Aviva’s profits hit by UK floods

Aviva PLC reported a hearty 25% increase in worldwide sales to 19.294 billion [approximately Cdn$41.14 billion] throughout the first six months of 2007.
Its North American operations reported profits of 70 million [approximately Cdn$149.28 million], an Aviva statement says.
Using 2007 exchange rates, the same period in 2006 profits sat at 78 million [approximately Cdn$166.33 million].
The Groups general insurance and health profits are down 34% to 560 million [approximately Cdn$1.2 billion].
The hit on profits was attributed to exceptional UK weather losses of 235 million [approximately Cdn$501 million], Aviva reports.
But overall, the combined operating ratio is sitting at 97%, ahead of the meet or beat commitment of 98%, the companys financial statement says.
Overall, Aviva has performed well in the first half of 2007, Andrew Moss, group chief executive, said in a statement.
Substantial weather related losses in the UK have been countered by strong growth across our life and asset management businesses, Moss said, adding, The U.S. has continued to be our star performer.