Aviva 2002 Annual Report Download - page 19

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• Continental European business now accounts for 43%
of worldwide life and pension sales and 49% of life
achieved operating profit.
• Worldwide total bancassurance sales up 50% at
£3.0 billion.
• New partnerships in Europe and South East Asia extend
bancassurance reach to some 35 million potential
customers.
• New life insurance joint ventures launched in India and
China, both markets with huge long-term growth potential.
• Introduced new savings products offering capital or
income protection to meet continuing investor preference
for non-equity related products.
• Introduced new socially responsible investment
products in UK and Ireland.
• Morley launched first US mutual funds, building
capability in the North American market.
• Around 70% of French funds in top quartile for returns
over three years.
• Investment sales in the Netherlands up 38%.
• Launched Navigator Asia in Singapore, extension of
highly successful Australian online fund administration
platform.
• Better-than-target COR†of 101.4% resulting from
disciplined underwriting and efficient claims handling.
• Sold general insurance businesses in Australia,
New Zealand and Spain and broker distribution business
in France.
• UK expense ratio of 10.4% one of the lowest among
major UK insurers.
• Improving customer service in Canada, including
introduction of Total Incident Management concept
from UK.
• Ongoing investment in market-leading initiatives
including our pioneering Pay As You Drive™ motor
insurance project.
Developments in 2002 Performance in 2002
05 Aviva plc
Annual report + accounts 2002
£13,618m
New life and pension sales
£19,
100m
Net premiums written including
share of associates’ premiums*
£1,524m
Life achieved operating profit before tax
*Including health premiums of £928 million.
£208bn
Assets under management
£1,028m
Investment sales
£7.5bn
New external mandates in the UK
£8,497m
Net premiums written†
101.4%
Combined operating ratio (COR)†
£959m
Operating profit before tax†
†From continuing and discontinued operations.