Norwich Union reports strong investment sales in first half of 2006

Article date: 15 August 2006

Collective investments sales top £1bn for first time. Bondsales up 33%

Norwich Union has announced strong growth in sales of bonds andcollective investments. Sales of collective investments in thefirst half of 2006 were worth £1,083m. Sales in the same period of2005 were worth £513m.

Norwich Union bond sales rose to hit £1,626m in the first halfof 2006. Sales are 33% higher than the same period in 2005(£1,226m). Unit-linked sales rose 34% to £1,216m, and theintroduction of a unique Inflation Protected Guarantee has produceda 22% rise in with-profits sales.

Neil Davies, director of investment at Norwich Union, said:“These are outstanding sales figures and they show thatNorwich Union’s investment strategy is working.

“Over the past two years the Norwich Union investmentsteam has been working to develop and diversify our range ofinvestments and make them more attractive to advisers andcustomers.

“We have a strong range of property, fixed-interest, andsocially responsible investment funds managed by Morley FundManagement, and have launched multi-manager and UK equity fundsmanaged by Aon, Schroders and JPMorgan Asset Management. The launchof these funds has built on Norwich Union’s traditionalstrengths in the fixed interest and property funds sectors.

“We have also increased the number of funds availablethrough the Portfolio investment bond. Customers who invest inPortfolio have a choice of more than 100 funds from leading fundmanagers including Morley, Fidelity, Jupiter, Gartmore, New Starand Newton.”

In the past 18 months Norwich Union has:

  • Launched the Norwich UK special Situations fund, managed bySchroders
  • Launched the Norwich UK Growth and Value fund, managed byJPMorgan Asset Management
  • Recruited James Dalby as head of fund propositions
  • Added three fund of funds, managed by IMS, to its ISArange
  • Recruited John Clougherty as director of collectiveinvestments sales
  • Launched four manager of managers funds, managed by Aon AssetManagement

-ends-

Press officecontacts:
David Gwyer 01904 452828 Out of hours 07800699508
Cheryl Cox 01904 452791 Out of hours 07800 695275
Louise Soulsby 01904 452617

Notes to editors

  • Norwich Union is the UK’s largest insurer. It is aleading provider of life, pensions and investment products and oneof the largest Financial Adviser (FA) providers. FAs provide over70% of the company's long-term savings business in the UK.
  • Norwich Union is the UK’s largest general insurer with amarket share of around 14%, with a focus on insurance forindividuals and small businesses.
  • Norwich Union’s news releases and a selection of imagesare available from Aviva's internet press centre at www.aviva.com/media

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