Aviva life insurance sales rise by 28%
Perth-based insurance company Aviva as seen a 28% increase in sales of life insurance reaching £12.3 billion in the first quarter of this year.
The firm issued an operating update today which revealed that it had a ‘solid first quarter of trading’ with general insurance sales rising by 3% to reach £2.4 billion.
However, in light of the havoc caused by the coronavirus outbreak across the UK, Aviva has estimated that the pandemic will cost it £160 million in COVID-19 related claims.
Maurice Tulloch, Aviva Group chief executive officer, said: “In responding to COVID-19, Aviva moved quickly to support our customers, introducing a range of measures to help, including financial assistance. I am proud of how Aviva’s people have adapted and maintained excellent day to day service for our customers when they need us most.”
He added: “At 31 March, our estimated solvency ratio remains strong at 182% and incorporates COVID-19 related impacts. The economic outlook remains uncertain and will affect our business, however the strength of our capital and liquidity means we are well positioned to manage this crisis and continue to support our customers.”
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