Aviva's UK life and pension sales fell 25% in the first nine months of 2009, but the insurer says it has made significant improvements to its capital position.
The insurer also signalled it has around £1bn in spare capital, which could be used to fund acquisitons. Total life and pension sales across the group fell 11% from £27bn between January and September 2008, to just £24bn in the same period this year. UK sales fell 25% to £6.6bn. Total investment dropped 10% to £3.04bn, while long-term savings new business fell 11% to £27.1bn. Aviva says the fall in sales is largely in line with market expectations, but says it has maintained margins in a difficult trading environment. Andrew Moss, group chief executive of Aviva, says: "In recen...
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