UK-based insurer Aviva has reported revenue of £705m for the 12 months ended 31 December 2024, a 36% lower from £1.1bn in 2023.
The corporate’s insurance coverage income for the interval rose to £20.7bn, from £18.4bn in 2023.
Charge and fee revenue additionally elevated to £1.41bn, in contrast with £1.3bn the earlier 12 months.
The corporate reported 20% progress in group working revenue to £1.7bn, up from £1.4bn in 2023.
Money remittances additionally noticed a 5% enhance, amounting to £1.99bn in contrast with the earlier 12 months.
Basic Insurance coverage premiums surged by 14%, reaching £12.2bn.
UK&I Basic Insurance coverage premiums rose by 16% to £7.6bn, whereas Canada Basic Insurance coverage premiums grew by 11% to £4.5bn.
Aviva additionally introduced a 7% enhance within the last dividend per share, which rose to 23.8p per share from 22.3p in 2023.
The overall dividend per share for the 12 months elevated by 7% to 35.7p, up from 33.4p the earlier 12 months.
In December final 12 months, Aviva signed a preliminary settlement with Direct Line on the monetary phrases for a proposed buyout bid valued at £3.6bn, or 275p per share.
Wanting forward, the corporate is optimistic about future progress, following the proposed acquisition of Direct Line.
This acquisition is anticipated to drive Aviva’s trajectory, accelerating its progress in direction of reaching greater than 70% of capital-light working revenue as synergies are realised.
Aviva is focusing on an working revenue of £2bn by 2026.
Aviva Group CEO Amanda Blanc stated: “2024 was a wonderful 12 months, proper throughout Aviva. We made clear strategic progress and delivered one other set of superb numbers, with larger gross sales, larger working revenue and the next dividend. During the last 4 and a half years we now have utterly remodeled Aviva, constructed a observe document of persistently robust outcomes and returned £10bn to shareholders.
“The proposed acquisition of Direct Line is on observe and is a transparent alternative to speed up our capital-light progress, ship good service to hundreds of thousands extra prospects and assist the broader growth of the UK economic system.
“There may be a lot untapped potential for Aviva to go after and I’ve actual confidence in our capability to unlock this. So I’m extra enthusiastic about Aviva’s future than ever earlier than, and I’m personally trying ahead to delivering this subsequent part of progress.”
Earlier this month, Aviva’s Indian unit was instructed to pay near $7.5m in again taxes and penalties after an investigation by Indian tax authorities.
