logo
Share SHARE
FONT-SIZE Plus   Neg

Aviva Plc Posts IFRS Loss After Tax Of £3.1 Bln In 2012; Cuts Dividend - Quick Facts

Aviva Plc (AV, AV.L) reported IFRS loss after tax of 3.1 billion pounds in 2012, versus a 60 million pounds profit last year. According to the company, the largest driver of the overall loss is the agreed sale of its US business.

For continuing operations, the loss after tax amounted to 202 million pounds this year, as against a profit of 417 million pounds a year ago, driven by operating profits offset by integration and restructuring costs of 461 million pounds, chiefly reflecting the execution of the transformation plan; adverse investment variances; net adverse post tax non-operating items in Delta Lloyd, and loss on disposals of 164 million pounds and other goodwill and intangible impairments of 188 million pounds.

Including integration and restructuring costs, annual operating profit before tax attributable to shareholders' profits dropped to 1.66 billion pounds, from 2.24 billion pounds in the previous year. On a MCEV basis, pre-tax profit attributable to shareholders' profits reached 2.85 billion pounds, compared with a 3.97 billion pounds loss in 2011.

Full-year operating profit per share, on a continuing basis, was 39.2 pence, 17% lower than 47.5 pence in 2011; while total loss per share stood at 113.1 pence, versus last year's 5.8 pence income, reflecting the loss on the sale of the US business. Operating earnings per share, on an MCEV basis after tax, attributable to the company's ordinary shareholders fell to 27.3 pence, from 73.8 pence in the earlier year period.

The insurer declared a final dividend of 9 pence per share, down from 16 pence last year, reducing its total dividend by 27 percent for the year to 19 pence from 26 pence a year ago.

The Group also said it won't pay bonuses to its executive directors or award pay rises for 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
A California man has filed a lawsuit against McDonald's alleging that the fast food giant is defrauding customers by cramming its mozzarella sticks with filler instead of real cheese. Chris Howe is seeking at least $5 million in damages on behalf of consumers in 42 states and the District of Columbia. The... Jeep, the 4x4 vehicles, which has developed a strong bond with its masters, is aggressively on an expansion mode in its 75th anniversary year. Its fans have always been in love with the famous tag "Go Anywhere, Do Anything." Meat products maker Tyson Foods Inc. (TSN) reported a profit for the first-quarter that increased 49% from last year. It raised its profit outlook for fiscal year 2016 ,but it cut its annual sales guidance.
comments powered by Disqus
RELATED NEWS
Trade AV now with 
Follow RTT