Article date: 8 February 2008
Norwich Union International, Aviva's Dublin-based offshore business, reports strong new business figures. Overall offshore sales in 2007 were worth a total of £521m -up 60% on the previous year (2006: £325m). Figures reported on a PVNBP basis and include with-profits and unit-linked offshore bond.
Sales of unit-linked offshore bonds more than doubled to £280m (2006: £135m).
Neil Davies, director of marketing - investments at Norwich Union, said: "We're delighted with our new business figures, which have continued to grow strongly in recent years. Sales in the UK have grown strongly because we have continued to enhance Premier Portfolio - our flagship open architecture wrapper. For example, in 2007, we have created a market-leading Discretionary Manager proposition, with inspecie transfers being one of many new additions.
"The attractiveness of discretionary asset management has continued to grow strongly. More advisers and discretionary managers are combining their skills to create compelling customer offers, and offshore bonds are a critical ingredient to this mix."
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Notes to editors:
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union is the UK's largest general insurer with a market share of around 14%, with a focus on insurance for individuals and small businesses.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.