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Results «disappointing» for Aviva Canada

by

Mathieu Carbasse

August 7, 2017 13:30

In the first half of 2017, Aviva Canada has recorded a net operating profit of$ 117 Million, down 19% compared to the same quarter 2016 ($145 Million). For the company, it is a result of » disappointing «, marked in particular by weather conditions and by adverse developments, especially concerning the Ontario automobile insurance.

Aviva, however, has been able to benefit from a first-time contribution of six months of activities of RBC Insurance, which was acquired on July 1, 2016, and the improvement in the claims ratio in motor insurance (96,9% compared to 98.8% in the second quarter of 2016).

The net written premiums amounted to 2.44 G$, with an increase of over 25% compared to the same period of 2016 (1.73 G$), an increase mainly due to the acquisition of RBC Insurance. Except for the recent acquisitions of Aviva, the net premiums have increased by 3%.

Good results on a global scale

In the first half of 2017, which Aviva has recorded a net operating profit increase of 11% compared to the same quarter of 2016 (2.42 G$ against of 2.19 G$). According to the company, this growth highlights the good results of the franchise of the insurer, as well as the benefits related to the great geographic diversity of Aviva.

Globally, premiums written increased by 11% to 7.75 G$ while the combined ratio in general insurance has reached 94.5 per cent.

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