Aviva plc sets record COR of 92% in first half of 2006

Aviva plc is reporting “record half-year results” during the first six months of 2006, with “strong performance across all businesses and geographies.”
Worlwide, the company’s operating profit increased 27%, to 1.699 billion (CD$3.62 billion). Canadian operations accounted for 85 million (CD$181 million) out of the Aviva International Group’s total six-month, 2006 operating profit of 311 million (CD$663 million).
Overall, Aviva announced in a press release, the company posted an “excellent general insurance result.” Its “best-ever combined operating ratio (COR) of 92%” easily surpassed the company’s “meet or beat commitment of 98%.”
The company’s general insurance and health operating profit was up 23%, to 866 million (CD$1.84 billion), the company reported. The group’s ROE for the first six months of 2006 was 14%
“Aviva has once again delivered top and bottom line growth around the world,” Aviva plc chief executive Richard Harvey announced. “Looking to the future, Europe and the U.S. will be the two biggest long-term savings markets over the next decade.
“We’re in prime position to capture a significant share of European growth, having secured an early and leading franchise that cannot easily be replicated. In a single step, our acquisition of AmerUs in the United States will give us a scaleable platform to capture growth in the biggest savings market in the world…
“Our general insurance business has delivered its best combined operating ratio ever, demonstrating again the sustainability of our general insurance results.”