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UK Insurer Aviva Reports Financial Performance for 2024
UK-based insurer Aviva has announced its financial results for the year ending 31 December 2024. The company reported a profit of £705 million, a 36% decrease from £1.1 billion in 2023. Despite this decline, the company saw growth in several key areas.
Key Highlights:
- Insurance Revenue: Increased to £20.7 billion, up from £18.4 billion in 2023.
- Fee and Commission Income: Rose to £1.41 billion, compared to £1.3 billion in the previous year.
- Group Operating Profit: Grew by 20% to £1.7 billion, up from £1.4 billion in 2023.
- Cash Remittances: Increased by 5% to £1.99 billion.
- General Insurance Premiums: Surged by 14% to £12.2 billion.
Regional Performance:
- UK & Ireland General Insurance Premiums: Increased by 16% to £7.6 billion.
- Canada General Insurance Premiums: Grew by 11% to £4.5 billion.
Dividend Increase:
Aviva announced a 7% increase in the final dividend per share, rising to 23.8p from 22.3p in 2023. The total dividend per share for the year also increased by 7% to 35.7p, up from 33.4p the previous year.
Strategic Developments:
In December 2023, Aviva signed a preliminary agreement with Direct Line for a proposed buyout valued at £3.6 billion, or 275p per share. This acquisition is expected to significantly boost Aviva’s growth trajectory by accelerating its progress towards achieving over 70% of capital-light operating profit through synergies.
Future Outlook:
Aviva is targeting an operating profit of £2 billion by 2026. The company remains optimistic about its future growth, particularly with the proposed acquisition of Direct Line.
CEO’s Statement:
Aviva Group CEO Amanda Blanc stated, “2024 was an excellent year for Aviva. We made clear strategic progress and delivered strong results, with higher sales, operating profit, and dividends. Over the past four and a half years, we have transformed Aviva, built a track record of consistent performance, and returned £10 billion to shareholders. The proposed acquisition of Direct Line is a clear opportunity to accelerate our capital-light growth, deliver excellent service to millions more customers, and support the UK economy. I am more excited than ever about Aviva’s future and look forward to delivering the next phase of progress.”
Legal Development:
Earlier this month, Aviva’s Indian unit was instructed to pay nearly $7.5 million in back taxes and penalties following an investigation by Indian tax authorities.
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This summary captures the key financial and strategic developments from Aviva’s 2024 performance.
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