McMillan claims fall in Aviva's GI results is due to reserves
Speaking to Insurance Age, UK general insurance CEO David McMillan said the dip in Aviva’s UK general insurance and health underwriting results and operating profit was impacted by the insurer’s decision to release less reserves.
He said: "The half year results in 2009 versus 2010 show a fall of £13m but underlying that are three things. Current year underwriting performance has improved significantly and we have released a lot less from prior years.
"In first half of 2009 we released around about £100m from our prior year reserves. This year we are releasing around £30m. Lastly, the weather in the first six months of the year has also slightly impacted the results."
On Aviva's corporate commercial arm, Mr McMillan said
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