UK-based life and general insurer Aviva has posted a profit of £776m for the six months ended on 30 June 2013, compared to a loss of £624m for the same period last year.
The company’s operating profit grew by 5% to £1bn in the first half of 2013, compared to £959m for the same period last year primarily due to lower expenses.
Operating expenses declined by 9% to £1.52bn in the first half of 2013, compared to £1.67bn for the same period last year.
Cash flows to the group grew by 30% to £573m in the first half of 2013, compared to £441m for the same period last year.
Aviva group CEO Mark Wilson said that the company has taken a number of steps in the first half to deliver investment thesis of cash flow and growth.
"Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia," Wilson added.