Aviva makes third more in 2010

3rd Mar 2011 07:01

Insurer Aviva ramped up profits by 35% in 2010, helped by cost cutting, and had a record year in the UK.The firm, which has 19m customers in Britain, posted a profit before tax of £2.44bn, up from £1.81bn in 2009. Operating earnings jumped 26% to £2.55bn.It was a record result for the UK life business where operating profits grew 26% to £850m and strength in annuities and core life protection drove market share up again to 11.1%.UK life and pensions sales leapt 15% to £10.3bn from £8.9bn, pushing the group total up 12.5% to £33.4bn. The European business grew sales 13% to £13.5bn.The UK General Insurance business increased sales for the fourth quarter in a row, with net written premiums 5% higher at £4bn.Aviva's cost base has been cut by £149m, or 3%, over the last three years we over £750m of costs have been taken out of the business."We will drive additional and unique benefit from operating our life and general insurance businesses together and have clear plans to expand distribution, develop our customer agenda and further improve cost management," the firm said.The total dividend for 2010 goes up 6% to 25.5p a share.