Aviva profits hit by floods

Norwich Union owner Aviva unveiled an 8% fall in operating profits today as the cost of flooding in the UK offset strong growth elsewhere in the business.

Aviva said its loss from the flooding, which it described as “the worst floods in living memory”, reached £235m (€347m) by the end of June, causing operating profits at its UK general insurance arm to slide by 50% to £284m (€420m).