Aviva returns to profit in 2013Thursday 06 March 2014 18.50
British insurer Aviva today said it had swung back into profit during 2013 as it underwent major restructuring and after it avoided a huge write-down suffered the previous year.
Net profit stood at £2 billion last year compared with a loss after tax of £3.1 billion in 2012, the company said in its results statement.
Aviva had tumbled into a huge loss during 2012 owing mainly to a massive write-down following the sale of its US business.
"The turnaround at Aviva is intensifying," chief executive Mark Wilson said in its results statement.
"Following our exit from a number of low margin, underperforming or non-strategic businesses, Aviva is simpler, more focused and better managed. We have significantly improved our capital surplus, increased our liquidity and have a stronger leadership team," he said.
Aviva said its operating profit - an indicator of its day-to-day business - rose 6% to £2.04 billion in 2013 compared with the previous year thanks to a jump in sales of new insurance policies.