INSURANCE AND investment group Aviva is capitalising on the flow of health insurance customers from the VHI, its half-year results show.
In the first six months of the year, general insurance and health premiums increased by 5 per cent at the insurer, due to strong sales of its health insurance products.
Aviva reported average rating increase of 5 per cent on its motor book and 4 per cent on its commercial book, which have been offset by continued high competition in the motor sector.
On the investment side, life and pensions sales in Ireland increased by 16 per cent “following continued opportunistic sales of single premium investment bonds”.
Overall, Aviva reported a 5 per cent increase in its operating profit, up to £1.3 billion (€1.5 billion), with operating profits in Europe up by 21 per cent to £525 million (€601.8 million).
Its general insurance and health insurance business advanced by 9 per cent, with £4.7 billion (€5.4 billion) premiums written, while the insurer’s strong performance in the health insurance market in Ireland, helped to push up overall insurance premiums in its European division by 5 per cent to £1.1 billion (€1.3 billion).
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