Aviva 9-Month General Insurance Premiums Rise; Backs FY23 View, To Exceed Medium-term Targets

Aviva plc (AV,AV.L), a financial services and insurance company, reported Thursday that its nine-month General Insurance gross written premiums grew 13 percent at constant currency with continued capital-light growth momentum and delivery across its diversified Group.

Looking ahead for fiscal 2023, the company continues to expect 5 percent to 7 percent operating profit growth from 1.35 billion pounds in 2022. The company is on track to exceed Group medium-term targets.

In its trading update, the company reported nine-month general Insurance premiums of 8 billion pounds, up from last year’s 7.2 billion pounds, reflecting the strength of its operations in the UK, Canada, and Ireland, across both commercial and personal lines.

UK&I premiums went up 15 percent and Canadian premiums grew 11 percent at constant currency, both driven by strong rate, new business volumes and retention.

Protection & Health sales were up 23 percent from last year to 330 million pounds, with strong growth in Individual Protection, and in Health which was supported by higher corporate new business.

Wealth net flows of 6.4 billion pounds represented 6 percent of opening assets under management, but were 9 percent lower than last year due to the impact of the challenging market volatility on Platform.

The company further said it expects to pay a total dividend of around 915 million pounds or around 33.4 pence for 2023, with low-to-mid single-digit growth in the cash cost of the dividend thereafter.

Amanda Blanc, Group Chief Executive Officer, said, “Aviva’s prospects are very positive. We expect to beat our medium-term financial targets and, in line with previous guidance, grow operating profit by 5-7 percent this year, despite higher weather-related claims.”

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