Aviva 2007 Annual Report Download - page 42
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Fund management
Delta Lloyd Asset Management manages investments
both for Delta Lloyd’s own insurance operations and
for third parties including individual and institutional
customers. As well as managing equity and fixed interest
funds, our operations also include management of a
property portfolio. The acquisition of Cyrte Investments
has brought new expertise in technology and media to
our fund offering, and provides a platform for further
innovative growth.
IFRS operating profit was £23 million (2006: £37 million),
reflecting lower performance related fees following the
exceptional levels earned in 2006 and included £2 million
in respect of Cyrte Investments since its consolidation at
the end of September 2007.
General insurance and health
Delta Lloyd is a top-five general and health insurance
provider in the Netherlands selling a range of products
including personal motor, household and small commercial
policies as well as healthcare policies. Distribution is through
a variety of routes, including intermediaries, direct and
white-label business, and through our bancassurance joint
venture with ABN AMRO Bank.
Operating profit from general insurance and health
was £169 million (2006: £139 million). The general
insurance underwriting result was £122 million (2006:
£83 million) and the combined operating ratio improved
to 85% (2006: 89%), following favourable development
of prior year claims and the maintenance of premium rates
in key areas. The health underwriting result deteriorated
to a loss of £47 million (2006: £33 million loss) as a result
of higher claims costs net of recoveries from the central
health fund and reorganisation costs.
In December 2007, we agreed the sale of our health
operations to O.W.M CZ Groep Zorgverkeraar U.A (CZ)
with effect from 1 January 2009, in a transaction that will
give Delta Lloyd the opportunity to sell life, pensions and
general insurance products to CZ’s existing customer
base from January 2008.
The Delta Lloyd growth and efficiency programme
is expected to have a major impact in general insurance
where centralising specialist areas such as IT and simplifying
the organisation, as well as initiatives designed to grow
revenues, are expected to deliver benefits from 2008.
Poland
Life
Our life and pensions businesses both continued to
perform extremely well in 2007. Our life business is
ranked number two in the market while we have retained
the market leading position in the pensions market since
1999. We are also the third largest life and pensions
provider in Lithuania. Our businesses, which currently
trade under the Commercial Union brand name,
launched a new logo and website which is more
closely aligned with the Aviva brand.
Aviva plc
Annual Report and
Accounts 2007
Business review continued:
Europe continued
38
Business
review
Direct motor insurance
launched in Poland using
group expertise
We are very excited by the potential
of the direct motor insurance
market in Poland. We have a
proven track record in launching
and running successful direct
motor insurance businesses in other
European markets including the
UK, Ireland and the Netherlands,
and we used this expertise together
with our already sizeable customer
base in Poland and highly recognised
brands to give us a significant
advantage in the market.
For more information visit
www.cu.pl or www.aviva.com