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A-Day effect wears off for Aviva

Aviva reported a slight drop in UK pension sales as the A-Day effect began to wear off.

Norwich Union, whose parent group is Aviva, said it expected there to be a drop off in the first quarter of this year compared to the same period last year due to increased sales volumes pre A-Day.

Total pension sales were down to £1,146m this year compared to £1,272m in the first quarter of 2006 on a present value of new business basis.

Individual pension sales including group personal pensions dropped by 11 per cent to £894m from £1bn in the previous year which NU attributed to a fall in stakeholder sales.

But overall sales were up 9 per cent to £3.5bn from £3.2bn in 2006.

Protection took a slight hit with sales at £222m compared with £272m in the first quarter of 2006 with NU putting this down to the slowdown in the payment protection insurance market and the termination of two partnership agreements at the end of 2006.

Equity release sales were down 31 per cent from £85m in 2006 to £59m this year which NU attributed to the increased competitiveness of the market as a number of new entrants joined.

Collective investments sales grew by 48 per cent to £657m this year from £444m in 2006.

Norwich Union says it continues to expect full year market growth of 5-10 per cent and aims to grow at least in line with the market this year.

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