Aviva UK GI delivers steady 98% COR amid 2013 pay freeze
Aviva delivered a steady UK combined operating ratio (COR) of 98% for 2012 as the group confirmed that its executive directors would not receive any annual bonuses.
The group also announced that its top 400 executive directors would have their salaries frozen for 2013.
It came as its UK arm posted an unchanged COR from 2011 while operating profit edged up to £448m (2011: £433m).
Yet UK net written premiums crept down to £4.06bn last year from £4.11bn in 2011.
Despite noting that sales were lower, it attributed its operating profit growth to a "focus on disciplined underwriting to maintain profitability ahead of volumes".
In a statement Aviva said: "We
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