Aviva annuity sales drop 33% in nine months

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 contr...