Insurance firm Aviva said on Wednesday that it had witnessed “continuing momentum” in the six months ended 30 June, with both operating profits and own funds generation growing in the half.
Aviva reported a 14% increase in interim operating profits to £829.0m, while Solvency II operating own funds generation surged 46% to £538.0m.
General insurance gross written premiums rose 6% to £4.69bn, with a “strong” 94% combined operating ratio, and UK & Ireland life sales were up 4% at £16.8bn.
The FTSE 100-listed group also declared an interim dividend of 10.3p, in line with its full-year dividend guidance of roughly 31.0p.
However, Aviva said its IFRS loss after tax had deepened year-on-year, widening from £198.0m in 2021 to £633.0m a year later, largely reflecting adverse market movements.
Chief executive Amanda Blanc said: “Sales are up, operating profit is higher, our financial position is stronger. This has been an excellent six months for Aviva. Our scale and diversification give us resilience and opportunity, enabling Aviva to withstand the challenging economic climate. Our market-leading positions and our unique ability to look after a wide range of customers’ needs are clear advantages and have driven robust operating performance. Trading has been encouraging across all our major businesses in insurance, wealth, and retirement.”
“We are increasingly confident in Aviva’s prospects and anticipate commencing additional returns of capital to shareholders with our 2022 full year results.”
Reporting by Iain Gilbert at Sharecast.com
