Aviva profits rise to £1.315billion

Aviva profits rise to £1.315billion

04 March 2010 / by Rachael Stiles

Aviva has seen a 'strong return to profit', as laid out in its preliminary results for 2009, up to £1.315billion after tax, following a loss of £885million the year before.

The figures show that 2009 was a 'year of significant progress' for Aviva, which the company says reflects its management strategy.

Surplus solvency funds rose by more than 100 per cent to £4.5billion, and investors in Aviva saw their total dividends rise to 24 pence per share.

Explaining the results, Andrew Moss, group chief executive, said: "2009 was a year of significant progress for Aviva; a year of strong financial performance and delivery against our strategic plans. Against a challenging economic backdrop we focused on profitability and made clear choices to optimise our capital and reshape our portfolio."

In doing so, Aviva sold its Australian life business, and cut costs by simplifying and modernising its business strategies.

"In driving Aviva forward we will retain our disciplined approach to capital and profitability." Mr Moss added, in addition to growing its life and general insurance business, increasing third party assets under management, and continuing to maximise the benefits of being a single global group.

"As economies begin to recover we will seek to take market share based on the strength of our brand, products, distribution and customer franchise," he said. "We will improve our productivity by controlling costs as we grow, thus creating value for shareholders and our 53 million customers."

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