Aviva: “ready and resilient” despite ‘mixed’ H1 2019 performance
Multinational insurance firm Aviva has announced its results for the first half of 2019 showing a ‘mixed’ performance.
Operational profits were up by 1 per cent on the same period in 2018, with the firm’s life and fund management businesses taking hits of eight and 18 per cent respectively.
Overall the firm has delivered a combined ratio of 95.9 per cent, with general insurance carrying the firm with a 29 per cent increase on the same period of the previous year.
The news comes two months after the firm announced a plan to improve performance, involving separating life and general insurance businesses in the UK as well as bringing together its general insurance and digital propositions.
Aviva’s chief executive officer Maurice Tulloch commented: “Aviva has strong foundations to build upon but there is much to do to improve our performance.
“Our performance is mixed, with operating earnings per share up 2 per cent. In life insurance and asset management, operating profits declined due to challenging market conditions and the absence of a longevity reserve release.
He added: “Our financial position remains strong with a capital surplus of £11.8bn and £2.3bn of cash at group. Maintaining such a healthy capital surplus is important as we continue to reduce our debt levels and safely navigate uncertain market conditions.
“Aviva is ready and resilient.”
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