ASIA PACIFIC ‘NOW 10% OF AVIVA SALES’

UK insurance giant Aviva is buoyed by its growth in the Asia-Pacific region which it said now contributes 10% of group sales. The group has become the second largest foreign insurer in China and doubled its presence in the country. And Aviva has also seen good growth from Taiwan and Malaysia and is eying other countries in the region. July last year saw it expand in Malaysia taking a 49% stake each in CIMB’s insurance subsidiaries, Commerce Life Assurance Bhd and Commerce Takaful Bhd, and 100% of Commerce Assurance Bhd for nearly RM1bn. Simon Machell, Aviva’s chief executive for Asia Pacific told Malaysia’s The Edge that the insurance group’s businesses were on track to achieve an average growth target of 20% year-on-year from 2007 to 2010.