Aviva reports strong results and sales growth

European insurance leader Aviva plc today released preliminary results for the 12 months ended 31 December 2003.

Aviva, originally a merger of insurer CGU and nonlife specialist Norwich Union, specialises in both life and general insurance.

They indicate a strong performance in both long-term savings and general insurance businesses, with robust life results.

The company also reported good sales growth in Continental Europe with signs of confidence returning to the British market, with margins up to 26.1%

Aviva also said it saw significant growth from bancassurance, with sales up 27%, accounting for 25% of new life and pensions sales; average margins 39.7%

The group also said it had excellent and sustainable general insurance results with new group combined operating ratio target of 100% for next three years.

Richard Harvey, group chief executive, said: "These are strong results. Our distribution partnerships in Europe have made a significant contribution to our life results."