Aviva is reporting in its interim reports for 2022 that its operating profit rose by 14% to £829m in the first half of the year.
The firm marked the increase from the same point in 2021 when operating profits stood at £725m.
Amanda Blanc, group chief executive officer of the firm, said: “Sales are up, operating profit is higher, our financial position is stronger. This has been an excellent six months for Aviva. Our scale and diversification give us resilience and opportunity, enabling Aviva to withstand the challenging economic climate. Our market leading positions and our unique ability to look after a wide range of customers’ needs are clear advantages and have driven robust operating performance. Trading has been encouraging across all our major businesses in insurance, wealth, and retirement.”
She added: “Even so, we are very conscious of the pressures currently facing many of our customers, especially the more vulnerable. In response we have launched new, low cost, insurance products, and we are increasing the range and amount of support we provide to communities, businesses and our own people during this challenging time.”
The firm also reported its Solvency II operating own funds generation was up 46% between H1 2021 and H1 2022. Gross written premiums between the same points were up 6% to $4,694m. It said that its capital position was strong and hinted that it may begin a new share buyback programme with its full-year results.
It added: “Assuming a new buyback is agreed, its size will be determined by the Board at year end and will take account of the financial position at that time, as well as both the drivers of the capital surplus (including the impact of market movements) and our preference to return surplus capital regularly and sustainably.”
The firm called its H1 2022 a ‘strong first half’, adding that it reinforced its confidence in the prospects and outlook for its business.
It added: “While recognising the challenging economic backdrop, we remain well positioned to drive growth and meet our Group targets.”
