24th Jul 2006 09:46
Aviva PLC24 July 2006 News release 24 July 2006 AVIVA'S CHINA JOINT VENTURE GRANTED SIXTH LICENCE Aviva, the world's fifth largest insurer, has received regulatory approval forits joint venture company, Aviva-COFCO, to establish a branch based in Changsha,the capital city of Hunan province, in south central China. This new branch licence will bring the total number of cities in whichAviva-COFCO has operations to 13. With branches in six major cities and sevenfurther sub branches, Aviva is closer to reaching its long-term ambition ofachieving an average 10 per cent market share in 10 provinces or municipalcities by 2010, referred to as its "10 by 10 by 10 strategy". Aviva-COFCO is ranked fifth among foreign insurers in China, in terms of totalpremium income (as at the end of May 2006). The province of Hunan has a population of 65.6 million people. In 2005, Hunan'sgross domestic product (GDP) was RMB647.36 billion and its growth was 11.6%compared with the national level of 9.9% in the same year. Changsha is thefinancial centre of Hunan, with a population of 5.7 million, and is ranked 19thamongst China's top 50 cities in terms of economic strength. Charles Anderson, regional managing director of Aviva Asia said: "This newdevelopment is in line with our longer-term strategic growth ambitions for Chinaand further extends our reach in this growing market." - ends - Enquiries: Media:Vanessa Booth, group media relations manager +44 (0)20 7662 2482Sue Winston, head of group media relations +44 (0)20 7662 8221 Analysts:Charles Barrows, investor relations director +44 (0)20 7662 8115Jessie Burrows, head of investor relations +44 (0)20 7662 2111 Notes to editors: • Aviva plc is the world's fifth-largest insurance group and the UK'slargest insurance services provider (based on gross worldwide premiums at 31December 2005), and is one of the leading providers of life and pension productsto Europe, with substantial positions in other markets around the world. • Aviva's principal business activities are long-term savings, fundmanagement and general insurance, with worldwide total sales of £35 billion andassets under management of £317 billion at 31 December 2005. • In Asia, Aviva has long-term savings operations in Singapore, India andHong Kong. In China, Aviva-COFCO Life Insurance Limited is a 50:50 joint-venturewith China National Cereals, Oils and Foodstuffs Import and Export Corporation(COFCO), one of China's largest State owned enterprises. • The Aviva media centre at www.aviva.com/media includes images, company andproduct information and a news release archive. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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