Aviva new business rises 18% as group restructures

New business at insurance giant Aviva was up 18% in the three months to 31 March, reaching £191m, according to its latest results.

The firm's interim management statement said the increase had been driven by improved profitability in the UK life business and Asian growth. However, group CEO Mark Wilson said there is a great deal still to do to improve the fortunes of the group, which he described as "a turnaround story". Its wide-scale restructure is ongoing, with costs this quarter of £54m. Internal debt has been reduced by £300m and operating expenses were down 10% as the firm it said it is on track to deliver a cost savings target of £400m. The firm completed the sale of its remaining holding in Delta L...