Aviva 2005 Annual Report Download - page 11

Overview
Aviva plc 2005
11
Awards in fund management
>30
Bancassurance partnerships
worldwide
Poland: life company
of the decade
We received a golden parasol award from
Home & Market magazine for being Poland’s
life insurance company of the decade. The magazine
praised us for our “persistence, quality of service,
recognisability and our long-term well-established
position in the Polish life insurance market”.
Forming partnerships
We recently announced a bancassurance joint venture in Ireland with AIB that will create a
leading force in the Irish life and pensions market. Sales through our joint venture with Crédit du
Nord in France, which commenced in October 2004, were £728 million in 2005. We extended
our deal with Banche Popolari Unite in Italy to distribute through an additional 380 branches.
Recognition for our fund management businesses
We launched new institutional and retail funds during the year, particularly in
property-related investments where Morley was named property manager of the
year at the UK Pensions Awards 2005. Our French business won a number of awards,
including being named best insurer in the 2005 Le Revenu fund management awards.
New property funds
Morley Fund Management has bolstered its focus
on Europe with a commitment to growing and
expanding its European property portfolio and
expertise. Morley’s property team manages in excess
of £22 billion of UK and European property assets,
making us one of the largest property fund managers
in Europe. We have been at the forefront of innovation
in property fund management. We also teamed up
with Barclays Capital, the investment banking arm of
Barclays, to create the Woolwich Global Distribution
Bond. The bond uses derivatives to generate higher
income for customers than could normally be expected
from a standard investment portfolio.
Enhancing our
UK distribution
We have continued to develop our strong
multi-distribution framework in the UK, where
the majority of our business comes from independent
financial advisers. During 2005, we signed a five-year
deal with Sesame, the UK’s largest IFA network.
We are also building our corporate partnerships and
reached major distribution agreements with Barclays
and Co-Operative Insurance Society. Additionally,
our existing bancassurance partnership with The Royal
Bank of Scotland has grown strongly during the year.
£1,814m
2001 1,665**
2002 1,524**
2003 1,496†
2004 1,611†
£19.5bn
2001 15.0
2002 14.6
2003 14.9
2004 17.2
9
* The present value of new premiums (PVNBP) is equal to total single premium sales received in the year plus the discounted
value of annual premiums expected to be received over the term of new contracts, and is expressed at the point of sale.
**On an achieved profits basis.
† On a European Embedded Value (EEV) basis.
‡ Single premiums, regular premiums and investment sales.