Aviva Canada sees underwriting profits plummet

Aviva Canada Inc. has reported an after-tax net income of Cdn$233 million in 2008, marking a drop from the Cdn$364 million reported in 2007.
Claims for the insurer cost Cdn$2.07 billion in 2008, an increase from the Cdn$1.97 billion for the prior year.
Underwriting income dropped from a profit of Cdn$29.5 million in 2007 to a loss of Cdn$79.4 million in 2008.
The combined ratio crept above the 100% mark, from 99.0% in 2007 to 102.6% in 2008.
Net investment income and other income dropped to Cdn$426 million in 2008 from the Cdn$517 million reported the year prior. 
Aviva Canada’s return on equity (ROE) also dropped roughly 14% year-over-year to 20.2% in 2008.
Gross written premium climbed to Cdn$3.3 billion in 2008 from Cdn$3.2 billion in 2007.
Standard & Poor’s rating of the insurer remained the same at A+ stable from year to year.