Operating profits surge as company bounces back
Aviva may be a British insurer, but it is growing its momentum rapidly across Canada if its latest figures are to be believed.
The company revealed that its combined ratio in the country has enjoyed a significant improvement: standing at 93.8 per cent during 2015, comparing favourably to the 96.1 per cent of 2014.
During the release of its preliminary results it reported that its’ combined operating ratio stood at 94.6 per cent for 2015: an improvement of 1.1 percentage points compared to 2014. It even enjoyed a steady year in the UK, its home patch, despite the fact that flooding across England and Scotland cost the insurer around £132 million last December.
“Consistency is a key feature of our general insurance operating performance,” a statement from Aviva noted. “Our largest general insurance businesses in the UK, Canada, France, Ireland and Italy all delivered a [combined operating ratio] below 96 per cent.”
The company, which offers a range of insurance products including both health insurance and life insurance, has 34 million customers worldwide in 16 markets.
Focusing specifically on Canada, its general business rebounded well during 2015: profits stood at £214 million (C$40 million) compared to £189 million (C$35 million) the year before. The improvement in the operating ratio was largely attributed to higher prior year reserves from personal lines, as well as an improved weather experience. Its operating expenses meanwhile, increased by one per cent.
The company revealed that its combined ratio in the country has enjoyed a significant improvement: standing at 93.8 per cent during 2015, comparing favourably to the 96.1 per cent of 2014.
During the release of its preliminary results it reported that its’ combined operating ratio stood at 94.6 per cent for 2015: an improvement of 1.1 percentage points compared to 2014. It even enjoyed a steady year in the UK, its home patch, despite the fact that flooding across England and Scotland cost the insurer around £132 million last December.
“Consistency is a key feature of our general insurance operating performance,” a statement from Aviva noted. “Our largest general insurance businesses in the UK, Canada, France, Ireland and Italy all delivered a [combined operating ratio] below 96 per cent.”
The company, which offers a range of insurance products including both health insurance and life insurance, has 34 million customers worldwide in 16 markets.
Focusing specifically on Canada, its general business rebounded well during 2015: profits stood at £214 million (C$40 million) compared to £189 million (C$35 million) the year before. The improvement in the operating ratio was largely attributed to higher prior year reserves from personal lines, as well as an improved weather experience. Its operating expenses meanwhile, increased by one per cent.
