Aviva, one of the UK’s leading Insurance, announced its 2024 results. According to the company’s press release, the Group’s operating profit was up 20% to GBP 1,767 million (vs 2023: GBP 1,467 million).

The key takeaways include:

• Group operating profit up 20% to GBP 1,767 million (2023: GBP 1,467 million).
• Underlying Solvency II own funds generation (OFG) up 18% to GBP 1,503 million (2023: GBP 1,278 million). Solvency II OFG 4% lower at GBP 1,655 million (2023: GBP 1,729 million) where the prior period included a one-time GBP 208 million benefit from partnership extensions.
• Underlying Solvency II operating capital generation (OCG) up 17% to GBP 1,244 million (2023: GBP 1,063 million). Solvency II OCG up 1% to GBP 1,468 million (2023: GBP 1,455 million).
• Solvency II return on equity 13.6% (2023: 14.7%) and IFRS return on equity of 15.6% (2023: 12.7%).
• Cash remittances up 5% to GBP 1,992 million (2023: GBP 1,892 million).
• Insurance, Wealth & Retirement (IWR) sales3 up 22% to GBP 43.5 billion (2023: GBP 35.5 billion).
• General Insurance premiums up 14% to GBP 12,204 million (2023: GBP 10,888 million). Undiscounted COR of 96.3% (2023: 96.2%) and discounted COR of 92.2% (2023: 92.7%).
• IFRS profit for the year of GBP 705 million (2023: GBP 1,106 million).
• Solvency II shareholder cover ratio of 203% (2023: 207%) remains strong and resilient. Centre liquidity (Jan 25) of GBP 1.7 billion (Feb 24: GBP 1.9 billion).
• Solvency II debt leverage ratio of 28.9% (2023: 30.7%).
• Final dividend per share up 7% to 23.8p (2023: 22.3p). Total dividend per share up 7% to 35.7p (2023: 33.4p).

“2024 was an excellent year, right across Aviva. We made clear strategic progress and delivered another set of very good numbers, with higher sales, higher operating profit and a higher dividend. Over the last four and a half years we have completely transformed Aviva, built a track record of consistently strong results, and returned GBP 10 billion to shareholders”, commented Amanda Blanc, Group Chief Executive Officer. “Aviva is in great shape. We have clear trading momentum which is generating strong and reliable growth. We have increased our dividend, again, and are committed to growing it further. There is so much untapped potential for Aviva to go after and I have real confidence in our ability to unlock this. So, I’m more excited about Aviva’s future than ever before, and I’m personally looking forward to delivering this next phase of progress”, Group Chief Executive Officer added.

The full report can be found here.