24th May 2023 09:41
(Alliance News) - Aviva PLC on Wednesday said it saw growth in the first quarter in an "encouraging" start to the year.
The UK-based insurer said General Insurance gross written premiums were up 11% in the first quarter of 2023, rising to GBP2.4 billion from GBP2.1 billion a year ago.
The firm said Protection & Health insurance sales were GBP102 million, up 11% from GBP92 million a year ago, while Retirement sales were GBP1.5 billion, increasing 17% from GBP1.3 billion. Workplace net flows were GBP1.8 billion, up 25% from GBP1.4 billion.
Looking forward, Aviva said it is on track to meet its cost reduction target of GBP750 million by 2024.
Chief Executive Amanda Blanc said: "We have delivered an encouraging start to 2023 and continue to build clear trading momentum. New business volumes are good, despite persistent economic uncertainty, and we delivered another quarter of strong growth across our diversified business.
"Our general insurance business goes from strength to strength. We have grown premiums 11% and maintained attractive levels of profitability, thanks to our disciplined management of inflationary pressures and our balanced mix across personal and commercial lines, and across the UK, Ireland and Canada."
Aviva shares were down 3.4% to 409.30 pence each in London on Wednesday morning.
By Harvey Dorset, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.