Aviva, which reported its annual results on Thursday, has propelled itself into second place in the Canadian property & casualty (P&C) insurance market, according to its CEO.
“Aviva Canada delivered strong results for FY2022, achieving a combined operating ratio of 92.5% (FY2021: 90.7%) and premium growth of 8.6% (FY2021: 5.6%), which has moved us into second place in the market,” said Aviva Canada CEO Jason Storah.
“These results are testament to the hard work by our brilliant people in simplifying the business, building resilience and embedding a high performance and customer-centric culture across Aviva.”
Storah said that like “many Canadians and businesses”, the insurer is focused on managing the challenges ahead.
“We remain committed to being there for our customers and delivering on what matters most – ensuring they have the right insurance coverage and getting them back on their feet quickly after a claim,” Storah said.
“Despite inflationary impacts, increased claims frequency and unique challenges with reinsurance, we’re continuing to invest significantly in Aviva’s future: improving the customer experience, targeting growth and driving efficiencies.”
Storah described the insurer’s Canadian results as “exciting” and said that “there’s so much more we can and will deliver on our Aviva promise – to our customers, brokers, partners and shareholders.”
Across its markets, UK headquartered Aviva reported gross written premiums (GWP) of £9,749 million ($16,074 million), up 8% on 2021’s £8,807 million, while its combined operating ratio (COR) deteriorated from 92.9% to 94.6% year-on-year.
“The diversified model we have built at Aviva has proved its worth, providing clear benefits for customers and shareholders and driving our great results last year,” said Aviva CEO Amanda Blanc. “While I am pleased with what’s been accomplished over the past 12 months, I am clear there is significantly more value which Aviva can and will deliver in 2023 and beyond.”
Intact Financial Solutions was the largest P&C insurance provider in Canada as of 2022, according to Insurance Business rankings.
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