Aviva’s combined operating ratio remains strong at 87.1%
Aviva has released their half-year financial results which show an increase in operating profit of 11% to €57 million.
John Quinlan Aviva Ireland CEO commenting on the results said:
In our general insurance business, our combined operating ratio, our key measure for profitability in general insurance, remains strong at 87.1%, despite a deterioration on last year. Profit at €43m is slightly down year on year (HY2017 €44m) and our net written premium is in line with the first half of 2017 at €255m.
In Aviva’s life insurance business, the present value of new business premiums is €494m, down from €574m in 2017, reflecting a very competitive market. Profit is €14m, up from €7m in HY 2017 due to an improving outlook for the performance of their existing book of business.
In June, Aviva acquired Friends First formerly owned by Dutch insurer Achmea Holding NV. Quinlan said:
In June, we formally welcomed our Friends First colleagues and customers into the Aviva Group, following regulatory approval of the acquisition. The coming together of our two businesses will increase the scale and competitiveness of our life operations in Ireland.
Aviva Ireland provides retirement income, life cover, protection, general insurance, and investment and savings products to 1 million customers.
- Employ c1,650 across locations in Dublin, Galway and Cork.
- Aviva is one of Ireland’s largest composite insurers and part of Aviva Group, which has to 33 million customers worldwide, across Europe, Asia and Canada
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £353 billion in assets.