Aviva life sales increase due to partners

Friday, February 3, 2012

Life insurance sales at the largest insurer in Britain, Aviva, were up by 6% from £7.6 billion in the first nine months of last year to £8.06 billion in the first nine months of 2011.

Aviva have said that sales of life and other protection policies went up by 2% from £737 million last year to £749 million this year. Much of the increase was largely down to Aviva’s bank assurance partnerships with Santander and Barclays, as well as the continuing deals with Royal Bank of Scotland and the Post Office.

This means that many of Aviva’s life and pensions policies are being sold through bank branches, bringing in new customers, rather than the banks writing their own cover.

Long term sales statistics were 8% lower at £23.6 billion as the insurer began to turn its attention more toward different types of business and also because market conditions meant that fewer people were committing to long term savings bonds.

Sales of group personal pension policies were up 68% above market average. Individual annuity sales were up 20%.

Sales of general insurance rose by 9% over the first nine months of the year compared with the same period last year, with total premiums at £7 billion.
Aviva is the first insurer to announce its nine-month interims so far this season and is a good bellwether for the rest of the industry.

Meanwhile, recent research from the LV Lifestyle Inflation Index revealed that nearly eight in ten (79%) Britons do not have critical illness or income protection policies to cover them if they were unable to work through illness, health or redundancy.