UK insurer Aviva has reported an working revenue of £1.46bn in 2023, a 9% enhance from £1.35bn in 2022.
The expansion was attributed to the final insurance coverage companies throughout the UK, Eire and Canada.
Aviva’s common insurance coverage phase noticed a 35% rise in working revenue, amounting to £851m, on account of enhanced funding earnings and sturdy underwriting outcomes.
Common insurance coverage premiums within the 12 months to December 2023 stood at £10.89bn, up 13% in contrast with £9.75bn within the earlier 12 months.
Within the UK and Eire, common insurance coverage premiums logged a 16% year-on-year enhance, reaching £6.64bn.
UK private strains premiums soared by 24%, benefitting from stringent price self-discipline amidst an inflationary setting and the introduction of latest insurance coverage propositions.
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The UK industrial strains premiums additionally noticed a ten% enhance, the results of price changes and the acquisition of latest enterprise.
In Canada, common insurance coverage premiums rose by 10% to £4.24bn, with industrial strains rising by 13% and private strains by 9%, pushed by price will increase and robust new enterprise development.
Safety and well being gross sales witnessed a 16% rise, with well being gross sales alone leaping by 41%, and particular person safety additionally contributing to the expansion.
Nevertheless, the working revenue on this phase fell by 32% to £118m from £174m in 2022, primarily on account of adversarial mortality expertise and a smaller profit from assumption adjustments in contrast with 2022.
Aviva has additionally initiated a brand new share buyback programme price £300m.
Moreover, the insurer introduced a closing dividend per share of twenty-two.3p, taking the overall dividend for 2023 to 33.4p, an 8% rise from the prior 12 months.
By 2026, Aviva is aiming for an working revenue of £2bn.
Aviva CEO Amanda Blanc mentioned: “We now have made important progress in 2023. Gross sales are up, prices are down, and working revenue is 9% increased. Our place because the UK’s main diversified insurer, with main companies in Canada and Eire, is clearly delivering. We now have generated sturdy natural development, particularly in our capital-light companies, which make up over half our portfolio.
“Aviva is financially sturdy. We’re buying and selling constantly properly. Our prospects have by no means been higher. We now have main companies in rising markets, a implausible model, and we’re investing considerably to make service higher for our 19 million prospects. All of the elements are in place to make sure Aviva continues to ship an excellent efficiency for our prospects and our shareholders.”