Aviva’s share price falls after profits news

<p>Profit news from Aviva led to its share price falling.</p>

Aviva's share price was down by more than ten per cent following an announcement from the insurer that its profits have fallen in the last 12 months.

Its stocks plummeted on the back of the news the firm has reported a pre-tax loss of £2.7 billion, which follows the sale of its US insurance business for more than $1 billion (£665 million).

Aviva chief executive Mark Wilson stated the company has not been able to articulate to investors why they should buy or hold Aviva shares, "which is what investors should expect of us".

Chairman John McFarlane added there will be no pay rises or bonuses for executives at the firm as a result of the disappointing financial news.

Aviva's share price had started to bounce back in the early trading this morning (March 8th), with its stocks standing at 318.80 at 08:40 GMT.

This is up 1.27 per cent on the start of the day, but only cancels out a small portion of the losses from yesterday.

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