Aviva goes from ‘strength-to-strength’
Aviva has delivered growth in profits, in dividends, in capital and in cash during 2017 its annual results highlight.
In the UK, general insurance made continued progress in 2017, increasing net written premiums by four per cent while further refining product and channel mix. Operating profit grew four per cent to £408m (2016: £392m) due to improved underwriting.
Excluding the impact of the change in Ogden discount rate in the prior year, the combined operating ratio was stable at 93.9%, helping to generate underwriting result of £246m (2016: £232m).
Mark Wilson, group chief executive officer, said, ‘Our largest market, the UK, has gone from strength-to-strength, growing sales, market share and profit. For Aviva, the UK is a dependable and growing business.
‘Aviva has broad-based growth, with six of our eight major markets delivering double-digit profit improvement. We now have a collection of strong and growing businesses.
‘This year, we expect to deploy £2bn of excess cash, including £900m in debt reduction, in excess of £500m of capital returns to shareholders and about £600m for bolt-on acquisitions.
‘We continue to invest in our businesses and in particular on priorities such as digital to make our products and services easier for our customers.
‘Aviva is now a simpler, stronger group and we are growing. Our strategy is paying dividends.’