Aviva plc (AV,AV.L), in its first-quarter interim management statement, reported a 5% drop in quarterly long-term savings sales to 7.5 billion pounds from 7.8 billion pounds in the prior year, due to tough market conditions. General insurance and health net written premiums for the three months to March 31, 2012 were level with last year at 2.2 billion pounds.
Profitability levels are in line with targets: in life insurance the new business internal rate of return was 13.3% and the Group general insurance combined operating ratio was 96%.
John McFarlane, Executive Deputy Chairman, commented: "We have begun the process of identifying a new CEO for the Group, internally and externally. We expect this will take the remainder of this year, as we need to appoint the best person in the world available to us. In the interim, I will act as Executive Chairman to ensure we take the necessary actions and decisions to improve the standing and performance of the Group, and to accelerate these actions."
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