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Aviva announced 12% rise in profits


March 1, 2007   by Canadian Underwriter


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Aviva plc announced a 3.2 billion [approximately Cdn$7.3 billion] profit for the year 2006, marking a 12% increase over 2005.
The company also reported a strong general insurance result with a combined operating ratio of 94% – ahead of the meet or beat commitment of 98% that was set as a goal, a company release says.
Sales increased 21% to 30 billion [approximately Cdn$69 billion].
This is high quality growth from Aviva and demonstrates the benefit of our balanced portfolio of businesses, in terms of product, distribution and geography, said Richard Harvey, group chief executive, in a statement.
He notes the companys earlier acquisition of AmerUs in the U.S., as a key strategic development.
In 2007 organic growth will continue to be a priority for the company, says the release.
Looking to the future, we will continue with aggressive growth of our business across product lines, distribution and geographies, subject to our strict profitability targets, Harvey added.
We will supplement strong organic growth with bolt-on value-adding acquisitions funded from internally generated capital.


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