General Insurance premiums written by UK insurer Aviva grew 5% in the first nine months of 2021, reflecting solid customer retention and new business wins, particularly in commercial lines.
UK&I life sales were £25.3 billion, up from £21.8 billion in the prior year quarter, while strong growth was seen in Savings & Retirement.
UK commercial lines growth was 16% and driven by well-priced new business opportunities, strong retention and continued rate momentum, including growth of 20% in Global Corporate and Specialty (GCS) lines and 12% in SME.
Aviva’s retail personal lines business in the UK grew 4% with customers up 7% to 3.4 million, helping to offset the impact of a soft rate market.
Total UK personal lines premiums were 1% lower with the growth in retail being offset by lower sales through some of our distribution partners and very low demand for travel insurance in 2021.
“Aviva has delivered strong performance in the first nine months,” said Amanda Blanc, Group Chief Executive Officer.
“Record inflows in Savings & Retirement and excellent growth in General Insurance support our confidence in Aviva’s growth potential.
“Savings & Retirement net flows were up 21% year-to-date, continuing the strong first half performance. Bulk annuity volumes accelerated sharply in the third quarter.
“We continue to make excellent and rapid strategic progress, right across Aviva,” added Blanc.
“The completion of disposals in France and Italy GI since the half year are significant milestones as we deliver a radically simplified and refocused Aviva. We are delivering our commitment to return at least £4bn of capital to shareholders, with c.£450m of the £750m share buyback already successfully completed.
“Aviva is targeting Net Zero by 2040 and we welcome the Government’s plan, mandating financial institutions to publish transition plans. This will help to ensure that every firm making a Net Zero commitment – whether an insurer, a bank or an asset manager – is doing so in a robust and consistent way.
“We look forward with confidence. We expect the good trading momentum to continue in the fourth quarter, and we remain on track to meet or exceed our cash and cost saving targets.”
