AVIVA REPORTS ENCOURAGING FOURTH QUARTER SALES
Long term savings new business performance increases by 21%.
Liz Chettleburgh, Aviva's Senior Public Affairs Manager commented:
“Overall our fourth quarter's life new business performance was encouraging with sales of £8 billion, an increase of 21% on the previous quarter and we grew sales across all regions worldwide. Customer confidence is an important driver of our business and we saw early signs of an improved appetite to save among our customers.
In the UK we remained focused on retaining and indeed increasing market share in more profitable products. Life and Pensions sales were down by 25% year on year as a result of the economic environment. However, encouragingly, sales grew by 17% in the last quarter and collective investment sales increased by 96% over our third quarter levels.
The trend in our general insurance business for sales is broadly in line with the first nine months of the year across the group with a continuing focus on profitability over volume. We experienced approximately £100 million of exceptional weather-related claims in the fourth quarter across the UK and Ireland.
The last quarter of 2009 saw Aviva deliver the reattribution of the UK inherited estate and by the end of February we will have paid £0.5 billion to our policy holders. This is part of the significant strategic progress we have made in building further momentum in the delivery of our ‘One Aviva, twice the value' strategy.”
Andrew Moss, Aviva's CEO said: "In 2009 we managed our life sales to ensure capital efficiency and profitability. As a result of the actions we have taken, our margin remained consistent with 2008 and our capital position materially improved.
"We start 2010 in a strong position. Our focus remains on growing our business profitably and improving our operational efficiency so that we can fully benefit as our major markets return to economic growth."
For Aviva's full statement please click here…
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