The UK's largest insurer, Aviva, reported a 12 per cent rise in annual profits today, with increased consumer confidence helping to boost the company's market share in the UK.
The group's operating profit on a European embedded value basis climbed to £3.2 billion, up from £2.9 billion the previous year, while statutory operating profit was up 46 per cent to £3.1 billion, boosted by one-off gains in its British business.
In a statement, the insurer said that 2006 had been a "record year" for its Norwich Union arm, with total sales up 31 per cent to £13.6 billion, while in general insurance, the company announced that it had once again out-performed its combined operating ratio target of 98 per cent, achieving a performance of 94 per cent.
The company added that it had also benefited from A-day changes to pension rules which had stimulated demand allowing it to boost its share of the growing market.
"This is high quality growth from Aviva and demonstrates the benefit of our balanced portfolio of businesses, in terms of product, distribution and geography," said Aviva chief executive Richard Harvey.
"In the UK, our clear strategy and increased consumer confidence has delivered an excellent result and an increased market share," added Mr Harvey, who is set to be replaced by the group's finance director when he retires in July.
Mr Harvey also stressed that the company were "delighted" with the acquisition of the US insurer AmerUs last summer, describing the takeover as a "key strategic development" which would give Aviva a "great growth platform" in the world's largest long-term savings market.
Looking to the future, the Aviva chief said the insurance group intended to "supplement strong organic growth with bolt-on value-adding acquisitions".
Digg 
Delicious 
Reddit 
StumbleUpon 
Google 
Technorati 
Netvouz