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Aviva annual profit falls on Covid-19 impact, lower premiums; exits Italy
StockMarketWire.com
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Insurance company Aviva reported a fall in annual profit owing to the impact of Covid-19 and a fall in gross written premiums.
For the year ended 31 December 2020, pre-tax profit fell to £2.57 billion from £3.82 million year-on-year as gross premiums fell to £29.02 billion from £29.71 billion.
Operating profit fell to £3,161 million from £3,184 million.
The solvency II shareholder cover ratio was 202%, down from 206%.
The company declared a total dividend of 21 pence a share, up from 15.5p last year with a final proposed dividend of 14 pence per share.
Excess capital above 180% solvency II shareholder cover ratio is expected to be return to shareholders.
The company also announced an £800 million debt tender offer to raise funds to reduce its debt by a total of £1.7 billion in the first half of this year.
In a separate announcement, Aviva said it had sold its remaining Italian life and general insurance businesses for €873 million, existing the Italian market.
The sale is expected to be complete in the second half of 2021.
Story provided by StockMarketWire.com
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