Worldwide long-term savings new business, year to 31 December 2002

Article date: 21 January 2003

  • Worldwide long-term new business sales of £14.6billion (2001: £15.0 billion)
  • Worldwide life and pensions sales up 2% on an APE*basis to £2,373 million
  • Investment sales continue to be held back by difficultmarket conditions and investor caution
  • Worldwide total bancassurance sales up 50% at £3,030million (2001: £2,009 million)
  • Continental European life and pensions sales up 5% onan APE* basis and now represent 43% of worldwide life and pensionsnew business sales
  • Annual premium equivalent (APE) is the UK industry's standardmeasure 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:

“As the largest life and pensions provider to Europe, wehave delivered a solid performance over the past twelve months,despite the challenging conditions which have affected the savingsindustry as a whole. We expect these difficult market conditions tocontinue this year and some markets may contract further in theshort term. Our geographical spread, broad product range, financialstrength and growth from new distribution arrangements will providesome resilience.

“Spain and Italy were strong performers in 2002 and ourrecent initiatives in Asia are starting to come on-line. Thelong-term growth dynamics for our business remain very good, asevidenced by governments across Europe addressing savings andpension reform.”


Philip Scott, Group Executive Director UKLife+44 (0)20 7662 2264
Tony Wyand, Group Executive DirectorContinental Europe+44 (0)20 7662 2285
Steve Riley, Investor Relations Director+44 (0)20 7662 8115
Hayley Stimpson, Director of ExternalAffairs+44(0)20 7662 7544
Alex Child-Villiers, Financial Dynamics+44(0)20 7269 7107

There will be a conference call today for wire services at7:45am on +44 (0)20 7162 0125. This conference call will be hostedby Philip Scott, Group Executive Director UK Life and Tony Wyand,Group Executive Director Continental Europe.

There will be a conference call today for analysts and investorsat 9:30am (UK time) on +44 (0)20 7162 0125. This conference callwill be hosted by Philip Scott, Group Executive Director UK Lifeand Tony Wyand, Group Executive Director Continental Europe.

Replay will be available for two weeks until 4 February. Thedial in number for replay is +44 (0)20 8288 4459 and the pass codeis 885382.

To view the full text of this release, please click here todownload the announcement in pdf format.

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