Aviva 2002 Annual Report Download - page 26

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Long-term savings continued
12 Aviva plc
Annual report + accounts 2002
Netherlands, Belgium and Luxembourg
Delta Lloyd’s top-five position in the Dutch life market has been
reinforced by a new bancassurance partnership with ABN AMRO,
a top-three bank in the Netherlands, which complements our
independent intermediary and direct distribution channels.
The agreement with ABN AMRO, announced in November 2002,
represents a major step towards enhancing our multi-distribution
capability. It provides for the sale of life and general insurance
products through the bank’s network of 570 branches to over five
million customers. We expect to see sales coming through from
the second quarter of 2003.
Total life and pensions sales were maintained at £796 million
(2001: £777 million). This reflected lower pension sales arising in
part from changes in tax legislation, offset by increased sales of
immediate annuity products as we sought to retain monies from
maturing life policies. Operating profit was £200 million
(2001: £221 million).
The integration of our activities in Belgium following the
acquisition of Bank Nagelmackers in late 2001 has established a
retail banking network which sells Delta Lloyd life products to
private clients. Consequently our Belgian life business, which
operates under the Delta Lloyd brand, is now performing
particularly well.
We are also
investing in South
East Asia,India and
China, which have
great potential for
future growth.