Article date: 20 January 2004
Norwich Union International, Aviva's Dublin based offshorebusiness, has reported a 36% increase in sales to €230.6million for 2003 over 2002 figures. These sales include €11.1million of offshore with-profit business.
With-Profit sales are reinsured into Norwich Union's with-profitsfunds in the UK and are shown there in the reported sales figuresof the Aviva group.
Commenting on the increase, Clive Witter, managing director,Norwich Union International, said: "We received a sustained demandfor our Sterling with-profit fund throughout 2003. We'reparticularly pleased with how the introduction of Euro and Dollarwith-profit funds in March contributed to the increase in overallbusiness for the year. We hope to see both of these trendscontinue, especially in light of our bonus rate improvementsannounced last week.
In 2004, we plan to build on this growth with the introduction offurther product innovations, including the recent launch of ourCore Funds Bond. The Core Funds Bond is a response to IFA demandand, for the first time, combines our most popular funds within asingle product. A further first for Norwich Union International isthat the bond provides a capital redemption option that will allowus to target corporate business more effectively".
For further information:
Norwich Union International
00 353 1 802 8415
020 7269 7253