Insurers post good results

Aviva, RSA and L&G all post good results on back of what has been a tough first half to the year for the Insurance sector.
Aviva reported a better-than-expected 21% rise in its half-year profit, while RSA Insurance Group announced revenue growth in all geographic regions and a resilient underwriting result‚ in what was analysts say was a tough first half for the insurance industry.

Aviva posted an IFRS operating profit of £1.27bn in the first six months of the year, up from £1.05bn a year ago and higher than forecasts of £1.15bn. It also grew sales for the third consecutive quarter and improved margin.

At RSA, net written premiums in the first six months of 2010 rose 9% (6% at constant exchange rates) to £3.80bn from £3.49bn in the first half of 2009. Pre-tax profit was virtually flat at £302m.

Over at Legal & General results topped market expectations with its interim figures - 20% hike in the dividend... Operating profit in the first half of 2010 was £589m, down from £656m the year before but ahead of most analyst forecasts.