NU. Nufcor

RNS Number:4394B
Norwich Union PLC
25 November 1999

NORWICH UNION NAVIGATES EUROPE

Norwich Union is to bring its highly successful Navigator
concept to Europe.

Richard Harvey, Norwich Union's group chief executive said:
"One of Norwich Union's three strategic priorities is growth
in attractive overseas long-term savings markets. Navigator
is hugely successful in Australia and it makes good business
sense to bring the concept to investors in Europe."

Norwich Union's Navigator operation is the second largest
master trust in the Australian market place, with 43 per
cent growth in the 12 month period to 30 September and over
A$4.3 billion under administration. Sold through
intermediaries, Navigator combines portfolio management with
financial planning software and fund research.

From a head office in Dublin's International Financial
Services Centre, Norwich Union International Limited will
sell a range of single-premium products. The Italian market
is the first to be targeted from January, with sales to UK
residents and expatriates in Spain beginning in March.

A range of products and services has been developed, capable
of being sold through a wide variety of distribution methods
and to many different markets. The range will initially
comprise single premium investment products, offering a
selection of funds managed by Norwich Union Investment
Management and other leading international fund managers.
This will be the first time that Norwich Union has included
external fund management expertise in a retail investment
product for the European market.

Norwich Union will use the internet to provide a range of
services to clients and distributors, including product
literature, daily unit prices, fund performance, investment
valuations and policy administration.

Richard Harvey added: "International products are becoming
more widely accepted and understood by UK IFAs and
investors. They provide the opportunity to use tax efficient
investment vehicles combined with a range of international
trust services.

"We are initially targeting the Italian market place because
it has one of the highest savings rates in the world, is the
fifth largest life insurance market in the EU and is
increasingly looking for alternative long-term investment
opportunities. It is a buoyant, rapidly expanding market,
ripe for sophisticated savings and investment products."

Analyst enquiries: Rebecca Burrows on 01603 680117
Media enquiries: James Duffell on 01603 680874


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