Aviva profits hit by bad weather

by Richard Kilner

Story link: Aviva profits hit by bad weather

Britain’s turbulent weather has resulted in Aviva, the owner of Norwich Union, seeing a drop in the growth of their profits.

Operating profits in general insurance slumped by 39% to just over a billion pounds last year.

The fall was due to the terrible summer flooding that hit much of the country, and which cost the firm £475m.

However, Aviva’s overall operating profits saw a marginal increase to £3.29bn, a rise of 1% which was slightly higher than City forecasts had predicted.

Norwich Insurance’s chief executive, Igal Mayer, reiterated the firm’s target to grow its US and Asian business.

Mayer went on to say there was no expectation of a second year of such terrible weather, and that globally the firm did well last year.