Aviva Canada - Half Year 2018 Results
August 2, 2018 (Toronto, ON) – Today, Aviva plc launched the results for 2018 half year in London, UK. To read the full press release from Aviva plc, please click here.
Colm Holmes, President and Chief Executive Officer, Aviva Canada, said:
“Our results in Canada were disappointing, largely driven by an unprecedented number of severe weather claims in the second quarter which increased reported claims by 13.5%.
We also experienced difficult trading conditions in personal auto insurance, hampered by a regulatory environment in Ontario and Alberta that prevented rate increases needed to offset escalating claims costs.
In response to the challenging market environment, we have increased premiums, tightened underwriting risk appetite and adjusted distribution and claims handling strategies. Our underlying results are showing encouraging signs of progress and we expect this to be reflected in profitable growth in the second half of 2018 and beyond.
My top priority remains to return Aviva’s operating profit and combined operating ratio to acceptable levels. Together with our strong broker network, we’ll focus on profitable growth, managing indemnity spend and improving our resilience to external events.
I am confident that Aviva will rebound because of our talented and determined people who care deeply about our business, and about supporting our customers, brokers and distribution partners.”
About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, leisure/lifestyle and business insurance to 2.8 million customers. A subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a bright and sustainable future for our customers and our communities.
Aviva Canada invests in positive change through the Aviva Community Fund, Canada’s longest running online community funding competition. Since its inception in 2009, the Aviva Community Fund has awarded $8.5 million to over 280 charities and community groups nationwide. Aviva Canada, bringing over 300 years of good thinking and insurance solutions to Canadians from coast-to-coast.