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...
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