Aviva Plc announce an interim dividend per share up 8% to 11.1p (HY22: 10.3p); £300m buyback executed in first half.
Other financial highlights include:
Group operating profit up 8% to £715m (HY22: £661m). Operating EPS up 10% to 19.9p (HY22: 18.1p).
• Solvency II operating own funds generation (OFG) up 26% to £648m (HY22: £514m). On track to exceed their target of £1.5bn OFG per annum by 2024. Solvency II operating capital generation (OCG) up 9% to £580m (HY22: £532m).
• Solvency II return on equity 10.8% (HY22: 6.7%).
• General Insurance gross written premiums (GWP) up 12% to £5,274m (HY22: £4,694m). Undiscounted COR of 94.8% (HY22: 93.8%) and discounted COR of 91.3% (HY22: 92.8%). Operating profit up 29% to £470m (HY22: £364m).
• Insurance, Wealth & Retirement (IWR) VNB up 7% to £319m (HY22: £297m), and operating value added up 32% to £640m (HY22: £486m).
• Baseline controllable costs, flat at £1,340m (HY22: £1,342m), absorbing c.7% of inflation. With continued focus on cost efficiency they now expect to deliver their 2024 target of £750m gross cost reduction a year early.
• Cash remittances of £825m were up 3% (HY22: £798m). On track to exceed their target of >£5.4bn cumulative cash remittances 2022-24.
• IFRS profit for the period6 of £377m (HY22: £198m loss).
