(RTTNews) – Aviva plc (AV, AV.L), a financial services and insurance company, reported Thursday that its first-quarter General Insurance premiums grew 16 percent to 2.7 billion pounds from last year’s 2.4 billion pounds.
UK GI premiums went up 19 percent from last year to 1.7 billion pounds, with 27 percent growth in personal lines reflecting continued strong rate discipline in the high inflationary environment, and new business growth.
Commercial lines grew 10 percent.
Canada GI premiums increased 11 percent to 0.9 billion pounds, with personal lines up 16 percent.
In the quarter, Protection & Health sales were up 5 percent from last year to 106million pounds, driven by continued growth in Protection.
Wealth net flows were 2.7 billion pounds, a growth of 15 percent on the prior year with double-digit growth in Workplace, up 13 percent, and in Platform up 24 percent.
Retirement sales in the quarter were up 13 percent to 1.7 billion pounds, driven by higher BPA volumes. Retirement margin improved to 2.9 percent from last year’s 1.9 percent.
Amanda Blanc, Group Chief Executive Officer, said, “We accelerated new business sales in our capital-light businesses… 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.”
Looking ahead, for fiscal 2024, the company said it remains confident in meeting its target of operating profit of 2 billion pounds by 2026.
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