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Aviva says FY operating profit up 12 pct to 3 bln stg
March 9, 2017 / 9:18 AM / 9 months ago

Aviva says FY operating profit up 12 pct to 3 bln stg

LONDON, March 9 (Reuters) - British insurer Aviva on Thursday posted a 12 percent increase in operating profit to 3 billion pounds ($3.65 billion), boosted by growth in its fund arm, Aviva Investors, as well as its British, Canadian and Irish units.

Profit after tax fell 22 percent to 859 million pounds, however, after adding in a 380 million pounds exceptional charge to cover the British government’s decision to lower the discount rate used to assess personal injury claim lumpsum payouts.

The company said its performance was helped by a strong rise in cash remittances from its various business units, up 20 percent to 1.8 billion pounds, helped by a 15 percent rise in general insurance net written premiums to 8.2 billion pounds.

Fund management operating profit, meanwhile, rose 30 percent to 138 million pounds, boosted by a rise in group assets under management to 450 billion pounds.

The company said it would pay a total dividend for the year of 23.3 pence a share, up 12 percent.

$1 = 0.8227 pounds Reporting by Simon Jessop; Editing by Rachel Armstrong

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