LONDON: Insurer Aviva reported a 14 percent drop in life insurance sales during the first quarter as it withdrew from less profitable segments of the market.
Aviva, Britain's second-biggest insurer, had long term savings sales of 8.8 billion pounds ($14.27 billion) in the first three months of the year, down from 10.2 billion a year earlier, it said on Tuesday.
The decrease came as Aviva walked away from less profitable business in the United States, and also reflected weaker sales in Italy, where tax concessions last year drove a one-off surge in new business.
Aviva had warned last month that life sales would be down by between 10 and 15 percent.
The weaker life insurance sales were counterbalanced by a better performance in general insurance, where net written premiums rose 14 percent to 2.7 billion pounds.
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