“We are making excellent progress.”
That is how group chief executive officer Amanda Blanc summed up Aviva’s newly announced full-year financial results for the year 2022 – a statement that indicated strong trading momentum in spite of market volatility.
Among the key figures released by the group – general insurance gross written premiums were up 8% to sit at £9,749 million compared to the prior year’s £8,807 million. However, its COR did slide to 94.6% - compared to 92.9% in 2021.
In its home market of the UK & Ireland, GWP was up 7% to £5,740 million while its COR landed at 96.1% compared to the prior year’s 94.3%. It was noted in the Aviva financial results statement that commercial lines performed particularly well, with GWP up 12%; while personal lines were up 2%. The company suggested it maintained its pricing discipline despite the market conditions.
In its other main market, Canada, GWP shot up by 16% (or 9% in constant currency) to stand at £4,009 million compared to last year’s £3,445 million. Its COR reached 92.5% compared to 90.7% a year earlier. It was noted that there was growth across both commercial lines and personal lines, which were up by 14% and 6% respectively.
Issuing a statement in line with the results release, Blanc noted that the company had “radically simplified” and that it was now “financially strong” and “utterly focused” on growth.
“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,” she said. “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.”
What do you make of Aviva’s performance? Leave a comment below with your thoughts.
