Rating agency attributes change to strong geographical diversity of group
Fitch has upgraded AVIVA International Insurance Ltd's (AII), AVIVA Insurance Ltd's (AI) and Norwich Union Insurance Ltd's (NU) Insurer Financial Strength (IFS) ratings from 'AA-' to 'AA' with a stable outlook.
In a statement Fitch said that the General Insurance and Health arm "continues to perform strongly", despite the £235m hit from the UK floods.
The geographical diversification of the non-life arm was highlighted during the first half of 2007, Fitch said, with the company posting a combined operating ratio of 97%, an increase of 5% from the previous year.
Fitch said: "It has strong market positions across a number of European markets and in certain other markets internationally. In 2006, EEV profits were split between life insurance (53%), non-life (44%) and fund management (4%).
"Additionally, 2006 EEV profits were also split approximately between the UK (49%), Europe (43%) and rest of the world (8%)."
