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Norwich Union sees with profit bond sales rocket in 2007

Norwich Union saw with profits sales increase dramatically in 2007 with sales increasing 38% to £1,208m from £878m in 2006.

Aviva’s overall UK sales rose 6% to £14,406m from £13,601m while total overall sales worldwide for life and pensions rose 25% to £38,583m to the end of 2007.

UK Life and pensions sales were up to £11,655m from £11,146m a rise of 5%.
Investment sales rose to £2,751m from £2,455m a rise of 12%.

The life office says the record UK sales for the business were helped by collectives, bond and annuity sales. It also says it maintained market share at 11% for the first nine months of 2007 compared with 10.9% for 2006 in line with its target of maintaining share.

Aviva group chief executive Andrew Moss says: “In line with our priority of focusing on growing our existing businesses, I’m very pleased to report that Aviva has achieved total sales growth of 25% in 2007. In Europe, we’ve delivered impressive growth across our portfolio, and in the US we’re on track to double our sales within three years of our acquisition of AmerUs.

“Asia Pacific has shown exceptionally strong growth and the region now accounts for around 11% of the group’s sales. UK growth is in line with the market and our priority there remains focused on profitability.”

Norwich Union’s total pension sales were £4,376m in 2007 down from £4,707m in 2006. NU believes that providers should offer a differentiated service for the UK pension market and has moved its offering to full Sipp service, Sipp-lite and stakeholder products.

Corporate pension sales increased by 4% to £1,071m from £1,025 with NU saying the trustee based corporate pension market remains active.

Overall bond sales were up 17 per cent to £4,192m from £3,588m. Unit linked sales rose 4% to £2,468m from £2,368m while sales of offshore bonds doubled up 107% to £280m from £135m.

The life office says it believes unit linked sales may fall due to uncertainty surrounding CGT changes.

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