British insurance company Aviva beat expectations with a 9 per cent increase in full-year life and pension sales when it announced its annual results this morning.
Worldwide sales of life and pension products rose to £2.550 billion sterling from £2.377 billion in 2003. The consensus of analysts' forecasts was for £2.503 billion pounds with a range of £2.453 billion to £2.543 billion.
"Confidence in saving is steadily growing and we are seeing more and more of that in relation to the long-term savings market," Aviva's head of international life operations, Mr Philip Scott, said.
"In the UK we expect to see further growth in the market this year and a stronger pick-up next year supported by increasing consumer confidence and pension simplification."
Aviva, which trades as Norwich Union in the UK and Ireland and also owns Hibnernian, is the third key life insurer to update the market on its full-year sales and its performance and outlook continue a positive run.
In early trading Aviva's shares were up 2.4 per cent at 635 pence, the second-highest gainer on the FTSE.
Total UK sales, including investment sales, rose 6 per cent in 2004, bolstered by strong demand for unit-linked bonds. Aviva had a leading 12.3 per cent share of the UK life and pensions market at the end of the third quarter.