Annoucement

Aviva Newsroom - 20 April 2007

Aviva's China joint venture granted seventh licence

20 April 2007

Aviva, the world's fifth largest insurer, has received regulatory approval for its joint venture company, Aviva-COFCO, to establish a branch based in Shijiazhuang, the capital city of Hebei Province.

Aviva is the fourth largest foreign player in the country by premiums.¹ The new branch licence will bring the total number of cities in which Aviva-COFCO has operations to 17, comprising seven branches in major cities and 10 further sub branches.

Shijiazhuang, a relatively new city, has grown rapidly since the 1950s and now has a population of 9 million. With its rapidly developing economy, the Hebei Province is of strategic importance to Aviva-COFCO's growth ambitions in China. In 2006, Hebei's total life premiums reached RMB17.12 billion,² a 17.7% increase on the previous year and well ahead of more mature markets such as Beijing and Shanghai.

Charles Anderson, regional managing director of Aviva Asia, said: "Our move into Hebei Province signals the gathering pace of our expansion across China and brings us closer to realizing our ambition of a 10 per cent new business market share in 10 provinces by 2010. Our immediate focus is on the training and development of a professional insurance workforce to serve our rapidly growing multi-distribution channel business."

¹According to latest figures from the China Insurance Regulatory Commission

²Equivalent to US$2.2billion (based on exchange rate US$1 = RMB7.8125)

For media enquiries, please email us at aro@aviva-asia.com

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