Aviva reports best quarter for UK savings
Insurance giant Aviva smashed sales expectations today after its Norwich Union arm recorded its best-ever quarter for new long-term savings business.
The group said sales from life and pensions new business rose 20% to £6.79bn (€9.7bn) in the first three months of the year, well ahead of the best market estimates for a figure of £6.24bn (€8.9bn).
In the UK, Aviva described sales momentum as “highly encouraging” as it benefited from a surge in demand ahead of the most radical overhaul of rules governing retirement saving for 50 years.
Individual pension sales ahead of A-Day – on April 6 – were up 65% at £1bn (€1bn), with corporate pensions business 21% higher at £271m (€388.5m).
Total life and pension sales, including investments, were up 34% to £3.21bn (€4.6bn) at Norwich Union – the fourth successive quarter of growth and the highest quarterly results on record, Aviva said.
