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Name | Symbol | Market | Type |
---|---|---|---|
Aviva PLC (PK) | USOTC:AVVIY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 0.24% | 12.29 | 12.02 | 12.51 | 12.31 | 12.21 | 12.25 | 18,029 | 21:00:16 |
LONDON--Aviva PLC has reported a 9% rise in first-half profit and increased its interim dividend after a robust performance from its enlarged life-insurance business following last year's acquisition of smaller rival Friends Life.
The British insurer said on Thursday that operating profit, the group's preferred measure of its performance, rose to £ 1.17 billion ($1.83 billion) in the six months to end-June from a restated £ 1.07 billion in the same period the year before.
Net profit fell sharply to £ 464 million from £ 1.57 billion last year, but most of the decline resulted from changes in investment returns on its customers' products and £ 271 million in costs related to the integration of Friends Life.
"After three years of turnaround, we are now moving to a different phase of delivery. We have improved the balance sheet, simplified the group and we are now transforming our business. The progress is evident in these results," said Chief Executive Mark Wilson.
Aviva said it has managed to save £ 63 million in annualized costs from the acquisition. Friends Life's cash pile also helped to improve its surplus capital to £ 10.8 billion at June 30 from £ 8 billion even as regulators assess the risk models being used by all major U.K. insurers ahead of introducing new capital rules.
Aviva increased its dividend 15% to 6.75p per share.
The company's cash flow fell to £ 495 million from £ 623 million, fall which Mr. Wilson attributed to a change in when its business units throw off cash to the holding company.
Operating profit was steady excluding the impact of the Friends acquisition, except in the U.K. where the value of Aviva's new business at its life insurance activities rose by nearly a third.
The group said that the earnings contribution from its asset-management business, Aviva Investors, is still "inadequate" and that it is investing in the business to improve it.
Write to Juliet Samuel at juliet.samuel@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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