Aviva ‘on track’
Mark Wilson, group chief executive officer, said, ‘Aviva’s turnaround is on track and ahead of schedule. It’s been a busy quarter. We have completed the acquisition of Friends Life and at the same time delivered an improvement in our key metrics. Value of new business is up, our general insurance combined operating ratio has improved and our IFRS book value has grown over the quarter. In the face of unpredictable global markets, we continue to improve the Group’s resilience.
‘Detailed plans to integrate Friends Life are well underway and whilst this is a challenging and complex project, we are confident of timely progress. We expect 2015 to be a year of continued delivery of our turnaround plan.’
Aviva’s general insurance business reported an improved combined operating ratio (COR) of 96.4% (1Q 2014: 97.7%) with UK general insurance net written premiums up one per cent to £855 million (1Q14: £845 million).