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Insurer Aviva says profits rise in first half on restructuring

British insurer Aviva said on Thursday (Aug 7) that profits rose during the first half of 2014, extending its recovery following a major restructuring of the group last year.

LONDON: British insurer Aviva said on Thursday (Aug 7) that profits rose during the first half of 2014, extending its recovery following a major restructuring of the group last year.

Underlying net profits more than doubled to £863 million ($1.45 billion, 1.09 billion euros, S$1.8 bilion) in the six months to June 30, in part "due to lower restructuring costs", Aviva said in an earnings statement. Operating profit before tax rose 4.0 per cent to £1.052 billion compared with the performance in the first half of 2013.

"The half year results show that momentum in Aviva's turnaround continues," said group chief executive Mark Wilson. "We have reduced our debt, decreased expenses and increased profit... Aviva remains a work in progress, and these results are a step in the right direction," he added in the statement.

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