Aviva says to double excess cashflow by end of 2016

LONDON, July 9 Wed Jul 9, 2014 2:12am EDT

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LONDON, July 9 (Reuters) - UK insurer Aviva said on Wednesday that it planned to double annual excess cashflow to 800 million pounds ($1.36 billion) by the end of 2016 as it it laid out the next stage of its turnaround plan.

It would also look to reduce its operating expense ratio to below 50 percent over the same period, the company said in a statement.

Aviva added that it was sticking to plans to cut its intercompany loan balance to 2.2 billion by the end of 2015 and reduce its gross external leverage ratio to below 40 percent of tangible capital over the medium term. ($1 = 0.5877 British Pounds) (Reporting by Simon Jessop; editing by Steve Slater)

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