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Aviva life insurance premiums flat in Q1
StockMarketWire.com
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Insurer Aviva reported flat new business premiums growth in its life insurance business as record quarterly net flows in its savings & retirement business was offset by lower volumes of annuities & equity release in a subdued market.
Core Life present value of new business premiums, or PVNBP, was flat £8.3 billion year-on-year, the company said.
Net flows in savings & retirement increased by 31% to £2.98 billion.
Aviva Investors net outflows of £177 million improved compared to outflows of £2.9 billion in the first quarter of 2020, while Aviva Investors external assets net flows were positive at £204 million, higher than the same period last year.
Solvency II shareholder cover ratio of 209%, was up from 202% last year.
'Sales in commercial insurance continue to grow strongly, up 13% in the UK and 6% in Canada, while in UK personal lines we maintained premiums while growing market share,' the company said.
The company concluded the refocus of our portfolio, selling eight non-core businesses, which would generate proceeds of £7.5 billion once completed.
Looking ahead, the company said it was now focused on improving the growth and profitability of our businesses in the UK, Ireland, Canada and Aviva Investors.
Story provided by StockMarketWire.com
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