LONDON (dpa-AFX) - Aviva plc (AVVIY) on Thursday reported growth in general insurance premiums and wealth business metrics for the first quarter.
General insurance premiums increased 19% to £3.4 billion from £2.9 billion in the prior-year quarter.
In General Insurance, UK & Ireland premiums rose 26% to £2.5 billion from £2 billion a year earlier, driven by 59% growth in Personal Lines following the acquisition of Direct Line and growth in the intermediated channel.
Canada General Insurance premiums increased 3% in constant currency to £0.9 billion. Personal Lines premiums rose 4% supported by rate actions, while Commercial Lines premiums increased 1%.
The group undiscounted combined operating ratio improved to 94.1% from 96.6%.
Wealth net flows rose 49% to £3.3 billion from £2.3 billion a year earlier. Wealth assets under management increased 18% to £233 billion from £197 billion.
Further, Aviva said it remains on track to meet its group targets, including operating EPS compound annual growth of 11% between 2025 and 2028, IFRS return on equity of more than 20% by 2028, and cumulative cash remittances of more than £7 billion between 2026 and 2028.
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