StockMarketWire.com - Aviva reported a slight increase in profits as weakness in its life and fund management division kept a lid on growth. The insurer confirmed that it may look to offload its Asian insurance business.

For the six months ended 30 June, operating profit was up 1% to £1,448m and operating earnings per share was up 2% to 27.3 pence.

The subdued growth comes as the company's life business and fund management business saw profits fall 8% and 18% respectively.

The Solvency II cover ratio fell to 194% from 204%, primarily due to the fall in interest rates, with UK and European 10 year swap rates down 0.39% and 0.64% respectively, the company said.

An interim dividend per share of 9.50 pence was declared, up 3% on last year.

The company confirmed that it was considering options for its Asian businesses as new chief executive Maurice Tulloch continues to work toward refreshing Aviva's strategy.

'This work is progressing well and we will summarise our strategy, objectives and operational and financial targets at our capital markets day in November,' the company said.





Story provided by StockMarketWire.com