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Aviva Reports 16% Increase in Q1 General Insurance Premiums

by Celia

LONDON, May 23 (Reuters) – Aviva (AV.L) announced a 16% increase in general insurance gross written premiums, reaching £2.7 billion ($3.44 billion) in the first quarter, buoyed by strong performance in the UK.

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The life and general insurer, which operates primarily in Britain, Canada, and Ireland, also reported a 13% rise in retirement sales. This growth was driven by higher volumes in bulk purchase annuities, which are insurance products for corporate pension schemes.

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Aviva expressed confidence in meeting its group targets, including an operating profit of £2 billion by 2026. The company also noted robust demand in its wealth, health, and protection businesses.

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“We have clear competitive advantages…which are driving consistently strong performance, and giving us real optimism about 2024,” CEO Amanda Blanc said in a statement on Thursday.

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