Aviva announces losses
Aviva blamed grim stock markets this month as it announced losses of £2.5bn for 2002, four times th...
Aviva blamed grim stock markets this month as it announced losses of£2.5bn for 2002, four times the 2001 figure. Operating profits fell from
£1.8bn to £1.67bn after a £123m charge to cover the effect of increased
male life expectancy on Aviva's annuities business. Operating profits in
the life business fell from £1.67bn to £1.5bn, though the general
insurance arm made a profit of £881m. Chief executive Richard Harvey said:
"The turmoil in investment markets has affected consumer demand and
investo
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