Aviva reveals vibrant sales

16-08-2006

Worldwide insurance group Aviva's operating profits have increased by 27 per cent to £1.7 billion, as part of record half-year results announced today.

The firm, which operates under the Norwich Union brand in the UK, saw its global insurance sales go up 25 per cent, boosted by rising demand for life insurance policies.

Total revenue during the last six months stands at £14.5 billion, with UK-only sales soaring by 43 per cent to £6.9 billion.

Aviva completed the takeover of US-based competitor Amerus for £1.6 billion, and its chief executive, Richard Harvey, emphasised the importance of further market penetration in world markets.

"Looking to the future, Europe and the US will be the two biggest long-term savings markets over the next decade. We are in prime position to capture a significant share of European growth, having secured an early and leading franchise that cannot easily be replicated," he said.

Mr Harvey said that the acquisition of Amerus had given Aviva a "scaleable platform" to continue growth in the world's largest insurance and savings market.

The chief executive added the additional takeover of motor breakdown service RAC meant the group would be well placed to deliver future revenue targets.


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