Home Brexit Aviva warns of ‘muted growth’ over Brexit uncertainty

Aviva warns of ‘muted growth’ over Brexit uncertainty

by Sarah Dunsby
7th Mar 19 10:12 am

Insurance giant Aviva has flagged Brexit pressure’s and warned over “muted Growth” for the year 2019, share in the company dropped more than 3%.

Rival insurer Direct Line cautioned this week if the UK crashed out of the EU with a no-deal it could potentially take a “material” hit to the group.

Countrywide announced on Thursday the property market slowdown will affect half-years earning by £5m.

Aviva said, “Given current uncertainties, including the unknown future impacts of Brexit on the economies of the United Kingdom and Europe, our near-term outlook entering 2019 is more muted than our outlook a year ago.”

However, Maurice Tulloch Aviva’s new boss is determined to “re-energise” the company as it they a 2% rise in underlying operating profits to £3.1bn.

Tulloch, the group’s former international boss who was appointed chief executive on Monday.

He said, “We have strong foundations, but we are only scratching the surface of our full potential.

“There’s a huge opportunity here. At the heart of it, it’s all about insurance fundamentals, delivering excellent customer experience, tackling complexity and injecting a different pace of change into Aviva.”

Aviva said Brexit uncertainty reflected a “difficult year” for the investment market, earnings in their fund management arm, Aviva Investors has dropped 18% to £10.3bn in 2018.

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