Aviva reports good strategic progress

Aviva has announced a good result across life and general insurance for the first part of 2011. The company reported:

Continued focus on priority markets where Aviva has strength and scale
Reduced shareholding in Delta Lloyd from 58% to 43%, generating gross cash proceeds of £381 million
On track to meet the group’s near-term financial targets

Aviva’s Group Chief Exective Andrew Moss said, “We have made a good start to the year. Our general insurance performance is a real highlight; sales are up strongly and profitability is good. Life sales are down on 2010, primarily because we have driven new business returns higher by changing our product mix to focus on more profitable business.
“We’re also committed to making further strategic progress and have reduced our holding in Delta Lloyd, freeing up capital to earn better returns elsewhere.
“By making the most of our powerful combination of life and general insurance and by ensuring we put our customers at the heart of our business, I’m confident that Aviva will continue to thrive in 2011.”

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