 A UK pensions shake-up drove sales at Aviva's Norwich Union business |
The UK's biggest insurer, Aviva, has unveiled strong sales for the first three months of the year. Overall sales at the business, which owns Norwich Union, grew 26% to �7.9bn, with a 21% increase in international sales driving the rise.
Life and new business sales climbed to �6.8bn, up 19% on a year ago.
Aviva also posted strong growth in the UK, thanks in part to new regulations launched on 6 April - dubbed A-Day - which aimed to simplify pension rules.
Individual pension sales ahead of A-Day jumped 65% to �1bn, while corporate pensions business rose 21% to �271m.
'Excellent shape'
Norwich Union unveiled its highest quarterly results on record with overall life and pension sales, including investments, rising 34% to �3.21bn.
The results were Aviva's first update to the London market since it abandoned its �17bn offer for rival insurer Prudential last month.
Chief executive Richard Harvey said he was "delighted" with the performance, adding that it was in "excellent shape" for further growth.
"Geographical diversity is one of our great strengths, and in the first quarter almost 60% of long-term savings new business comes from Aviva International," he added.
"In the UK, our sales momentum is highly encouraging and new business profit is increasingly strongly."