Aviva Fourth Quarter Results

Daily Mail - 5 February 2010 

Aviva signalled the downturn in the life and pensions market may have bottomed out yesterday as it reported a marked rebound in the fourth quarter.  

Total life and pension sales rose 21% to £8bn in the final three months of 2009. But in the UK, new sales fell by 25% in the full year to £8.9bn, the worst fall of any region. Worldwide sales for the year shrank £4bn to £36bn.

 

Mark Hodges, chief executive of Aviva UK, said this was partly due to the decision to exit less profitable business and partly due to market conditions which has created higher unemployment, and a lower demand for group pensions offered by companies.

Aviva had a capital surplus of £4.5bn at the end of 2009, compared with £2bn a year earlier, the company added.

Hodges said: 'There is good scope to grow the life business. Growth is certainly on the agenda.'