AVIVA chief executive Mark Wilson has warned staff against complacency as the struggling insurance and pensions giant showed signs of recovery with a 14% rise in the value of new business in the first nine months of its financial year.
Mr Wilson, who was hired by John McFarlane - the Scot who chairs the group - in late 2012 to lead an overhaul, also said the recent storms in the UK would cost it only a "modest" £10 million in claims.
"Over the first nine months we have clearly made some progress, however I am awfully aware that three satisfactory quarters do not constitute a trend," the New Zealander said.
He said that any complacency at the company, which has offices in Perth and Glasgow, would be a "big error".
Value of new business, Aviva's key measure of growth, was £571m, up from £503m in the first nine months of 2012.
However, the company cautioned it expected new business growth to moderate in the final quarter of 2013 after a relatively strong finish to 2012.
In the UK, the value of new business was up 5% at £302m. Among those drafted in to spearhead its domestic revival is Glaswegian Maurice Tulloch, who was promoted to be chief executive of its UK general insurance business in September.
Euan Munro will join from Standard Life Investments to head the struggling Aviva Investors funds arm at the start of next year.
Mr Wilson played down the impact of the St Jude storm, which hit southern England last month.
"It was a significant event in terms of the number of people. In terms of the claims, it was modest," he said.
Aviva said the cost of paying out claims following heavy floods in Canada over the summer had kept operating capital generation unchanged from a year earlier, at £1.3 billion.
Mr Wilson highlighted Aviva's strong expansion in emerging markets such as Poland, Turkey and Asia.
But he added: "I would not expect Aviva to be given a growth premium just yet. Nevertheless, that is pretty respectable sales performance for those markets."
Paul Bradley, analyst at Citi, said there were "no surprises" in Aviva's update.
"Aviva continues to deliver on its key metrics of capital generation, expense reductions, VNB (value of new business) growth and solvency," he wrote in a note for clients.
Aviva's shares closed down 9.4p or 2.1% at 435.9p.
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