Aviva chief warns that lessons must be learned as a net profit to €57 million.

  • Aviva chief warns that lessons must be learned as a net profit to €57 million.
    Independent.t. E.
    CEO of Aviva Ireland has warned that lessons must be learned from the recent past to create a “sustainable, competitive shopping landscape” in the insurance market.
    https://www.independent.ie/business/irish/aviva-chief-warns-lessons-must-be-learned-as-profits-rise-to-57m-37180132.html
    https://www.independent.ie/incoming/article36683188.ece/bb8c7/AUTOCROP/h342/aviva%20logo.JPG

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CEO of Aviva Ireland has warned that lessons must be learned from the recent past to create a “sustainable, competitive shopping landscape” in the insurance market.

As he unveiled half-year results, which saw Aviva profits rise to €57 million for the six months to 30 Jun, John Quinlan said that the landscape in which “reasonable, efficient insurers can serve the best interests of its clients” needs to be created.

“We have prices at a realistic and sustainable basis, in order to protect our customers from the volatility of the value premium in this market in recent years,” he said.

The deduction for pension and other costs, operating profit in aviva was €54M.

However, General insurance income of the group €43m, slightly decreased compared to the same six month period last year.

The combined ratio of the group by operating a key measure of profitability in General insurance has deteriorated in the past year, but aviva said that she remains strong in 87pc.

Aviva General insurance business saw its net premiums stay in line with the first half of 2017 at €255м.

In life insurance, the current value of the group’s new business premiums amounted to €494m, down from €574m in 2017, as increased competition in the market affect its performance.

However, the total profit of the life insurance business amounted to €14 million to €7 million in the first half of 2017, so the company said, was to improve prospects for fulfillment in your existing business.

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