Aviva reports interim results

cent/government/chief-executive/

1 August 2008
| By Sara Rich |

Despite inflows and funds under administration on its platform being down on last year’s results, Aviva Australia’s interim reporting shows new business growth is up.

Aviva’s Navigator platform increased net inflows in the second quarter by 5 per cent to $381 million.

However, compared to last year’s results, which were largely fuelled by the Government’s Better Super rush, net inflows for the first half of 2008 were down 49 per cent.

Funds under administration on the platform were also down on last year’s results, falling 9.2 per cent to $17 billion.

“We’re delighted that new business is up this quarter given the tough economic conditions,” Aviva Australia chief executive Allan Griffiths said.

“We knew that the one-off inflows of 2007 from Better Super would not be repeated but these results show our business continues to perform strongly.

“Our protection business continues to power ahead and this growth has enabled us to expand our state-based operations.

“In the first half of 2008 we opened new offices in Hobart and Cairns and expanded our teams in Brisbane, Sydney, Perth and Adelaide.”

Aviva has reported that its total funds under management and administration in Australia were $23.3 billion as at June 30.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 3 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 4 weeks ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

1 week 5 days ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 3 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 1 day ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND