Patent Grant Reflects Industry Leadership and Innovation in
Product Development
DES MOINES, Iowa--(Business Wire)--
Aviva USA, part of Aviva plc, the world's fifth largest insurance
group, announced today that the United States Patent and Trademark
Office issued U.S. patent number 7,376,609, for "Maximization of a
Hedged Investment Budget for an Index-Linked Insurance Product," on
May 20, 2008. The patent involves Aviva's unique risk management
processes related to the minimum guarantees on its indexed universal
life insurance products. These innovative and proprietary risk
management processes allow Aviva to offer customers indexed universal
life insurance products with minimum interest rate guarantees that
have greater benefits at lower costs.
"The granting of this patent underscores Aviva's commitment to
innovation in the area of product development," said Thomas C.
Godlasky, CEO Aviva North America. "It is truly a testament to the
outstanding work being done by Aviva's product development team. As a
company, our primary focus is on providing the best products and
services to our customers, and the innovation behind this patent
exemplifies that commitment."
"We are very excited that the US Patent and Trademark Office has
recognized the innovative and proprietary methodologies we developed,"
said Brian J. Clark, chief strategy officer of Aviva USA. "We
discovered that there was a better way to manage risk and lower the
cost related to the minimum interest rate guarantees on indexed
universal life products. By evaluating the minimum guarantee on a
multi-year basis, we can offer our customers a very attractive indexed
universal life insurance product."
Fixed indexed life insurance is the fastest growing segment of the
U.S. life insurance market, having grown by 39% in 2007 and at a
compound rate of 57% since 2004. This emerging segment, of which Aviva
has been the market leader for the past six years, now represents 4%
of the U.S. market for individual life insurance according to industry
reports.
About Aviva plc
Aviva is the leading provider of life and pension products in
Europe (including the UK) with substantial positions in other markets
around the world, making it the world's fifth largest insurance group
based on gross worldwide premiums at 31 December 2006. Aviva's
principal business activities are long-term savings, fund management
and general insurance, with worldwide total sales of $98.4 billion and
assets under management of $724.6 billion as of December 31, 2007.
Aviva currently has 57,000 employees serving 45 million customers.
Aviva plc is traded on the London Stock Exchange under the symbol
AV.
(Worldwide total sales based on life and pensions PVNBP, total
investment sales and general insurance and health net written
premiums, including share of associates' premiums).
About Aviva USA
In 2006, Aviva grew its existing U.S. presence by acquiring AmerUs
Group. Nationally, Aviva USA is ranked number one in the sales of
fixed indexed life insurance and number one in the sales of fixed
indexed annuities.
Aviva USA had $40 billion in assets as of December 31, 2007.
Aviva's U.S. employees are committed to helping customers meet their
long-term savings, insurance and retirement income needs.
www.avivausa.com.
For Aviva USA:
Finsbury Group
Steven Goldberg, 212-303-7600
(steven.goldberg@finsbury.com)
or
Stephanie Linehan, 212-303-7600
(stephanie.linehan@finsbury.com)
Copyright Business Wire 2008
