Aviva has reported a loss after tax of 3.1bn Euro for the year 2012 compared to a profit after tax of 60m during the same period in 2011, while loss after tax for continuing operations was 202m.
The largest driver of the loss was sale of its US business, as the insurer paid impairment of goodwill and intangibles charges of 0.9bn Euro during the first half of 2012, and at the full year further sustained an impairment of 2.4bn Euro.
Operating profit on an underlying basis is 1.8bn Euro, with a decrease of 4% compared to 1.9bn Euro during the corresponding period last financial year.
IFRS operating profit from its life insurance business fell by 5% to 1.83bn Euro, against 1.9bn Euro, during the comparable period last fiscal, mainly due to the result of adverse foreign exchange movements.
General insurance and health operating profit increased marginally to 893m from 935m, excluding RAC; 860m, during the corresponding period a year ago.
This is due to good performances in both the UK and Canada driven by the continued progress it has made in underwriting, claims and cost management. The combined operating ratio was 97% compared to 97.5% during the same period earlier year.
Serving 43 million customers, Aviva delivers life insurance, general insurance and asset management businesses, savings and investment products.
