Article date: 3 August 2010
- Five year life insurance distribution agreement for Aviva’s protection products, from June 2011.
- Products available to Santander’s extensive UK customer base through its 1,300 branches, and via telephone and online.
- Builds on our existing general insurance relationship with Santander: with the portfolio now spanning life as well as general insurance product.
- Consolidates Aviva’s position as one of the leading life protection providers in the UK.
- Further evidence of Aviva’s global expertise in successful bancassurance partnerships built on its life and general insurance capability.
Aviva today announces that its UK business has signed an exclusive five year agreement with Santander for the distribution of Aviva’s life protection insurance products in the UK from June 2011.
The agreement covers the sale of Aviva’s core protection products, including life insurance, critical illness and income protection, which will be sold by Santander through its 1,300 UK branches, online and over the telephone*.
Mark Hodges, chief executive of Aviva’s UK business, said: “As Britain’s leading insurer, our strength lies in the breadth and quality of our product portfolio across both general and life insurance and I’m delighted that Santander’s customers will benefit from this. Our new distribution agreement will build on our solid existing general insurance relationship with Santander, creating a platform for significant growth across our UK business.
“We aim to provide Santander’s customers with a simple, quick and easy way to purchase a range of life protection products according to their specific needs. We know that many UK adults do not have any life insurance cover at all, so making protection choices as simple as possible is really important.
“Aviva has proven its ability to work closely with more than 90 bancassurance partners throughout the world as part of its broad multi-distribution strategy and our new deal with Santander demonstrates our ability to develop strong and lasting partnerships across our UK business.”
* Santander will sell under dual Aviva/Santander brands, the following Aviva products:
- Term (decreasing and level) with or without critical illness, income protection - Via the telephone, online and in branches.- Guaranteed Acceptance Whole of Life (50+) excluding direct mail/on-line - Via branches and telephone.
For further information please contact:
Nigel Prideaux, group communications director +44 (0)20 7662 0215
Rashmi Gautam, group senior media relations manager +44 (0)20 7662 9511
UK Life team
Louise Soulsby, head of media relations +44 (0)1904 452 617
Charles Barrows, investor relations director +44 (0)20 7662 8115
Jonathan Price, head of investor relations +44 (0)20 7662 2111
Notes to editors
Bancassurance refers to the arrangement by which banks and building societies agree to sell insurance and investment products to their customers on behalf of other financial providers.
Aviva has over 90 bancassurance agreements with banks and building societies across the world including 50 in Europe.
This agreement confirms our position as a partner of choice, and enhances Aviva’s competitive position by providing access to millions of bank customers throughout the world
Aviva, the international savings, investments and insurance group, is the world’s fifth largest insurance group, serving 53 million customers across Europe, North America and Asia Pacific.
In the UK, Aviva is a leading provider of life, pensions, investment, general insurance and health products to more than 20 million customers. Aviva also provides roadside assistance through RAC. Products are distributed through a number of channels including IFAs, brokers, corporate partners and direct to customers via the internet.
Aviva's UK Insurance business has a market share of around 15%, making it the largest general insurer in the UK. The business is focused on insurance for individuals and small businesses.
Aviva's life and pensions business in the UK has a total market share of 10.6% and a top three position in its key markets of savings, protection, and annuities.
Aviva’s news releases and a selection of images are available from the internet press centre at www.aviva.com/media.
Banco Santander (SAN.MC, STD.N, BNC.LN) is a retail and commercial bank, based in Spain, with presence in 10 main markets. At the end of 2009, Santander was the largest bank in the euro zone by market capitalization and fourth in the world by profit. Founded in 1857, Santander had EUR 1,245 billion in managed funds at the end of 2009. Following the acquisition of Sovereign Bancorp. of the U.S. in January 2009, Santander has 90 million customers, 13,660 branches – more than any other international bank – and 170,000 employees. It is the largest financial group in Spain and Latin America, with leading positions in the United Kingdom and Portugal and a broad presence in Europe through its Santander Consumer Finance arm. In 2009, Santander registered €8,943 million in net attributable profit.