Aviva announces 15% jump in general insurance premiums

Aviva has reported a 15% jump in general insurance (GI) premiums to £9.1bn through nine months of trading, as the insurer announced a Q3 of strong delivery and profitable growth.

In the UK and Ireland, Aviva revealed that GI premiums through three quarters were up 18% to £5.7bn, with 25% growth in personal lines and 11% growth in commercial lines.

The insurer added that this UK growth was both balanced between continued strong new business and pricing actions to offset the inflationary environment.

In the company’s protection and health business, Aviva also announced £403m in sales through its first three quarters, a figure up by 22% on the same period a year ago.

Aviva CEO, Amanda Blanc, said that the insurer’s Q3 performance had been “very strong”.

“Trading continues to be extremely positive right across the business, underlining the strength of our consistent strategy and the significant benefits of Aviva's scale and diversification,” said Blanc.

“Aviva is financially strong, trading well each quarter and has significant opportunities for further growth. We are confident about the outlook for the rest of 2024 and beyond, growing the dividend and achieving the group’s financial targets.”

AJ Bell investment director, Russ Mould, added: “Aviva sounded pretty confident alongside third-quarter numbers and the details contained within them mean it has every right to be.

“The company is seeing strong performance across all of its business lines. Insurance is doing well thanks to disciplined pricing over the last 12 months while the company continues to see growth in its wealth management arm.

“Encouragingly, Aviva’s growing customer base now often has more than one policy per household. Increasing the proportion which do is an obvious growth opportunity for the business.”



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