Australia fails to share in Aviva new business growth
UK life and general insurance giant Aviva has recorded a 12% rise in life and pensions sales for the third quarter, but has failed to replicate the result in Australia.
Aviva sold £25.7 billion ($62.3 billion) of life and pension products in the nine months to October while the combined ratio for general insurance was a profitable 98%.
“General insurance businesses and in-force life book continue to generate significant cash and capital,” the company claimed. Aviva did not provide specific figures for its general insurance business.
Results weren’t so rosy Down Under, where Aviva Australia recorded a 20% decline in investment sales of £1.23 billion ($2.98 billion) against £1.53 billion ($3.7 billion) in the corresponding period last year.
Local sales of life and pension products fell 21% in moving from £349 million ($845 million) to £275 million ($666 million), but the result was negatively affected by one-off adjustments to last year’s financials.
Aviva sold £25.7 billion ($62.3 billion) of life and pension products in the nine months to October while the combined ratio for general insurance was a profitable 98%.
“General insurance businesses and in-force life book continue to generate significant cash and capital,” the company claimed. Aviva did not provide specific figures for its general insurance business.
Results weren’t so rosy Down Under, where Aviva Australia recorded a 20% decline in investment sales of £1.23 billion ($2.98 billion) against £1.53 billion ($3.7 billion) in the corresponding period last year.
Local sales of life and pension products fell 21% in moving from £349 million ($845 million) to £275 million ($666 million), but the result was negatively affected by one-off adjustments to last year’s financials.