Aviva boasts rising profits in first half of the year
Aviva has reported a four per cent rise in profit before tax reaching over £1bn for the half-year to 7 August. Furthermore, the insurance provider's operating expenses are £129m lower, at £1.4bn.
However, while the company acknowledged encouraging macro-economic trends, it said it would not be waiting for markets to spur improvement in results. Aviva intends push ahead with its digital first strategy while focusing on markets it believes it can win.
Mark Wilson, Group chief executive officer, said:
The half-year results show that momentum in Aviva's turnaround continues. All of our key metrics have improved, operating earnings per share are up 16 per cent, and book value has increased seven per cent.
We have reduced our debt, decreased expenses and increased profit – this is just good business. Aviva remains a work in progress, and these results are a step in the right direction.
Wilson, the former chief of AIA Group, has overseen a 17 per cent share price rise during this time.