Insurer Aviva recorded a loss after tax of more than £680m in the first half of the year, after writing down some £870m of goodwill at its US business.
The post-tax loss of £681m compares with profits of £465m recorded in the same period in 2011. The group said the biggest drivers of the overall loss were the US writedown, adverse non-operating items in Delta Lloyd totaling some £520m and restructuring costs. Overall, interim operating profit before restructuring costs fell 2% to £1,121m. The company is currently undergoing a project, overseen by executive chairman John McFarlane (pictured), aimed at reducing its costs base by £400m. In its UK business, six-monthly life profits rose to £469m from £460m in the corresponding peri...
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