LONDON: British insurer Aviva on Thursday posted a 12 per cent increase in full-year operating profit to £3 billion, boosted by growth in its fund arm, Aviva Investors, as well as its British, Canadian and Irish units.
Profit after tax fell 22 per cent to £859 million, however, after adding in a £380 million exceptional charge to cover the British government’s decision to lower the discount rate used to assess personal injury claim lump sum payouts. The company said its performance was helped by a strong rise in cash remittances from its various business units, up 20 per cent to £1.8 bn, helped by a 15 per cent rise in general insurance net written premiums to £8.2 bn. — Reuters
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