Half Year 2024 Aviva PLC Earnings Call Transcript
Key Points
- Aviva PLC (AVVIY) reported a 14% increase in operating profit to GBP875 million.
- Premiums in general insurance rose by 15%, with net flows in wealth up 16% and sales in insurance, wealth, and retirement up 12%.
- The company completed a GBP300 million share buyback and announced an interim dividend of 11.9p, up 7% year-on-year.
- Aviva PLC (AVVIY) has a strong capital position with a cover ratio of 205%.
- The company is seeing significant growth in its capital-light businesses, aiming for 70% of earnings from these areas by 2026.
- The UK general insurance business saw some reserve strengthening due to specific large losses and inflation impacts.
- The Canadian general insurance business experienced a higher combined operating ratio due to a small number of commercial lines losses.
- Equity release market has seen further contraction, impacting the retirement segment.
- The company faces ongoing challenges in achieving a sub-94% combined operating ratio in the medium term.
- There is uncertainty around the impact of future regulatory changes, particularly regarding the Solvency UK reforms.
Okay. Good morning, everybody, a pretty full room. Thank you for joining us for our half year results presentation. So as always, I'll start with an update on our performance and strategic progress and then I'll hand over to Charlotte, who will take you through our results in more detail, and we'll obviously finish with an opportunity for questions.
Today's numbers once again demonstrate Aviva's accelerating momentum, yet another six months of excellent progress. We have fantastic opportunities right across our markets, the UK, Canada and Ireland. And what you're seeing is a business which is capitalizing on those opportunities and delivering results quarter after quarter.
We're executing on our consistent strategy with a unique diversified model. We're growing right across our business and accelerating in capital-light areas. And we are delivering for our customers and shareholders with Aviva colleagues at the very heart of our success. And yet, as I always say, there is so much untapped potential for Aviva to
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
