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Aviva posts 14 pct Q1 rise in value of new business

Reuters - UK Focus

LONDON, May 7 (Reuters) - UK insurer Aviva (Other OTC: AIVAF - news) said on Thursday its value of new business grew 14 percent to 247 million pounds in the first quarter, and its combined operating ratio improved by 1.3 percentage points, to 96.4 percent.

Aviva, which completed the acquisition of rival Friends Life last month, said it was publishing separate first quarter data for Friends Life.

Friends Life's value of new business fell 37.5 percent in the first quarter from a year earlier, to 20 million pounds.

Aviva said it was closing Friends Life's head office in London and had moved to smaller premises in Exeter, in the southwest of England.

(Reporting by Carolyn Cohn, editing by Sinead Cruise)