27th May 2021 08:54
(Alliance News) -Â Aviva PLC on Thursday reported "very good progress" in the first quarter of 2021, with record quarterly net flows to its Savings & Retirement arm.
Net flows in Savings & Retirement were up 31% year-on-year to GBP2.98 billion. Sales grew 23% to GBP6.17 billion.
Elsewhere in Aviva's Life unit, the insurer reported core present value of new business premiums of GBP8.3 billion, steady on a year ago. There were lower volumes of Annuities & Equity Release in a subdued market compared to a "strong start" in 2020, with sales down 52% at GBP1.05 billion.
Core General Insurance gross written premiums rose 4% annually to GBP2.0 billion in the first quarter of 2021.
Aviva has made progress in its debt reduction plans, Chief Executive Amanda Blanc highlighted.
"We made very good progress in the first quarter. We concluded the refocus of our portfolio, selling eight non-core businesses which will generate total cash proceeds of GBP7.5 billion once completed. We have made excellent headway in reducing leverage with debt reduction of GBP1.9 billion in the first half of 2021, and we expect the leverage ratio to be around 26% at the half year," Blanc explained.
Shares in Aviva rose 2.3% to 408.80 pence in London early Thursday.
By Lucy Heming;Â [email protected]
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