Industry & Business

Aviva Ireland’s operating profit up by 39%

 Breaking News
  • Strabane Manufacturer to Invest Over £7 Million in Ambitious Expansion Strabane-based Fabplus is planning to more than double its workforce and turnover with support from Invest Northern Ireland. The investment is part of a three year expansion plan to increase its market share in the Republic of Ireland and Great Britain, and gain a foothold in mainland Europe and Scandinavia. Recruitment is underway to employ 83 additional staff at [...]...
  • PM Group Appoints a New Non-Executive Director Michael McNicholas has been appointed as a Non-Executive Director of Project Management Holdings (PM Group), the Irish headquartered international project delivery specialists. Michael McNicholas. Michael has over 35 years’ experience in senior leadership positions in the public and private sectors. He is the former CEO of Ervia, NTR plc and Managing Director of ESB International.  During his [...]...
  • Center Parcs Signs Contract With John Sisk & Son As construction activity on the much anticipated €233 million Center Parcs Longford Forest resort in County Longford ramps up, the company has announced it has formally awarded two major construction contracts to Dublin-based construction firm John Sisk & Son. The contracts for the construction of the 470 lodges and 30 apartments as well as the state-of-the-art centre [...]...
  • Medi-Shower Invests in Innovation to Drive Export Growth Multi-award-winning manufacturer Medi-Shower has created ‘smart showerhead’ technology which can reduce the risk of Legionnaires disease. The cutting edge product, developed with R&D support from Invest Northern Ireland is designed to meet the high requirements for hygiene within the healthcare sector. It reduces the risk of waterborne infection from bacteria that can build up due to poor design [...]...
  • EIB Loan Will Trigger €180 Million Investment Programme in Fingal Fingal County Council has signed a €70 million Framework Loan Agreement with the European Investment Bank (EIB) which will trigger a €180 million investment in strategic infrastructure projects within the county’s Capital Development Plan. This represents the first EIB support for county-wide investment in partnership with an Irish local authority for more than a decade [...]...

Aviva Ireland’s operating profit up by 39%

Aviva Ireland’s operating profit up by 39%
March 11
09:17 2016

Yesterday Aviva announced the sale of its health business to leading financial services company Irish Life for an undisclosed sum. Aviva holds a 70% stake in Aviva Health, a joint venture with AIB, which owns the remaining 30%.

In today’s results statement, Aviva said the value of new business in life and pensions in Ireland jumped by 97% to €22.2m.

Aviva’s operating expenses were unchanged at €165 million while its cash remittance to its UK parent was 23 per cent lower at €73.6 million.

Aviva Ireland’s combined operating ratio – its key measure for profitability in general insurance – improved two percentage points to 94.6% despite the increase in claims costs in the market.

It said that despite floods in December, last year was overall a “benign” year, adding that the impact of weather was lower than its long term projections.

The company’s life insurance business also made “great progress” with a 27% rise in operating profits to €34m. The value of new business grew significantly last year, the company added, up 97% to €22.2m.

“As the economic recovery gathered pace in 2015, our investment products attracted a significant increase in our share of a growing savings and investment market,” Mr Hessing noted.

After a challenging first half year, the performance of its health business picked up significantly in the third quarter of the year as it reported a 43% increase in profits to €17.5m.

“Today’s results show that our strategy of disciplined underwriting and risk management is working,” the company’s CEO said.

“Our business is underpinned by the solid foundation laid over the last two years and strengthened by appointments that have enhanced our capability in key areas,” Mr Hessing added.

Aviva Ireland provides products to more than 1 million customers and employs 1,000 staff here, excluding its health business.

About Author

admin

admin

Related Articles






New Subscriber





Subscribe Here



Advertisements
































National Manufacturing Conference & Exhibition 2016

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4