According to their latest results, this was driven by strong growth in individual protection and health growth, which was supported by “higher corporate new business”.
The firm reiterated that it had bought AIG’s UK protection business for £460m, which it said will “accelerate Aviva’s growth in the attractive UK protection market and continue our progress in repositioning the Group towards capital-light growth”.
Aviva said that it expected to close the acquisition in the first half of next year and the broadened distribution would add more than 2.5 million customers across individual and group protection and “deliver significant capital and expense synergies”.
Aviva: ‘Prospects very positive’
Amanda Blanc, Aviva’s group chief executive officer, said: “Aviva has delivered nine months of strong growth. We have clear trading momentum, driven by our uniquely diversified business, as well as our leading positions in growing markets.
“We have continued to expand our capital-light businesses, which now make up over half of our portfolio. We see significant opportunities to generate further higher return, capital-light growth in the future as we prioritise these segments.”
She continued: “Aviva’s prospects are very positive. We expect to beat our medium-term financial targets and, in line with previous guidance, grow operating profit by five to seven per cent this year, despite higher weather-related claims.
“I am extremely confident that Aviva will continue to deliver more for shareholders, and we reiterate our guidance for a total dividend of c.33.4p for 2023, and further regular and sustainable returns of surplus capital.”
