By Sabela Ojea

Aviva PLC reported on Thursday a swing to a net loss for the first half of 2021 and a rise in operating profit, and said that it is launching a share buyback program.

The FTSE-100 insurer posted a net loss of 232 million pounds ($321.8 million) compared with a profit of GBP821 million for the same period a year earlier.

Operating profit rose to GBP725 million, up from GBP621 million for the year-earlier period. It was expected to reach GBP732 million, according to market consensus.

The U.K. company had gross written premiums of GBP6.08 billion, rising from GBP5.82 billion for the same period a year earlier.

The board has declared an interim dividend of 7.35 pence a share. The company's Solvency II ratio--which represents capital strength--stood at 203%.

Regarding the buyback program, Aviva said that it aims to buy back up to 300 million shares for up to GBP750 million to reduce its share capital. The program will start on Friday, it added.

"We intend to return at least GBP4 billion to investors by the end of the first half of 2022, starting with a share buyback of up to GBP750 million," Chief Executive Amanda Blanc said.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

08-12-21 0236ET