Aviva plc (AV,AV.L), a financial services and insurance company, reported that its General insurance premiums for the first quarter rose 9% to 2.9 billion pounds from 2.7 billion pounds last year.
UK&I GI premiums was up 12% to 2.0 billion pounds with 8% growth in Personal Lines and 15% growth in Commercial Lines, reflecting strong new business and the acquisition of Probitas.
Retirement sales reached 1.8 billion pounds in the latest quarter, reflecting a 4% increase from 1.7 billion pounds in the prior year, driven by higher volumes in Individual Annuities and Equity Release.
Additionally, Protection and Health sales grew by 19% to 126 million pounds, supported by the successful completion of the acquisition from AIG in April 2024. Health in-force premiums were up 11%.
The company said it is confident in its ability to achieve the Group targets outlined in its full-year 2023 results presentation. By 2026, the company aims to reach an operating profit of 2 billion pounds, alongside a Solvency II OFG of 1.8 billion pounds. Additionally, it anticipates cumulative cash remittances exceeding 5.8 billion pounds over the period from 2024 to 2026.
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