22/10/2009
By Sophie Baker
Aviva is set to transform its European business by taking full advantage of the growth opportunities presented in the area, and will be integrating its businesses across Europe.
In a review of its current presence in Europe, Aviva recognised that the European market offers strong growth potential, with the region's personal financial assets standing at €40trn, and an anticipated €4trn growth in insurance premiums in the next five years.
The firm will integrate the operations of 12 separate businesses across Europe through a 'quantum leap' transformation plan, creating pan-European distribution capabilities and simplified products, and Aviva plans to establish a single European holding company with a simplified structure.
In the first half of 2009, Aviva Europe demonstrated its contribution to the group's financial performance with a 50 per cent contribution to Aviva's long-term savings sales, and 44 per cent of IFRS operating profits. It is hoped that the pan-European approach will builds competitive advantage in the region and make significant efficiency gains.
Andrea Moneta, chief executive, Europe, said: "Aviva is taking a quantum leap in Europe with one way of operating across the region. This will improve the quality of our products, drive efficiency and create significant value for Aviva's customers and shareholders."
