Aviva PLC
06 March 2006
News release
6 March 2006
AVIVA RECEIVES LICENCE IN RUSSIA
Aviva plc ('Aviva') has been granted a licence by the Federal Service of
Insurance Supervision in Russia, which will allow Aviva to offer a range of
long-term savings and protection products in the Russian market.
Commenting on Aviva's new licence, Philip Scott, executive director of Aviva,
said: 'The granting of this licence marks a very important milestone in our
entry into the Russian market. The local team is making good progress in
assessing the opportunities for us and we're close to finalising Aviva's market
entry strategy.'
Last year Aviva established a representative office in Moscow, with a view to
evaluating the market potential, distribution options and product design.
'There are a number of factors which make the Russian market attractive' says
Scott. 'Recent regulatory reform, an emerging middle-class and the low
penetration of life insurance and protection products all combine to make it
potentially an important market for Aviva in the long-term.'
Aviva will finalise its market entry strategy in the next few months, with a
view to beginning operations in Russia later this year.
- ends -
Enquiries:
Analysts
Charles Barrows, investor relations director +44 (0)20 7662 8115
Nicole Marques, investor relations manager +44 (0)20 7662 8302
Media
Sue Winston, head of group media relations +44 (0)20 7662 8221
Vanessa Booth, group media relations manager +44 (0)20 7662 2482
Rob Bailhache, Financial Dynamics +44 (0)20 7269 7200
AVIVA RECEIVES LICENCE IN RUSSIA / page 2
Notes to editors:
Russia statistics:
• Population: almost 143 million people: Russia has 14 cities each with
one million or more inhabitants (Source: CIA World Factbook - http://
www.cia.gov/cia/publications/factbook/geos/rs.html)
• 2005 GDP: $766bn (Source: World Bank)
• Economy: Russia is the world's 10th largest economy measured using
the purchasing power parity method (Source: World Bank)
• Foreign direct investment totalled $26bn in 2005, ranking Russia third
among the world's emerging markets. (Source: United Nations Development
Programme)
• Penetration of long-term savings products: about 0.05% of GDP (Source:
Federal Service of Insurance Supervision, Russia)
• Adult literacy: 99.6% - making Russia one of the best-educated states
in Europe (Source: CIA World Factbook)
• Recent regulatory reform means that European insurers can now own 100%
of a life business in Russia
• A photograph of Philip Scott in Russia is available at www.aviva.com
/media
• Aviva is the world's sixth-largest insurance group based on gross
world-wide premiums and market capitalisation (at 31 December 2004); it is one
of the leading providers of life and pensions in Europe and has substantial
businesses in other markets around the world.
• Aviva's principal business activities are long-term savings, fund
management and general insurance, with worldwide total sales of £35 billion and
assets under management of £317 billion at 31 December 2005.
• The Aviva media centre at www.aviva.com/media includes images,
company and product information and a news release archive.
This information is provided by RNS
The company news service from the London Stock Exchange
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