Aviva suprises by announcing profits ahead of forecasts
The UK’s largest insurer, Aviva, surprised the market by saying its full-year profits will be about £200m (€292m), or 12%, ahead of expectations, led by increased sales of life and general insurance policies.
In an impromptu trading update Norich Union owner Aviva said operating profit would be £1.9bn (€2.78bn), up from £1.7bn (€2.49bn) previously forecast.
The company said that operating profit at its life and general insurance divisions will now be about £1.45bn (€2.12bn), topping the £1.2bn (€1.75bn) expected by many analysts.
Only yesterday Aviva said it was closing its national brokerage subsidiary, Hill House Hammond (HHH), with the loss of 1,600 jobs, with 400 of these to be redeployed in the company.
