Aviva Shares Soar to Double from Last Year

AvivaShares of Aviva were reported to have leaped after the insurer announced it has doubled its pre-tax profit from £309m last year to £605m during the six months ending June 30.

The shares soared to the highest level for two years. Its boss Mark Wilson won a few more friends in the City yesterday showing signals of company's increasing turnaround.

Aviva shares went ahead of the Footsie leaderboard, rising to 28.2p to 399p. A 30% increase of cash flow to the group was recorded during the period. It, however, lowered its dividend by 44% to 5.6p. It is as per the cut made at its full-year results in March.

Mr. Wilson said to make Aviva as precise as a Swiss clock. He said that they are not there right now, but they are striving extremely hard to reach at that point.

Aviva is formerly known as Norwich Union in the UK. It separated its ways with its former chief executive Andrew Moss last year after having an embarrassing revolt over pay at its 2012 annual meeting.

This led the group to outline plans to shut its underperforming businesses, cut 2,000 jobs and take out £400m in costs. Mr. Wilson said that it could be true that Aviva can slash its business in India.

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