’I am pleased to share that our underlying trading momentum has continued, delivering a strong start to the year,’ says chief executive

Aviva’s UK general insurance business saw a rise in gross written premium (GWP) during the first quarter of 2024 due to growth in both personal and commercial lines business.

In a trading update, the insurer posted a GWP of £1.67bn for its UK arm in Q1 2024, up from £1.40bn during the same period last year.

The figures also showed that UK personal lines premiums were up 27% year-on-year to £893m – this was driven by a “strong rating discipline in the inflationary environment” and new business.

Premiums within the commercial lines business, meanwhile, grew 10% to £776m due to “strong retention” in the mid-market and new business in specialty.

Aviva also saw 8% growth in GCS and 12% growth in SME business in the first quarter of 2024.

In addition to the rise in premiums in the UK, Aviva also managed to reduce its undiscounted combined ratio (COR) from 98.4% to 97.3% year-on-year.

On a discounted basis, this fell from 95.1% to 93.9% over the last 12 months.

Speaking about the results, Jason Storah, chief executive of Aviva UK and Ireland general insurance, said:Today we have reported our Q1 2024 trading update and I am pleased to share that our underlying trading momentum has continued, delivering a strong start to the year for the UK and Ireland general insurance business.

“Our UK personal lines business has produced a very strong performance of double-digit growth and I’m delighted to see so many existing Aviva customers choosing to take out further policies with us.

“Our UK commercial lines business has delivered great mid-market retention, alongside new business growth across our speciality and SME lines.

“Progress in our global corporate and specialty business provides a brilliant foundation as we head towards the completion of our acquisition of Probitas.”

Group 

Meanwhile, across the group, Aviva managed to secure £2.7bn worth of premiums during the first quarter of 2024, up from £2.4bn in Q1 2023.

Group chief executive Amanda Blanc said the insurer’s “diversified business model is continuing to deliver and we are growing right across the group”.

“Aviva is in great health,” she said.

“We are financially strong, we are trading well and our investments in new products and customer service are paying off.

“We have clear competitive advantages – in our brand, our scale and our diverse business – which are driving consistently strong performance and giving us real optimism about 2024.”