Aviva: Friends Life deal 'everything we expected it to be'

Third quarter figures offer evidence of turnaround, says Aviva chief

Carmen Reichman
clock

Insurer Aviva said it had made savings of £91m from its acquisition of rival provider Friends Life and hailed the merger as "everything we expected it to be", in its third quarter results.

The group, which forms the largest life insurer in the UK since its merger in April, increased its previous synergy savings by £28m in the last quarter against its final target of £225m by 2017. Aviva's results would not give a breakdown of the cost savings but the firm had warned in January it could make 1,500 job cuts.  New business in its UK life division grew 36% year on year in the third quarter, from £297m to £404m, and would have been up 13% excluding Friends Life (£335m). The group said it was benefitting from offering the full suite of retirement options following the pens...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Companies

Manchester firm declared failed by FSCS over pensions advice

Manchester firm declared failed by FSCS over pensions advice

Pension Advice Specialists, trading as Ashworth Wealth, no longer exists

Isabel Baxter
clock 26 March 2024 • 1 min read
Third Financial's 'laser-like' focus following Nucleus acquisition

Third Financial's 'laser-like' focus following Nucleus acquisition

‘Adviser platforms are more nuanced than just outsourced versus in-house’

Isabel Baxter
clock 26 March 2024 • 3 min read
Fairstone makes first advice firm buy of 2024 adding £110m in assets

Fairstone makes first advice firm buy of 2024 adding £110m in assets

Consolidator acquires Nottingham-based James Ryan Thornhill

Isabel Baxter
clock 26 March 2024 • 1 min read