide compared with the first three quarters of 2007 and reached £25.7 billion. The group's growth is mainly thanks to its companies in Asia, the USA and Central and Eastern Europe. Life and pensions insurance sales by Commercial Union Poland were 49% higher (in zlotys) than in the first three quarters of 2007.
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Information:
Bohdan Białorucki
Telephone: (22) 557 43 41
E-mail: public_relations@cu.com.pl
Grzegorz Mathea
Telephone: (22) 557 43 70
E-mail: grzegorz_mathea@cu.com.pl
For further information, see www.cu.pl
Notes to editors:
The Commercial Union Polska Group is part of the international Aviva Group - the fifth largest insurance institution in the world and the largest by income in Great Britain. The Aviva Group operates in 30 countries. It occupies a strong position in Great Britain, Ireland, France, Holland, Spain, Italy, Poland, the USA, Canada and Australia. Worldwide, Aviva Group serves around 45 million clients, generating annual revenues of £50 billion, and manages assets valued at over £360 billion. For further information see: /