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Group pension business bolsters Aviva results

Aviva’s UK life and pension sales increased by 6 per cent in the first nine months of this year to £8bn from £7.6bn in the same period last year.

The rise was driven by strong sales growth in group pensions and individual annuities.

Group pension business leapt by 68 per cent to £2.1bn from £1.2bn while individual annuity sales rose by 20 per cent from £1.7bn to £2.1bn.

Protection sales increased by 2 per cent to £749m from £737m , driven by Aviva’s bancassurance partnerships.

But bulk annuity sales were down by 37 per cent to £342m from £545m.

Aviva UK Life chief executive David Barral says: “Given just how tough the market is, to achieve an increase in sales of 6 per cent is pretty incredible. We are in good shape. We know there are tough economic times ahead this year but we are confident we can continue to be successful.”

The number of registered users on Aviva’s wrap platform has risen from just over 2,000 to 11,324. Barral refuses to disclose the assets under management or the number of advisers on the wrap platform.

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