Aviva, the UK's multinational insurance group, published its interim results this morning which showed £160m in additional claims in 1Q2020.
Aviva, which is headquartered in England and has operations in Asia, Europe and Canada, said new life insurance sales rose by 28% to £12.3bn, up from £9.6bn in the same period in 2019.
The company said it "made a strong start to the year," with the value of new business growing by 18% YoY to £311m. For 1Q2019 the insurer posted £263m.
In responding to covid-19, Aviva moved quickly to support our customers, introducing a range of measures to help, including financial assistance."
Maurice Tulloch, Aviva Group CEO (pictured), said: "In responding to covid-19, Aviva moved quickly to support our customers, introducing a range of measures to help, including financial assistance. I am proud of how Aviva's people have adapted and maintained excellent day to day service for our customers when they need us most."
"Aviva had a solid first quarter of trading. General insurance sales increased 3% and we had a strong performance in Life Insurance where new business increased 28%. Based on analysis as at 30 April, our estimate of the covid-19 claims impact on general insurance, incorporating notified and projected claims, is £160 million net of reinsurance."
Tulloch added: "At 31 March, our estimated solvency ratio remains strong at 182% and incorporates covid-19 related impacts. The economic outlook remains uncertain and will affect our business, however the strength of our capital and liquidity means we are well positioned to manage this crisis and continue to support our customers."