View more on these topics

Norwich Union’s investment sales fall 34 per cent

Norwich Union’s investment sales fell 34 per cent from £657m in the first three months of 2007 to £436m in the same period this year.

The life office put this down to the challenging market conditions and the decline in sales of UK commercial property funds.

It says it is confident that property fund sales will begin to return in the second half of the year.

Life and pensions business fell 3 per cent from £2.8bn to £2.7bn over the same period and the life office says it expects UK market growth to be constrained this year.

Bond sales fell 15 per cent due to the changes in capital gains tax rules while protection sales grew 10 per cent.

Aviva group chief executive Andrew Moss says: “Our UK life business performed in line with our expectations of the life and pensions market, and we maintained both a market leading position and steady margins. We expect that UK market growth will be constrained this year, but believe that our new products and breadth of distribution will continue to position us well.

“The UK general insurance market continues to be competitive and we remained focused on profitability, and on reducing complexity in our products and processes.

“Overall, we are making good progress towards the group’s medium-term performance targets and the cost savings that we announced last year. While we expect some further short-term uncertainty in some of our markets, the strength of our balance sheet and the prudent management actions we took last year will help us ride out economic turbulence. Aviva’s diversification across geographies, distribution channels and products will continue to prove a great strength in current market conditions.”


Neptune adds to sales and admin teams

Neptune has added to its sales and fund administration teams with the appointment of Dimitris Zografos, Philip Horton and Neal Gilbert.

Heads in the sand

Although there is no easy solution to the ongoing financial crisis, the Chancellor and his cohorts have so far been all spin and no action. During a recent BBC interview, Gordon Brown responded to questioning by glossing over the issues and replying that the slump in the UK housing market is “containable” and the country is better placed to cope than in previous slowdowns.

Europe: Domestic backdrop & China impact

By Rob Burnett, Head of European Equities In recent weeks equities have been buffeted by two shocks occurring at the same time: China’s devaluation of the renminbi and the prospect of the US Federal Reserve (Fed) raising interest rates. The market is not comfortable with the Fed raising rates at the same time that China […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm