Protection sales buoy Aviva as CEO hunt begins

clock • 1 min read

Aviva has reported a buoyant first quarter in protection, with sales up a fifth on last year.

New policy sales in the three months to the end of March were 20% higher at £300m, Aviva said, up from £250m in the same period last year.

Elsewhere, new pension sales were up 12% to £1,264m, while sales of individual annuities were down marginally at £641m, from £645m last year.

Bulk purchase annuity sales were markedly lower at £21m, from £140m, as the group said it chose not to write business that did not meet its profitability criteria.

Meanwhile, Aviva executive deputy chairman, John McFarlane, said he expects the company's search for a new chief executive to last for the remainder of the year.

Andrew Moss left the company earlier this month following a difficult Aviva AGM, at which shareholders called on the CEO to quit over performance and pay.

"We have begun the process of identifying a new CEO for the group," McFarlane said.

"We expect this will take the remainder of this year, as we need to appoint the best person in the world available to us."

 

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