 Norwich Union is owned by Aviva |
Norwich Union owner Aviva has said that 2003 earnings will exceed analysts' forecasts after demand picked up in the second half of the year. Operating profit will now be �1.9bn ($3.5bn; 2.8bn euros), compared with the �1.7bn predicted by the market.
The main driver of growth at the UK's largest insurer was increased sales of life and general insurance policies.
The news comes a day after Aviva said it was closing a brokerage subsidiary, with the loss of 1,600 jobs.
Picking up
The firm has suffered in recent years as share prices slumped putting off investors and denting demand for pensions and insurance.
The recent pick up in global economic growth and share prices seems to have revived Aviva's fortunes.
The company said that operating profit at its life and general insurance divisions will now be about �1.45bn, topping the �1.2bn expected by many analysts.
Investors welcomed the news, pushing Aviva shares up 6.1% to 530 pence in early trade.
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