Aviva reveals flat figures

Aviva reveals flat figures

The performance that prompted Aviva shareholders to oust chief executive Andrew Moss was laid bare in figures today.

With its shares nearly 40% lower than a year ago, Britain’s biggest insurer revealed a 5% drop in long-term savings sales and flat general insurance and health premiums in the first three months of the year.

Aviva’s £1.3bn (€1.63bn) exposure to the troubled eurozone economies of Portugal, Italy, Ireland, Greece and Spain also continued to hit the group, as life and pension sales in Italy and Spain tumbled 23%.

The soft performance comes despite a series of TV adverts starring actor Paul Whitehouse, known for his work with comedian Harry Enfield, in which he plays a variety of characters promoting a range of insurance products.

Stand-in boss John McFarlane repeated his pledge to lift the group’s financial performance as he prepares to conduct a strategic review of all its businesses.

Mr McFarlane stepped in as executive deputy chairman following the abrupt exit of Mr Moss, who stood down after investors staged a massive protest vote against Aviva’s annual pay report.

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