HSBC extends Aviva partnership until 2016
HSBC has extended its general insurance partnership with Aviva. The insurer is one of HSBC’s preferred strategic partner in the UK and Europe.
The arrangement is set to present new opportunities across the life and general insurance sectors throughout Europe. The five-year exclusive general insurance distribution deal signed in 2007 by HSBC and Aviva for home, travel and creditor business in the UK is now extended to 2016.
It enables the bank's customers to purchase general insurance products through its branches in the UK, over the telephone, and online.
Mark Hodges, chief executive of Aviva's UK business, said: "The extension of our general insurance deal with HSBC is a clear indication of the existing strength and depth of our partnership.
"As a leading bancassurance provider in the UK and Europe, and an HSBC preferred partner, we're in the unique position of being able to offer a range of market-leading life and general insurance products. I'm optimistic that this product breadth will lead to further opportunities with HSBC.
"Our overall bancassurance strength provides significant scope for the future, is a key part of our multi-distribution strategy and it's an area we are focused on growing."
Aviva has more than 100 bancassurance partnerships around the world.
The deal comes as Aviva announced that net written premium increased by 9% to £2.7bn in the first quarter of 2010 compared to the same period a year earlier. GI and health net written premium grew to £2.69bn (Q1 2010: £2.47bn) while UK GI sales increased 20% to £1bn (Q1 2010: £900m).
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