Online BusinessAviva Plc posts profit of 747 mn pounds in H1 2009
Insurance major Aviva Plc returned to the black with profits of 747 million pounds for the first six months of this year on the back of strong contribution from its general insurance business, among others.
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The insurer had posted a loss of 84 million pounds in the same period a year ago, the company statement said.
"In a challenging economic environment Aviva has returned to profit: life and pensions margins have improved, the general insurance business has beaten our targets and our regulatory capital position has strengthened significantly. The diversity of our business and innovative products and services have served our shareholders and customers well in difficult economic times," Aviva Plc Group Chief Executive Andrew Moss said.
However, the operating profit before tax of the company was lower by 14 per cent on an IFRS basis at 1,049 million pounds for the first six months of 2009.
"Our general insurance business and in-force life book are sizeable and resilient contributors to earnings, together accounting for about 80 per cent of our operating profits," Moss said. However, the company had reduced its interim dividend 31 per cent to nine pence this year from last year.
"Our overriding priority now is to continue to build a position of strength from which Aviva can exploit market opportunities," Moss added.