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 normal insurance coverage section noticed a 35% rise in working revenue, amounting to £851m, as a consequence of enhanced funding earnings and sturdy underwriting outcomes. 

Basic 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, normal insurance coverage premiums logged a 16% year-on-year enhance, reaching £6.64bn.  

UK private strains premiums soared by 24%, benefitting from stringent fee self-discipline amidst an inflationary setting and the introduction of latest insurance coverage propositions. 

The UK industrial strains premiums additionally noticed a ten% enhance, the results of fee changes and the acquisition of latest enterprise.  

In Canada, normal insurance coverage premiums rose by 10% to £4.24bn, with industrial strains rising by 13% and private strains by 9%, pushed by fee will increase and powerful 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.  

Nonetheless, the working revenue on this section fell by 32% to £118m from £174m in 2022, primarily as a consequence of opposed mortality expertise and a smaller profit from assumption adjustments in contrast with 2022. 

Aviva has additionally initiated a brand new share buyback programme value £300m.  

Moreover, the insurer introduced a ultimate dividend per share of twenty-two.3p, taking the entire 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 stated: “Now we 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. Now we have generated robust natural development, particularly in our capital-light companies, which make up over half our portfolio. 

“Aviva is financially robust. We’re buying and selling constantly properly. Our prospects have by no means been higher. Now we 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.”