Amanda Blanc, Group Chief Executive Officer, said:
"This is another set of excellent results, extending our track record of consistently strong trading. Our diversified business model is continuing to deliver, and we are growing right across the Group.
"We accelerated new business sales in our capital-light businesses: General Insurance premiums increased 16% to £2.7bn and our workplace pensions business generated net flows of £2bn as we won 136 new schemes. The bulk purchase annuity market also continues to be active, with Retirement sales up 13%.
"Aviva is in great health. We are financially strong, we are trading well, and our investments in new products and customer service are paying off. We have clear competitive advantages - in our brand, our scale, and our diverse business - which are driving consistently strong performance, and giving us real optimism about 2024."
Continued capital-light growth momentum
• General Insurance premiums up 16%2 to £2.7bn.
• UK GI premiums up 19% to £1.7bn with 27% growth in personal lines reflecting continued strong rate discipline in the high inflationary environment, and new business growth. Commercial lines grew 10%.
• Canada GI premiums up 11%2 to £0.9bn with personal lines up 16%2 driven by rating actions on the existing book and new business growth. Commercial lines grew 5%2.
• Group undiscounted combined operating ratio (COR) of 95.8% (Q123: 95.4%). An improvement in the UK COR as the rating actions taken earn through was offset by an increased Canadian COR. Discounted COR of 92.0%.
• Protection & Health sales were up 5%, driven by continued growth in Protection.
• Wealth net flows of £2.7bn were up 15% on the prior year with double-digit growth in Workplace, up 13%, and in Platform up 24%.
• Retirement sales were up 13% driven by higher BPA volumes. Retirement margin improved to 2.9% (Q123: 1.9%) as we focused on pricing discipline.
https://www.investegate.co.uk/announcem ... te/8215953
Also posted on Company News here; viewtopic.php?p=665362#p665362
I hold these in my HYP, and know others here do too, so this may be of interest here.
Ian.