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.
