Profit surge for Aviva

professional-investment-services/chief-executive-officer/

13 August 2007
| By Kate Kachor |

AvivaAustralia has announced a $70.8 million profit result for the six-month period ending June 30, 2007, a 46 per cent increase on last year’s result of $48.4 million.

Gross inflows to its Navigator platform jumped 67 per cent to $2.94 billion, while net inflows doubled to $1.78 billion, bringing Aviva’s total funds under administration in Australia to $27.2 billion. Wealth protection sales increased by 58 per cent to $32 million.

Aviva chief executive officer Allan Griffith said the strong results indicated the company’s commitment to its customers, and attributed much of its new business to the implementation of Aviva’s Riskfirst technology.

“Our leading position in super has allowed us to benefit from the ‘simpler super’ changes with a surge in inflows to our Navigator platform,” Griffith said.

“On the protection side of the business, our Riskfirst online applications account for 25 per cent of new business just three months after launch — a clear demonstration that this is breakthrough technology that sets Aviva apart.”

Griffith said Aviva was still looking to expand through future acquisitions and cited last year’s 25 per cent acquisition of Queensland-based dealer group, Infocus and 23.5 per cent ownership of Australia’s largest dealer group Professional Investment Services.

“These strong business results show our strategy is delivering rapid organic growth. At the same time, Aviva continues to look for suitably priced acquisitions,” he said.

Aviva also announced a 25 per cent increase in worldwide sales to $46.88 billion, as well as a 24 per cent increase in life European Embedded Value (EEV) operating profit.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

The succession dilemma is more than just a matter of commitments.This isn’t simply about younger vs. older advisers. It’...

1 week 2 days ago

Significant ethical issues there. If a relationship is in the process of breaking down then both parties are likely to b...

1 month ago

It's not licensees not putting them on, it's small businesses (that are licensed) that cannot afford to put them on. The...

1 month 1 week ago

AMP has settled on two court proceedings: one class action which affected superannuation members and a second regarding insurer policies. ...

2 days 13 hours ago

ASIC has released the results of the latest adviser exam, with August’s pass mark improving on the sitting from a year ago. ...

1 week 5 days ago

The inquiry into the collapse of Dixon Advisory and broader wealth management companies by the Senate economics references committee will not be re-adopted. ...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Powered by MOMENTUM MEDIA
moneymanagement logo