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Aviva beats targets with 33% increase in pension business

Aviva life and pension profits fell marginally to £462m in the first six months of 2011 from £432m last year.

The company says the 2010 figure was skewed upwards by a one-off benefit of £84m after Aviva reattributed its inherited estate in 2009.

Aviva UK’s operating profit rose by 3 per cent to £709m from £691m.

The firm says if the one-off benefit is excluded from the 2010 figure, Aviva’s profits were up by 22 per cent and UK operating profit increased by 17 per cent.

Total life and pension sales increased by 5 per cent from £5.19bn to £5.47bn while total pension sales were up by 33 per cent from £2.06bn to £2.74bn. Annuity sales rose slightly to £1.61bn compared with £1.6bn in 2010.

Aviva announced extensions to its distribution deals with Santander and Barclays and says it stands to benefit from pension auto-enrolment and the RDR.

Aviva Group chief executive Andrew Moss says: “This has been a successful six months. We are beating all our operational targets.Markets may well continue to be volatile but our strong balance sheet and capital position underpins our confidence in our continued momentum and our plans for growth.”

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