Aviva life sales jump to £25bn, boosted by record savings and retirement inflows
Aviva’s life sales have jumped to £25.3bn in its latest quarter, which has been boosted by “record” inflows in its savings and retirement division, the firm’s boss confirmed today.
The insurer secured £7.3bn worth of savings and retirement funds in its third quarter, which CEO Amanda Blanc said signals “excellent” progress in its post-shakeup growth.
“We are delivering our commitment to return at least £4bn of capital to shareholders, with c.£450m of the £750m share buyback already successfully completed,” she added.
Shares lifted 1.92 per cent to 159.5p per share by market close.
Following a year of cutting costs and selling foreign assets, the insurance giant has been chasing growth.
Aviva Investors also injected £1.6bn in the period, despite it shuttering its suspended UK property fund this summer over concerns about liquidity and the value of the portfolio.
“We continue to make excellent and rapid strategic progress, right across Aviva. The completion of disposals in France and Italy GI since the half year are significant milestones as we deliver a radically simplified and refocused Aviva,” Blanc explained.
“We look forward with confidence. We expect the good trading momentum to continue in the fourth quarter, and we remain on track to meet or exceed our cash and cost saving targets.”