Norwich Union International (NUI), the offshore insurance arm of Aviva, increased its levels of new ...
Norwich Union International (NUI), the offshore insurance arm of Aviva, increased its levels of new business by 50% in 2004 to E346.6m. The Dublin-based insurer said that its business has doubled since 2002.
Aviva Funds International enjoyed an increase in sales last year as well. New business rose from £49m in 2003 to £254m in 2004. In a statement to the UK stock exchange, Aviva said the growth was due to "improved investor sentiment and further development of the broker relationships and distribution channels, including sales through the Italian representative office set up in 2003".
The main focus of Aviva Funds International in continental Europe has been on Spain as well as Italy. It has four sales people in Italy and one in Spain and plans to develop its presence this year. The distribution strategy of Aviva Funds International has focused on third parties, such as funds of funds and banks.
It has 24 sub-funds in its Luxembourg range and a fund of hedge funds. Among the most popular funds have been the Global Convertibles and European Convergence equity funds as well as the fund of hedge funds.
NUI revealed that bonus rates on its offshore with-profits policies would be maintained at 2004 levels until further notice. The gross bonus rates are 5% for sterling policies and 4.75% for both US dollar and euro. These rates are before the deduction of a management charge of 1% for a life policy and 1.25% for capital redemption policies.
The insurer has also announced final bonus rates. For with-profits business written in 2003, sterling policies have a final bonus rate of 8%. This compares with 3% for policies written in 2004 and 1.75% for 2005 policies.
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