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Aviva says it is on target to achieve growth in operating profit this year of 5% to 7%, despite more weather-related claims from storms Babet and Ciarán. What’s more, the company says it is on track to “exceed medium-term targets.”
“Aviva has delivered nine months of strong growth,” said chief executive Amanda Blanc. “We have clear trading momentum, driven by our uniquely diversified business, as well as our leading positions in growing markets. “We have continued to expand our capital-light businesses, which now make up over half of our portfolio. We see significant opportunities to generate further higher return, capital-light growth in the future as we prioritise these segments.”
The insurer recently bought AIG’s UK protection business and is thought to be considering a bid for the UK consumer operations of rival RSA.
General insurance premiums came in at £8 billion (£7.2 billion in Q3 2022), with gross written premiums (GWP) up 13%, thanks, the insurer says, to strong sales in the UK, Canada and Ireland. Meanwhile, health and protection sales increased by 23% to £330 million (£268 million in 2022).
The workplace pensions division also increased net flows by 26% to £5.1 billion, with 350 new corporate customers and higher auto enrolment contributions due to wage increases. Retirement revenues rose by 2% to £4.4 billion (from £4.2 billion in the same period in 2022) due to higher bulk purchase annuity (BPA) and individual annuity volumes. BPA volumes came in at around £5.5 billion.
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