The UK's largest insurer, Aviva, has reported a strong 16% increase in long-term savings new business profits, thanks to impressive sales across its business, but in particular to record sales in the UK.
Overall global sales improved by 22% to GBP22.7 billion, with strong growth in Ireland, Italy and Poland. However, the most impressive driver of the positive results was the 39% increase in UK sales.
Broken down by sector, investment product sales increased 54% to GBP3.6 billion, while bancassurance sales rose 25% to GBP5.8 billion, representing a quarter of total sales.
Richard Harvey, group chief executive, commented: We’ve achieved strong growth in new business while sustaining the profitability of these sales. This result proves the competitive advantage we’re building through our worldwide business model and demonstrates Aviva’s strengths of scale, balance and diversified product offerings.
Aviva is well-positioned to capture growth in the world’s largest long-term savings markets where we expect demand for products to continue to rise as private saving increases.