INSURANCE giant Aviva led a rally in the sector yesterday after it moved to reassure over its capital strength amid the stock market turmoil.
The Norwich Union owner said it had protected itself against recent share price declines, which have the potential to impact the group’s surplus regulatory capital.
Its capital excess – which is required under regulatory rules – stood at around £1.9bn, up from £1.8bn at the end of June, according to Aviva.
There had been fears over the capital buffer after Aviva warned in June that a 20% fall in markets could wipe £700m off the surplus.
