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Aviva first-half operating profit up 1%, reviews Asia business

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Aviva first-half operating profit up 1%, reviews Asia business
FILE PHOTO: The Aviva logo sits outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson   -   Copyright  SIMON DAWSON(Reuters)
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By Lena Masri

LONDON (Reuters) – British life and general insurer Aviva <AV.L> on Thursday posted a forecast-beating 1% rise in first-half operating profit, driven by strong performance in its general business and said it was reviewing its Asian operations.

Britain’s second-largest insurer said operating profit rose to 1.45 billion pounds in the six months to end-June from 1.44 billion pounds a year earlier, just beating a company-supplied analyst forecast for 1.43 billion pounds.

However, difficult market conditions contributed to a fall in operating profit at the company’s life insurance business to 1.28 billion pounds from 1.39 billion pounds last year.

In his first interim results since being appointed chief executive in March, Maurice Tulloch said he was reviewing the company’s Asian businesses, the latest move to restructure after announcing a series of changes in June.

“I am working with the Board to refresh Aviva’s strategy and we have decided to review the strategic options for our Asian businesses,” he said.

“Aviva’s businesses in Asia have excellent growth and earnings potential and we are considering a range of options to help these businesses reach their potential.”

(Reporting by Lena Masri; editing by Simon Jessop)

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