Aviva plc (AV, AV.L), a financial services and insurance company, announced on Thursday that its General Insurance premiums for the first quarter surged by 16% to £2.7 billion, compared to £2.4 billion in the same period last year.
In the UK, General Insurance premiums increased by 19% to £1.7 billion. This rise was primarily driven by a 27% growth in personal lines, reflecting robust rate discipline amid a high inflation environment and the acquisition of new business. Commercial lines saw a 10% growth.
In Canada, General Insurance premiums climbed 11% to £0.9 billion, with personal lines experiencing a 16% increase.
For the quarter, Protection & Health sales rose by 5% year-on-year to £106 million, propelled by sustained growth in Protection.
Wealth net flows amounted to £2.7 billion, indicating a 15% increase from the previous year. Notably, Workplace grew by 13%, and Platform saw a 24% rise.
Retirement sales for the quarter were up by 13% to £1.7 billion, driven by higher Bulk Purchase Annuity (BPA) volumes. The retirement margin improved to 2.9% from 1.9% in the prior year.
Amanda Blanc, Group Chief Executive Officer, commented, "We have accelerated new business sales in our capital-light businesses... We possess clear competitive advantages in our brand, scale, and diverse business portfolio, which are consistently driving strong performance and providing us with real optimism for 2024."
Looking forward to fiscal 2024, the company expressed confidence in achieving its target of £2 billion in operating profit by 2026.
