Insurer Aviva returns to profit in 2013

Tags: Aviva, Insurance
British insurer Aviva today said it had swung back into profit during 2013 as it underwent major restructuring and after it avoided a huge write-down suffered the previous year.

Net profit stood at £2.0 billion ($3.34 billion, 2.4 billion euros) last year compared with a loss after tax of £3.1 billion in 2012, the company announced in a results statement.

Aviva had tumbled into a huge loss during 2012 owing mainly to a massive write-down following the sale of its US business.

"The turnaround at Aviva is intensifying," chief executive Mark Wilson said in the statement.

"Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team.

"Although we have made progress in 2013, I want to guard against complacency."

Aviva today added that operating profit -- an indicator of its day-to-day business -- rose 6.0 per cent to £2.04 billion in 2013 compared with the previous year thanks to a jump in sales of new insurance policies.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • It will take at least 4 more quarters for corporate bottomlines to turn around

    Aggregate numbers from corporate results in the June quarter of 2014-15 are hardly different from the previous six quarters, with no positive surprise

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Dealing with a sin called insensitivity

Rage and the notion of being above the law — ...

Kuruvilla Pandikattu SJ

India’s greatest gift to the world

What we hear most often about India these days is ...

Gautam Gupta

Why must innerwear be our best kept secret?

While women’s outerwear rules the marketing roost in India, unfortunately, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture