Aviva’s protection and health business posted a 10% increase in sales to £696m in Q1 2022, up from £630m in the same period last year.
The insurer reported that the growth was driven by “strong” performances from its group protection and health segment.
The group’s health business posted 21% growth on the previous year amid a strong showing from its Expert Select product and a good performance in the SME line.
The protection business was up 7%, driven by strong growth in group protection, which included a significant scheme win.
Value of new business rose 12% driven by higher volumes in group protection and health which was partially offset by increases in the yield curve which adversely affects value of new business in protection.
Turning to the group’s Ireland Life business, sales grew 5% amid continued strong sales in unit-linked business.
The insurer added that continued focus on financial discipline and improved margins from delivery of its rationalised product had supported value of new business growth of 40%.
Overall the UK & Ireland life division posted sales of £8.4bn, up 2% on the corresponding quarter of last year with the annuities & equity release division seeing sales increase 22% year-on-year from £1.04bn to £1.27bn.
Doug Brown, CEO of UK & Ireland Life at Aviva, said: “I’m pleased with the results we’ve delivered in our UK life and health business against the backdrop of sustained market volatility during the first quarter. Our platform performance remains strong, and our adviser platform achieved the significant milestone of ranking first in the market in net flows for the whole of 2021.
“I’m particularly pleased with the continued growth in our annuities and equity release business, driven by higher bulk purchase annuity sales and strong levels of activity in equity release.
“Our group protection and health businesses also continue to perform well, supported by group life scheme wins and continued demand for our Expert Select private medical insurance product.
“These results demonstrate the strength and breadth of our overall offering and mean that we are well placed to continue growing our business.”
