Aviva’s profit up 9% for 2023, offers £300 million buyback

BRITISH insurer Aviva reported a slightly better-than-expected 9 per cent rise in 2023 operating profit to £1.47 billion (S$2.5 billion) on Thursday (Mar 7), helped by strong performance in general and health insurance, and announced a £300 million share buyback.

Analysts in a company-compiled consensus poll had expected operating profit at £1.43 billion.

Life and general insurer Aviva, which has its main operations in Britain, Canada and Ireland, said it was upgrading its operating targets, including a target for operating profit of £2 billion by 2026.

“We are building a clear track record of strong and consistent performance,” chief executive Amanda Blanc said in a statement.

“This momentum gives us increased confidence for Aviva’s future.”

Aviva increased its dividend by 8 per cent to 33.4 pence, against a forecast 33.3 pence. REUTERS