Insurance giant Aviva has revealed its results for the six months to 30 June, posting a worldwide combined operating general insurance ratio of 101%.
by Tristan O'Carroll
Insurance giant Aviva has revealed its results for the six months to 30 June, posting a worldwide combined operating general insurance ratio of 101%.
Its worldwide general insurance operating profit of £387m was boosted by a 10% rise in UK general insurance operating profits to £313m.
At UK-level, Aviva's general insurance arm Norwich Union (NU) posted a combined ratio of 99%.
NU also reported a 2% rise in premiums for motor policies, while its household premiums increased by 4% over the period. Its personal lines combined operating ratio was 100%, which it said was due in part to "better than expected weather-related claims".
NU's UK commercial arm reduced its operating ratio to 99%, down from 104% in the first half of 2002. During the first six months of the 2003, commercial property rates rose by 16%, while liability rates grew by 31%, it said.
Group chief executive Richard Harvey said: "Our cash-generative general insurance businesses are an important part of our strategy and we have strong positions in the markets in which we operate. Our businesses experienced a strong start to 2003 benefiting from both a favourable rating environment and better than expected weather-related claims experience across our major European businesses.
"Our businesses in the UK, Ireland and the Netherlands have all delivered strong underwriting results with combined operating ratios of 99%, 97% and 98% respectively, demonstrating the success of our clear and focused strategy on personal lines and small commercial businesses."
