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Aviva   The discount on personal injury claim payouts

Aviva takes £380 million hit on Ogden rate change

AvivaAviva said it was making a £380 million charge to account for the change in the Ogden rate - the discount on personal injury claim payouts - as it revealed full year operating profits up 12% to £3bn and said it would return cash to shareholders.

"General insurance is growing, with operating profit up 17%1, and in UK Digital we have doubled online registrations to five million. We are becoming a digital disruptor for the benefit of our customers," the company said.

READ MORE Aviva cash flow was up 65%

"We are now actively planning a capital return to our shareholders and debt reduction in 2017 and will invest further to grow our businesses," said CEO Mark Wilson. The total dividend is up 12% to 23.3p.

"Looking forward, we will remain focused on achieving our financial objectives: mid single digit annual growth in operating EPS; £7bn of cumulative business unit remittances in 2016-18 inclusive; and an increase in the dividend payout ratio to 50% by the end of 2017," Wilson said.

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