Insurance giant Aviva has sought to ease concerns over trading after it reported a five per cent rise in sales.
The firm, which will ditch its UK trading name of Norwich Union in June, posted worldwide sales of £10.3 billion in the three months to March 31, with life and pension sales climbing 11 per cent to £9.57 billion.
Aviva described demand as “resilient” and said it had significantly enhanced its capital position in the past quarter, with a regulatory surplus of £2.5 billion at the end of last month, up from £2 billion in December.
Shares opened more than seven per cent higher following the update – a reversal after a 25 per cent slump in March. Chief executive Andrew Moss said: “Sales are resilient and we’ve taken action to improve margins in key markets.”