Aviva reported a group operating profit of £1.767 billion for 2024, marking a 20% increase from £1.467 billion in 2023, driven by continued strategic and operational momentum.
At the same time, Aviva’s General Insurance premiums were up 14% to £12.204 billion, with an undiscounted combined ratio of 96.3% and discounted combined ratio of 92.2%.
Notably, UK & Ireland General Insurance premiums rose 16% to £7.699 billion, with an undiscounted combined ratio of 94.9%, while Canada General Insurance premiums increased 11% to £4.505 billion, with an undiscounted combined ratio of 98.5%.
Aviva’s underlying Solvency II operating capital generation (OCG) increased by 17% to £1.244 billion in 2024 from £1.063 billion in 2023, while overall Solvency II OCG rose 1% to £1.468 billion compared to £1.455 billion in 2023.
Meanwhile, Solvency II return on equity stood at 13.6% in 2024, down from 14.7% in 2023, while IFRS return on equity improved to 15.6% from 12.7%.
Amanda Blanc, Group Chief Executive Officer, commented, “2024 was an excellent year, right across Aviva. We made clear strategic progress and delivered another set of very good numbers, with higher sales, higher operating profit and a higher dividend. Over the last four and a half years we have completely transformed Aviva, built a track record of consistently strong results, and returned £10 billion to shareholders.
“Our success is built on delivering excellent customer service. We now have 17 million customers in the UK – more than any other insurer – and with our diverse range of products across insurance, wealth, and retirement, we’re serving more customer needs, which is fuelling growth throughout the business.”
Blanc continued, “The proposed acquisition of Direct Line is on track and is a clear opportunity to accelerate our capital-light growth, deliver brilliant service to millions more customers, and support the wider development of the UK economy.
“Aviva is in great shape. We have clear trading momentum which is generating strong and reliable growth. We have increased our dividend, again, and are committed to growing it further. There is so much untapped potential for Aviva to go after and I have real confidence in our ability to unlock this. So I’m more excited about Aviva’s future than ever before, and I’m personally looking forward to delivering this next phase of progress.”
The post Aviva’s operating profit hits £1.77bn in 2024 as GI premiums climb 14% appeared first on ReinsuranceNe.ws.