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% progress 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.
Common Insurance coverage premiums surged by 14%, reaching £12.2bn.
UK&I Common Insurance coverage premiums rose by 16% to £7.6bn, whereas Canada Common Insurance coverage premiums grew by 11% to £4.5bn.
Aviva additionally introduced a 7% improve within the ultimate dividend per share, which rose to 23.8p per share from 22.3p in 2023.
The full 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 progress, following the proposed acquisition of Direct Line.
This acquisition is predicted to drive Aviva’s trajectory, accelerating its progress in the 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 wonderful yr, proper throughout Aviva. We made clear strategic progress and delivered one other set of superb numbers, with greater gross sales, greater working revenue and the next dividend. Over the past 4 and a half years we have now utterly reworked Aviva, constructed a observe report 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 progress, ship sensible service to tens of millions extra clients and assist the broader improvement of the UK economic system.
“There’s a lot untapped potential for Aviva to go after and I’ve actual confidence in our capacity 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.
