Profit at Aviva Irish Life Assurance business falls sharply
AVIVA said profits at its Irish Life Assurance business fell sharply during the first half of the year, as the company ended a joint venture with Allied Irish Banks.
For the six months to the end of June, Aviva said earnings at the Life Assurance business in Ireland fell to £8m (€11m) from £32m a year earlier.
Most of that was due to the company’s decision to end its tie up with AIB, while the firm also took a hot on the weakening of the euro against sterling.
Overall Aviva said its group operating profit before restructuring costs was slid marginally to £1.1bn, but posted a loss after tax of £681m. This compares to a profit of £465m the same time last year.
In July the embattled company said will exit 16 so called “non-core” business areas, while implementing a raft senior management changes Its chief executive Andrew Moss sensationally quit in May as head of Aviva amid spreading shareholder revolts over pay for top managers viewed as underperforming.