Insurance giant Aviva posted a drop in 2015 profit after tax on Thursday but the company's chief executive said the results were "highly satisfactory" as they came amid a "backdrop of market volatility."
Full-year profit after tax was £1.079 billion ($1.53 billion), down 38 percent from £1.738 billion the year before. However. operating profit before tax rose 20 percent to £2.7 billion ($3.83 billion).
For its general insurance and health business, Aviva reported a full-year operating profit of £765 million in 2015, down from £808 million a year ago, representing a 5 percent decline.
It raised the total dividend per share to 20.8 pence from 18.1 pence in the previous year. Aviva was one of the best performers on the Stoxx 600 index, trading around 5 percent higher.
Deutsche Bank equity analyst Oliver Steel said that "Aviva has produced very strong results - particularly in terms of the balance sheet."
"Given the strength of the result, we reiterate our Buy recommendation," Steel added in a note on Thursday following the results.