3rd UPDATE: Aviva 4Q New Sales Down 14%; Worst May Be Over
February 5, 2010 by N/A
Adds background, Asia-Pacific CEO’s comment.)
LONDON (Dow Jones)–Aviva PLC (AV.LN), the U.K.’s second-biggest insurer by market capitalization, Thursday posted a 14% fall in life and pensions new business sales in the fourth quarter compared with a year ago, but said the worst of the downturn in quarterly sales is probably over.
Despite the fall year-on-year, the fourth-quarter sales of GBP7.94 billion were up 21% from the third quarter, helped by bancassurance operations in Europe.
Aviva, which is the U.K.’s largest insurer in terms of gross written premiums, also strengthened its capital position, more than doubling its surplus capital to GBP4.5 …