Aviva video: Group CEO Amanda Blanc provides a third quarter 2022 trading update
Watch Aviva’s Group CEO Amanda Blanc providing a third-quarter 2022 trading update.
The highlights of which include:
- UK&I Life value of new business (VNB) £466m, up 46%, and VNB margin of 1.9% (9M21: 1.3%), driven by higher VNB in Annuities & Equity Release of £143m (9M21: £16m)
- Continued good sales2 growth of 3% in Wealth and 4% in Protection & Health were offset by lower Bulk Purchase Annuity (BPA) volumes as we remain selective and disciplined on price. Overall UK&I Life sales2 of £24.9bn were down 1%.
- Strong net flows in Workplace of £4.1bn, up 11%. Overall Wealth net flows were a resilient 6%1 of opening AuM at £7.0bn, but down 4% versus 9M21 due to the challenging environment for investment activity on our Platform business.
- Acquisition of Succession Wealth completed in August. Succession Wealth advisers can now access Aviva's platform and are already benefiting from its competitive offering and outstanding service. As a result, they can also access Aviva's multi-asset funds.
- General Insurance gross written premiums (GWP) up 10% (7% at constant currency) to £7.2bn. UK GWP up 7% to £3.9bn and Canada GWP up 8% at constant currency to £3.0bn.
- GI combined operating ratio (COR) remains strong at 94.3% (9M21: 92.4%) and reflects more normal claims frequency versus the same period last year. We continue to maintain a disciplined response to claims inflation.
About Aviva
Aviva Insurance Limited is one of the UK’s leading insurance companies, part of the Aviva group with 34 million customers Worldwide. Aviva Insurance has been in the insurance business for more than 300 years.
In UK commercial, the insurance market remains challenging for insurance brokers and customers, due to the ongoing economic conditions. Aviva Insurance are focusing on improving our processes to ensure Aviva provide commercial customers with insurance cover at an acceptable price. Insurance brokers also recognised our excellent customer service by voting us Insurance Times General Insurer of the Year in 2012, for the second year running. youTalk-insurance sharing Aviva insurance news and video.