Aviva posts rise in first-quarter value of new business
UK insurer Aviva posted a 14% rise in the value of new business to £247m from £224m in the same period last year, supported by operations in the UK, Europe and Asia.
Aviva
484.80p
16:45 08/05/24
FTSE 100
8,354.05
16:50 08/05/24
FTSE 350
4,592.23
16:39 08/05/24
FTSE All-Share
4,544.24
17:04 08/05/24
Life Insurance
6,037.19
16:40 08/05/24
The company said it would publish separate first-quarter figures for Friends Life, which it purchased last month.
Group chief executive Mark Wilson said: “Aviva's turnaround is on track and ahead of schedule. It's been a busy quarter. We have completed the acquisition of Friends Life and at the same time delivered an improvement in our key metrics.”
“Value of new business is up, our general insurance combined operating ratio has improved and our International Financial Reporting Standards book value has grown over the quarter. In the face of unpredictable global markets, we continue to improve the group's resilience," he added.
Nomura said in a research note that Aviva’s numbers are good and the company has continued the momentum from the time of the full-year results.
“We believe delivery on Friends Life integration should lead to performance in the shares, and believe current levels present a good entry point,” said Nomura, as it reiterated its ‘buy’ rating on the stock.