Aviva plc Q3 : A Strong Performance
Aviva plc has announced its results for the first nine months of 2011 where the progress made in the first half of the year has continu
ed.
A spokesperson said: “As market conditions have remained difficult in the last three months, we have maintained our focus on delivering a strong operating performance and ensuring our capital and liquidity position is robust.
“Worldwide we continue to see good momentum in general insurance. Net written premiums for general insurance and health increased 9% to £6,967 million as customers continue to choose Aviva, reflecting trust in our brand and the quality of our offer.
“In UK general insurance we delivered another excellent performance. Sales are up by 12% and we successfully launched our online motor proposition quotemehappy.com as well as our multi vehicle policy (allowing customers to insure up to five cars on one policy). More than 318,000 new UK customers have chosen Aviva for their motor insurance this year, retention levels remain consistently strong and we now have more than two million personal motor customers. This has led to us becoming the general insurance market leader in the UK.
“Overall long-term savings sales were £23,630 million, 8% lower than to the same period in 2010. This was driven mainly by actions to write less capital-intensive business, but also due to current market conditions.
“In the UK we grew our life and pension sales by 6% as a result of our scale, brand and distribution power. Our sales in individual annuities and group personal pensions increased by 20% and 68% respectively. We made significant improvements to Aviva’s workplace pension offering and Aviva was recently chosen by NEST Corporation (the National Employment Savings Trust) to provide its employee top-up scheme.
“The sale of RAC to the Carlyle Group was successful completed in Sept increasing Aviva’s tangible net assets by £1 billion. “
Andrew Moss, Group Chief Executive, commented:
“Markets have been exceptionally volatile but we have delivered a strong operating performance in the first nine months and we remain on track to meet our financial targets this year. Maintaining strong capital generation and a robust capital and liquidity position will continue to be a priority for Aviva.
“Aviva is fitter and leaner today. We continue to make good strategic progress and are strengthening customer franchises in our chosen markets.”
The spokesperson added: “Trevor Matthews, our new UK CEO will be taking up his position on 1 December 2011. In the meantime, it is business as usual and these results show we are making good progress against our targets and UK strategy.
“Aviva continues to grow profitable as consumers turn to brands they trust to save for their future and protect themselves and their families during uncertain times. Our increase in market share in individual annuities, protection and personal motor position us well for the changing regulatory environment and we are confident that we will continue to achieve strong results, and offer our customers prosperity and peace of mind. “
To view Aviva's 3rd Quarter Results please click here
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