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New business profits rise at Aviva

New business profits rise at Aviva

Category: Insurance

Updated: 16/05/2013
First Published: 16/05/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New business at Aviva grew by 18% during the first quarter of this year, reaching £191 million.

In its First Quarter 2013 Interim Management Statement, the insurer confirmed its operating capital had remained stable over the three month period, with operating expenses down by 10% to £769 million and internal debt dropping by £300 million.

Restructuring costs across the company over the quarter stood at £54 million.

Aviva has carried out numerous cost cutting exercises over recent months as it looks to meet its savings target of £400 million by the end of 2014. Earlier this week, the firm was accused of betraying its staff after it emerged that hundreds of UK jobs could be offshored to India, whilst the move to reduce staff redundancy pay with effect from December this year was dubbed a "callous and disgraceful" act by union bosses.

Mark Wilson, group chief executive officer of Aviva, said: "In the first quarter we have taken steps to deliver our investment thesis of cash flow and growth.

"Today's results demonstrate the first steps towards delivery. I am conscious of the challenges and do not want to set expectations at an unrealistic level. Progress so far has been satisfactory and there is a great deal more we need to do for our shareholders," he added.

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