Aviva 9-month sales up 12 percent
Life insurer Aviva reported a better than expected 12 percent rise in its 9-month sales, with strong growth in Europe and North America helping to offset a flat performance in the United Kingdom.
Aviva sales up 25% in 2007Aviva, owner of the Norwich Union brand, said it had life and pensions sales of 25.673 billion pounds in the nine months to Sept 30, up from 22.935 billion pounds in the same period last year.
Analysts had expected sales of 24.859 billion pounds, according to the average of 13 forecasts collected by the company. Individual forecasts ranged from a low of 23.959 billion pounds to a high of 25.488 billion pounds.
Aviva also said its capital position was "strong," with a capital surplus of 1.3 billion pounds at Oct 24. The company estimated its surplus would fall by 400 million pounds in the event of stock markets falling by a further 20 percent.
Life insurance shares have fallen steeply this month on mounting concerns that falling equity and bond markets as the global economy slows could dent their capital reserves.
(Reporting by Myles Neligan; editing by Sue Thomas)
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