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Insurance giant Aviva has revealed that “strong trading” over the past six months has led to increased revenue and profits.
The London Stock Exchange-listed company said a sharp rise in UK general insurance premiums boosted its results, while sales at its retirement pensions division fell.
The company reported operating profit of £875 million for the first half of 2024, up 14% on the same period last year, which beat analysts' expectations.
The company reported a 15% increase in group-wide non-life premiums to £6 billion, with an 18% increase in the UK and Ireland.
In the UK and Ireland, premiums rose as higher prices and new offers led to a 30% increase in personal lines and a 10% increase in commercial lines.
Aviva also benefited from 49% growth in its protection business following its acquisition of AIG Life earlier this year.
“Sales have increased, operating profit has increased and the dividend has increased,” group chief executive Amanda Brann said.
“Our plans to deliver increased benefits to our customers and shareholders are working really well.
“We have achieved another six months of strong trading.
“Our leading positions in attractive markets such as workplace pensions and general insurance in the UK and Canada have enabled us to realise growth across Aviva.”
Meanwhile, sales at the company's superannuation division fell to £3.04 billion from £3.22 billion due to a shrinking equity release market.
Jefferies analyst James Pearce said: “Aviva continues to deliver strong performance against its targets, beating consensus expectations on all key metrics.”
“In our view, Aviva is the only UK insurer that is well positioned to deliver extraordinary capital returns over the long term, profitable M&A (mergers and acquisitions), attractive and growing ordinary dividends and consistently growing earnings per share.”
