The UK fund management businesses of Aviva, the UK insurer, posted a loss of £6m (€8.9m) last year - half the loss of 2002 - while profits doubled to £10m across the group's investment operations globally.

Morley Fund Management, the retail and insitutional operation and one of Aviva's three UK fund businesses, reported a profit of £3m, down from £4m in 2002. Profits for Morley would have been £6m for 2003 but a corporate cost of £3m wiped off half the value. The £3m hit relates to group profit share and other incentive schemes which were previously borne at group level but moved on to the Morley books last year.