Aviva 2007 Annual Report Download - page 51
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Aviva plc
Annual Report and
Accounts 2007
47
Business
review
Our strategic priorities are:
Scale and growth through:
– Prioritised portfolio
– Regional operating model
– Investment required
How will we achieve this?
– Take advantage of the huge and well understood demographic opportunities
– Drive growth through the successful bancassurance model
– Share expertise such as the Australian wrap platform
– Expand further our geographical footprint in the region
– Realise cost savings and synergies through the regional operating model
Progress in 2007:
Continue to roll out our successful bancassurance distribution model,
tailored to the specific needs of our markets
– New bancassurance deals signed in Malaysia, India, Sri Lanka and Taiwan
Continue to strengthen our relationships with key brokers and other partners
– In Australia, we acquired a strategic stake in Meritus Financial Group which resulted
in Aviva having equity holdings in four Dealer Groups
– In Taiwan, we entered into a JV partnership with First Financial Holdings Company
which will have an exclusive bancassurance agreement with its flagship subsidiary,
First Commercial Bank, Taiwan’s second largest bank network
– In Singapore, we acquired DollarDex which would enable us to build a direct
customer base and further diversify distribution via our entry in the B-2-C segment
– In Malaysia, we bought a strategic stake in two of CIMB Group’s subsidiaries which
will provide access to over four million customers as well as introducing takaful
(Islamic Insurance) to the Aviva Group
Exploit the scale of Aviva through knowledge sharing and skills in multi-channel
distribution, product development and service delivery
– Joined forces with Aviva USA and Spain to share knowledge on product design and
industry trends. Delegates from Asia Pacific included Australia, China, Hong Kong,
Singapore and Taiwan
Looking forward:
Our medium-term target is to:
– Grow long-term savings new business sales by an average of at least 20% a year
to 2010