Aviva's UK protection new business dropped 10% in the first quarter of the year, dragged down by poor group sales.
Sales were £231m in Q1, down from £258m the previous quarter, and 6% year on year from £245m in Q1 09. Aviva say this is despite record weekly core protection applications driven by its Simplified Life offering through IFAs and partnerships with Barclays and the Post Office. However, Aviva's total UK life and pensions business was up 14% on previous quarterly volumes, helped by strong annuity sales. Sales rose to £2,557m, up from £2,250m in Q4 09, and also slightly up year on year on Q1 09 sales of £2,505m. Annuity sales rose 35% on the previous quarter to £877m, up from £648m in Q...
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