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(Clarifies that Aviva is aiming for a gross cost reduction for its 2024 target.)
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 cost 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 1.9% to 387.00 pence each on Wednesday morning in London.
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