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E-mail ID will not be published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

  • This is right time for retail investors to enter the debt market

    Quite often, retail investors are ridiculed for entering the equities market in droves, signalling the first signs of a bubble on the Street.

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

Arun Nigavekar

Cost of education must be controlled

In India, we pay very little attention to the cost ...

Zehra Naqvi

What imperfections in nature teach man

Each one of us has faced a time when we ...

Dharmendra Khandal

A wondrous world under the ground

Burrows and dens are safe homes for many kinds of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture