Much still to do for recovering insurance giant Aviva

Insurance giant Aviva admitted that it still had “much to do” under its recovery plan.

Latest trading figures showed worldwide new business was up 2% to £171 million in the third quarter, but fell 14% to £91m in the UK.

Aviva added that losses from the St Jude’s storm, which came after the third quarter, were expected to be in the region of £10 million.

Aviva’s third quarter UK sales suffered due to reductions in the general insurance business across the market and tight competition on pensions.

Chief executive Mark Wilson hailed year-to-date growth for the overall group – achieved on the back of progress in Turkey, Poland and Asia – but he said the uplift would “moderate” in the final quarter of the year.

Mr Wilson said: “The turnaround at Aviva is still in its infancy; we have made progress this year and whilst there is room for optimism there remains much to do.”

In September, the head of Aviva’s UK and Ireland general insurance business left after just a year in the job in the latest stage of an overhaul under Mr Wilson.