Aviva PLC on Wednesday reported a profit in the first half of 2023, boosted by growth in gross written premiums. The London-based insurer said its interim IFRS post-tax profit was £377 million, compared to a loss of £198 million a year before. General insurance gross written premiums rose 12% to £5.27 billion from £4.69 billion. However, the solvency II shareholder cover ratio in the first half of 2023 declined to 202% from 234% a year prior. The company declared an interim dividend of 11.1 pence per share, up 7.8% from 10.3p a year before. Aviva is aiming for a total 2023 dividend of 33.4p, up 7.7% from 31.0p in 2022. Looking ahead, Aviva expects to exceed its Solvency II operating funds generation target of £1.5 billion per year by 2024. Further, its 2024 target of £750 million gross reduction is eyed to be delivered a year early. Operating profit for 2023 is anticipated to grow between 5% and 7% from 2022’s £1.35 billion. Aviva shares rose 1.2% to 384.39 pence each on Wednesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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