Aviva posts pre-tax loss of £2.7 billion - Insurance - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Aviva posts pre-tax loss of £2.7 billion

Aviva posts pre-tax loss of £2.7 billion

Category: Insurance

Updated: 07/03/2013
First Published: 07/03/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The UK's largest insurer, Aviva, has announced it made a loss of £2.7 billion during 2012, causing its share price to drop by over 12%.

The company's life insurance business suffered a 3% loss, down from £917 million to £887 million.

The loss is much larger than the £87 million reported in 2011, and follows a series of cost-cutting measures by Aviva over the past year.

In December last year the company announced it was selling off its US annuity sector in a deal worth £1.1 billion, creating a reported write-down of £3.3 billion. Around 800 jobs have also been cut across divisions in the UK.

All executive director annual bonuses have been withdrawn following news of Aviva's losses.

Chairman John McFarlane said: "While we appreciate the considerable progress that has been made on a number of fronts, we do not believe the overall situation of the group warrants bonuses for executive directors for 2012 or pay rises for 2013."

What next?

Compare life insurance providers
Compare car insurance quotes
Compare van insurance quotes
Compare motorbike insurance quotes

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
Close