Aviva, the British insurer and asset manager, has reported higher operating profit for the first half of 2023, surpassing its own guidance and exceeding analyst expectations. The company expects to outperform its mid-term targets thanks to solid growth across its divisions.
For the six months ended June 30, Aviva posted an operating profit of £715 million ($908.5 million), outperforming the consensus expectations of £701 million and the company’s own guidance of around £700 million. This marks a significant increase from the restated £661 million reported for the same period last year.
Aviva also reported a shift to IFRS profit, with £377 million compared to a restated loss of £198 million previously.
The company’s general insurance gross written premiums for the period reached £5.27 billion, exceeding expectations of £5.15 billion and up from £4.69 billion in the previous year.
With a solvency II cover ratio of 202%, Aviva demonstrates strong capital strength, as compared to 196% at the end of March and the consensus estimate of 199%.
Furthermore, Aviva has declared an interim dividend of 11.1 pence per share, an increase from the 10.3 pence paid out in the previous year.
Aviva’s exceptional performance in the first half of 2023 highlights its success in navigating a challenging market landscape and positions the company for continued growth and success in the future.