Aviva sees strong UK protection results

clock

Aviva has seen its UK protection business grow amid strong overall performance from its life insurance and pensions business.

It appears the provider's television campaign started to bear fruit as it claimed second place in the protection market and reiterated the aim to become number one in the near future.

The insurer called the result a "real highlight" with life and pensions sales increasing by 10% in 2011 to £11.3bn.

UK life insurance operating profits increased by 8% to £920m, double the level six years ago, while new business profitability remained strong with an internal return rate (IRR) of 15%.

General insurance & health (which includes the private medical insurance business) net written premiums were up 8% to £9.2bn (from £8.5bn).

However, profitability slipped slightly in this sector to £552m from £579m.

The insurer increased its overall share of the UK life and pensions market to 12%, including the protection growth.

Overall, Aviva's operating profit rose 6% to £2.5bn with its life insurance operating profit up 7% to £2.1bn from £2bn.

Andrew Moss, group chief executive of Aviva, said the business delivered a strong operating performance in 2011.

"Despite challenging market conditions we have beaten all our operating targets," he said. "We have made good strategic progress, focusing on markets where we will grow and earn higher returns.

"Aviva continues to perform well, even in tough times.

"We made great progress in the UK, growing profits and market share and we increased operating profits in Europe.

"Looking to 2012, we have increased our operating targets underlining our confidence in Aviva's continued success," he added.

More on Insurer

Holloway Friendly pays out £5m in 2024

Holloway Friendly pays out £5m in 2024

20% increase year on year

Cameron Roberts
clock 01 May 2025 • 1 min read
LV= pays out almost £137m in 2024

LV= pays out almost £137m in 2024

£2m increase year-on-year

Cameron Roberts
clock 30 April 2025 • 2 min read
L&G launches third CMO report instalment

L&G launches third CMO report instalment

Covers return-to-work outcomes

Jaskeet Briah
clock 30 April 2025 • 1 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read