Aviva new business boosted by France, emerging markets
LONDON (Reuters) - Insurer Aviva PLC (AV.L) said new business rose 14 percent across the group in the first nine months of 2013, buoyed by its core UK life operation and double digit growth in France and emerging markets.
Value of new business, Aviva's key measure of growth, was 571 million pounds, the group said in a trading statement on Thursday, up from 503 million pounds in the first nine months of 2012.
However, the company cautioned it expects new business growth to moderate in the final quarter of 2013 relative to a strong period of growth at the end of 2012.
Aviva said the cost of paying out claims following heavy floods in Canada over the summer had kept operating capital generation unchanged from a year earlier at 1.3 billion pounds.
However, cost cutting measures had "more than offset" the impact of losses in Canada on cash flow, Aviva said.
"Progress is in line with our expectations and we remain focused on delivering cash flow plus growth," said Chief Executive Mark Wilson, who joined at the end of 2012 and has pushed a restructuring agenda across the group, selling off non core businesses, cutting costs and improving profitability. (Reporting by Chris Vellacott)
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