UK-based insurer Aviva has reported revenue of £705m for the yr 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.
Payment and fee earnings additionally elevated to £1.41bn, in contrast with £1.3bn the earlier yr.
The corporate reported 20% development in group working revenue to £1.7bn, up from £1.4bn in 2023.
Money remittances additionally noticed a 5% improve, amounting to £1.99bn in contrast with the earlier yr.
Normal Insurance coverage premiums surged by 14%, reaching £12.2bn.
UK&I Normal Insurance coverage premiums rose by 16% to £7.6bn, whereas Canada Normal Insurance coverage premiums grew by 11% to £4.5bn.
Aviva additionally introduced a 7% improve within the last dividend per share, which rose to 23.8p per share from 22.3p in 2023.
The whole dividend per share for the yr elevated by 7% to 35.7p, up from 33.4p the earlier yr.
In December final yr, 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.
Trying forward, the corporate is optimistic about future development, following the proposed acquisition of Direct Line.
This acquisition is predicted 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 mentioned: “2024 was a superb yr, proper throughout Aviva. We made clear strategic progress and delivered one other set of excellent numbers, with larger gross sales, larger working revenue and the next dividend. During the last 4 and a half years now we have utterly remodeled Aviva, constructed a observe document of constantly 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 development, 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 section 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.
