Industry & Business

Operating profits at Aviva Ireland rise by 20%

 Breaking News
  • Skillnet Ireland Launches New Network For Small Firms Sector Skillnet Ireland, the national agency responsible for the promotion and facilitation of workforce learning in Ireland, has launched six new networks to address the growing skills needs in the film, television, retail, health and fitness sectors. The six new networks are SFA Skillnet, Screen Skillnet, Leisure, Health & Fitness Skillnet, Fingal Dublin Chamber Skillnet, Dundalk Chamber Skillnet and CSNA Skillnet.  SFA [...]...
  • Circular Economy Leaders, Olleco, Awarded Royal Warrant ABP Food Group’s Renewables Division, Olleco, the UK’s leading supplier of cooking oils and collector of used cooking oils, has become the first dedicated circular economy company to be granted a Royal Warrant by Her Majesty The Queen. The Warrant recognises the company’s work to create a “closed loop” solution for the Royal Household. Olleco supplies [...]...
  • OpenSky to Create 80 Jobs After €2.5 Million Investment in Expansion OpenSky, Ireland’s only GovTech transformation specialist which provides process automated solutions to public sector bodies, has announced that it has invested €2.5 million in its own expansion and will create 80 jobs over the next two years. The company’s employee numbers are set to reach 160 by the end of 2021. New roles will include [...]...
  • Irish-UK Trade Relations to the Fore of Manufacturing Solutions Ireland 2019 Irish-UK trade relations are to the fore of this year’s Manufacturing Solutions Ireland event, as the manufacturing supply chain roadshow and conference, hosted by GTMA* and LIT, has already confirmed more than 100 exhibitors and participants from both sides of the Irish Sea. Now in its third year, the popular event has grown to include [...]...
  • Investigation into Insurance Ireland Data Pooling System The European Commission has opened a formal antitrust investigation into Insurance Ireland to assess whether the conditions of access to its Insurance Link data pooling system may restrict competition, in breach of EU rules. Insurance Ireland is an association bringing together several member companies active in the insurance sector in Ireland. Insurance Ireland administers and makes [...]...

Operating profits at Aviva Ireland rise by 20%

Operating profits at Aviva Ireland rise by 20%
March 10
09:11 2017

Aviva Ireland has reported a 20% hike in operating profit for 2016 as it continues to turn around its financial performance following a major restructuring. The insurer said full-year profits rose climbed to €81.9 million last year from €68 million in 2015. The company’s general insurance business recorded a 19% rise in net written premium to €461 million from €388 million as its combined operating ratio, a key measure for profitability in general insurance, was 91.1%, 3½ percentage points better than the same period last year.

Operating profit rose by 25% at the division to €49.9 million boosted by benign weather conditions throughout 2016. “We increased our customer numbers while maintaining our strategy of providing cover at a price that is competitive and sustainable. The number of customers doing business with us digitally has doubled and we have seen a 90% increase in the number who have bought more than one of our products,” chief executive John Quinlan said.

Operating profits at Aviva Ireland’s life insurance business increased 14% to €32 million as the value of new business rose 31% to €29.1 million. “Growth has been particularly strong in our range of post retirement products but volumes were up in a large number of products where we outperformed the market,” Mr Quinlan said.

Aviva Ireland, which employs 1,150 people in Dublin, Galway and Cork, provides insurance to a million customers. In 2012, the group reduced its employee headcount by 55% and closed all its branches. It also removed a third of its motor portfolio that same year, withdrawing from certain segments of the market as it sought to turn around its financial performance.

About Author



Related Articles

New Subscriber

Subscribe Here


National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories

Upcoming Events

  • No upcoming events
AEC v1.0.4