EUROPE – Continental European sales of life and pensions at UK-based Aviva rose 23% to 294 million pounds (425.5 million euros) and now account for more than half of its global new business.

“Continental European life and pensions sales up 23% on an annual premium equivalent basis and now represent 51% of worldwide life and pensions new business sales,” the firm said in its first-quarter earnings statement.

Spain and Italy showed the largest growth in new business. Spain increased 139% to 480 million pounds and Italy was up 62% at 415 million pounds.

Its worldwide life and pensions sales edged up to 601 million pounds, from 598 million pounds in the same period in 2002.

Richard Harvey, Group Chief Executive, commenting on Aviva’s overall performance in the quarter, said: “This is a resilient performance despite ongoing turmoil in international equity markets.”

“We expect challenging market conditions will persist for the remainder of this year however we are confident that our business model can deliver some resilience through these tough times.” Aviva is the world's seventh-largest insurance group.

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