Aviva profits soar 22% on wealth and insurance growth

Aviva profits soar 22% on wealth and insurance growth

Amanda Blanc – CEO of Aviva

Aviva has posted a 22% jump in first-half operating profit to just over £1 billion, driven by strong growth across its wealth and insurance divisions.

The figure comfortably topped the £875 million recorded in the same period last year.

The strong results sent the insurer’s shares up over 4% in early trading, marking a near 45% gain for the year-to-date.



These results follow the company’s recent £3.7bn takeover of rival Direct Line, which was completed on 1 July after receiving approval from the Competition and Markets Authority (CMA). Aviva confirmed the integration is “progressing quickly” and that the acquisition will lift its total customer count to 21 million. The firm is increasingly focusing on its ‘capital-light’ businesses, with the Direct Line deal expected to increase its contribution to operating profit to over 70%.

Performance was strong across the board. General insurance premiums grew 7% to £6.2bn, while the wealth division’s assets under management topped £200bn. The health business also saw premiums increase by 14% to £1bn.

Group chief executive Amanda Blanc said Aviva has been transformed over the last five years. She said: “Today we are the UK’s leading diversified insurer… We are very well positioned to accelerate growth in the capital-light areas of wealth, health and general insurance, and deliver more and more for our shareholders.”

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