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Aviva reports profit rise

The insurance company gained a large increase in profits this year

Insurance giant Aviva reported a sharp growth in profits for 2010.

It attributed this to heightened sales of life assurance policies and cost cutting moves.

Net profits totalled £2.4bn in 2010 compared to £1.8 bn in 2009, a huge increase of 35 per cent. Aviva's total sales rose to £47.1bn - an increase of 4 per cent.

Aviva's growth has steadily increased in the UK, Europe, and North America, but is also picking up speed in Asia.

They will be raising their total dividend 6 per cent, to 25.5 pence per share.

Liam McLaughlin is a freelance journalist who has also written for Prospect and the Huffington Post. He tweets irregularly @LiamMc108.