Aviva delivers confident outlook after strong Q3 growth

Insurance giant Aviva hailed a "very strong" performance in the third quarter, with double-digit gains in general insurance premiums, life insurance and retirement sales, and wealth net flows.

General insurance premiums were up 15% on last year over the first nine months of the year at £9.1bn, with 18% growth in UK and Ireland to £5.7bn and 11% growth in Canada to £3.4bn.

Protection and health sales were up 22% year-to-date at £403m, supported by the completion of Aviva's acquisition of AIG UK in April.

Retirement sales surged 67% on last year to £7.3bn, driven by an almost doubling of bulk purchase annuity volumes to £6.1bn.

Meanwhile, wealth net flows were up 21% at £7.7bn, reflecting strong demand from the financial adviser platform business.

“Our third quarter performance has been very strong. Trading continues to be extremely positive right across the business, underlining the strength of our consistent strategy and the significant benefits of Aviva's scale and diversification," said chief executive Amanda Blanc.

“Aviva is financially strong, trading well each quarter and has significant opportunities for further growth. We are confident about the outlook for the rest of 2024 and beyond, growing the dividend and achieving the group’s financial targets.”

The company reiterated its forecasts for £2bn of operating profit by 2026, adding: "Our guidance for mid-single digit growth in the cash cost of the dividend remains, alongside the intent to make regular and sustainable returns of capital."