New life, savings and retirement business, in gross issued premiums, down 14% to €1.3 billion on 31 March 2011 (31/03/10: €1.5 billion), in line with a market falling by 14%
- New life, savings and retirement business, in gross issued premiums, down 14% to €1.3 billion on 31 March 2011 (31/03/10: €1.5 billion), in line with a market falling by 14%
- New life, savings and retirement business on the basis of PVNBP1, down 15% to €1.4 billion on 31 March 20112 (31/03/10: €1.7 billion).
- This global decrease is particularly characterised by a marked fall in the collection of AFER at €664 million, in relation to the first quarter of 2010 which had benefited from a very high and atypical performance, while Antarius (Crédit du Nord/Aviva joint venture), on the contrary, saw growth of 16% to €483 million.
- Aviva also records a significant rise on the part of units of account in its collection, to 21% on 31 March 2011 (31/03/10: 15%).
“At the time of our previous financial announcements in 2010, we had indicated that we were expecting a slowdown in the collection at the beginning of 2011. In fact, the exceptional collection from the AFER contract had reached a historic level of +56% in the first quarter of 2010.
"Furthermore, the start of the year 2011 was marked by less attractive funds in Euros in terms of the lowering rates served at the end of 2010 and uncertainties on the taxation of life insurance. Within this difficult environment, the model of multi-distribution which characterises Aviva demonstrates yet again its pertinence through the dynamism of the activity of Antarius in the first quarter,” declared Nicholas Schimel, director general of Aviva France:
“Furthermore, Aviva, which has been recognised for many years as the specialist of units of account, distinguishes itself by a rise on the part of this class of assets in its collection. Today, Aviva has a broad range of multi-support products that allow savers seeking high performance to benefit from attractive rates while maintaining part of their investment in secure funds. Finally, we can only applaud the recent decisions of the government with a view to stabilising the life insurance taxation scheme, the favourite placement of French people.”
-ends-
Press contacts:
Estelle Joubert
Telephone: 01 76 62 57 86
E-mail: estelle_joubert@aviva.fr
Dominique Eluau
Telephone: 01 76 62 67 19
E-mail: dominique_eluau@aviva.fr
Notes to editors:
About Aviva
Aviva is the sixth largest insurer in the world* with more than 53 million clients spread over Europe, North America and the Asia-Pacific zone. The major sectors of the Aviva group are life insurance and long-term savings, assets management and damage insurance, with a total turnover of €55.4 billion and €468 billion of assets under management on 31 December 2010. Aviva is the most important insurer in the United Kingdom and one of the major life and retirement savings insurers in Europe.
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With more than 180 years of experience in France, Aviva is positioned among the top 10 insurance market players. Aviva France offers a complete range of products to three million clients, individuals, and small and medium businesses. The company is distinguished by a solid and profitable model of multi-distribution (875 general agents, 1,800 agency collaborators, 1,000 brokers, 400 life consultants, and 900 consultants in UFF management).
Aviva France also has partners such as the AFER, the largest savers’ association in France, the Crédit du Nord Group, and vehicle manufacturers. Aviva directly employs more than 4,700 collaborators.
On 31 December 2010, it recorded a consolidated turnover of €7 billion and a net profit in IFRS accounting base of €304 million. The company had €80.7 billion of assets under management on 31 December 2010.
For further information on Aviva France, consult http://www.aviva.fr/assurances/assureur-aviva/aviva-presse.
* on the basis of gross world premiums issued on 31 December 2009.
1 These results are communicated on the basis of PVNBP (Present Value of New Business Premiums): value updated on a yearly basis for new business according to the principles of the MCEV (Market Consistent Embedded Value) applied by the CFO Forum.
2 £1.2 billion, that is - 18% due to the fact of the exchange effect (see press release of the Aviva plc group).