Aviva PLC (LSE:AV.) reported continued growth across the group in the first quarter although net flows to its wealth business fell after a volatile period for markets.
Amanda Blanc, group chief executive officer, said: “We have delivered an encouraging start to 2023 and continue to build clear trading momentum.
“New business volumes are good, despite persistent economic uncertainty, and we delivered another quarter of strong growth across our diversified business.”
The FTSE 100-listed insurer said general insurance gross written premiums (GWP) rose 11% at constant currency to £2.4bn with UK&I GWP improving 13% to £1.5bn and Canadian GWP increasing 9% to £0.8bn.
Insurance (Protection & Health) sales climbed 11% with strong growth in Health and Individual Protection, but wealth net flows of £2.3bn were 15% lower year-on-year due to the impact of the challenging market volatility on Platform. Workplace net flows were up 25% to £1.8bn.
Aviva reported a strong group combined operating ratio of 95.4%, marginally lower than 95.7% a year ago, reflecting “our pricing strength, our continued disciplined response to inflation, our risk selection and the diversification within our portfolio”.
Costs fell 1% to £675mln and the firm said it was on track to deliver savings target of £750mln by 2024.
Dividend guidance of around £915mln remains unchanged and the company said while it continues to see opportunities for further investment in the growth of the business, it will remain disciplined in its approach to capital deployment.
“We are financially strong with an attractive and growing dividend, and we are confident in the prospects for Aviva," Blanc said.