Aviva, the leading European life insurance and pensions group, achieved a pre-tax profit of €227 million in Spain in 2010, which represents an increase of 20% compared to the previous financial year.
- Turnover rises to €2,385 million
- Managed funds increase by 2% to reach €13,971 million.
Aviva, the leading European life insurance and pensions group, achieved a pre-tax profit of €227 million in Spain in 2010, which represents an increase of 20% compared to the previous financial year. Turnover stood at 2,385 million, comprising 1,792 million euros of premiums written and €593 million of pension contributions. The total amount of managed funds was 13,971 million, 2% higher than in 2009.
Aviva holds second place in the individual risk insurance ranking and fifth place in the Spanish life insurance and pension plan ranking, with a market share of more than 7%.
According to David Angulo, bancassurance director of Aviva Europe: “These results position us as one of the main players in the life insurance and pensions market in Spain. We make a very important contribution to the Group, with a European share of 15% of sales, 25% of the value of new business and 20% of profits.”
Aviva is the only insurance group specialising in life insurance and pensions in Spain. It distributes its products through joint ventures with financial institutions as well as via brokers. Both channels saw an increase in the volume of managed funds in 2010. According to Angulo, this once again demonstrates: “The solvency of the group and the trust of our customers and partners.”
For Ignacio Izquierdo, CEO of Aviva Spain: “The best proof of our growth in Spain is the constant rise in the number of customers in the bancassurance channel as well as the brokers channel.”
According to Izquierdo: “During the year 2010 we significantly exceeded the two million customer mark, which means that since 2006 we have increased by 25% the number of families who rely on us to plan their future and protect themselves against possible risks.”
10 years of leadership in the bancassurance sector
Aviva achieved a turnover of 2,150 million euros in the bancassurance business in Spain. The Group, which is the leader in this channel in Spain, distributes its insurance through joint ventures with Bancaja (Aseval), Unicaja (Unicorp Vida), Caja Granada (CajaGranada Vida), Caixa Galicia (CXG Aviva), Caja España (Caja España Vida) and Cajamurcia (Cajamurcia Vida).
These companies saw substantial growth this year, both in terms of the volume of premiums and the profits earned.
According to Izquierdo: “There is a great deal of balance between all of the companies' contributions, both in terms of the volume of premiums and the percentage of profit they each contribute.”
In Izquierdo's view: “The result of Aviva Spain is the result of all our partners.”
The year 2010 marked 10 years since Aviva's first bancassurance agreement in Spain. This business area, pioneered by the Group in Spain, has established itself as a significant distribution channel for the insurer thanks to the agreements it has reached with six of the largest Spanish savings banks. The agreements cover the entire national territory via 4,700 branches.
Ignacio Izquierdo stressed that: “For us it is very gratifying to celebrate the tenth anniversary with our partners, whose everyday work has meant that Spaniards today are increasingly conscious of the need to plan their financial future.”
Aviva Vida y Pensiones, firmly committed to the network of brokers
Aviva Vida y Pensiones, the company that distributes insurance exclusively via its network of brokers, continues to establish itself as an indispensable complement that supplies products and services with high added value. Aviva Vida y Pensiones achieved sales of €235 million in 2010, with a consolidated net profit of €3 million.
Asset management
Of the total funds of almost €14,000 million, Aviva manages fixed assets with a total value of 11,700 million, including 8,500 million of Spanish fixed assets, which implies a clear commitment to our country on the part of the Group.
Likewise, equity investment in Spain reached a figure of €525 million on 31/12/10, with significant holdings in major Spanish companies.
Lastly, Izquierdo stresses: “Aviva Servicios Compartidos, our shared services company for insurance activities, has established itself as a highly efficient platform providing excellent services.”
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For more information:
Rosa Mar Mayoral
Telephone: 915 640 496 – 629 571 746
E-mail: rmayoral@ulled.com
Laura Villuendas
Telephone: 912 971 817
E-mail: laura.villuendas@aviva.es
Notes to editors:
Aviva is one of the leading insurance groups in the European life and pensions market.
In Spain, Aviva is one of the leaders in the life insurance and pensions sector. It markets its products through professional intermediaries (Aviva Vida y Pensiones) and via strategic alliances (owned 50/50 and managed by Aviva) with some of the main Spanish savings banks (Bancaja, Caixa Galicia, Unicaja, Caja España, CajaGranada and Cajamurcia). www.aviva.es