Insurance giant, Aviva has said that it has recorded a rise of 14 per cent rise in new business to £571million during the nine months of the year.

The company has said that it is on the path of recovery but much work needs to be done. Mark Wilson was brought in Mark Wilson as chief executive to follow a new strategy in order to revive its business. The company has said that its core UK life arm and a jump in French premiums had boosted the overall business. Capital generation was recorded at £1.3 billion.

Operating expenses was recorded at the level of£2.28 billion, which is about seven per cent lower than the previous year. The company is on the path to reaching £400m on 2011 levels by the coming next year. Aviva's combined ratio, which is the measure of premiums written against claims paid out, recorded a rise of 0.2 points to 96.9 per cent.

"Aviva remains in the early stages of turnaround. Whilst we have resolved a key issue in the disposal of our US business and have made progress in a number of areas, there remains much work to be done," said Wilson.