Aviva Says On Track To Meet Or Exceed Targets In Q1

Aviva Plc (AV.L,AV), a British insurance company, said on Wednesday that it has reported a strong growth for the first-quarter, supported by new business volumes and continued robust trading. In addition, the company said that it still expects to meet or exceed its targets.

For the three-month period, the London-based insurance provider posted sales from Protection and Health segment of 102 million pounds, higher than 92 million pounds, recorded for the same period of 2022.

Workplace segment registered net flows of 1.8 billion pounds, compared with 1.4 billion pounds, a year ago. Sales from Retirement segment stood at 1.5 billion pounds as against previous year’s 1.3 billion pounds.

General Insurance gross written premiums or GWP increased to 2.4 billion pounds, from last year’s 2.1 billion pounds.

Amanda Blanc, CEO of Aviva, said: “…Private healthcare sales grew by 25 percent, as more individuals and companies are attracted to the benefits of private cover. The bulk purchase annuity market is very active due to the higher rate environment, and we have now completed over 2 billion pounds of deals so far this year. Our workplace pensions business is also very buoyant, with flows up 25 percent due to 134 new scheme wins and higher wages feeding through to higher pension contributions.”

Looking ahead, the company said it remains on track to meet or exceed Group targets. Outlook remains positive.

Aviva said it still expects to pay a dividend of around 915 million pounds for 2023, with low-to-mid single digit growth in the cash cost of the dividend thereafter.

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