Aviva reports strong financial results

Aviva has reported strong financial results for the first half of 2024, with group operating profits up 14% to £875m.

It has reported that general insurance premiums rose 15% to £6,005m, with undiscounted COR rising from 94.8% in the same period last year to 95.4%, and discounted COR up from 91.3% to 91.5%.

In the UK, general insurance premiums were up 18% from £3,2m to £3,8m, personal line premiums grew by 30% and commercial lines were up 10%.

Amanda Blanc, Group Chief Executive Officer, said, “Sales are up. Operating profit is up. The dividend is up. Our plan to deliver more for customers and shareholders is working really well.

“We have achieved another six months of excellent trading. We have generated growth right across Aviva, thanks to our leading positions in attractive markets such as workplace pensions and general insurance in the UK and Canada.

“Aviva continues to benefit significantly from the balanced and diversified business we have built and lead. We are the only UK insurer which can look after customers’ entire insurance, wealth and retirement needs, and this is paying off. We have 270,000 more customers this year and 4.9 million UK customers have more than one policy with us.

“We are the number one provider of workplace pensions and are planning to launch a new venture and growth capital strategy. This will open up new investment opportunities for our pension customers and could help unlock billions of pounds of investment into unlisted growth companies.

“We remain very positive about Aviva’s prospects. Trading conditions across the UK, Ireland and Canada, are excellent. And the UK market, our largest, is highly attractive and growing. We see many reasons to invest here, including greater economic stability and political certainty. This encouraging backdrop – and Aviva’s continued strong financial performance – means we are increasingly confident we can deliver even more for our customers and shareholders.”