Aviva posts 'better than expected life results' for 2017

Aviva's life business (up 9% from 2016) performed 6% better than the Goldman Sachs estimate and 5% better than consensus, while GI & health was down (-16%) to £700m (from £833m last year). Life profits were £2,882m for the year (up from £2,642m in 2016) supported by a +£86m benefit (vs £50m last year) from the annuity business's increasing concentration of illiquids within its asset mix and £290m related to longevity assumption changes. The firm said it was encouraged by new business growth in bulk annuities (£2,045m vs £620m in 2016). The GI decline was in part due to a bad year i...