Norwich Union offshore sales up 60%

Norwich Union International, Aviva's Dublin-based offshore business, has reported strong new business figures.

Overall offshore sales in 2007 were worth a total of £521m (€700,000) -up 60% on the previous year. Figures reported on a PVNBP basis and include with-profits and unit-linked offshore bond.

Sales of unit-linked offshore bonds more than doubled to £280m (€377m).

Director of marketing and investments at Norwich Union, Neil Davies said: "We're delighted with our new business figures, which have continued to grow strongly in recent years.

"Sales in the UK have grown strongly because we have continued to enhance Premier Portfolio - our flagship open architecture wrapper. For example, in 2007, we have created a market-leading Discretionary Manager proposition, with inspecie transfers being one of many new additions.

"The attractiveness of discretionary asset management has continued to grow strongly. More advisers and discretionary managers are combining their skills to create compelling customer offers, and offshore bonds are a critical ingredient to this mix."