Slow lane: Aviva in sales drag

Aviva tried to put a brave face on its woes today, insisting it had made a “solid start” to the year despite the investor fury surrounding the now-departed chief executive Andrew Moss.

He stepped down last week, recognising that shareholder unhappiness at his pay and the company performance made it difficult for him to continue.

In its trading update for the first quarter the insurer reported a 5% drop in life insurance sales, reflecting rocky conditions in the euromarkets it has made the focus of its growth ambitions.

Perhaps more strikingly, Aviva’s new executive deputy chairman John McFarlane said it will take the rest of the year to find a replacement for Moss, “as we need to appoint the best person in the world available to us”.

Aviva’s total worldwide sales for the first three months were £9.7 billion, down 3%. Life and pension sales in recession-struck Italy and Spain were down 23%.