Aviva UK sales rise as group transformation bears fruit

Aviva has reported new business growth of 5% in its core UK life operation for the first nine months of 2013, as the group continues its transformation following a difficult period in which its share price fell and an investor revolt led to the departure of former CEO Andrew Moss.

Total value of new business, which Aviva uses as its key measure of growth, was £302m in the UK in the period, up from £288m in the corresponding period last year. Across the group as a whole, new business value rose 14% from £503m to £571m. It said part of the increase in the UK could be attributed to successful moves to improve margins. Group CEO Mark Wilson said Aviva is "where I thought it would be" at this stage of its transformation following a root-and-branch business review. "The turnaround at Aviva is still in its infancy," he said, "we have made progress this year and ...