Thursday 27 May 2021 7:26 am

Aviva reports highest quarterly insurance sales in a decade

Aviva has delivered its highest insurance sales in the first quarter for a decade, while savings and retirement flows soared to a new quarterly record.

The insurance giant said its core general insurance gross written premiums grew four per cent to £2bn while its core operating ratio fell to 90.6 per cent.

Its SME sales grew 10 per cent as volumes in both mid-market and digital increased.

Net flows in its savings and retirement division increased 31 per cent and the FTSE firm said Aviva Investors had seen improved flows and investment performance in the quarter.

Sales in its workplace division grew 22 per cent, driven by new scheme members which were up 61,000 to 3.9m in the period. In its platform business, sales jumped 26 per cent buoyed by improved consumer confidence and pent-up demand.

“We are now focused on improving the growth and profitability of our businesses in the UK, Ireland, Canada and Aviva Investors,” chief executive Amanda Blanc said.

“Our positive trading performance in the first quarter of 2021 reinforces our confidence in the targets we announced earlier in the year. Nevertheless, we remain sharply focused on further improving performance, recognising we still have much more to do, to deliver stronger returns for our shareholders,” she added.

Aviva said it expects momentum in savings and retirement to continue given the pipeline of bulk purchase annuity remains strong.