Life and pension product provider Aviva has released its preliminary results for 2008, revealing that life and pensions sales increased by 11 per cent to £36.283m globally.

The firm's reuslts report claims that a consistent strategy throughout the global crisis has kept its financial state in good health.

"In a tumultuous year, our underlying business has shown great resilience," said Andrew Moss, chief executive. "Operating profits are up and we have maintained our dividend. Bottom line earnings have been affected by investment markets which have predictably created significant unrealised losses during the year."

However, when broken down by region, the results for the UK were not so impressive, with life and pension sales up by one per cent to £11.858mln. Europe, however, recorded sales of £16.990mln - up by eight per cent.

Aviva said the poor results from more mature markets, such as Italy and Ireland, were offset by the developing economies of central and Eastern Europe.

Looking forward, Aviva expects another subdued year in the market, and will focus on
profit and capital disciplines to drive continued operational and customer service improvements.

"Meanwhile, we continue to transform Aviva for the future. In these markets only the fittest will emerge as winners. Our increased share of the UK life and pensions market in 2008 is a good example of a market where we have growing competitive advantage.
Our strategy is well-suited to current markets and our geographic diversity and composite model continues to deliver for us," added Moss.

- Pensions Age March 2009

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