Reacting to the UK referendum on EU membership, Aviva said that Brexit will have no significant operational impact on the company.

The London-based insurer said that it has carried out extensive analysis of the possible implications of a vote to leave the EU.

Aviva said that the strength of the company’s balance sheet will act as cushion against market volatility which is predicted in the coming days.

"Aviva’s operations in the UK and its other subsidiaries in the EU are well capitalised and continue to trade as normal. Aviva continues to be supervised by the PRA/FCA as lead regulator and Aviva’s European subsidiaries are incorporated and regulated locally and principally trade in their local market," Aviva said in a statement.

The British life insurer said that it will continue to monitor the technical implications of the vote to leave, which will only be resolved after several years of negotiating a new relationship between the UK and the EU.