Aviva UK life sales tumble 25%

Total UK life sales fell from £11.8bn in 2008 to £8.9bn last year, while operating profit fell 10.5% to £672m. Globally however, the company made an after-tax profit of £1.3bn, compared with an £885m loss in 2008. Shares fell 2.23% to 381.5p when London markets opened this morning. UK life new business margins increased from 1.7% to 2.8% as a result of efficiency measures. UK general insurance and health new business fell over 20% to £4.29bn. Aviva says delivering profitable growth will be its primary objective in 2010. It will prioritise its retirement offering, SIPP and ...