Filed Under:Annuities, Fixed Indexed

Aviva steps up corporate annuity deals after pension changes

(Bloomberg) -- Aviva Plc more than doubled revenue from corporate pension deals in the first half as the U.K.’s second-biggest insurer looks to recapture business lost from the government’s initiative to remake the retirement system.

Chief Executive Officer Mark Wilson said today Aviva had underwritten 30 bulk annuity deals in the first six months of the year, increasing premiums to 260 million pounds ($438 million). The value of new business for the U.K. life unit, a measure of future sales, still dropped 21 percent as annuities tumbled 41 percent, the company said in a statement.

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