Aviva, a leading insurance company listed on the FTSE 100, has expressed confidence in exceeding its midterm targets. The company has backed its 2023 guidance and revealed a notable increase in general insurance gross written premiums during the first nine months of this year.
Strong Performance in Gross Written Premiums
Aviva's general insurance gross written premiums for the period ending September 30 reached £8.04 billion ($9.98 billion). This growth can be attributed to strong rates, impressive new business volumes, and exceptional retention. Notably, this figure represents a significant increase from the £7.225 billion reported during the same nine-month period in the previous year.
Robust Capital Strength
The solvency II cover ratio of Aviva, which serves as a crucial measure of its capital strength, stood at 200%. Although slightly down from the 202% recorded at the half-year mark, this demonstrates the company's robust financial position and ability to meet its obligations.
Optimistic Outlook and Growth Projections
Chief Executive Amanda Blanc expressed optimism regarding Aviva's financial performance. She stated, "We expect to beat our medium-term financial targets and, in line with previous guidance, grow operating profit by 5-7% this year, despite higher weather-related claims." This positive outlook reflects confidence in Aviva's ability to navigate challenges and maintain a steady growth trajectory.
In conclusion, Aviva's strong performance in gross written premiums and robust capital strength sets a solid foundation for exceeding its midterm targets. With a positive outlook and strategic growth projections, the company demonstrates its resilience and commitment to delivering value to both shareholders and policyholders.