Sales up 60% for Norwich Union International

by David Masters

Story link: Sales up 60% for Norwich Union International

Norwich Union International, which is Aviva’s Dublin-based offshore business, has reported sturdy growth figures for 2007.

The company’s offshore sales in 2007 totaled £521 million, a 60% increase on the £325 million sales for 2006. These figures were reported on a PVNBP basis, and include with-profits and unit-linked offshore bonds.

Unit-linked offshore bond sales for 2007 were £280 million, more than double the £135 million sold in 2006.

Director of marketing investments at Norwich Union, Neil Davies, said of the results: “We’re delighted with our new business figures, which have continued to grow strongly in recent years. Sales in the UK have grown strongly because we have continued to enhance Premier Portfolio - our flagship open architecture wrapper. For example, in 2007, we have created a market-leading discretionary manager proposition, with inspecie transfers being one of many new additions.

“The attractiveness of discretionary asset management has continued to grow strongly. More advisers and discretionary managers are combining their skills to create compelling customer offers, and offshore bonds are a critical ingredient to this mix.”