Operating profits at Aviva Ireland increase

Operating profits at Aviva Ireland increase

Aviva Ireland has reported a 15% rise in its operating profits.

The insurance company saw them increase to €113m last year from €99m in 2017, despite what it called "more challenging market conditions".

Operating profits at its general insurance business went up by 4% to €63m.

Aviva Ireland recorded a 14% rise in business premiums in its Life Insurance sector, going up from €1.197bn in 2017 to €1.367bn last year.

They also noted significant growth in 2018 for sales of individual pensions and protection leading to a 31% growth in operating profits at the life insurance unit from €38m to €50m.

The company is backing measures to raise pension coverage for full-time workers above its current 50% level.

John Quinlan, Aviva Ireland's chief executive, said: "We are supportive of a new Auto-Enrolment retirement savings system as a supplement to existing private pension arrangements, but advocate that existing tax reliefs for retirement savings should not be further reduced.

"We are also advocating that customers should be able to access independent financial advice for all forms of retirement savings, including Auto-Enrolment when launched."

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