Income 2008: solid operating income and clearly positive performance despite the financial crisis.
Income 2008: solid operating income and clearly positive performance despite the financial crisis
- Total gross consolidated turnover down 8% to €6.013 billion
- Pre-tax earnings, as per IFRS standards, down 2% to €442 million
- Net IFRS income €130 million, including impact of financial volatility
Life assurance: trend in line with a shrinking market, but with a positive cash flow
- New life, saving and pension business1 worth €4.849 billion, a drop of 12%, within a personal life assurance market down 12%, with good retention of Antarius sales (partnership between Aviva and Crédit du Nord) worth €1.122 billion, down 6%
- Positive cash flow2 of €533 million
General and health insurance: continued profitable growth with a COR3 of 95.6%
- Gross turnover up 3% to €1.161 billion
- Marked improvement in general insurance profitability thanks to the absence of major climatic events in 2008, with a COR3 of 95.6 % (2007: 98.7%)
Fund management: long-term performance of managed funds
- Confirmation of the long-term compliance and quality of the stewardship provided by Aviva Investors France. Over 10 years, 96% of Aviva Investors France funds have ranked in the top half of funds in their category (83% over one year)
- Notably, the fund manager won three Le Revenu awards in 2008
- Total of €69.6 billion in managed funds on 31 December 2008, down 6% as a result of value effects.
A year marked by continued progress in all areas:
- Increased action on sustainable development: special rates for customers adopting environmentally responsible behaviours, Carpe Diem Tower real-estate project given high environmental quality rating (HQE). Development of our role as a responsible employer in the field of social dialogue: creation of the group committee (Aviva France, UFF and Epargne Actuelle), more focus on disability, promotion of gender equality and implementation of an HR forecasting & planning agreement.
- Growth of our Good Advice campaign and continuous adaptation of our products to customer requirements: launch of the websites www.bienpreparersaretraite.fr and www.bonconseil.fr, successful launch of on-line health insurance, new Santhia complementary health insurance and Aviva Stratégie Retraite Article 39, a new comprehensive insurance product, and testing of "Pay As You Drive".
- Internal efficiency: new levels of efficiency in the company's end-to-end processes and in the use of new technologies.
On this occasion, Jean-Pierre Menanteau, CEO of Aviva France, remarked: "In this year of unprecedented crisis, the balanced multi-distribution model run by Aviva, and in particular Aviva France, which combined general and life products, has demonstrated its durability, based on the performance of the network of general agents and our partnerships, in particular with AFER, Crédit du Nord, Sogessur, Ford and Mercedes.
"Increased commitment to our customers, in particular through our Good Advice campaign, which has been a solid presence at their side through the financial and climatic turbulence of recent months, remains at the very heart of the work of the Aviva group's 4,700 employees in France. At the same time, our human resources policy has enabled Aviva France to lead the way in diversity and gender equality among French companies."
"We are both aware of our environment, reinforcing our cost efficiency and investments, and responsive in our risk management and sales activities, in 2009 we will be focusing on three key dimensions regarding our customers and partners:
"Security to anticipate life's ups and downs and to provide real responses in the context of extremely volatile markets,
"Sustainable development in all of its dimensions, confirming our continued commitment to this issue after more than 10 years,
"Dynamism and innovation in our products and sales initiatives, prioritizing simple, comprehensible products in accordance with Aviva's on-going sales philosophy.
"The solidity of the Aviva group's balance sheet, in particular the £2 billion solvency surplus, also guarantees our ability to support our customers in the long term. Moreover, the continuation of the transformation programme 'One Aviva, twice the value' is offering new opportunities for progress and performance, both within France and in Aviva Europe, in which Aviva France is playing an increasingly significant role.
"2009 will also be noteworthy for all group employees on account of the tenth anniversary of the Aviva Foundation."
-ends-
Press contacts:
Isabelle Noir
Telephone: 01 76 62 70 21
E-mail: isabelle_noir@aviva.fr
Laurent Gibert
Telephone: 01 76 62 73 00
E-mail : laurent_gibert@aviva.fr
1 On the basis of PVNBP (Present Value of New Business Premiums)
2 Cash flow is the net balance of premiums, benefits and buy-backs
3 Ratio of claim costs against premiums collected + commissions and costs on premiums due