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Norwich Union new business volumes rise by 25 per cent

Norwich Union has announced total UK life and pensions new business volumes have increased by 25 per cent from £9,185m in 2005 to £11,507m in 2006.

This is before lapse assumption charges and after removing £361m for these lapses, the total sales on a Present Value of New Business Premiums basis is reduced to £11,146m, which represents a 21 per cent growth in life and pensions new business in the UK.

Norwich Union’s parent group Aviva announced total worldwide sales had risen by 22 per cent from £25,583m in the 12 months to December 31 2005 to £31,123m over the same period in 2006.

The life company says the effective implementation of its A-Day strategy resulted in total pension sales of £5,068m in 2006, 40 per cent ahead of its 2005 figures of £3,616m.

Sales of group pensions only showed a nominal increase from £1,019m in 2005 to £1,025m last year with the growth in individual pensions accounting in the main for the 40 per cent rise on 2005’s figures.

Aviva group chief executive Richard Harvey says: “In the UK, Norwich Union continued to perform extremely well, achieving an impressive 35 per cent increase in total sales.

“Our geographic balance and growing presence in continental Europe enabled us to increase our life and pension sales by over £1 billion, compared to last year, demonstrating the value of the market that is available to us there.”

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