Aviva reports 18% UKGI premium growth

Aviva has reported UK premium growth of 18% during the first nine months of 2024.

In a trading update published today (14 November 2024), the insurer said UKGI income sat at £5.7bn for the period, up from £4.9bn last year.

This was driven by 25% increase in personal lines revenue and an 11% rise in commercial business, according to the insurer.

Meanwhile, at group level, general insurance premiums rose 15% year-on-year from £8bn to £9.1bn.

Aviva chief executive Amanda Blanc said the growth came amid the insurer’s customer base growing by 1.2 million over the last four years to reach 19.6 million.

She added: “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.

“Quarter after quarter, we are delivering consistently superior results and growing Aviva, particularly in the capital-light businesses.”

Inflation

In the trading update, Aviva also noted that the inflationary environment had improved and that the firm “remain focused on continuing to price appropriately for claims inflation”.

“In general insurance, we continue to benefit from market-leading pricing sophistication and expect the underlying combined operating ratio (COR) to improve as rating actions taken earn through,” the insurer added.

Blanc said: “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.”