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
Cable-cutters have now one more reason to do so as live television streaming will be available on YouTube TV in 14 more markets in the U.S. Facebook Chief Operating Officer Sheryl Sandberg has donated nearly $100 million in Facebook shares to charity. This is her second charitable donation within a year. A document was filed on Thursday with the Security and Exchange Commission, which shows that Sandberg transferred shares to a special fund she uses for charitable donations. Ford Motor Co.'s new CEO Jim Hackett has taken a more cautious approach to the automaker's plans for rolling out autonomous vehicles. Ford is currently undertaking a 100-day review of its operations and Hackett indicated at delays to the company's plans to launch a fully-autonomous vehicle by 2021.
comments powered by Disqus
Follow RTT