Aviva, leading European life and pensions group, reached in 2011 in Spain profits after tax of €170 million, an increase of 7% compared to previous year results.
- Business volume amounts to €2,341 million
- Funds under management increased by 2% to €14,216 million
Aviva, leading European life and pensions group, reached in 2011 in Spain profits after tax of €170 million, an increase of 7% compared to previous year results. Business volume reached €2,341 million, of which €1,802 million corresponds to written premiums and 539 million to pension contributions. Total funds under management rose 2% in 2010, to €14,216 million.
Aviva is second in the individual protection insurance ranking, and fifth in the Spanish life insurance ranking and fourth in pension plans, with a market share above 6%.
David Angulo, Aviva Europe bancassurance director: "This has been a good year for Aviva, despite the difficult environment and market uncertainty we have achieved an operating profit of £2.5 billion. In Europe, operating profit increased by 3% (euro basis), thus improving profitability in life insurance with an IRR of 14%, and delivering in general insurance a COR 2% better than previous year, while we focus on our core markets after the sale of Hungary, Romania and the Czech Republic and the completion of agreements in the UAE."
Aviva distributes life insurance in Spain, both through joint ventures with financial institutions and through the agents and brokers channel. David Angulo said: "Spain is still one of the key markets for Aviva Group, aiming to maintain the current distribution capacity."
Aviva achieved in the bancassurance business in Spain a business volume of €2,096 million. Aviva Group, leader in Spain in the bancassurance channel , distributes its insurance products through joint ventures with Bankia (Aseval), Unicaja (Unicorp Vida), BMN (Caja Granada Vida and Cajamurcia Vida), Novagalicia Bank (CxG Aviva) and Caja Duero Spain (Caja España Vida).
According to Ignacio Izquierdo, Aviva Spain CEO: "In 2011, in a very difficult market, we achieved an increase in Group's results in Spain delivering a result after tax of €170 million, a record figure for Aviva in our country, consolidating our project in the future. These results have been achieved through the effort made together with our partners, focusing on the most profitable businesses and retaining our customers providing them quality service and good value"
Aviva, pioneer in the bancassurance business, has become a leading distribution channel for the insurer, thanks to the agreements reached which covers all Spain territory with more than 4,000 branches.
Aviva Vida y Pensiones is the retail company, distributing life insurance through its broker and agents network. Aviva Group in Spain is firmly committed to this company which continues consolidating as an indispensable complement providing high value products and services to the Group in Spain. Aviva Vida y Pensiones delivered sales in 2011 amounting to €246 millions and consolidated benefits net of tax of €8 million.
At the end of 2011 an agreement was reached with Pelayo Mutua, acquiring 50% of its life company. This important partnership includes an exchange of sales distribution networks, selling life insurance products through Pelayo network and car and home insurance through Aviva Vida y Pensiones network.
Asset Management
Out of the total amount of resources amounting to €14.216 million, Aviva manages fixed income assets with a value of €11,700 million, of which €8,500 million are Spanish fixed-income assets, representing a clear commitment of the Group with our country.
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For further information:
Laura Villuendas
Telephone: +34 91 297 1817
Email: laura.villuendas@aviva.es
Lucía Carballeda
Telephone: +34 91 556 01 54
Email: lucia.carballeda@edelman.com
Notes to editors
Aviva is the sixth insurance group in the world, and the leader in international insurance and long-term savings products. In Europe, it is the leader of the life insurance and pensions market.
Aviva in Spain is one of the leaders in the life insurance and pensions sector. It markets its products through professional brokers (Aviva Vida y Pensiones (life and pensions)) and by means of strategic alliances with some of the major Spanish savings banks (Bancaja, Caixa Galicia, Unicaja, Caja España, Caja Granada and Cajamurcia) www.aviva.es