Aviva, a leading insurance provider, reported a significant increase in protection sales in 2024, with revenue reaching £375 million. This represents a notable growth from the previous year’s figure of £264 million. The company attributes this surge in protection sales to its acquisition of AIG in 2024. Aviva acquired AIG from Corebridge Financial in a deal worth £453 million on April 8, 2024.
While Aviva’s health sales saw a decline, with a year-on-year drop of 8%, its in-force premiums saw a double-digit increase. The company reported a health sales figure of £138 million in 2024, down from £151 million in the previous year. This decline may be attributed to various factors, such as the changing market dynamics and consumer behavior.
Aviva’s acquisition of AIG has likely contributed significantly to the growth in protection sales. The deal has expanded Aviva’s offerings, enhanced its distribution channels, and increased its market presence, leading to an increase in sales. The acquisition has also allowed Aviva to tap into AIG’s vast customer base, further driving growth.
It’s worth noting that the CEO of insurance, Doug Brown, was not quoted in the article. However, his statement is likely to provide valuable insights into the company’s perspective on the growth, challenges, and future plans. Despite the decline in health sales, Aviva’s overall performance has shown significant growth, with its protection sales hitting a new high. The company’s continued focus on strategic acquisitions, such as the AIG deal, and its efforts to adapt to changing market conditions will be crucial to maintaining and building on this success.