Aviva, a leading insurance company, reported a strong 2024 performance, achieving a 20% increase in group operating profit to £1.767 billion. This growth was driven by continued strategic and operational momentum, with various business segments seeing significant improvements. Notably, General Insurance premiums increased by 14%, with an undiscounted combined ratio of 96.3%, while Solvency II operating capital generation rose 17% to £1.244 billion.
The company’s Solvency II return on equity declined slightly to 13.6%, but IFRS return on equity improved to 15.6%. Aviva’s Group Chief Executive Officer, Amanda Blanc, highlighted the company’s strong performance, saying that 2024 was an “excellent year” with “clear strategic progress and delivered another set of very good numbers.”
Blanc credited the company’s success to delivering excellent customer service, with Aviva now serving 17 million customers in the UK, more than any other insurer. The company’s diversified range of products and services is also driving growth. Blanc emphasized that the proposed acquisition of Direct Line is on track, which she believes will accelerate the company’s capital-light growth, deliver better service to millions of customers, and support the development of the UK economy.
Overall, Aviva reported a strong 2024 performance, with increased sales, operating profit, and a higher dividend. The company is committed to growing its dividend further and is confident in its ability to unlock future growth. With its strong trading momentum and significant untapped potential, Aviva is poised for continued success in the coming years.