'Mixed' interim results show 'strong' financial position so far for 2019
Aviva results show operating earnings per share up 2%, however life business is down 8% - from £1,392m to £1,282m - during the first six months of 2019.
Its overall operating profit is up 1% to £1,448m, with IFRS profit after tax standing at £1,180m.
According to CEO Maurice Tulloch, Aviva's financial position for H1 2019 is "mixed" with strong general insurance results showing a combined ratio of 95.9%.
Its general insurance and health has grown 29% year on year - from £302m to £391m in 2019 - however life insurance and asset management operating profits have declined "due to challenging market conditions".
"In June we announced a plan to improve Aviva's performance and deliver an excellent experience for our customers," said Tulloch. "We have made a quick start; separating management of our life and general insurance businesses in the UK and bringing together UK digital and UK general insurance.
"Our financial position remains strong with a capital surplus of £11.8 billion and £2.3 billion of cash at group. Maintaining such a healthy capital surplus is important as we continue to reduce our debt levels and safely navigate uncertain market conditions. Aviva is ready and resilient."
Aviva's board of directors has increased the interim dividend by 3% to 9.50 pence per share.
"I am working with the Board to refresh Aviva's strategy and we have decided to review the strategic options for our Asian businesses," Tulloch added. "Aviva's businesses in Asia have excellent growth and earnings potential and we are considering a range of options to help these businesses reach their potential.
"I am confident that our combination of excellent insurance skills, a strong balance sheet and world class distribution and partners provide a strong foundation for Aviva's future success," he concluded.
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