Insurance giant Aviva today moved to reassure over its financial strength in “unprecedented times” as it reported a 12% rise in nine-month life and pensions sales.
The Norwich Union parent reported better than expected sales of £25.7bn (€32bn) and insisted it was strong enough to withstand even further substantial stock market falls.
But the recent devastating equity declines have already wiped £600m (€748.5m) off its required capital buffer since the end of September, to £1.3bn (€1.6bn) as at October 24.
Andrew Moss, Aviva chief executive, said: “These are unprecedented times. Our share price has been affected by the huge uncertainty in financial markets, but people around the world are still saving and buying insurance from brands they trust, like Aviva.”