Annuities sales at Aviva were down 33% in the first nine months of the year however its UK life operation returned to growth in the third quarter, interim results show.
The company said UK life new business was up 18% to £120m in Q3. It said the uptick offset some of the decline caused by new annuity legislation, however, total new business for the nine months was down 9% to £297m. Overall UK annuity new business was down 33% in the first nine months, which it said was an improvement on the 41% decline in first half of the year due to increased bulk purchase annuity volumes. At group level new business grew 15% in the first nine months of 2014, driven by Europe (+40%) and Asia (+47%). At the group level, protection was the largest product contrib...
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