Profit at aviva Hits €57 million for the six months

  • Profit at aviva Hits €57 million for the six months
    Independent.t. E.
    Operating profits at the Irish arm of Aviva rose 11pc to €57 million for the six months to June 30.
    https://www.independent.ie/business/irish/profit-at-aviva-hits-57m-in-six-months-37177696.html
    https://www.independent.ie/incoming/article36686441.ece/6a36b/AUTOCROP/h342/aviva%20logo.JPG

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Operating profits at the Irish arm of Aviva rose 11pc to €57 million for the six months to June 30.

Deduction for pension accrual and other expenses operating profit amounted to €54M.

However, General insurance income of the group for €43 million euros, down slightly on the same six months of last year, according to the results of the first half of Aviv.

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

“We have prices at a realistic and sustainable basis, in order to protect our customers from the volatility of the value premiums of this market in recent years,” John Quinlan, CEO of Aviva Ireland, said.

“Lessons should be learned from the recent past to create a sustainable, competitive trading environment, where prudent, well regulated, the insurers can serve the best interests of their clients.”

In the business of life insurance, the current cost of a new business group award amounts to €494m, down from €574m in 2017, which Aviva has named a very competitive market.

The profit of this business amounts to €14 million to €7 million in the first half of 2017 due to the improvement of the forecasts for the performance of its existing business.

In June, aviva completed the first acquisition of friends.

“The rapprochement of our two companies will allow us to increase the scale and competitiveness of our activities, life in Ireland,” Mr Quinlan said.

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