London-based insurer Aviva – the former parent of CGU – has announced a 2002 general insurance profit of almost $2.5 billion. The figure includes almost $1.6 billion from Norwich Union’s general insurance business in the UK. The combined operating ratio was 102%.

Aviva Executive Director Patrick Snowball said the results are impressive, although the group’s other operations brought overall profit to almost $4.6 billion.

The company now sees itself as “beacon of stability” in the troubled British financial services arena, retaining its AA rating while its competitors are suffering problems with capacity and solvency.

Aviva CEO Richard Harvey says the company has performed exceedingly well in tough market conditions. “We have delivered a robust set of results in a difficult year where the ongoing turmoil in investment markets has affected consumer demand and investor sentiment.

“The benefits of a strong business model, where resilient long-term savings operations are allied with a cash-generative general insurance business, are evident in these tough market conditions,” Mr Harvey said.