Aviva 2002 Annual Report Download - page 31

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17 Aviva plc
Annual report + accounts 2002
Another strength lies in our multi-distribution capability, which
gives customers the opportunity to buy our products in the way
they choose. We have leading positions across the broker,
corporate partnership and retail direct channels, including a
growing number of customers who conduct their business with
us over the internet.
France
We operate in France through Aviva Assurances, a general insurer
which sells through a network of 900 tied agents, and Eurofil,
the second-largest direct insurance business in the French market
with some 160,000 clients. In addition, from September 2002
we began selling car and household insurance through a new
bancassurance agreement with the Crédit du Nord group,
a federation of eight regional banks with over 600 branches.
In May 2002 we sold CGU Courtage, our broker distribution
business, for £189 million, and withdrew from the aviation
and space insurance pools. Our French business now concentrates
mainly on personal and small business insurance for
1.2 million clients.
We achieved an operating profit of £47 million (2001: £58 million),
despite claims arising from the floods in southern France in
September 2002. Net premiums written were down 32% at
£478 million. These results also reflect the reduced size of the
business following the sale of CGU Courtage.
During the year we began work on a common claims platform for
Aviva Assurances and Eurofil. This shared approach offers the
opportunity for improved operational efficiency and management
of costs, coupled with better customer service.
Taking a focused
approach to general
insurance, with
disciplined
underwriting and
efficient claims
handling.
General insurance operating profit before tax† £million
429
444
330
648
660
(142)
876
881
1998
1999
2000
2001
2002
924
959
Continuing operations
Discontinued operations
†From continuing and discontinued operations.