Aviva 2007 Annual Report Download - page 52
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Aviva plc
Annual Report and
Accounts 2007
Business review continued:
Asia Pacific continued
48
Business
review
Long-term savings
2007
IFRS IFRS EEV New New
profit operating operating business business
before tax profit profit PVNBP*contribution** margin**
£m £m £m £m £m %
Australia 47 37 48 439 26 5.9
Asia (7) (6) 43 990 36 3.6
Asia Pacific 40 31 91 1,429 62 4.3
2006
IFRS IFRS EEV New New
profit operating operating business business
before tax profit profit PVNBP* contribution** margin**
£m £m £m £m £m %
Australia 59 37 49 297 17 5.7
Asia 9 7 37 685 26 3.8
Asia Pacific 68 44 86 982 43 4.4
* Excludes investment sales. Investment sales totalled £2,660 million
(2006: £1,564 million) giving overall new business sales of £4,089 million
(2006: £2,546 million).
** Stated before the effect of required capital.
Fund management
IFRS operating profit EEV operating profit
2007 2006 2007 2006
£m £m £m £m
Asia Pacific 15 915 9
General insurance, health and related services
IFRS IFRS Combined Net
profit operating operating written Underwriting
before tax profit ratio
*
premium result
£m £m % £m £m
2007 4 4 97 28 3
2006 5 3 98 26 3
* General insurance business only.
0
3,000
2,000
1,000
500
1,500
2,500
3,500
4,000
2004 2005 2006 2007
(£m)
Total sales
General insurance
Investment sales
Life and Pensions
Dear Shareholder,
There are huge opportunities in the
Asia Pacific region to grow Aviva’s business
over the coming years.
By continuing to expand our portfolio
of long-term savings, protection and takaful
insurance products across more countries
in the region, by continuing to offer better
service to customers and by continuing
to invest in our people, we plan to achieve
our targets and increase our share of the
group result.
While we are exploring new markets
in the region, we are also focusing on
achieving our full potential in our existing
businesses, particularly those where we
have just begun operations.
One of our main strengths lies in
the “one Aviva” operating model which
enables us to share skills and services
across the region and group. For example,
we are investigating opportunities to
implement our very successful Navigator
product in more countries. When entering
new markets we can use expertise from
elsewhere in the region, adapting tried
and tested distribution approaches to the
local market and establish ourselves quickly.
We have already achieved rapid
growth in Asia Pacific. The Aviva brand
is becoming
well known, our business
model is successful,
and we are confident
that we can continue to build on this
strong base.
Simon Machell
Chief executive, Asia Pacific
IFRS operating profit
EEV operating profit 0
20
80
60
40
100
2004 2005 2006 2007
(£m)
Operating profit