ILC ARTICLE

Admiral and Aviva report strong results


Admiral is one of many leading insurers that has reported strong growth in the 2023 financial year.

In the year to 31 December 2023 it made a group profit before tax of £442.8m, up from £361.2m the prior period. Figures also revealed that group turnover rose by 31% to £4.81bn while its customer base rose by 500,000 from 9.2 million to 9.7 million.

Meanwhile, Aviva also reported ‘significant progress’, with operating profits rising nine per cent from £1.35bn to £1.47bn.

Its general insurance business premiums increased by 13% to £10.88 bn, with a combined operating ratio of 96.2% compared to 95.2% the previous year. The insurer also recorded 24% growth in in its personal lines premiums.

These results follow similar positive news from Allianz, which saw operating profits rise by 6.7% to £1.15bn, driven mainly by growth of its life and health insurance divisions. Fourth quarter profits alone were up 17% to £3.2bn, while total business volumes across the year were up 5.5% to £138bn.

Elsewhere, Hiscox reported a record profit before tax of £489m, up from £215.3m, while AXA saw gross written premium rise three per cent to €102.7bn following a seven per cent uptick in property & casualty and a nine per cent increase in commercial lines.

Meanwhile, Lloyd’s, the world’s leading insurance and reinsurance marketplace, reported that gross written premium expanded by 11.6% to £52.1bn, with combined operating ratios falling from 91% to 84%.

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