Article date: 1 November 2006
- Collective sales up 96%. Bond sales rise 36%
Norwich Union has reported strong sales ofbonds and collective investments to Q3 2006.
Sales of collective investments were substantially improved withsales to date increasing by 96% to £1,673 million – almostdouble those achieved in the same period last year (2005: £855million).
Bond sales for the first nine months of 2006 were strong and roseby 36% to £2,532 million (2005: £1,860 million). The introductionof a market-leading inflation protected guarantee has also resultedin a 54% growth in with-profit bond sales to £552 million (seenotes to editors). Unit linked bond sales rose 29% to £1,808million.
Neil Davies, director of marketing investments at Norwich Union,said: “Norwich Union’s investments team has beenworking hard to improve the range of investment products we offerto customers and distributors – and that hard work is payingoff.
“We have built on the strengths of Morley, launched new fundsand recruited top-quality people to the team in York and acrossother areas of Norwich Union. I’m particularly pleased withthe growth in sales in our collective investment business, whichunderlines the success of Norwich Union’s strategy ofwidening its collective investment range and strengthening itsconsumer offering.
“Also, of particular note, is the success we are having inmarketing our with-profit proposition highlighting the importanceof this type of investment as part of a portfolio, together withthe attractive guarantee we are offering. We have also made furthersignificant improvements to the Portfolio life bond and investorscan now choose from a range of nearly 140 funds.”
In the past 18 months Norwich Union has:
- Launched the Norwich UK Special Situations fund, managed bySchroders
- Added 61 funds to Portfolio Life bond
- Launched the Norwich UK Growth and Value fund, managed byJPMorgan Asset Management
- Added unique Inflation Protected Guarantee to with-profitsbonds
- Launched four manager of managers funds, managed by Aon AssetManagement
- Added three fund of funds, managed by IMS, to its Isarange.
Press office contacts:
David Gwyer 01904 452828 Out of hours 07800 699508
Louise Soulsby 01904 452617 Out of hours 07800 699526
Notes to editors:
About inflation protected guarantee
The with-profitsinflation protected guarantee - launched on 30 January 2006 -protects customers’ original investments and tracks theRetail Price Index (RPI). The guarantee means that investors whokeep all their money invested for at least five years will eitherbenefit from the growth in the with-profit fund or get back atleast what they paid in – plus inflation.
About Norwich Union
Norwich Union is theUK’s largest insurer. It is a leading provider of life,pensions and investment products and one of the largest financialadviser (FA) providers. FAs provide over 70% of the company'slong-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 images areavailable from Aviva's internet press centre at www.aviva.com/media.