Aviva: EU referendum result will have “no significant operational impact”
- Credit: Steve Adams
Insurance giant Aviva has given its reaction to the result of the EU referendum result, saying it believes the outcome will have 'no significant operational impact on the company'.
It said it had conducted 'extensive analysis' and concluded the strength of the company's balance sheet meant it was well protected against market stress which is expected in the coming days, and would continue to monitor negotations over the UK's new relationship with the EU.
In a statement, the company said: 'Aviva's operations in the UK and its other subsidiaries in the EU are well capitalised and continue to trade as normal. Aviva continues to be supervised by the PRA/FCA as lead regulator and Aviva's European subsidiaries are incorporated and regulated locally and principally trade in their local market.'
Aviva's 2015 preliminary results published in March 2016 showed a Solvency II ratio of 180% and a surplus of £9.7bn.
The statement added: 'Aviva has one of the strongest and most resilient balance sheets in the UK insurance sector with low sensitivity to market stress and over the last four years Aviva has tripled its economic capital surplus.
'Aviva will continue to monitor the technical implications of the vote to leave, which will only be resolved after several years of negotiating a new relationship between the UK and the EU.'