Aviva hails record sales in general insurance

Perth-based insurance giant Aviva has posted its highest general insurance sales for a decade and hailed record performance in its savings and retirement arm.

Aviva hails record sales in general insurance

Amanda Blanc, chief executive of Aviva

Savings and retirement sales soared by 23% to £6.2 billion in the first quarter of this year, with net inflows of cash up 31%, as the coronavirus pandemic saw people save more in their workplace pensions.

Aviva also posted a 4% rise in core general insurance gross written premiums to £4 bn in the three months to the end of March, with commercial business surging 11%.



Across the board, insurers are being boosted by fewer motor claims as drivers have been on the road less due to lockdown restrictions and working from home, though the pandemic has hit car cover premium rates.

Sales have also been boosted by the launch of a series of Aviva-branded motor and home products on price comparison websites, helping it grow market share “in a difficult market with weaker rates”.

Aviva said its combined operating ratio – a measure of underwriting profitability – improved significantly, with a fall to 90.6% from 118.7% a year earlier.

Amanda Blanc, chief executive of Aviva, said the group made good progress in the first quarter, but stressed there was “much more to do”.

She said: “Our positive trading performance in the first quarter of 2021 reinforces our confidence in the targets we announced earlier in the year.

“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.”

Shares rose 3% after the firm published its first-quarter results.

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