23 July 2018 07:00
“Disappointing “. It is by this word that Mark Wilson, CEO of Aviva, described the results of a subsidiary of Aviva Canada in 2017.
A recovery plan has been put in place, he revealed in the annual report of the british insurer. This plan requires an increase in premiums, as well as by the shares subscription, in compensation, distribution and in the management of expenses.
In 2017, Aviva Canada has been affected by higher claims. Its loss of subscription has been $ 110 million in 2017. A year earlier, the insurer had instead generated an underwriting profit of$ 289 Million. Its combined ratio amounted to 102.2 %, compared to 93 % in 2016.
The chief Financial officer Aviva Tom Stoddard said the company aims to ensure that Aviva Canada reconnects with a combined ratio in the range of 94 % to 96 %. He said, however, doubtful that the canadian subsidiary to reach this target in the short term. “In 2018 and 2019, our combined ratio should remain above our target “, we read in the annual report of the insurer.