Aviva reports a 12% fall in operating profit for H1 2020

Aviva’s H1 2020 operating profit fell by 12% to £1.2bn when compared with the same period last year.

Publishing its interim results, Aviva said general insurance net written premiums had remained stable at £4.8bn for the first half of the year. However, the group’s general insurance combined operating ratio had deteriorated from 96.8% in H1 2019, to 99.8% for the first six months of 2020.

For the UK business, Aviva’s combined operating ratio was hit much harder and rose to 106.3% in H1 2020, compared to 97.2% for the same period last year.

CEO Amanda Blanc said: “We will focus Aviva on our strongest businesses in the UK, Ireland and Canada and aim to be the UK’s leading insurer… This is where we will invest and grow. Where we cannot meet our strategic objectives, we will take decisive action and we will withdraw capital.”

Blanc has been in charge for a month and she was clear about her desire to drive change at speed. She added: “We must deliver. Nothing else will do. My focus is making sure it happens and at pace.”

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