Aviva (AV) Q3 2024 TU earnings summary

Executive summary

• Achieved strong and profitable growth in Q3 2024, with double-digit increases in General Insurance, Wealth, and Retirement, and robust capital and liquidity positions maintained.

• General Insurance premiums rose 15% across UK, Ireland, and Canada; UK Motor policies up 13% year-to-date.

• Wealth net flows increased 21% to £7.7bn, and Retirement sales surged 67% to £7.3bn year-over-year.

• M&A integrations (AIG, Probitas, Optiom) progressing as planned, supporting growth momentum.

• Customer-focused strategy, scale, and disciplined capital allocation underpin performance.

Financial highlights

• General Insurance premiums up 15% to £9.1bn; UK & Ireland up 18%, Canada up 11%.

• UK personal lines premiums up 26%, commercial lines up 11%; Motor policy count up 13% year-to-date.

• Wealth net flows up 21% to £7.7bn; Retirement sales up 67% to £7.3bn, with BPA volumes at £6.1bn.

• Protection sales up 44% to £298m, driven by AIG UK acquisition; Health in-force premiums saw double-digit growth.

• Aviva Investors AUM grew 2% to £238bn, despite £1.7bn net outflows mainly from internal assets.

Outlook and guidance

• Confident in achieving 2026 targets: £2bn operating profit, £1.8bn Solvency II OFG, and over £5.8bn cash remittances (2024–2026).

• Expect continued improvement in underlying COR in Q4 as pricing actions earn through; Wealth and Health to maintain strong growth momentum.

• Retirement margin guided at 3% for full year, with Q4 dominated by BPA deals.

• UK COR medium-term target remains sub-94%, with progress dependent on rate environment.

• Dividend guidance for mid-single digit growth and regular, sustainable capital returns remains unchanged.