Aviva UK business grows but profits dip
Aviva UK’s general insurance business delivered higher growth but lower profits in 2011 as it managed to pin its combined operating ratio to 2010 levels.
On premiums of £4.44bn (£4.41bn: 2010), the general insurance business produced a profit of £540m in 2011 which was down slightly on the previous year’s return of £567m.
The vast majority of this profit (£438m) was delivered via investments with the underwriting return coming in at only £129m, down significantly on 2010 when £184m was derived from underwriting profit.
Despite the fluctuations in growth and profit levels, the combined operating ratio (COR) remained static at a respectable 96%.
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