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Friends Life deal aids Aviva UK Life profits

Aviva has reported a surge in operating profit within its UK Life business for the first half of the year, driven by the recent acquisition of Friends Life.

However, excluding the impact of the deal, both Aviva UK Life and Aviva Investors have seen year-on-year profits tumble.

The insurer’s H1 results, published last week, reveal UK Life profits rose by 17 per cent, from £476m in H1 last year to £555m this year. This includes a £120m contribution from Friends Life following its acquisition in April.

When the impact of the Friends Life deal is removed, profits for UK Life slumped 7 per cent to £449m, although H1 2014 included a £100m benefit from “expense reserve releases following actions to reduce the current and future cost base”.



MAS makes a loss but gives bosses a pay rise

The Money Advice Service has reported a loss of £786,000 for the year 2014/15 and handed chief executive Caroline Rookes a £20,000 pay rise. It marks the first time the MAS has made a loss since it was launched in 2010. In that time, levy income has more than doubled from an original take of […]


UK employment down as wage growth stalls

The total number of people in work has fallen again, while wage growth has also dropped, official figures reveal. Last month, the Office for National Statistics reported employment had fallen for the first time since April 2013, and officials have now confirmed the trend continued into June. For the three months to June 2015, total […]


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