Aviva boss Amanda Blanc hailed the firm’s “very strong” performance in the third quarter as the firm reported growth across all of its key business units.
In a trading update covering the nine months to September, the FTSE 100 firm said general insurance premiums were up 15 per cent, rising to £9.1bn from £8bn in the same period last year.
Looking specifically in the UK and Ireland, premiums were up 11 per cent year-on-year with growth across both personal and commercial businesses.
The company said its performance was balanced between “strong new business and pricing actions to offset the inflationary environment”.
The firm saw growth in its other business lines, with wealth net flows rising 21 per cent compared to last year while retirement sales were up 67 per cent, climbing to £7.3bn.
Aviva reported that its retirement margin also improved thanks to a “disciplined focus on margins and capital allocation”.
The company said it was confident it would deliver the targets set out at its results presentation – an operating profit of £2bn by 2026 and cash remittances of more than £5.8bn between 2024-2026.
“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,” Blanc said.
“Quarter after quarter, we are delivering consistently superior results and growing Aviva, particularly in the capital-light businesses.”
“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.”