Flood losses have caused a decline in profits at Aviva, Britain's largest insurer, which operates under the Norwich Union brand in the UK, The Guardian reports.
The company's shares fell 7.5p to 698p in early trading. Operating profits dropped 8% to £1.54bn in the six months to June 30. Hit by the June floods and January's storm, profits at the general insurance and health business were down 34% to £560m, with exceptional weather losses totalling £235m. SCHRODERS, THE FUND manager, today reported a 40 per cent jump in first-half profits, underpinned by rising demand for higher-margin products, according to The Times. The company said group pre-tax profits rose to £185.6 million in the six months to June 30, from £132.3 million in the same pe...
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