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Aviva CEO says turnaround to continue as profits rise
March 6, 2014 / 6:51 AM / in 4 years

Aviva CEO says turnaround to continue as profits rise

LONDON, March 6 (Reuters) - British insurer Aviva has unveiled a 6 percent increase in operating profit for 2013, one year into a financial spring clean of the company’s businesses.

The amount of cash remitted to the group by subsidiaries rose 40 percent during the year to 1.27 billion pounds, Aviva said in an earnings statement on Thursday as it proposed a final dividend of 9.4 pence per share.

Operating expenses were down 7 percent and cost savings targets for the year had come in ahead of plan, Aviva said, though it also noted a 60 million pounds hit from flood losses in Britain during the first two months of 2014.

Chief Executive Mark Wilson acknowledged the group has made progress since he joined at the start of 2013 with a remit to turn it around in the wake of a shareholder rebellion that led to the departure of his predecessor.

He cautioned, however, that he still sees room for improvement.

“Although we have made progress in 2013, I want to guard against complacency. Aviva still has issues to address,” he said.

“Have we made progress? Yes, some. Is it a little faster than anticipated? Probably. Have we unlocked the full potential at Aviva? Not yet.”

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