Aviva takes £385m hit from discount rate cut

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The group said that the estimated impact on the group Solvency II capital ratio is approximately 2%. Aviva noted the decision would not affect its operating profit and that there would be no change to its dividend policy. The Lord Chancellor's decision resulted in Direct Line announcing a blow to profits of up to £230m, with Admiral seeing a profit hit of up to £100m. Hastings, Novae and Esure also posted exceptional losses from the changes. Insurers' share prices tumbled yesterday after Liz