Insurance group Aviva logs falling sales

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British insurer Aviva said on Thursday that sales recoiled in the first nine months of 2011, but added it was on course to meet its annual targets despite challenging conditions.

Long-term savings sales fell eight percent to £23.65 billion ($37.9 billion, 27.43 billion euros) in the nine months to the end of September, compared with the same part of last year, Aviva said in a trading update.

"Markets have been exceptionally volatile but we have delivered a strong operating performance in the first nine months and we remain on track to meet our financial targets this year," said chief executive Andrew Moss.

He added: "Whilst the market environment is likely to remain challenging in the near term, we continue to make good strategic progress and are strengthening customer franchises in key markets, notably the UK."

© 2011 AFP

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