Aviva 2007 Annual Report Download - page 55
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Aviva plc
Annual Report and
Accounts 2007
51
Business
review
China – Aviva-COFCO
recognised for foresight
with best channel
strategy award
In an industry-wide ceremony,
Aviva-COFCO, our joint venture
in China, was given the “Best
Channel Strategy” award by China
Insurance Marketing, a national
magazine for Chinese business
professionals. This recognises the
company’s foresight and initiative
in creating a centre for the
training and development of
brokers. The training programme
includes product knowledge,
customer service, sales, business
administration and management.
For more information visit
www.aviva-cofco.com.cn
India
India’s young urban population base provides strong
growth potential in the long-term savings market.
Our strategy is to acquire new customers through
distribution relationships with banks as well as through
our 30,000 strong direct sales force (2006:14,000).
The quality of our direct sales force is key for incremental
growth and we are investing in capability and infrastructure
to improve the quality of sale and productivity per agent.
We currently rank eighth among the private insurance
companies in the market.
Malaysia
In July, we entered the Malaysian market through
the acquisition of a 49% stake in two of CIMB Group’s
subsidiaries, Commerce Life Assurance Berhad and
Commerce Takaful Berhad who have entered into
exclusive bancassurance agreements with CIMB Group’s
subsidiary, CIMB Bank, giving Aviva access to over four
million potential new customers as well as introducing
takaful (Islamic insurance) to the Aviva group.
In October, we obtained regulatory approval from
Bank of Negara on establishment of the International
Currency Business Unit (ICBU). This ICBU establishment
allows a window for companies to sell Takaful products
in multiple currencies with a ten year tax waiver for
the entity.
Singapore
In Singapore, we rank first in combined sales of
long-term savings products, including unit trusts.
We employ a multi-channel distribution strategy led by
a strong partnership with DBS Bank. Our IFA channel
has been growing aggressively and we established a new
channel in 2007, wholesaling through Manulife and TM
Asia. In the employee benefits and healthcare business,
we are the leading provider, providing insurance for
one out of every three insured employees in Singapore.
Our Navigator business crossed S$2 billion (£700 million)
funds under administration in October 2007. We aim
to continue to build our market share through further
development in the various channels, increasing brand
awareness and improving customer engagement.
Sri Lanka
In Sri Lanka, we own a 51% stake in Eagle Insurance
(Eagle). Eagle is ranked the third largest life insurer and
fifth largest general insurer in the country. During 2007,
Eagle entered into its third bancassurance agreement,
with Sampath Bank, gaining access to almost one million
additional potential new customers.
Taiwan
In December, we received approval from Taiwan’s
regulator to set up our life insurance joint venture,
First Aviva, with First Financial Holdings Company
(FFHC). First-Aviva, in which we have a 49% shareholding,
will distribute long-term savings and pension products
through an exclusive bancassurance agreement with
FFHC’s flagship subsidiary, First Commercial Bank,
Taiwan’s second largest bank network. First-Aviva
commenced operations on 2 January 2008.