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Insurer Aviva first-half operating profit up 11 percent to £1.47 billion

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Insurer Aviva first-half operating profit up 11 percent to £1.47 billion

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LONDON (Reuters) – Life and general insurer Aviva <AV.L> posted an 11 percent rise in operating profit in the first half of 2017 to 1.47 billion pounds ($1.94 billion), it said on Thursday, boosted by strong performances in its general insurance and fund management units. Analysts in a company-supplied poll forecast operating profit of 1.45 billion pounds. Combined operating ratio for the firm’s general insurance business strengthened to 94.5 percent from 95.7 percent, where a level below 100 percent indicates an underwriting profit. Aviva also announced a 10-year extension of its UK general insurance distribution agreement with HSBC <HSBA.L>, which it said was one of the largest ever in UK insurance. The company said it would pay an interim dividend of 8.4 pence per share, up 13 percent and compared with a forecast 8.28 pence.

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)
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