New business sales 31.12.03
Aviva PLC
20 January 2004
20 January 2004
AVIVA plc
Worldwide long-term savings new business
Year to 31 December 2003
- Worldwide life and pensions sales on an APE* basis of £2,377 million (2002: £2,373 million)
- Total worldwide sales, including investment products, of £14.4 billion (2002: £14.6 billion)
- Worldwide total bancassurance sales up 27% to £563 million on an APE basis
- Final quarter of 2003 strongest sales of the year
- Aviva well-positioned to capitalise on market upturn
* Annual premium equivalent (APE) is the UK industry's standard measure of new regular premiums and 10% of single
premiums. All growth rates quoted are at constant rates of exchange.
Richard Harvey, Group Chief Executive, commented:
'In 2003, we increased market share in many of our key markets, despite difficult trading conditions. Continental
European life and pension sales were up 6% on an APE basis, with particularly strong performances in Italy, the
Netherlands and also Spain, where our bancassurance strategy has enabled us to become the leading life business.
'In the UK, Norwich Union reclaimed the number one position, growing our market share to over 12% in the third
quarter. Our competitive position continues to improve in our largest market.
'Aviva's growth prospects remain strong, particularly given Europe's ageing populations and widespread
pensions reform. We are well-positioned to benefit from this market expansion and a market upturn, capturing growth
through our extensive distribution networks.
'The prospects for growth in 2004 are encouraging, with evidence that investors are regaining confidence as
equity markets recover.'
Enquiries:
Analysts/Investors: Philip Scott, Group Executive Director +44 (0)20 7662 2264
Steve Riley, Investor Relations Director +44 (0)20 7662 8115
James Matthews, Head of Investor Relations +44 (0)20 7662 2137
Media: Hayley Stimpson, Director of External Affairs +44 (0)20 7662 7544
Sue Winston, Head of Group Media Relations +44 (0)20 7662 8221
Alex Child-Villiers, Financial Dynamics +44 (0)20 7269 7107
NEWSWIRES: There will be a conference call today for wire services at 7:45am (UK time) on +44 (0)20 7784 1018.
This conference call will be hosted by Philip Scott, Group Executive Director and Gary Withers, Chief Executive
Norwich Union Life.
ANALYSTS: There will be a conference call today for analysts and investors at 9:30am (UK time) on
+44 (0)20 7784 1018. This conference call will be hosted by Philip Scott, Group Executive Director and Gary Withers,
Chief Executive Norwich Union Life.
Replay will be available for two weeks until 3 February 2004. The dial in number for replay is +44 (0)20 7784 1024
and the pass code is 541059#.
Total new business Annual premium
sales equivalent sales(2)
------------------------- ------------------------
12 months 12 months
to to
31 December Local 31 December Local
2003 currency 2003 currency
£m growth(1) £m growth(1)
Life and pensions
United Kingdom 5,870 (14%) 1,068 (13%)
France 1,996 (3%) 241 (2%)
Ireland 250 (34%) 81 (29%)
Italy 1,453 16% 194 15%
Netherlands (including Belgium and Luxembourg) 989 13% 224 29%
Poland 64 (11%) 35 (23%)
Spain 1,464 1% 246 18%
Other Europe 353 4% 101 2%
Continental Europe 6,569 3% 1,122 6%
International 853 (8%) 187 9%
--------------------------------------------------------------------------------------------------------------------
Total life and pensions 13,292 (6%) 2,377 (3%)
====================================================================================================================
Investment sales
United Kingdom 680 22% 82 22%
Netherlands 204 56% 20 56%
Poland 110 - 12 -
Other Europe 49 (37%) 5 (37%)
Continental Europe 363 62% 37 67%
International 98 (67%) 10 (67%)
--------------------------------------------------------------------------------------------------------------------
Total investment sales 1,141 6% 129 9%
--------------------------------------------------------------------------------------------------------------------
Total long-term savings 14,433 (5%) 2,506 (3%)
====================================================================================================================
Navigator sales 625 (29%) - -
(not included above)
(1) Growth rates are calculated based on constant rates of exchange.
(2) Annual premium equivalent (APE) is the UK industry's standard measure of new regular premiums and 10% of single
premiums.
United Kingdom
During 2003, Norwich Union has grown market share to over 12% in the third quarter to regain the market-leading
position, substantially improved IFA service, increased pricing where appropriate and has driven costs out of the
business. Norwich Union has top three market positions in all the key product categories (pensions, individual
annuities, investment bonds and protection). Total life and pensions sales on an Annual Premium Equivalent ('APE')
basis in the discrete fourth quarter of £266 million continued the trend of stable performance over the previous five
quarters. This has been achieved in a competitive market and despite continued investor caution. Life and pension
sales in 2003 were £1,068 million (2002: £1,231 million) on an APE basis. Total sales for the year including
investment sales were £6,550 million (2002: £7,400 million).
Total sales from the joint venture with The Royal Bank of Scotland Group ('RBSG') were £843 million (2002:
£880 million) and £149 million (2002: £117 million) on an APE basis. This includes sales of £206 million (2002: nil)
from the collective investment joint venture formed in January 2003. Norwich Union's share of the joint venture
business was £89 million (2002: £84 million) on an APE basis, with total sales of £565 million (2002: £694 million)
including £103 million (2002: nil) of collective investments. Further development of our products, increased sales
force capacity and technology improvements will underpin the growth of this business and will give enhanced
cost efficiency in 2004.
Sales of annuity products for the year were up 5% to £1,091 million (2002: £1,035 million). The annuity market
remains competitive and we continue to price for profit by following a selective underwriting strategy. Sales of
mortgage products, primarily protection business, were flat at £70 million (2002: £72 million).
As a result of the strategy to focus on group pensions business, sales increased by 20% to £829 million (2002:
£690 million). Total pension sales for the year were lower at £2,556 million (2002: £2,702 million), reflecting
lower individual pension sales. Included within the overall pension results were stakeholder sales of £608 million
(2002: £651 million). Norwich Union continues to play a leading role in the debate on pensions reform and product
simplification. We await the results of the Government's decision on price capping of Sandler products. Product
pricing must be based on a realistic charging structure in order to be economically viable and in the appropriate
conditions, we intend to be a key player in this market.
Bond and savings sales for the year were lower at £1,866 million (2002: £2,801 million), although sales in the
discrete fourth quarter were the highest for any quarter of the year. Sales of unit-linked business in the fourth
quarter increased 26% on the third quarter to £884 million, benefiting from the relaunch of the product range during
the second half of 2003.
Norwich Union continues to benefit from its broad distribution base. It is a leading provider in the IFA market,
has tied arrangements with 18 regional building societies, distribution partnerships with major UK retailers,
including Tesco Personal Finance, in addition to the life and pensions and collective investment joint venture
with RBSG.
As investment market conditions improve and customer confidence begins to build, Norwich Union expects a steady
recovery in the trading environment through 2004. The broad product range, strong brand and breadth of distribution
networks will ensure that the results remain resilient in the current environment and that Norwich Union is well
placed to capitalise in a future market upturn.
France:
Aviva France achieved a resilient sales performance, with underlying growth of 4% (after excluding the protection
business sold to Mederic of £129 million in 2002). This includes out-performance in the unit-linked market, as a
result of innovative product design, good investment performance and improved productivity of the direct sales force.
Total sales were £1,996 million (2002: £1,856 million).
AFER is the largest savings organisation in France and sales of the single premium AFER euro products increased to
£1,157 million (2002: £983 million). Customers continue to prefer fixed interest rather than unit-linked investments
in current market conditions, although the level of unit-linked business is beginning to increase. The recent
renewal of the agreements between Aviva and AFER provides confidence for the future development of this business.
Total sales of unit-linked products were £779 million (2002: £699 million), despite a 15% contraction in the French
market for unit-linked and other savings products. A series of limited offer unit-linked products were launched during
2003, with the last of these sales being made during November 2003. Encouragingly in terms of market sentiment,
the majority of investors in these limited offer products, whose policies reached the first anniversary in the
quarter elected to re-invest in unit-linked products.
The Government's proposed reform to pension legislation is the first step in opening up the French pensions market.
We intend to launch a new pensions product towards the end of the first half of 2004 and we expect gradual take-up,
as consumers adapt to longer term saving commitments. In addition, the infrastructure for our joint venture with
Credit du Nord is under development, ahead of the launch in the fourth quarter of 2004. This partnership will
provide access to 1.3 million customers.
Ireland:
Hibernian Life & Pensions, the third largest Irish life and pensions provider, benefited from strong pension sales
in the fourth quarter. New business sales for the year were lower at £81 million (2002: £103 million) on an APE basis,
although sales in 2002 included one-off sales of £23 million (on an APE basis) from the Government's Special Savings
Incentive Account. Total sales were £250 million (2002: £343 million) reflecting the difficult market conditions.
New single premium pension sales increased by 14% to £137 million (2002: £110 million) and new regular premium
pension sales were £46 million (2002: £41 million). Sales of group pension products continued to be particularly
strong and the fourth quarter was helped by the Government's pensions awareness campaign and the 31 October tax
payment deadline for the self-employed.
Sales of the Personal Retirement Savings Account (PRSA) in the market have been slow initially and it will take time
to build an awareness of the new products amongst both consumers and advisors alike.
Life single premium sales were lower at £51 million (2002: £157 million), with continuing low demand for unit-linked
and with-profit bond investments in current market conditions. Regular life premium sales were lower at £16 million
(2002: £35 million) including an encouraging increase of 33% in sales of protection business to £14 million offset
by the impact of SSIA sales which ceased in April 2002.
Italy:
Sales momentum increased during the fourth quarter as expected, with total new business sales for the year up by
16% to £1,453 million (2002: £1,133 million). Current year sales include £187 million (2002: £126 million) of
one-off direct business written in the first half of the year.
Sales through UniCredito Italiano increased to £814 million (2002: £695 million), with sales of unit-linked
single premium products offering protected returns proving popular in current market conditions.
Our most recent agreement with Banca Popolare Commercio e Industria, now part of the Banche Popolari Unite (BPU)
Group, commenced in 2003 and produced encouraging new sales through the BPU networks of £138 million (2002: nil).
Sales benefited from another successful limited offer on a structured investment bond which closed in the fourth
quarter. New regular premium products are being introduced to widen the product range in 2004. Total sales from Banca
Popolare di Lodi Group were £243 million (2002: £217 million) and sales through Banca delle Marche were £50 million
(2002: £52 million), following a strong performance in the first half.
Sales will be volatile quarter on quarter reflecting the timing of marketing campaigns with the banks. Our long-term
growth potential is strong.
Netherlands (including Belgium and Luxembourg):
Delta Lloyd, our top-five life and pensions business in the Netherlands, reported total sales of £1,193 million
(2002: £915 million), reflecting the benefit of first year sales of £227 million from our new 2003 bancassurance
agreement with ABN AMRO. Sales in the fourth quarter were high due to strong group pension regular premium sales and
continued strong sales of unit-linked bonds from our arrangement with ABN AMRO.
Total pension and annuities sales were higher at £569 million (2002: £515 million) which includes an increase in group
pensions to £63 million (2002: £37 million). Annuity sales were lower year on year, reflecting the effect of
pricing actions.
Single premium life product sales rose by 35% to £344 million (2002: £231 million), including strong sales of
unit-linked products where the underlying returns are linked to bond performance. This rise is due to the
increased business processed through our arrangement with ABN AMRO and recent marketing campaigns. Regular premium
life sales increased to £76 million (2002: £50 million). Sales of our mortgage protection product sold through our
bancassurance agreement with ABN AMRO showed encouraging total sales of £21 million.
Sales of investment fund products increased to £204 million (2002: £119 million).
Based on the strong progress made in 2003 Delta Lloyd continues to develop its multi-channel, multi-label and
single back office strategy. New competitive products, improving service levels, straight-through processing and
focus on group life business will support sustainable new business growth in 2004 with the continued integration of
the ABN AMRO channel.
Poland:
CU Polska continues to be the market leader in individual life and private pensions with a 15% share of the life
market measured by total premium income in the first half of 2003 and a 29% share of the private pensions market
measured by total assets under management.
Market conditions continue to be difficult with pension sales lower at £23 million (2002: £30 million) and total
life sales at £41 million (2002: £46 million). In contrast mutual fund business, launched in the second quarter of
2002, has performed strongly with sales of £110 million (2002: £16 million) helped by the low interest rate
environment and improving stockmarket performance.
Spain:
Aviva is the number one life business in Spain, based on gross written premiums in the first nine months of 2003.
Total life and pensions new business in the discrete fourth quarter of £72 million on an APE basis was the highest
quarter of the year, and benefited from the seasonal activity in the pensions market. Sales on an APE basis increased
by 18% to £246 million (2002: £189 million) as we continue to develop our bancassurance partnerships. Total sales
were £1,464 million (2002: £1,309 million) and included one-off sales in the first half of the year of £149 million
(2002: £177 million).
The focus in the fourth quarter has been on pensions business in advance of the fiscal year end on 31 December
for tax relief on pension premiums, with particularly strong sales of regular premium products. Sales of high margin
protection products also continued strongly. However, sales of traditional savings products continued to slow in the
second half of the year as lower guaranteed returns were less attractive.
Total sales on an APE basis through our bancassurance network grew by 20% to £228 million, including sales through
Bancaja of £110 million (2002: £108 million). Total sales on an APE basis from all of our other more recent
partnerships of £118 million (2002: £67 million) achieved strong underlying growth, particularly after the removal
of one-off sales. Our partnership with Caja de Granada achieved strong sales in its first year of operation of
£11 million on an APE basis (2002: nil).
Whilst quarterly sales are variable, growth potential is strong across our bancassurance partnerships,
particularly through the more recent agreements, given their relatively low level of customer penetration for life and
pensions business.
Other Europe:
Total sales for our Other Europe businesses were £353 million (2002: £309 million), including total sales in
Germany of £163 million (2002: £154 million).
In Turkey, where we are a top-five provider, total new business sales increased to £27 million (2002: £20 million)
on an APE basis, reflecting continuing development and economic recovery. Personal pensions business was launched in
mid-December and we anticipate being a leading player.
In Lithuania we have captured around 30% of the market for new life business, leveraging off our Polish
infrastructure. In addition, we are a market leader of Government sponsored private pensions, launched in
September 2003.
Sales through our Dublin-based offshore life and savings business were lower at £82 million (2002: £101 million)
and sales of Luxembourg UCITS were also lower at £49 million (2002: £70 million).
International:
Life and pension sales in our International businesses were £853 million (2002: £952 million).
United States: Total life and pension sales were flat at £538 million (2002: £587 million). Fixed annuity sales have
continued to slow in the fourth quarter as we manage sales in a volatile interest rate environment, resulting in
single premium sales of £495 million (2002: £542 million) and regular premium sales of £43 million (2002: £45 million).
Australia: Total life and pension sales were £230 million (2002: £239 million) and sales of unit trusts were
£98 million (2002: £267 million). While not included in the new business figures, sales of Navigator, our top-five
master trust were lower at £617 million (2002: £797 million), reflecting investor sentiment in equity markets,
although sales showed some improvement in the second half of the year. In November, Navigator added a number of new
funds to ensure that adequate choice both of quality managers and funds are provided for financial advisors. We
believe we are well-positioned both in the life and Navigator outlets to take advantage of a more positive investor
sentiment during 2004.
Singapore and Hong Kong: Total sales in Singapore including those through our bancassurance partnership with DBS
Group Holdings Limited (DBS) were £30 million (2002: £24 million) on an APE basis reflecting our focus on higher
margin regular premium business. We have made progress in developing our broker distribution network. Our
partnership with DBS in Hong Kong reported total sales of £4 million (2002: nil) and is in an early stage of
development following its launch at the end of 2002. Total Navigator sales include sales of £8 million (2002: nil)
through Navigator Asia in Singapore.
India: Although only 18 months old, total sales from our joint venture life business with Dabur Group increased to
£9 million, ranking us 9th in the market. Our 26% share included in our new business sales of £2 million (2002: nil).
Sales are through our bancassurance partnerships including Canara Bank, India's second largest bank, and our 1,800
strong direct sales force.
China: We launched our new joint venture life business, Aviva COFCO, in Guangzhou on 1 January 2003 and sales are
continuing to build on a very good start. Total sales were £3 million, with our 50% share included in our new
business sales amounting to £1 million. We now have a sales force of around 2,000 and have applied for licences to
operate in Beijing and Chengdu.
Notes to Editors
1. Aviva is the UK's largest insurer and one of the top-five life companies in Europe with substantial positions
in other markets around the world, making it the world's seventh-largest insurance group based on gross
worldwide premiums. In the UK Aviva operates under the Norwich Union brand. Aviva's principal business activities
are long-term savings, fund management and general insurance, with worldwide premium income and retail
investment sales from continuing operations of £28 billion for the year ended 31 December 2002, and assets
under management of more than £200 billion at 31 December 2002.
2. All figures have been translated at average exchange rates applying for the period. The average euro rates
employed in this announcement are 1 euro = £0.69 (year to 31 December 2002: 1 euro = £0.63).
3. All growth rates are quoted in local currency.
4. Reclassification of 2002 comparatives in the Netherlands (including Belgium and Luxembourg):
From the first quarter of 2003, pensions and annuities business have been reported as one category. We have
reclassified the fourth quarter 2002 results to reflect the revised reporting of annuity business previously
reported within life products.
Q4 2002 (Cumulative sales)
--------------------------------------------------------------
Originally reported Single Premiums (£million) Regular Premiums (£million)
Pensions 275 32
Life 434 55
-------------------------- ----------------------------
709 87
After reclassification
Pensions and annuities 478 37
Life 231 50
-------------------------- ---------------------------
709 87
5. Definitions:
Annual premium equivalent (APE) is a UK industry standard for calculating life, pensions and investments new
business levels. It is the total of new regular premiums and 10% of single premiums.
6. Cautionary statements:
This preliminary announcement may contain 'forward-looking statements' with respect to certain of Aviva's plans
and its current goals and expectations relating to its future financial condition, performance and results. By
their nature, all forward-looking statements involve risk and uncertainty because they relate to future events
and circumstances which are beyond Aviva's control, including amongst other things, UK domestic and global
economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates,
the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing
impact and other uncertainties of future acquisitions or combinations within relevant industries, as well as
the impact of tax and other legislation and other regulations in the jurisdictions in which Aviva and its
affiliates operate. As a result, Aviva's actual future financial condition, performance and results may differ
materially from the plans, goals and expectations set forth in Aviva's forward-looking statements.
Aviva undertakes no obligation to update the forward-looking statements contained in this presentation or any
other forward-looking statements we may make.
Aviva plc is a company registered in England No. 2468686.
Registered office St Helen's 1 Undershaft London EC3P 3DQ
Statistical Supplement
CONTENTS
Analyses
1. Detailed worldwide long-term savings new business analysis
2. Analysis of UK long-term savings by distribution channel - sales and APE
3. Analysis of sales via our principal bancassurance channels
SUPPLEMENT 1
Detailed worldwide long-term savings new business analysis
Single Regular Total
------------------------------------- ------------------------------------- --------
12 months 12 months 12 months 12 months
to to to to
31 December 31 December Local 31 December 31 December Local Local
2003 2002 currency 2003 2002 currency currency
£m £m growth £m £m growth growth
United Kingdom
Individual pensions 1,479 1,685 (12%) 248 327 (24%) (14%)
Group pensions 727 597 22% 102 93 10% 20%
Mortgage - - - 70 72 (3%) (3%)
Annuities 1,091 1,035 5% - - - 5%
Bonds 1,866 2,801 (33%) - 1 (100%) (33%)
Other life 173 119 45% 114 114 - 23%
------------------------------------------------------------------------------------------------------------------
Total life and pensions 5,336 6,237 (14%) 534 607 (12%) (14%)
Peps/Isas/Unit
Trusts/Oeics 664 543 22% 16 13 23% 22%
------------------------------------------------------------------------------------------------------------------
6,000 6,780 (12%) 550 620 (11%) (11%)
France
AFER (excluding unit-linked) 1,157 983 7% - - - 7%
Unit-linked & other savings 752 672 2% 27 27 (9%) 1%
Protection business 41 159 (77%) 19 15 16% (69%)
------------------------------------------------------------------------------------------------------------------
1,950 1,814 (3%) 46 42 - (3%)
Ireland
Life and savings 51 157 (70%) 16 35 (59%) (68%)
Pensions 137 110 14% 46 41 2% 10%
------------------------------------------------------------------------------------------------------------------
188 267 (36%) 62 76 (26%) (34%)
Italy
Life and savings 1,399 1,089 16% 54 44 10% 16%
------------------------------------------------------------------------------------------------------------------
1,399 1,089 16% 54 44 10% 16%
Netherlands (including
Belgium & Luxembourg)
Pensions 506 478 (4%) 63 37 54% -
Life 344 231 35% 76 50 39% 36%
------------------------------------------------------------------------------------------------------------------
Total life and pensions 850 709 9% 139 87 45% 13%
Unit trusts 204 119 56% - - - 56%
------------------------------------------------------------------------------------------------------------------
1,054 828 15% 139 87 45% 18%
Poland
Life and savings 24 22 14% 17 24 (25%) (6%)
Pensions 8 9 - 15 21 (25%) (17%)
------------------------------------------------------------------------------------------------------------------
Total life and pensions 32 31 10% 32 45 (25%) (11%)
Mutual funds 109 16 - 1 - - -
------------------------------------------------------------------------------------------------------------------
141 47 215% 33 45 (22%) 99%
Spain
Life and savings 1,022 1,004 (8%) 55 38 31% (6%)
Pensions 331 240 25% 56 27 90% 31%
------------------------------------------------------------------------------------------------------------------
1,353 1,244 (2%) 111 65 56% 1%
Other Europe
Life and pensions 280 240 6% 73 69 (1%) 4%
UCITS and other 49 70 (37%) - - - (37%)
------------------------------------------------------------------------------------------------------------------
329 310 (4%) 73 69 (1%) (4%)
International
Life and pensions 740 863 (11%) 113 89 29% (8%)
Unit trusts 98 267 (67%) - - - (67%)
------------------------------------------------------------------------------------------------------------------
838 1,130 (26%) 113 89 29% (22%)
Total long-term savings 13,252 13,509 (6%) 1,181 1,137 1% (5%)
==================================================================================================================
Analysed:
Life and pensions 12,128 12,494 (7%) 1,164 1,124 1% (6%)
Investment sales 1,124 1,015 6% 17 13 36% 6%
------------------------------------------------------------------------------------------------------------------
Total long-term savings 13,252 13,509 (6%) 1,181 1,137 1% (5%)
==================================================================================================================
Navigator sales 625 797 (29%) - - - (29%)
(not included above)
SUPPLEMENT 2
Analysis of UK long-term savings by distribution channel
Sales
Single Regular Total
-------------------------------------- --------------------------------------- -------
12 months 12 months 12 months 12 months
to to to to
31 December 31 December Local 31 December 31 December Local Local
2003 2002 currency 2003 2002 currency currency
£m £m growth £m £m growth growth
IFA
- life & pensions products 4,031 4,289 (6%) 420 472 (11%) (7%)
- investment products 382 340 12% 2 8 (75%) 10%
------------------------------------------------------------------------------------------------------------------
4,413 4,629 (5%) 422 480 (12%) (5%)
Bancassurance
partnership with RBSG
- life & pensions products 439 677 (35%) 23 16 44% (33%)
- investment products 90 - - 13 - - -
------------------------------------------------------------------------------------------------------------------
529 677 (22%) 36 16 125% (18%)
Other partnerships/Direct
- life & pensions products 866 1,271 (32%) 91 119 (24%) (31%)
- investment products 192 203 (5%) 1 5 (80%) (7%)
------------------------------------------------------------------------------------------------------------------
1,058 1,474 (28%) 92 124 (26%) (28%)
------------------------------------------------------------------------------------------------------------------
Total UK long-term savings 6,000 6,780 (12%) 550 620 (11%) (11%)
==================================================================================================================
Annual premium equivalent
Life and pension Investment Long-term savings
------------------------ ----------------------- -----------------------
12 months to 12 months to 12 months to
31 December Local 31 December Local 31 December Local
2003 currency 2003 currency 2003 currency
£m growth £m growth £m growth
IFA 823 (9%) 40 (4%) 863 (9%)
Bancassurance partnership with RBSG 67 (20%) 22 - 89 6%
Other partnerships/Direct 178 (28%) 20 (17%) 198 (27%)
------------------------------------------------------------------------------------------------------------------
Total UK long-term savings 1,068 (13%) 82 22% 1,150 (11%)
==================================================================================================================
SUPPLEMENT 3
Analysis of sales via our principal bancassurance channels
Total new business Annual premium
sales equivalent sales (2)
---------------------------- -------------------------
12 months to 12 months to
31 December Local 31 December Local
2003 currency 2003 currency
£m growth(1) £m growth(1)
Life and pensions
United Kingdom
Royal Bank of Scotland Group (3) 462 (33%) 67 (20%)
------------------------------------------------------------------------------------------------------------------
462 (33%) 67 (20%)
Italy
UniCredito Italiano 814 7% 102 10%
Banca Popolare di Lodi Group 243 2% 33 (6%)
Banca delle Marche 50 (12%) 22 16%
Banca Popolare Commercio e Industria
(now Banche Popolari Unite) 138 - 14 -
------------------------------------------------------------------------------------------------------------------
1,245 18% 171 16%
Netherlands
ABN AMRO 227 - 50 -
------------------------------------------------------------------------------------------------------------------
227 - 50 -
Spain
Bancaja 799 (9%) 110 (7%)
Caixa Galicia 231 146% 47 213%
Unicaja 164 (17%) 34 13%
Caja Espana 174 (12%) 26 (7%)
Caja de Granada 39 - 11 -
------------------------------------------------------------------------------------------------------------------
1,407 3% 228 20%
International
DBS 63 (52%) 25 25%
------------------------------------------------------------------------------------------------------------------
63 (52%) 25 25%
------------------------------------------------------------------------------------------------------------------
Total life and pensions 3,404 5% 541 22%
Investment sales
United Kingdom
Royal Bank of Scotland Group (3) 103 - 22 -
------------------------------------------------------------------------------------------------------------------
103 - 22 -
------------------------------------------------------------------------------------------------------------------
Total bancassurance sales 3,507 8% 563 27%
==================================================================================================================
(1) Growth rates are calculated based on constant rates of exchange.
(2) Annual premium equivalent (APE) is the UK industry's standard measure of new regular premiums and 10% of
single premiums.
(3) Total sales through our joint venture with the Royal Bank of Scotland Group (RBSG) comprised £641 million of
life and pensions sales (2002: £880 million) and £206 million of investment sales (2002: nil). In reporting our
life and pensions result for RBSG we have included our 50% share of sales written through the joint venture
life company amounting to £175 million (2002: £187 million), and £287 million (2002: £506 million) representing
100% of single premium with-profit bond sales written through a Norwich Union fund. Investment sales of
£103 million (2002: nil) represent our 50% share of the collective investment sales.
For a word or pdf version of this announcement please visit our website at www.aviva.com
This information is provided by RNS
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