Aviva has reported even growth in sales so far this year but maintained a cautious outlook.

New business sales until September totalled £1.7 billion, up from a year earlier on an annual premium equivalent basis. Forecasts for the sales had ranged from £1.6 billion to £1.8 billion.

Aviva's results are the latest in a line of insurers results, which have been hit by stock market volatility. However Aviva stressed that its financial strength gave it a competitive advantage in the sector despite difficult market conditions.

Chief Executive Richard Harvey said: "Our outlook for long-term savings markets for the rest of the year remains cautious as we expect consumer confidence to continue to be affected by economic conditions and turbulent equity markets."

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