Aviva sees profits soar

The UK's biggest insurer has reported a large profit increase for the first half of this year.

The UK's biggest insurer has seen its first half yearly profits skyrocket, off the back of sales of life insurance in Europe.

Aviva Plc saw its net income rise to £1.12 billion from 308 million for the same period only one year earlier.

This equates a rise from a 13.1p share to 47.8p per share.

Aviva's operating profit for the six months to June 30th was also impressive totalling £1.32 billion, a rise of 21 per cent for the year.

The London-based company had made agreements with banks on the continent to sell
more life policies in countries where demand had outpaced the market at home.

The company also purchased the roadside assistance company RAC Plc for £1.1 billion to expand its car insurance interests.

So far this year Aviva's shares have seen a 4.6 per cent rise, placing the company with a market value around £15 billion.