UK - Aviva's decision to close its final salary scheme will benefit the company's net asset value by about £275m ($442.6m), figures show.
The life and pensions company's interim management statement said the decision to move some 7,600 staff to a defined contribution scheme from 1 April next year will reduce the pension scheme deficit and benefit Aviva's net asset value by around £275m.
And the firm estimated the move will reduce future funding costs by £50m a year.
Aviva also reported its net asset value on an International Financial Reporting Standards basis increased to 424p, on a pro forma basis - including a 10 pence benefit for the closure of the final salary scheme.
The company first announced it was closing its final salary scheme - and the RAC final salary scheme - to future accrual in April. Consultation on the planned closure completed at the end of September.
Elsewhere, the report revealed Aviva's third quarter UK sales were up 16% on the same period last year, helped by its annuity business.
Meanwhile, new UK pensions business increased 5% to £3.02bn, compared with £2.89bn in Q3 last year - boosted by strong annuity sales which were rose 83% at £2.29bn. Total
UK life and pension sales increased 15% to £7.63bn from £6.66bn in Q3 last year.
Aviva group chief executive Andrew Moss (pictured) said: "The third quarter of 2010 saw continued strong profitability and good sales growth from both our life and general insurance businesses. New business profitability has improved and we're on track to generate a very significant £1.5bn of capital in 2010."
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