Aviva today (14 August) reported group operating profit up 14% from £765m to £875m in its 2024 half year results.
The Insurance, Wealth & Retirement (IWR) unit saw sales up 12% to £19.7bn (HY23: £17.6bn) while Solvency II operating capital generation rose 17% to £722m (HY232: £618m).
Solvency II shareholder cover ratio was 205% (FY23: 207%) and centre liquidity (Jul 24) stood at £1.5bn (Feb 24: £1.9bn).
Amanda Blanc, group chief executive officer, said: “Sales are up. Operating profit is up. The dividend is up. Our plan to deliver more for customers and shareholders is working really well.
“We have achieved another six months of excellent trading. We have generated growth right across Aviva, thanks to our leading positions in attractive markets such as workplace pensions and general insurance in the UK and Canada.
“Aviva continues to benefit significantly from the balanced and diversified business we have built and lead. We are the only UK insurer which can look after customers’ entire insurance, wealth and retirement needs, and this is paying off. We have 270,000 more customers this year and 4.9 million UK customers have more than one policy with us.”
She continued: “We are the number one provider of workplace pensions and are planning to launch a new venture and growth capital strategy. This will open up new investment opportunities for our pension customers and could help unlock billions of pounds of investment into unlisted growth companies.
“We remain very positive about Aviva’s prospects. Trading conditions across the UK, Ireland and Canada, are excellent. And the UK market, our largest, is highly attractive and growing. We see many reasons to invest here, including greater economic stability and political certainty. This encouraging backdrop – and Aviva’s continued strong financial performance – means we are increasingly confident we can deliver even more for our customers and shareholders.”
Among other highlights, in Canada Aviva further reported growing Commercial Lines with large, multi-national client wins, and its RBC partnership growing by double-digits.
“At the beginning of the year we completed the acquisition of Optiom O2 Holdings. This will support Aviva’s capital-light growth in the attractive Canadian market and strengthens Aviva Canada’s specialty lines business and distribution capabilities”, the statement said.
In Wealth, Aviva said it had been “cementing our position as the number one UK player, now with over £180 billion of assets. In the first half we delivered strong flows in our number one Workplace & Platform businesses, increased leads into Succession Wealth, and re-launched Direct Wealth with hybrid advice”.
In Health, the insurer said it “recently set an ambition to reach £100 million of operating profit by 2026 (growing from £65 million in 2023), whilst in Protection we’re now the clear number one, with the acquisition of AIG’s UK Protection business in April. We’re also continuing to deliver disciplined growth in Retirement, which remains a core component of our model and growth ambitions”.
