In the face of an economic downturn, insurance firm Aviva Australia reported strong new business growth for the second quarter of 2008.
Protection sales were up 11 per cent on the first quarter to $19.8 million, with an increase of 14.1 per cent to $37.7 million on the same time last year.
"Our protection business continues to power ahead and this growth has enabled us to expand our state-based operations," Aviva Australia chief executive officer Allan Griffiths said.
Second quarter net inflows for the Navigator platform were up on the first quarter, showing an increase of five per cent to $381 million.
Despite these increases, Navigator funds under administration (FUA) fell by 9.2 percent on the same time last year.
The boost provided by the introduction of 'Better Super' in 2007 also meant that Navigator's net inflows for the first half of 2008 were down 49 per cent on the 2007 result.
"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," Griffiths said.
