York contributes to Aviva profits

05/03/2010

Aviva's life and pension sales this year were boosted by contribution from York, which accounted for £8,914 million worth of new premiums in that sector.
Annual data from the insurance giant showed the city played a part in a dramatic turnaround from loss to profit for Aviva's worldwide figures.
The firm reported a £1,315 million profit after tax in 2009 from a loss of £885 million in the previous year.
Its cost-cutting measures resulted in £500 million of savings a year ahead of plan, while the company also laid off 10,700 staff.
York, the headquarters of the UK life and pensions arm of the business, made 350 full-time posts redundant last year.
Aviva tried to ride out the recession by focusing on profitability and capital while also investing in new technology.
Other measures included streamlining of processes, such as reducing operational centres for general insurance from 27 to nine.
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