Premiums rise, but underwriting stays in the red in half-year results
Aviva's operating profit from general insurance jumped 13% to £480m for the first six months of the year.
The group's combined ratio fell to 101% from 103% in the same period last year, when the operating profit was £427m.
The company reported a UK combined ratio of 103%, ranging from as low as 95% for homeowners up to 128% for commercial liability.
Group chief executive Richard Harvey said the result showed Aviva could sustain a combined ratio of 102% regardless of the underwriting cycle.
General insurance premiums after reinsurance for the six months to 30 June rose to £2.3bn in 2002 from £2.4bn in 2001.
Aviva's general insurance operating profit in the UK increased to £303m in the first six months of 2002 from £254m last year.
Underwriting still lost money, but less than last year.
The UK's general insurance underwriting for the first six months of 2002 lost £35m, compared to a loss of £69m in the same period of 2001.
The claims ratio, which measures claims as a percentage of net earned premiums, fell to 71% from 71.5% last time and the expense ratio, which measures expenses excluding commissions as a percentage of net written premiums, fell to 10.4% from 10.6% last time.
The group's overall operating profit for the six months to 30 June was £757m, up from £728m last time.
The group's pension fund needs another £330m to meet its obligations, calculated under the controversial FRS17 pension rules.
It's the perfect way to acknowledge hard work, inspire your team, and network with industry leaders.
Crucially, as many of our attendees have done before, you can use your table booking as the perfect, hassle-free Team Christmas Party, combining prestige, celebration, and a memorable night they'll talk about all year!
