Aviva Canada - Full Year 2018 Results
March 7, 2019 (Toronto, Ontario) – Today Aviva plc launched the Group results for 2018 in London, UK.
Colm Holmes, President and Chief Executive Officer, Aviva Canada, said:
In 2018, Aviva Canada delivered a combined operating ratio of 102.4% and an operating profit of $82 million (2017: $78 million).
Our collective focus was on stabilizing our business, and we have achieved that. Product, pricing, underwriting and claims management actions taken in the first half of the year resulted in an improved combined operating ratio of 100.2% in the second half of 2018, compared to 104.6% for the prior six-month period. This trajectory is encouraging, but we still have more to do, and we face headwinds from elevated claims inflation, continued complexity associated with rate regulation, and elevated CAT and large loss experience in the Canadian market.
Delivering a sustainable and affordable insurance suite of products to our Canadian customers remains our priority. Canadians need an insurance system that puts their needs first – from quicker claims processing, clear guidelines on medical treatments and a greater variety of insurance products delivered at a sustainable affordable price. We will continue to work with government to deliver the much needed reform of the insurance market and regulation in Canada to deliver on our ambition to drive down the cost of insurance to Canadian consumers and provide them with the widest available choice.
Fabrice de Dongo
Head of External Communications