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Aviva shares spark as profit jumps 22% on price hikes, wealth inflows
(Sharecast News) - Shares in Aviva jumped to their highest level since 2007 as the UK insurer posted a 22% rise in half-year operating profit on the back of price hikes and growth in premium income. The company posted an operating profit of £1.07bn for the six-months to June 30. UK & Ireland general insurance premiums rose 9% to £4.14bn, while the wealth business saw net flows increase by 16% to £5.8bn.
The interim dividend was lifted 10% to 13.1p. Aviva's share price jumped 4% - its highest level since the banking industry caused the global financial crisis.
Aviva said it would provide more details on the impact of its £3.7bn takeover of rival Direct Line in November. The deal completed on July 1, meaning the acquisition could not be consolidated in the results. However Direct Line's motor policy customers had fell 6% to 3.7 million and its non-motor client base declined by 4% to 4.9 million.
Reporting by Frank Prenesti for Sharecast.com
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