General, health insurance help Aviva to H1 profit beat
LONDON (Reuters) -British insurer Aviva posted an 8% rise in first-half operating profit to 715 million pounds ($909 million) on Wednesday, helped by strong performance in general and health insurance that could boost full-year numbers by as much as 7%.
Analysts in a company-compiled consensus poll had forecast operating profit of 701 million pounds, while Aviva estimated full-year 2023 operating profit growth of 5-7%.
“We expect to exceed our financial targets and we are making progress each quarter,” CEO Amanda Blanc said in a statement.
The company said it would pay an interim dividend of 11.1 pence, up 8% and against a forecast 11 pence.
General insurance operating profit rose by 29% to 470 million pounds, reflecting strong performance in all of Aviva’s main regions of Britain, Canada and Ireland along with higher investment income.
Sales in private health insurance rose by 58% for both individual and corporate customers, with Aviva pointing to pressure on public health services helping to drive demand.
But profits in the insurer’s wealth and retirement business dropped 13% to 436 million pounds following additional investment in its wealth unit.
Aviva Investors saw external net inflows of 190 million pounds.
($1 = 0.7865 pounds)
(Reporting by Carolyn Cohn, editing by Sinead Cruise)
Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.