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Aviva paid out record $190 million in water damage claims last year

CALGARY - Aviva Canada says it paid out a whopping $190 million in water damage claims last year — and the insurance provider says it's part of an upward trend. Severe flooding in Alberta and Toronto had a lot to do with the record amount — but not everything, Aviva said in a release Tuesday. "The flooding in Alberta and Toronto certainly played a big part in the increase, but the general trend is upward. And, as severe weather events are growing in frequency, we expect to see more situations like this in the future," said Wayne Ross, vice-president of property claims.

Insurer Aviva switches into profit

British insurer Aviva said on Thursday it had swung back into profit during the first half, recovering from a huge write-down suffered the previous year. Net profit stood at £693 million ($1.07 billion, 806 million euros) in the six months to the end of June compared with a losses after tax of £688 million during the first half of 2012 -- also on reduced costs and a jump in new product sales. Last year, Aviva tumbled into a net loss owing mainly to a massive write-down following the sale of its US business.

Direct Line to axe 2,000 jobs in sluggish insurance market

By Richa Naidu (Reuters) - Britain's Direct Line Insurance Group Plc <DLGD.L>, the motor insurer spun out of Royal Bank of Scotland <RBS.L>, said it plans to axe about 2,000 positions, joining fellow insurers looking to trim costs and boost profits in a sluggish and competitive market. The company said the cutbacks would allow it to save a further 130 million pounds ($200 million) annually by 2014, targeting a cost-base of about 1 billion pounds in 2014.

Insurer Aviva logs strong Q1 performance

British insurer Aviva on Thursday said that the value of new business rallied 18 percent in the first quarter, helped by stronger contributions from Britain, as well as from Asia, France and Turkey. Aviva said in a statement that the value of new business rose to £191 million pounds ($290 million, 226 million euros) in the three months to March compared with £162 million a year earlier. The figure is a measure of profits expected to emerge from new business, net of costs.

Insurance firm Aviva axes 2,000 jobs

British insurer Aviva said Thursday that it would axe about 2,000 jobs around the world as part of its ongoing plans to slash costs. "Aviva plc today has informed employees that over the next six months there will be a reduction of approximately 2,000 roles across the group in the UK, Europe and Asia, equating to six percent of the global workforce," it said in a statement. "As part of Aviva's commitment to employees and unions to inform them as soon as it can about decisions that impact our people, it is communicating the estimated overall scale of changes today."

Insurer Aviva to cut 2,000 jobs and redundancy payouts

By Anjuli Davies and Sinead Cruise LONDON (Reuters) - British insurer Aviva Plc is to cut 2,000 jobs and slash redundancy payouts in the process, setting up a showdown with the country's biggest trade union as it attempts to cut costs and mollify shareholders after a recent investor revolt. Chief Executive Mark Wilson said the cuts would equate to around 6 percent of the global workforce over the next six months and reflected the group's commitment to deliver more than 400 million pounds in cost savings by year-end.

Aviva cuts director pay under shareholder pressure

LONDON (Reuters) - British insurer Aviva <AV.L> cut its directors' wage bill by more than a third last year as it tried to mend relations with shareholders who criticised it for excessive executive pay. Britain's fourth-biggest insurer by market value paid its directors a total of 4.77 million pounds in 2012, down from 7.28 million pounds the previous year, figures published on Monday in its annual report showed.

European shares edge lower, Aviva hit hard

LONDON, March 7 (Reuters) - European shares ended slightly lower on Thursday, held back by a post-results slump for British insurer Aviva, and some said they expected the pullback to continue in the short term. The FTSEurofirst 300 index, which hit a 4-1/2 year intraday high of 1,193.35 points on Wednesday, provisionally closed down 0.1 percent at 1,185.26 points.

Insurer Aviva posts huge 2012 loss, slashes dividend

British insurer Aviva on Thursday said it tumbled into a net loss of £3.0 billion ($4.5 billion, 3.5 billion euros) last year and slashed its shareholder dividend, sparking a slump in the group's share price. The loss after tax, owing mainly to a massive writedown following the sale of its US business, contrasted with a net profit of £60 million in 2011, Aviva said in a results statement. The company meanwhile reported underlying operating profit -- an indicator of its day-to-day business -- of £1.78 billion.

Defensives lead FTSE 100 higher ahead of BoE rate decision

* FTSE 100 up 0.2 percent * Consumer staples lead after bullish CS note * Aggreko rises as it ramps up dividend * IMI buoyed by buyback promise * Aviva tumbles after slashing dividends By David Brett
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