Probitas announces ‘best ever result’ after Aviva acquisition

Probitas has said it secured its “best ever” financial result in 2024 after being acquired by Aviva.

In a trading update yesterday (13 March 2025), Probitas reported an undiscounted net combined operating ratio (NCOR) of 77.9% for the year and a UK GAAP pre-tax profit of £62m, which represents a 17% increase on 2023.

The year also saw the firm introduce new lines of business, such as marine, construction, renewable energy, contingency/event cancellation and mergers.

Antony Dodson, chief underwriting officer at Probitas, said: ”2024 was another successful year for Probitas, delivering our best ever result.

“We’ve outperformed the Lloyd’s market average by more than 12 points of NCOR over the past five years. This is a truly outstanding achievement and a great testament to the resolve, discipline and commitment of the whole team.”

Aviva deal

This comes after Aviva completed its £249m purchase of Probitas in July 2024, with the move officially marking the insurer’s entry into the Lloyd’s market.

Probitas said the deal had been “transformative”, with there being “excellent progress on integration and strong collaboration across the business, creating significant synergies”.

Ash Bathia, chief executive at Probitas, said: “We have a unique opportunity to build a world class, market leading combined Probitas and Aviva GCS business founded on quality, service, underwriting focus and performance.

“With Aviva’s scale and capabilities, we are extremely well positioned for continued success as we move into 2025.”