Norwich Union premiums plummet by £85m

protection

aviva feels drop in value of NU's protection premiums over the past year due to property slowdown, while healthcare subsidiary also struggles

Norwich Union has endured a disappointing 12 months in its protection business, according to figures included in the 2005 interim announcement from its parent company Aviva. In the year ending 30 June 2005, the value of new premiums at the insurer dropped to £646m from £731m in the first half of 2004. The company statement laid the blame for the fall squarely at the feet of the housing sector, claiming the "protection market remains challenging, reflecting the continued slowdown in the property market". Results at sister company Norwich Union Healthcare were little better. The 80-page ...