Aviva Plc (AV, AV.L), in its interim management statement for first-quarter ended 31 March 2013, said that Pro forma value of new business for the quarter rose 18% to 191 million pounds from last year's 162 million pounds. Pro forma basis excluded US Life, Aseval, Russia, Malaysia, Sri Lanka, Ark Life, Czech Republic, Hungary and Romania Life.
The company said its first-quarter operating expenses were 769 million pounds, 10% lower than prior year's 852 million pounds. The Operating expenses excluded integration and restructuring costs and US Life. Total expense base including integration and restructuring costs and US Life business is 9% lower at 887 million pounds, compared to 980 million pounds.
The company noted that it is on track to deliver its cost savings target of 400 million pounds.
IFRS net asset value increased 9% to 302 pence, compared to 278 pence fiscal 2012. The latest year pro forma IFRS net asset value reflected the proceeds of the Aseval transaction with Bankia and the sale of our business in Malaysia.
The fiscal 2012 IFRS NAV of 278 pence excludes the proceeds of the Aseval transaction with Bankia and the sale of its business in Malaysia.
Group Chief Executive Officer said in a report, "Aviva is a turnaround story and these results demonstrate early steps in delivering our investment thesis - cash flow and growth. I am conscious of the challenges and do not want to set expectations at an unrealistic level. Progress so far has been satisfactory and there is a great deal more we need to do for our shareholders."
For comments and feedback: editorial@rttnews.com