Aviva ‘Well Prepared’ For RDR
Posted on:
17
May
2011
by Huw Thomas
According to Aviva, 85 percent of its new business will be unaffected by the Retail Distribution Review.
The firm’s Q1 statement said that RDR-friendly products had already been introduced and roughly 65 percent of sales of its new individual pension are now written on a consumer agreed fee basis.
The statement also revealed that Aviva’s adviser web portal and existing wrap platform will be integrated during 2011. This move will make the company’s platform the largest in the market, with 2.75 million customers and more than £56 billion in assets. Aviva says that the integrated platform will increase efficiency by allowing advisers to access and manage a wider range of products in a single location.
The results also showed that UK general insurance sales grew for the fifth consecutive quarter, up 20 percent on the same period last year. Total pension sales rose by 19 percent to £1.1 billion. Individual pensions performed particularly well, growing by 39 percent over Q1 2010.
Commenting on the results, group chief executive Andrew Moss said: “The strength of our performance in the first quarter gives us further confidence in the delivery of our near-term financial targets. We will continue to drive life new business profitability. Although we are mindful of near-term macro-economic challenges in some European markets, our regional spread and focus on optimising our product mix mean we remain confident about our long-term growth prospects.
“In general insurance, we expect strong performance in 2011 across all our markets, both in terms of sales and profitability.”
