Insurance giant Aviva has released final results for 2005 revealing operating profits are up 25% on the previous year and suggested it may be looking to drive an imminent takeover, but financial adviser group Millfield has admitted it failed to hit promised profits.
Preliminary results for the year ended 31st December revealed under international financial reporting standards suggest Aviva's operating profit stands at £2.1bn million - an increase of 25% - while the worldwide operating profit is up 29% to £2.9bn from £2.2bn in 2004, and global long-term new business sales saw a 10% rise to £24.6bn from £22.3bn. Life and pensions generated a 7% growth in global sales to £22.2bn, however, group chief executive Richard Harvey admits the international portfolio now accounts for 60% of life new business, and international long-term savings rose 16% to £14.4...
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