Aviva’s UK pension sales were up 19 per cent in the first quarter, with almost two-thirds of new individual pensions business written on a consumer agreed fee basis.
The insurer’s interim management statement reveals total pension sales increased from £941m in Q1, 2010 to £1.124bn in the first three months this year.
Individual pensions sales, including group personal pensions, increased 39 per cent compared with the Q1, 2010 figure. Aviva says this gain reflects the company’s “investment and focus” on advisers who it is confident will succeed pre and post-RDR.
Sales of individual annuities were up 21 per cent to £645m, compared with £533m in Q1, 2010.
Aviva says it is “well prepared” for RDR, with around 65 per cent of sales on new individual pension business written on a fee basis.
Chief executive Andrew Moss (pictured) says: “By making the most of our powerful combination of life and general insurance and by ensuring we put our customers at the heart of our business, I’m confident that Aviva will continue to thrive in 2011.”
Protection sales were up 8 per cent from £231m to £250m over the same period, although investment sales dropped from £426m to £327m.
The provider also confirmed its adviser web portal and existing wrap platform will be integrated into a single £56bn platform, as Money Marketing revealed earlier this month.